BDCZ vs WHF: Correlation
ETRACS MarketVector Business Development Companies Liquid (BDCZ) and WhiteHorse Finance, Inc. - Closed End Fund (WHF) show a moderate relationship: their 3-year correlation of weekly returns is 0.52.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BDCZ and WHF?
Across a 3-year window, the weekly returns of BDCZ and WHF correlate at 0.52, moderate. Recent behaviour matches the longer record: 0.54 over 1 year against 0.52 over 3. Stretching to 5 years gives 0.57, with an annualized covariance of 187.3 %².
Within BDCZ's tracked universe of 49 assets, WHF comes in at #37 by 3-year correlation. Their 12-month results are close: -4.0% for BDCZ against -2.5% for WHF.
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 WHF: side by side
| BDCZ (ETRACS MarketVector Business Development Companies Liquid) | WHF (WhiteHorse Finance, Inc. - Closed End Fund) | |
|---|---|---|
| 1-year return | -4.0% | -2.5% |
| 5-year return | +29.0% | -11.5% |
| Volatility (ann.) | 16.0% | 22.6% |
| Beta vs S&P 500 | 0.58 | 0.25 |
| Max drawdown (3Y) | -20.8% | -37.9% |
| Market cap | – | $0.2B |
| P/E (trailing) | – | 9.1 |
| Dividend yield | 0.00% | 16.12% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BDCZ | WHF |
|---|---|---|
| 2022 | -9.1% | -6.2% |
| 2023 | +25.3% | +6.3% |
| 2024 | +12.2% | -8.5% |
| 2025 | -3.7% | -15.4% |
| 2026 | +0.4% | +10.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BDCZ and WHF good diversifiers for each other?
Somewhat, no more. With 0.52 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between BDCZ and WHF?
The BDCZ/WHF correlation stands at 0.52 on a 3-year window (1 year: 0.54, 5 years: 0.57), computed from weekly returns as of 2026-08-27.
Is WHF a good diversifier for BDCZ?
Somewhat, no more. With 0.52 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.52 mean?
A reading of 0.52 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: BDCZ correlations · WHF correlations
