BACIX vs. ECAT

Last updated Jun 4, 2026

BACIX (BlackRock Energy Opportunities Fund) and ECAT (BlackRock ESG Capital Allocation Term Trust) are both mutual funds - BACIX is a Energy Equities fund managed by BlackRock, while ECAT is a Derivative Income fund managed by BlackRock. Over the past 3 years, BACIX returned 17.59%/yr vs 19.24%/yr for ECAT. At a 0.24 correlation, their price movements are largely independent. BACIX charges 0.91%/yr vs 1.38%/yr for ECAT.

Performance

BACIX vs. ECAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Energy Opportunities Fund (BACIX) and BlackRock ESG Capital Allocation Term Trust (ECAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BACIX achieves a 29.12% return, which is significantly higher than ECAT's 11.23% return.

BACIX

• 1D: 1.36%
• 1M: -2.77%
• YTD: 29.12%
• 6M: 27.86%
• 1Y: 41.98%
• 3Y*: 17.59%
• 5Y*: 18.93%
• 10Y*: 9.06%

ECAT

• 1D: -1.20%
• 1M: 6.84%
• YTD: 11.23%
• 6M: 9.37%
• 1Y: 20.83%
• 3Y*: 19.24%
• 5Y*: —
• 10Y*: —

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

BACIX vs. ECAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BACIX BlackRock Energy Opportunities Fund	29.12%	11.03%	4.23%	2.97%	43.64%	6.11%
ECAT BlackRock ESG Capital Allocation Term Trust	11.23%	16.64%	19.96%	32.36%	-21.90%	-6.25%

Correlation

The correlation between BACIX and ECAT is -0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (All Time) Calculated using the full available price history since Sep 29, 2021	0.24

The correlation between BACIX and ECAT shifts across timeframes, from -0.02 (1 year) to 0.24 (all time), reflecting how their relationship changes across market environments.

Return for Risk

BACIX vs. ECAT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BACIX

BACIX Risk / Return Rank: 71
BACIX Sharpe Ratio Rank: 76
BACIX Sortino Ratio Rank: 58
BACIX Omega Ratio Rank: 55
BACIX Calmar Ratio Rank: 91
BACIX Martin Ratio Rank: 75

ECAT

ECAT Risk / Return Rank: 28
ECAT Sharpe Ratio Rank: 30
ECAT Sortino Ratio Rank: 29
ECAT Omega Ratio Rank: 29
ECAT Calmar Ratio Rank: 23
ECAT Martin Ratio Rank: 28

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BACIX vs. ECAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Energy Opportunities Fund (BACIX) and BlackRock ESG Capital Allocation Term Trust (ECAT). 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.

	BACIX	ECAT	Difference
Sharpe ratio: Return per unit of total volatility	2.52	1.56	+0.96
Sortino ratio: Return per unit of downside risk	3.21	2.22	+0.99
Omega ratio: Gain probability vs. loss probability	1.41	1.28	+0.13
Calmar ratio: Return relative to maximum drawdown	4.80	1.77	+3.03
Martin ratio: Return relative to average drawdown	14.31	6.65	+7.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BACIX vs. ECAT - Sharpe Ratio Comparison

The current BACIX Sharpe Ratio is 2.52, which is higher than the ECAT Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of BACIX and ECAT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BACIX	ECAT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.52	1.56	+0.96
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.81	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.33	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.20	0.55	-0.35

Drawdowns

BACIX vs. ECAT - Drawdown Comparison

The maximum BACIX drawdown since its inception was -77.81%, which is greater than ECAT's maximum drawdown of -32.23%. Use the drawdown chart below to compare losses from any high point for BACIX and ECAT.

Drawdown Indicators

	BACIX	ECAT	Difference
Max Drawdown Largest peak-to-trough decline	-77.81%	-32.23%	-45.58%
Max Drawdown (1Y) Largest decline over 1 year	-9.03%	-11.80%	+2.77%
Max Drawdown (3Y) Largest decline over 3 years	-18.44%	-15.79%	-2.65%
Max Drawdown (5Y) Largest decline over 5 years	-25.76%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-65.65%	—	—
Current Drawdown Current decline from peak	-5.73%	-1.20%	-4.53%
Average Drawdown Average peak-to-trough decline	-32.36%	-9.11%	-23.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.02%	3.14%	-0.12%

Volatility

BACIX vs. ECAT - Volatility Comparison

BlackRock Energy Opportunities Fund (BACIX) has a higher volatility of 6.96% compared to BlackRock ESG Capital Allocation Term Trust (ECAT) at 3.31%. This indicates that BACIX's price experiences larger fluctuations and is considered to be riskier than ECAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BACIX	ECAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.96%	3.31%	+3.65%
Volatility (6M) Calculated over the trailing 6-month period	14.11%	10.59%	+3.52%
Volatility (1Y) Calculated over the trailing 1-year period	17.25%	13.44%	+3.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.53%	16.90%	+6.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.21%	16.90%	+10.31%

BACIX vs. ECAT - Expense Ratio Comparison

BACIX has a 0.91% expense ratio, which is lower than ECAT's 1.38% expense ratio.

Dividends

BACIX vs. ECAT - Dividend Comparison

BACIX's dividend yield for the trailing twelve months is around 2.16%, less than ECAT's 21.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BACIX BlackRock Energy Opportunities Fund	2.16%	2.79%	2.63%	3.39%	2.49%	2.67%	3.66%	3.06%	3.43%	2.76%	2.38%	2.51%
ECAT BlackRock ESG Capital Allocation Term Trust	21.71%	23.00%	17.44%	9.14%	8.94%	0.54%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BACIX and ECAT in my portfolio?

BACIX and ECAT have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BACIX or ECAT?

BACIX has higher volatility (6.96%) compared to ECAT (3.31%). In terms of maximum drawdown, BACIX dropped -77.81% vs ECAT's -32.23%.

Which has better risk-adjusted returns?

BACIX currently has the higher Sharpe Ratio (2.52 vs 1.56), 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.