Business Development vs the S&P 500 (BIZD): is it outperforming?
Over the past month, BIZD has underperformed the S&P 500 by 1.1 points. Here is where that puts it in the sector rotation — updated daily.
Where BIZD sits on the rotation map
Business Development highlighted against the 11 broad S&P 500 sectors. Vertical: 1-month spread vs the S&P 500. Horizontal: the longer, time-shifted window — the methodology explains the math.
BIZD vs SPY: head-to-head returns
BIZD (business development) and SPY (the S&P 500) side by side over every window Zensei tracks. The spread is the difference — positive means BIZD won that window.
Data as of 2026-07-13 · computed from daily adjusted closes · how we measure
The read
Business Development (BIZD) is out of favor: it trails the S&P 500 on both rotation windows — 1.1 points behind over the past month and 6.5 points behind over the longer, time-shifted window. That is the lagging quadrant. Ranked by one-month spread, it currently stands #53 of the 115 groups Zensei tracks.
On the shorter tape, BIZD's momentum reads strong: the recent hourly trend is positive across every lookback Zensei measures. BIZD's relative-strength line — its price ratio against the S&P 500 — is trading above its moving averages, the healthiest configuration we track. The two signals agree — the short-term tape and the longer trend point the same way.
The exposure comes via VanEck BDC Income ETF, whose 30 tracked holdings are led by ARES CAPITAL CORP, BLUE OWL CAPITAL CORP ORDINARY SHARES and BLACKSTONE SECURED LENDING FUND ORDINARY SHARES. Weighted by portfolio, the fund's holdings trade at roughly 14.7× earnings and 4.3× sales. The thing to watch from here is the one-month spread: laggards only become interesting when the recent window turns positive first — until then, the market is voting elsewhere.
What's inside BIZD
Top 5 of 30 tracked holdings, by portfolio weight.
Business Development vs the market — common questions
Is business development outperforming the S&P 500?
Right now, no: over the past month BIZD has underperformed the S&P 500 by 1.1 points. This page updates daily, so the answer reflects current market data rather than a dated article.
What is BIZD?
BIZD is VanEck BDC Income ETF, the fund Zensei uses to measure the business development group against the S&P 500 benchmark (SPY).
Which stocks are in BIZD?
BIZD's largest tracked positions are ARES CAPITAL CORP, BLUE OWL CAPITAL CORP ORDINARY SHARES, BLACKSTONE SECURED LENDING FUND ORDINARY SHARES, MAIN STREET CAPITAL CORP, HERCULES CAPITAL INC — 30 holdings in total. The full list, with each stock measured against the group, is part of Zensei Premium.
What quadrant is business development in right now?
As of the latest daily data, business development is in the lagging quadrant — trailing the S&P 500 on both windows. The quadrant rules are documented on the Zensei methodology page.
Related sectors
Track business development against the whole market
Zensei Edge maps 100+ sectors and themes against the S&P 500 — with the stocks inside each one, rotation history and alerts when leadership changes hands.