UBS AG London Branch ELKS 4 (BDCZ) Performance
BDCZ total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −8.3% since Dec 31, 2025
- 1 year
- −6.4% total return
- 5 years
- +2.8% a year
- 10 years
- +6.3% a year
- Since first price
- +5.8% a year since 2015
BDCZ trailing returns vs SPY, QQQ, AGG
| Period | BDCZ total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −5.6% | −8.2% | −1.0% | −5.0% | +0.9% |
| 3 months | −1.0% | −3.8% | +3.2% | +1.9% | −0.4% |
| 6 months | −3.1% | −9.1% | +7.8% | +8.4% | −1.5% |
| YTD | −8.3% | −18.1% | +12.3% | +15.1% | −1.0% |
| 1 year | −6.4% | −16.4% | +14.4% | +15.9% | −1.1% |
| 3 years | +9.9%+3.2%/yr | −19.4% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +14.9%+2.8%/yr | −31.4% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +84.1%+6.3%/yr | −32.7% | — | — | — |
| Since inceptionOct 9, 2015 | +85.8%+5.8%/yr | −35.1% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: BDCZ vs SPY
From Oct 9, 2015: BDCZ grew to $18,583, SPY to $45,153.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
BDCZ returns by calendar year
6 of 10 full years positive. Best 2021 (+34.0%), worst 2020 (−11.0%). 2026 is year to date.
BDCZ annual returns table
| Year | BDCZ | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −8.3% | −14.7% | +12.3% | +15.1% | −1.0% |
| 2025 | −3.7% | −19.5% | +17.7% | +20.8% | +7.2% |
| 2024 | +12.2% | −9.1% | +24.9% | +25.6% | +1.3% |
| 2023 | +25.3% | −10.6% | +26.2% | +54.9% | +5.7% |
| 2022 | −7.4% | −23.1% | −18.2% | −32.6% | −13.0% |
| 2021 | +34.0% | −5.8% | +28.7% | +27.4% | −1.8% |
| 2020 | −11.0% | −55.6% | +18.3% | +48.6% | +7.5% |
| 2019 | +26.0% | −4.0% | +31.2% | +39.0% | +8.5% |
| 2018 | −7.6% | −13.6% | −4.6% | −0.1% | +0.1% |
| 2017 | +0.4% | −14.1% | +21.7% | +32.7% | +3.6% |
| 2016 | +21.5% | −6.2% | +12.0% | +7.1% | +2.4% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
BDCZ largest drawdowns
Now 17.6% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Feb 20, 2020 | −55.6% | Mar 23, 2020 | Mar 10, 2021 | 32 days | 1.1 years |
| Apr 20, 2022 | −23.1% | Sep 29, 2022 | Jul 26, 2023 | 5 months | 1.3 years |
| Feb 19, 2025 | −20.8% | Mar 27, 2026 | not yet | 1.1 years | 1.7 years so far |
| Aug 28, 2017 | −18.8% | Dec 31, 2018 | Nov 26, 2019 | 1.3 years | 2.2 years |
| Dec 2, 2015 | −13.1% | Jan 26, 2016 | Nov 2, 2016 | 55 days | 11 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
BDCZ risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2015 |
|---|---|---|---|---|
| Annualized return | +3.1% | +4.7% | +7.0% | +7.1% |
| Volatility (annualized) | 14.4% | 16.5% | 20.8% | 20.7% |
| Sharpe ratio | -0.02 | 0.15 | 0.33 | 0.34 |
| Sortino ratio | -0.02 | 0.20 | 0.44 | 0.46 |
| Best month | +8.9% | +11.8% | +18.0% | +18.0% |
| Worst month | −9.9% | −14.6% | −37.9% | −37.9% |
| Best 12 months | +19.4% | +31.5% | +86.3% | +86.3% |
| Worst 12 months | −17.9% | −17.9% | −38.0% | −38.0% |
| Positive months | 64% | 62% | 66% | 65% |
| Beta vs S&P 500 | 0.57 | 0.66 | 0.97 | — |
| Correlation with S&P 500 | 0.49 | 0.63 | 0.71 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
BDCZ rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 117 | −38.0% | +5.5% | +86.3% | 63% |
| 3-year (a year) | 93 | −15.4% | +8.9% | +27.1% | 89% |
| 5-year (a year) | 69 | +2.8% | +8.1% | +22.9% | 100% |
| 10-year (a year) | 9 | +6.3% | +7.0% | +8.0% | 100% |
Every holding period starting at a month-end since 2015. Returns for 3 years and longer are annualized.
BDCZ performance overview
UBS AG London Branch ELKS 4 (BDCZ) returned −6.4% over the past year and +6.3% a year over ten years, with distributions reinvested. Since its first recorded price in 2015 it has returned +5.8% a year, turning $10,000 into about $18,583. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −55.6%, from Feb 20, 2020 to Mar 23, 2020, and it took 12 months to get back to the old high. BDCZ finished 6 of its 10 full calendar years with a gain; the best year was 2021 (+34.0%) and the worst 2020 (−11.0%). Volatility has been 20.7% a year.
Related: BDCZ chart, BDCZ holdings, BDCZ dividends, BDCZ valuation. See the BDCZ overview for the latest quote and fund facts.
BDCZ performance FAQ
What is the BDCZ return over the past year?
BDCZ returned −6.4% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 16.4%.
What is the average annual return of BDCZ?
BDCZ has returned +2.8% a year over 5 years, +6.3% a year over 10 years, +5.8% a year since October 9, 2015 (total return, distributions reinvested).
How much would $10,000 invested in BDCZ be worth?
$10,000 invested in BDCZ at its first recorded close on October 9, 2015 would be worth about $18,583 on October 23, 2026 with distributions reinvested.
What was the worst year for BDCZ?
The worst calendar year was 2020, with a total return of −11.0%. The best was 2021 at +34.0%.
What is the biggest drawdown of BDCZ?
The largest peak-to-trough decline was −55.6% between February 20, 2020 and March 23, 2020. It recovered to the old high on March 10, 2021, 12 months after the bottom.
How volatile is BDCZ?
Over the past 3 years BDCZ had an annualized volatility of 14.4% and a Sharpe ratio of -0.02 (excess return over 1–3 month T-bills per unit of risk).