BDCZ vs PNNT: Correlation
ETRACS MarketVector Business Development Companies Liquid (BDCZ) and PennantPark Investment Corporation (PNNT) show a strong relationship: their 3-year correlation of weekly returns is 0.69.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BDCZ and PNNT?
On 3 years of weekly data the BDCZ/PNNT correlation comes out at 0.69, strong. Recent behaviour matches the longer record: 0.66 over 1 year against 0.69 over 3. The 5-year figure is 0.71, and annualized covariance runs at 238.1 %².
By 3-year correlation, PNNT places #25 of the 49 assets tracked against BDCZ. Correlation aside, the last 12 months split them widely, with BDCZ ahead by 32.4 points (-4.0% versus -36.4%).
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 PNNT: side by side
| BDCZ (ETRACS MarketVector Business Development Companies Liquid) | PNNT (PennantPark Investment Corporation) | |
|---|---|---|
| 1-year return | -4.0% | -36.4% |
| 5-year return | +29.0% | +13.8% |
| Volatility (ann.) | 16.0% | 21.6% |
| Beta vs S&P 500 | 0.58 | 0.61 |
| Max drawdown (3Y) | -20.8% | -47.6% |
| Market cap | – | $0.2B |
| P/E (trailing) | – | 24.9 |
| Dividend yield | 0.00% | 21.28% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BDCZ | PNNT |
|---|---|---|
| 2022 | -9.1% | -8.9% |
| 2023 | +25.3% | +37.3% |
| 2024 | +12.2% | +16.6% |
| 2025 | -3.7% | -3.0% |
| 2026 | +0.4% | -27.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BDCZ and PNNT good diversifiers for each other?
Only partially. A correlation of 0.69 means BDCZ and PNNT share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between BDCZ and PNNT?
Using weekly returns as of 2026-08-27: 0.69 over 3 years, with 0.66 over the last year and 0.71 over 5 years.
Is PNNT a good diversifier for BDCZ?
Only partially. A correlation of 0.69 means BDCZ and PNNT share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.69 mean?
A reading of 0.69 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bdcz-vs-pnnt.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bdcz-vs-pnnt/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BDCZ correlations · PNNT correlations
