- ISIN
- US0919365421
- CUSIP
- 091936542
- Issuer
- BlackRock
- Inception Date
- Dec 20, 2012
- Category
- Equity Market Neutral
- Min. Investment
- $1,000
- Index Tracked
- No Index (Active)
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Mid-Cap
- Asset Class Style
- Blend
Share Price Chart
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Performance
BDMAX Performance Chart
BlackRock Global Equity Market Neutral Fund (BDMAX) is up 12.8% since the beginning of the year. BDMAX is currently trading at $16 per share. Investors who bought $1,000 worth of BDMAX shares 5 years ago would now be looking at an investment worth $1,830.
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Returns By Period
BlackRock Global Equity Market Neutral Fund (BDMAX) has returned 12.84% so far this year and 23.18% over the past 12 months. Over the last ten years, BDMAX has returned 8.42% per year, falling short of the S&P 500 Index benchmark, which averaged 13.71% annually.
BlackRock Global Equity Market Neutral Fund
- 1D
- 0.06%
- 1M
- 3.41%
- YTD
- 12.84%
- 6M
- 12.37%
- 1Y
- 23.18%
- 3Y*
- 20.79%
- 5Y*
- 12.85%
- 10Y*
- 8.42%
Benchmark (S&P 500 Index)
- 1D
- -1.44%
- 1M
- -1.45%
- YTD
- 7.60%
- 6M
- 6.59%
- 1Y
- 22.24%
- 3Y*
- 19.20%
- 5Y*
- 11.54%
- 10Y*
- 13.71%
BDMAX Monthly Returns History
Based on dividend-adjusted daily data since Jan 2, 2013, BDMAX's average daily return is +0.03%, while the average monthly return is +0.55%. At this rate, an investment would double in approximately 10.5 years.
Historically, 65% of months were positive and 35% were negative. The best month was Jan 2024 with a return of +4.3%, while the worst month was Feb 2016 at -4.0%. The longest winning streak lasted 11 consecutive months, and the longest losing streak was 4 months.
On a daily basis, BDMAX closed higher 48% of trading days. The best single day was Mar 4, 2013 with a return of +1.7%, while the worst single day was Mar 17, 2020 at -2.1%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.98% | 1.60% | 1.57% | 2.90% | 3.21% | 1.97% | 12.84% | ||||||
| 2025 | 1.82% | 0.15% | 2.97% | 1.80% | 1.77% | -0.56% | -0.98% | 3.27% | 3.74% | -1.94% | 1.06% | 3.84% | 18.08% |
| 2024 | 4.27% | 1.00% | 3.90% | 1.33% | 1.53% | 3.22% | 2.23% | -1.89% | 1.11% | 0.88% | 0.51% | 1.37% | 21.12% |
| 2023 | 2.32% | -0.92% | 0.85% | 0.42% | -1.76% | 3.15% | 1.12% | -0.25% | 2.06% | 2.18% | 3.64% | 0.73% | 14.27% |
| 2022 | 0.35% | -1.74% | 0.09% | -0.09% | -1.06% | 0.09% | -0.09% | -0.89% | 1.90% | -0.53% | 1.87% | 1.75% | 1.57% |
| 2021 | 1.78% | 2.62% | 1.19% | -0.59% | 1.18% | -1.42% | -0.24% | -1.46% | -1.31% | 0.80% | 0.18% | 0.44% | 3.11% |
Benchmark Metrics
BlackRock Global Equity Market Neutral Fund has an annualized alpha of 6.30%, beta of 0.04, and R2 of 0.02 versus S&P 500 Index. Calculated based on daily prices since January 02, 2013.
- This fund captured 17.13% of S&P 500 Index gains and tended to rise during its downturns (downside capture of -10.99%) - a profile typical of hedging or uncorrelated assets.
- Beta of 0.04 may look defensive, but with R2 of 0.02 this fund is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this fund's risk.
- R2 of 0.02 means this fund moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 6.30%
- Beta
- 0.04
- R²
- 0.02
- Upside Capture
- 17.13%
- Downside Capture
- -10.99%
Expense Ratio
BDMAX has a high expense ratio of 1.60%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
BDMAX ranks 96 for risk / return — in the top 96% of mutual funds on our site. This means strong returns relative to risk — exactly what professional investors look for. Well-suited for investors who want to maximize return per unit of risk.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for BlackRock Global Equity Market Neutral Fund (BDMAX) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| BDMAX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.60 | ||
| Sortino ratioReturn per unit of downside risk | +2.53 | ||
| Omega ratioGain probability vs. loss probability | 1.64 | 1.32 | +0.32 |
| Calmar ratioReturn relative to maximum drawdown | 7.35 | 2.46 | +4.90 |
| Martin ratioReturn relative to average drawdown | 20.98 | 10.92 | +10.07 |
Dividends
Dividend History
BlackRock Global Equity Market Neutral Fund provided a 7.92% dividend yield over the last twelve months, with an annual payout of $1.27 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $1.27 | $1.27 | $1.77 | $0.89 | $0.00 | $0.14 | $0.00 | $0.74 | $0.10 | $0.00 | $0.00 | $0.18 |
Dividend yield | 7.92% | 8.94% | 13.39% | 7.14% | 0.00% | 1.25% | 0.04% | 6.60% | 0.85% | 0.00% | 0.00% | 1.56% |
Monthly Dividends
The table displays the monthly dividend distributions for BlackRock Global Equity Market Neutral Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.70 | $0.00 | $0.00 | $0.00 | $0.00 | $0.58 | $1.27 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.98 | $0.00 | $0.00 | $0.00 | $0.00 | $0.79 | $1.77 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.10 | $0.00 | $0.00 | $0.00 | $0.00 | $0.79 | $0.89 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.14 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.14 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the BlackRock Global Equity Market Neutral Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the BlackRock Global Equity Market Neutral Fund was 12.37%, occurring on Sep 12, 2016. Recovery took 274 trading sessions.
The current BlackRock Global Equity Market Neutral Fund drawdown is 0.25%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2016 correction2016 | -12.37%Sep 2016 | 1y 11mo | 1y 1mo | 3y 12dOct 2014 - Oct 2017 |
COVID crash2020 | -9.71%Mar 2020 | 9mo 24d | 1y 8d | 1y 10moMay 2019 - Mar 2021 |
Bear market2022 | -7.72%Aug 2022 | 1y 3mo | 5mo 29d | 1y 8moMay 2021 - Feb 2023 |
2018 pullback2018 | -5.00%Mar 2018 | 1mo 22d | 2mo 23d | 4mo 15dJan 2018 - May 2018 |
2014 pullback2014 | -4.80%May 2014 | 2mo 27d | 4mo 26d | 7mo 23dFeb 2014 - Sep 2014 |
Drawdown Indicators
| BDMAX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.37% | -56.78% | +44.41% |
Max Drawdown (1Y)Largest decline over 1 year | -3.25% | -9.10% | +5.85% |
Max Drawdown (3Y)Largest decline over 3 years | -4.15% | -18.90% | +14.75% |
Max Drawdown (5Y)Largest decline over 5 years | -6.33% | -25.43% | +19.10% |
Max Drawdown (10Y)Largest decline over 10 years | -9.71% | -33.92% | +24.21% |
Current DrawdownCurrent decline from peak | -0.25% | -3.21% | +2.96% |
Average DrawdownAverage peak-to-trough decline | -2.81% | -10.71% | +7.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.14% | 2.04% | -0.90% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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