BDCZ vs RWAY: Correlation
Measured on weekly returns over the past three years, ETRACS MarketVector Business Development Companies Liquid (BDCZ) and Runway Growth Finance Corp. (RWAY) carry a correlation of 0.67, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BDCZ and RWAY?
Across a 3-year window, the weekly returns of BDCZ and RWAY correlate at 0.67, strong. The relationship has been stable: the 1-year correlation (0.75) sits close to the 3-year figure. Stretching to 5 years gives 0.64, with an annualized covariance of 315.3 %².
Within BDCZ's tracked universe of 49 assets, RWAY comes in at #28 by 3-year correlation. The last year tells two different stories: BDCZ led by 23.2 percentage points, -4.0% for BDCZ against -27.2% for RWAY. Risk is not evenly split, since RWAY carries 1.8 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 RWAY: side by side
| BDCZ (ETRACS MarketVector Business Development Companies Liquid) | RWAY (Runway Growth Finance Corp.) | |
|---|---|---|
| 1-year return | -4.0% | -27.2% |
| 5-year return | +29.0% | +2.3% |
| Volatility (ann.) | 16.0% | 29.4% |
| Beta vs S&P 500 | 0.58 | 0.69 |
| Max drawdown (3Y) | -20.8% | -45.3% |
| Market cap | – | $0.3B |
| P/E (trailing) | – | 27.4 |
| Dividend yield | 0.00% | 20.21% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BDCZ | RWAY |
|---|---|---|
| 2022 | -9.1% | -0.6% |
| 2023 | +25.3% | +25.7% |
| 2024 | +12.2% | +1.7% |
| 2025 | -3.7% | -6.6% |
| 2026 | +0.4% | -15.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BDCZ and RWAY good diversifiers for each other?
To a limited degree. At 0.67 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between BDCZ and RWAY?
Using weekly returns as of 2026-08-27: 0.67 over 3 years, with 0.75 over the last year and 0.64 over 5 years.
Is RWAY a good diversifier for BDCZ?
To a limited degree. At 0.67 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.67 mean?
On the −1 to +1 scale, 0.67 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
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Related comparisons
Hubs: BDCZ correlations · RWAY correlations
