ATESX vs. BDMAX

Last updated Aug 4, 2026

ATESX (Anchor Risk Managed Equity Strategies Fund) and BDMAX (BlackRock Global Equity Market Neutral Fund Investor A) are both mutual funds - ATESX is a Long-Short fund managed by BlackRock, while BDMAX is a Equity Market Neutral fund actively managed by BlackRock. Over the past 5 years, ATESX returned 2.98%/yr vs 13.04%/yr for BDMAX. Their 0.09 correlation means their historical movements had little consistent relationship. ATESX charges 2.10%/yr vs 1.59%/yr for BDMAX.

Performance

ATESX vs. BDMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Anchor Risk Managed Equity Strategies Fund (ATESX) and BlackRock Global Equity Market Neutral Fund Investor A (BDMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ATESX achieves a 2.80% return, which is significantly lower than BDMAX's 12.73% return.

ATESX

• 1D: 0.13%
• 1M: -1.50%
• 6M: 1.93%
• YTD: 2.80%
• 1Y: 6.04%
• 3Y*: 4.89%
• 5Y*: 2.98%
• 10Y*: —
• ALL TIME*: 8.42%

BDMAX

• 1D: 0.81%
• 1M: 2.45%
• 6M: 10.71%
• YTD: 12.73%
• 1Y: 24.19%
• 3Y*: 20.40%
• 5Y*: 13.04%
• 10Y*: 8.29%
• ALL TIME*: 6.66%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ATESX Anchor Risk Managed Equity Strategies Fund	$0.00	$0.00	$0.00
BDMAX BlackRock Global Equity Market Neutral Fund Investor A	$0.00	$0.00	$0.00

ATESX vs. BDMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ATESX Anchor Risk Managed Equity Strategies Fund	2.80%	5.56%	7.21%	8.12%	-9.25%	11.06%	18.02%	20.31%	3.72%	16.12%
BDMAX BlackRock Global Equity Market Neutral Fund Investor A	12.73%	18.08%	21.12%	14.27%	1.57%	3.11%	-0.05%	-1.02%	1.86%	12.57%

Correlation

The correlation between ATESX and BDMAX is 0.38, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.38
Correlation (3Y) Balances recent behavior with more history.	0.19
Correlation (5Y) Shows whether the relationship held over a longer period.	0.14
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.09

Over the past year, ATESX and BDMAX have become more correlated (0.38) than their long-term average of 0.09, meaning their price movements have been converging.

Return for Risk

ATESX vs. BDMAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ATESX

ATESX Risk / Return Rank: 8
ATESX Sharpe Ratio Rank: 8
ATESX Sortino Ratio Rank: 8
ATESX Omega Ratio Rank: 9
ATESX Calmar Ratio Rank: 9
ATESX Martin Ratio Rank: 7

BDMAX

BDMAX Risk / Return Rank: 97
BDMAX Sharpe Ratio Rank: 98
BDMAX Sortino Ratio Rank: 97
BDMAX Omega Ratio Rank: 96
BDMAX Calmar Ratio Rank: 98
BDMAX Martin Ratio Rank: 97

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ATESX vs. BDMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Anchor Risk Managed Equity Strategies Fund (ATESX) and BlackRock Global Equity Market Neutral Fund Investor A (BDMAX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

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.

	ATESX	BDMAX	Difference
Sharpe ratio: Return per unit of total volatility	0.35	3.29	-2.94
Sortino ratio: Return per unit of downside risk	0.53	4.76	-4.23
Omega ratio: Gain probability vs. loss probability	1.07	1.62	-0.54
Calmar ratio: Return relative to maximum drawdown	0.47	7.50	-7.04
Martin ratio: Return relative to average drawdown	0.79	19.83	-19.04

ATESX vs. BDMAX - Sharpe Ratio Comparison

The current ATESX Sharpe Ratio is 0.35, which is lower than the BDMAX Sharpe Ratio of 3.29. The chart below compares the historical Sharpe Ratios of ATESX and BDMAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ATESX vs. BDMAX - Drawdown Comparison

The maximum ATESX drawdown since its inception was -12.87%, roughly equal to the maximum BDMAX drawdown of -12.37%. Use the drawdown chart below to compare losses from any high point for ATESX and BDMAX.

Drawdown Indicators

	ATESX	BDMAX	Difference
Max Drawdown Largest peak-to-trough decline	-12.87%	-12.37%	-0.50%
Max Drawdown (1Y) Largest decline over 1 year	-8.92%	-3.25%	-5.67%
Max Drawdown (3Y) Largest decline over 3 years	-10.73%	-4.15%	-6.58%
Max Drawdown (5Y) Largest decline over 5 years	-12.87%	-5.56%	-7.31%
Max Drawdown (10Y) Largest decline over 10 years	—	-9.71%	—
Current Drawdown Current decline from peak	-8.61%	-0.35%	-8.26%
Average Drawdown Average peak-to-trough decline	-3.73%	-2.80%	-0.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.26%	1.23%	+4.03%

Volatility

ATESX vs. BDMAX - Volatility Comparison

The current volatility for Anchor Risk Managed Equity Strategies Fund (ATESX) is 2.36%, while BlackRock Global Equity Market Neutral Fund Investor A (BDMAX) has a volatility of 2.66%. This indicates that ATESX experiences smaller price fluctuations and is considered to be less risky than BDMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ATESX	BDMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.36%	2.66%	-0.30%
Volatility (6M) Calculated over the trailing 6-month period	8.85%	5.40%	+3.45%
Volatility (1Y) Calculated over the trailing 1-year period	12.08%	7.42%	+4.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.72%	6.68%	+4.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.09%	5.91%	+5.18%

ATESX vs. BDMAX - Expense Ratio Comparison

ATESX has a 2.10% expense ratio, which is higher than BDMAX's 1.59% expense ratio.

Dividends

ATESX vs. BDMAX - Dividend Comparison

ATESX has not paid dividends to shareholders, while BDMAX's dividend yield for the trailing twelve months is around 11.57%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ATESX Anchor Risk Managed Equity Strategies Fund	0.00%	0.00%	0.00%	1.30%	7.45%	0.00%	0.00%	11.78%	7.70%	6.02%	0.00%	0.00%
BDMAX BlackRock Global Equity Market Neutral Fund Investor A	11.57%	8.94%	13.39%	7.14%	0.00%	1.25%	0.04%	6.60%	0.85%	0.00%	0.00%	1.56%

Frequently Asked Questions

Can I hold both ATESX and BDMAX in my portfolio?

ATESX and BDMAX have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ATESX or BDMAX?

BDMAX has higher volatility (2.66%) compared to ATESX (2.36%). In terms of maximum drawdown, ATESX dropped -12.87% vs BDMAX's -12.37%.

Which has better risk-adjusted returns?

BDMAX currently has the higher Sharpe Ratio (3.29 vs 0.35), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.