BACAX vs. ASFYX

Last updated Aug 1, 2026

BACAX (BlackRock Energy Opportunities Fund) and ASFYX (Virtus AlphaSimplex Managed Futures Strategy Fund Class I) are both mutual funds - BACAX is a Energy Equities fund managed by BlackRock, while ASFYX is a Systematic Trend fund actively managed by Virtus. Over the past 10 years, BACAX returned 9.16%/yr vs 2.08%/yr for ASFYX. Their 0.14 correlation means their historical movements had little consistent relationship. BACAX charges 1.32%/yr vs 1.45%/yr for ASFYX.

Performance

BACAX vs. ASFYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Energy Opportunities Fund (BACAX) and Virtus AlphaSimplex Managed Futures Strategy Fund Class I (ASFYX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BACAX achieves a 32.81% return, which is significantly higher than ASFYX's 9.56% return. Over the past 10 years, BACAX has outperformed ASFYX with an annualized return of 9.16%, while ASFYX has yielded a comparatively lower 2.08% annualized return.

BACAX

• 1D: 1.10%
• 1M: 10.86%
• 6M: 18.00%
• YTD: 32.81%
• 1Y: 41.22%
• 3Y*: 15.06%
• 5Y*: 21.36%
• 10Y*: 9.16%
• ALL TIME*: 5.61%

ASFYX

• 1D: -0.35%
• 1M: 1.07%
• 6M: 5.34%
• YTD: 9.56%
• 1Y: 21.27%
• 3Y*: -3.32%
• 5Y*: 2.26%
• 10Y*: 2.08%
• ALL TIME*: 3.84%

*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)
ASFYX Virtus AlphaSimplex Managed Futures Strategy Fund Class I	$0.00	$0.00	$0.00
BACAX BlackRock Energy Opportunities Fund	$0.00	$0.00	$0.00

BACAX vs. ASFYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BACAX BlackRock Energy Opportunities Fund	32.81%	10.53%	3.78%	2.61%	43.02%	42.93%	-29.68%	12.64%	-19.98%	2.07%
ASFYX Virtus AlphaSimplex Managed Futures Strategy Fund Class I	9.56%	-9.67%	-3.22%	-10.33%	35.67%	3.52%	13.59%	8.99%	-12.59%	6.78%

Correlation

The correlation between BACAX and ASFYX is 0.34, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.34
Correlation (3Y) Balances recent behavior with more history.	0.22
Correlation (5Y) Shows whether the relationship held over a longer period.	0.19
Correlation (10Y) Provides a long-term view across more market conditions.	0.17
Correlation (All Time) Calculated using the full available price history since Aug 3, 2010	0.14

Over the past year, BACAX and ASFYX have become more correlated (0.34) than their long-term average of 0.14, meaning their price movements have been converging.

Return for Risk

BACAX vs. ASFYX — Risk / Return Rank

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

BACAX

BACAX Risk / Return Rank: 81
BACAX Sharpe Ratio Rank: 89
BACAX Sortino Ratio Rank: 81
BACAX Omega Ratio Rank: 80
BACAX Calmar Ratio Rank: 86
BACAX Martin Ratio Rank: 72

ASFYX

ASFYX Risk / Return Rank: 66
ASFYX Sharpe Ratio Rank: 67
ASFYX Sortino Ratio Rank: 61
ASFYX Omega Ratio Rank: 60
ASFYX Calmar Ratio Rank: 81
ASFYX Martin Ratio Rank: 60

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.

BACAX vs. ASFYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Energy Opportunities Fund (BACAX) and Virtus AlphaSimplex Managed Futures Strategy Fund Class I (ASFYX). 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.

	BACAX	ASFYX	Difference
Sharpe ratio: Return per unit of total volatility	2.19	1.55	+0.65
Sortino ratio: Return per unit of downside risk	2.81	2.08	+0.73
Omega ratio: Gain probability vs. loss probability	1.36	1.26	+0.10
Calmar ratio: Return relative to maximum drawdown	2.95	2.63	+0.32
Martin ratio: Return relative to average drawdown	8.75	7.58	+1.17

BACAX vs. ASFYX - Sharpe Ratio Comparison

The current BACAX Sharpe Ratio is 2.19, which is higher than the ASFYX Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of BACAX and ASFYX, 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

BACAX vs. ASFYX - Drawdown Comparison

The maximum BACAX drawdown since its inception was -78.88%, which is greater than ASFYX's maximum drawdown of -36.43%. Use the drawdown chart below to compare losses from any high point for BACAX and ASFYX.

Drawdown Indicators

	BACAX	ASFYX	Difference
Max Drawdown Largest peak-to-trough decline	-78.88%	-36.43%	-42.45%
Max Drawdown (1Y) Largest decline over 1 year	-13.36%	-7.42%	-5.94%
Max Drawdown (3Y) Largest decline over 3 years	-18.73%	-30.32%	+11.59%
Max Drawdown (5Y) Largest decline over 5 years	-25.74%	-36.43%	+10.69%
Max Drawdown (10Y) Largest decline over 10 years	-65.92%	-36.43%	-29.49%
Current Drawdown Current decline from peak	-3.02%	-22.26%	+19.24%
Average Drawdown Average peak-to-trough decline	-34.08%	-13.26%	-20.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.50%	2.57%	+1.93%

Volatility

BACAX vs. ASFYX - Volatility Comparison

BlackRock Energy Opportunities Fund (BACAX) has a higher volatility of 5.88% compared to Virtus AlphaSimplex Managed Futures Strategy Fund Class I (ASFYX) at 2.89%. This indicates that BACAX's price experiences larger fluctuations and is considered to be riskier than ASFYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BACAX	ASFYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.88%	2.89%	+2.99%
Volatility (6M) Calculated over the trailing 6-month period	14.84%	9.77%	+5.07%
Volatility (1Y) Calculated over the trailing 1-year period	18.03%	12.62%	+5.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.37%	13.79%	+9.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.16%	12.74%	+14.42%

BACAX vs. ASFYX - Expense Ratio Comparison

BACAX has a 1.32% expense ratio, which is lower than ASFYX's 1.45% expense ratio.

Dividends

BACAX vs. ASFYX - Dividend Comparison

BACAX's dividend yield for the trailing twelve months is around 1.77%, more than ASFYX's 1.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ASFYX Virtus AlphaSimplex Managed Futures Strategy Fund Class I	1.39%	1.52%	1.46%	0.99%	32.48%	6.07%	3.40%	5.51%	1.30%	0.07%	0.01%	5.06%
BACAX BlackRock Energy Opportunities Fund	1.77%	2.47%	2.29%	3.06%	2.21%	2.39%	3.38%	2.69%	2.87%	2.48%	1.95%	1.98%

Frequently Asked Questions

Can I hold both BACAX and ASFYX in my portfolio?

BACAX and ASFYX have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BACAX or ASFYX?

BACAX has higher volatility (5.88%) compared to ASFYX (2.89%). In terms of maximum drawdown, BACAX dropped -78.88% vs ASFYX's -36.43%.

Which has better risk-adjusted returns?

BACAX currently has the higher Sharpe Ratio (2.19 vs 1.55), 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.