BDCZ vs SAR: Correlation
Measured on weekly returns over the past three years, ETRACS MarketVector Business Development Companies Liquid (BDCZ) and Saratoga Investment Corp New (SAR) carry a correlation of 0.60, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BDCZ and SAR?
Over the past 3 years, BDCZ and SAR moved with a correlation of 0.60, which is strong. The relationship has been stable: the 1-year correlation (0.58) sits close to the 3-year figure. Over 5 years the correlation is 0.65, and the annualized covariance of weekly returns is 218.1 %².
By 3-year correlation, SAR places #32 of the 49 assets tracked against BDCZ. The trailing year gives BDCZ the advantage: -4.0% versus -17.2%, a 13.2-point spread.
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 SAR: side by side
| BDCZ (ETRACS MarketVector Business Development Companies Liquid) | SAR (Saratoga Investment Corp New) | |
|---|---|---|
| 1-year return | -4.0% | -17.2% |
| 5-year return | +29.0% | +15.2% |
| Volatility (ann.) | 16.0% | 22.7% |
| Beta vs S&P 500 | 0.58 | 0.53 |
| Max drawdown (3Y) | -20.8% | -24.5% |
| Market cap | – | $0.3B |
| P/E (trailing) | – | 18.7 |
| Dividend yield | 0.00% | 16.29% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BDCZ | SAR |
|---|---|---|
| 2022 | -9.1% | -3.8% |
| 2023 | +25.3% | +12.9% |
| 2024 | +12.2% | +6.1% |
| 2025 | -3.7% | +10.4% |
| 2026 | +0.4% | -13.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BDCZ and SAR good diversifiers for each other?
Only partially. A correlation of 0.60 means BDCZ and SAR 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 SAR?
As of 2026-08-27, the correlation of weekly returns between BDCZ and SAR is 0.60 over 3 years, 0.58 over 1 year and 0.65 over 5 years.
Is SAR a good diversifier for BDCZ?
Only partially. A correlation of 0.60 means BDCZ and SAR share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.60 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-sar.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/bdcz-vs-sar/)
No key needed, free to use. Full endpoint list in the API documentation.
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Hubs: BDCZ correlations · SAR correlations
