BDCZ vs FSK: Correlation
ETRACS MarketVector Business Development Companies Liquid (BDCZ) and FS KKR Capital Corp. (FSK) show a very strong relationship: their 3-year correlation of weekly returns is 0.80.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BDCZ and FSK?
Over the past 3 years, BDCZ and FSK moved with a correlation of 0.80, which is very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.84) sits close to the 3-year figure. Over 5 years the correlation is 0.82, and the annualized covariance of weekly returns is 342.6 %².
Among the 49 assets we track against BDCZ, FSK ranks #11 by 3-year correlation. Correlation aside, the last 12 months split them widely, with BDCZ ahead by 15.1 points (-4.0% versus -19.1%). Risk is not evenly split, since FSK carries 1.7 times the volatility of the other side.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
BDCZ vs FSK: side by side
| BDCZ (ETRACS MarketVector Business Development Companies Liquid) | FSK (FS KKR Capital Corp.) | |
|---|---|---|
| 1-year return | -4.0% | -19.1% |
| 5-year return | +29.0% | +10.8% |
| Volatility (ann.) | 16.0% | 26.7% |
| Beta vs S&P 500 | 0.58 | 0.63 |
| Max drawdown (3Y) | -20.8% | -51.0% |
| Market cap | – | $3.4B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 17.68% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BDCZ | FSK |
|---|---|---|
| 2022 | -9.1% | -4.7% |
| 2023 | +25.3% | +33.0% |
| 2024 | +12.2% | +25.7% |
| 2025 | -3.7% | -20.4% |
| 2026 | +0.4% | -9.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BDCZ and FSK good diversifiers for each other?
Not really. At 0.80, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between BDCZ and FSK?
Using weekly returns as of 2026-08-27: 0.80 over 3 years, with 0.84 over the last year and 0.82 over 5 years.
Is FSK a good diversifier for BDCZ?
Not really. At 0.80, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.80 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bdcz-vs-fsk.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/bdcz-vs-fsk/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BDCZ correlations · FSK correlations
