Business Development vs the S&P 500 (BIZD): is it outperforming?
Over the past month, BIZD has outperformed the S&P 500 by 3.4 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 2026-07-23 · computed from daily adjusted closes · how we measure
The read
Business Development (BIZD) has just turned the corner. Over the longer, time-shifted window it trailed the S&P 500 by 9.2 points, but over the past month it has moved clearly ahead of the market — a 3.4-point edge that puts it in the improving quadrant. Ranked by one-month spread, it currently stands #37 of the 115 groups Zensei tracks.
On the shorter tape, BIZD's momentum is weakening: the intraday trend that carried the move is cooling across the shorter windows. BIZD's relative-strength line has dropped below its moving averages — the outperformance trend is fading. Both signals point the same direction here: the market is not rewarding this group on either horizon.
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 MAIN STREET CAPITAL CORP. Weighted by portfolio, the fund's holdings trade at roughly 15.0× earnings and 4.5× sales. The thing to watch from here is confirmation: improving groups that hold a positive one-month spread long enough for the longer window to turn are the classic early-rotation entries — the ones that fail fall back quickly.
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, yes: over the past month BIZD has outperformed the S&P 500 by 3.4 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, MAIN STREET CAPITAL CORP, BLACKSTONE SECURED LENDING FUND ORDINARY SHARES, 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 improving quadrant — behind the market over the longer window, but ahead over the past month. 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.