BDCZ vs GECC: Correlation
How closely do ETRACS MarketVector Business Development Companies Liquid (BDCZ) and Great Elm Capital Corp. - Closed End Fund (GECC) trade together? Their weekly returns over three years give a correlation of 0.48, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BDCZ and GECC?
Over the past 3 years, BDCZ and GECC moved with a correlation of 0.48, which is moderate. Little has changed lately, as the 1-year reading of 0.45 lands near the 3-year figure. Over 5 years the correlation is 0.37, and the annualized covariance of weekly returns is 233.9 %².
Within BDCZ's tracked universe of 49 assets, GECC comes in at #40 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months BDCZ outperformed by 32.2 percentage points (-4.0% for BDCZ against -36.2% for GECC). Note the risk asymmetry: GECC runs 1.9 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 GECC: side by side
| BDCZ (ETRACS MarketVector Business Development Companies Liquid) | GECC (Great Elm Capital Corp. - Closed End Fund) | |
|---|---|---|
| 1-year return | -4.0% | -36.2% |
| 5-year return | +29.0% | -40.4% |
| Volatility (ann.) | 16.0% | 30.5% |
| Beta vs S&P 500 | 0.58 | 0.62 |
| Max drawdown (3Y) | -20.8% | -54.0% |
| Market cap | – | $0.1B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 21.54% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BDCZ | GECC |
|---|---|---|
| 2022 | -9.1% | -47.4% |
| 2023 | +25.3% | +49.4% |
| 2024 | +12.2% | +18.9% |
| 2025 | -3.7% | -25.4% |
| 2026 | +0.4% | -6.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BDCZ and GECC good diversifiers for each other?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between BDCZ and GECC?
Using weekly returns as of 2026-08-27: 0.48 over 3 years, with 0.45 over the last year and 0.37 over 5 years.
Is GECC a good diversifier for BDCZ?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.48 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-gecc.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bdcz-vs-gecc/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BDCZ correlations · GECC correlations
