BADEX vs. EPASX

Last updated Jun 4, 2026

BADEX (BlackRock Defensive Advantage Emerging Markets Fund) and EPASX (EP Emerging Markets Small Companies Fund) are both Emerging Markets Diversified funds. Over the past 5 years, BADEX returned 7.45%/yr vs 0.32%/yr for EPASX. A 0.80 correlation means they provide meaningful diversification when combined. BADEX charges 1.06%/yr vs 1.75%/yr for EPASX.

Performance

BADEX vs. EPASX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Defensive Advantage Emerging Markets Fund (BADEX) and EP Emerging Markets Small Companies Fund (EPASX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BADEX achieves a 19.83% return, which is significantly higher than EPASX's 7.59% return.

BADEX

• 1D: 1.02%
• 1M: 8.20%
• YTD: 19.83%
• 6M: 21.70%
• 1Y: 28.60%
• 3Y*: 16.66%
• 5Y*: 7.45%
• 10Y*: —

EPASX

• 1D: 0.48%
• 1M: 1.94%
• YTD: 7.59%
• 6M: 7.45%
• 1Y: 23.55%
• 3Y*: 10.98%
• 5Y*: 0.32%
• 10Y*: 6.07%

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

BADEX vs. EPASX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
BADEX BlackRock Defensive Advantage Emerging Markets Fund	19.83%	13.95%	10.15%	11.67%	-11.34%	4.49%	2.32%
EPASX EP Emerging Markets Small Companies Fund	7.59%	25.43%	0.64%	7.15%	-28.73%	9.75%	2.37%

Correlation

The correlation between BADEX and EPASX is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (All Time) Calculated using the full available price history since Dec 28, 2020	0.80

The correlation between BADEX and EPASX has been stable across timeframes, ranging from 0.76 to 0.80 - a consistent structural relationship.

Return for Risk

BADEX vs. EPASX — Risk / Return Rank

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

BADEX

BADEX Risk / Return Rank: 78
BADEX Sharpe Ratio Rank: 87
BADEX Sortino Ratio Rank: 84
BADEX Omega Ratio Rank: 85
BADEX Calmar Ratio Rank: 71
BADEX Martin Ratio Rank: 66

EPASX

EPASX Risk / Return Rank: 37
EPASX Sharpe Ratio Rank: 39
EPASX Sortino Ratio Rank: 36
EPASX Omega Ratio Rank: 40
EPASX Calmar Ratio Rank: 36
EPASX Martin Ratio Rank: 33

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.

BADEX vs. EPASX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Defensive Advantage Emerging Markets Fund (BADEX) and EP Emerging Markets Small Companies Fund (EPASX). 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.

	BADEX	EPASX	Difference
Sharpe ratio: Return per unit of total volatility	2.81	1.82	+0.99
Sortino ratio: Return per unit of downside risk	3.95	2.51	+1.44
Omega ratio: Gain probability vs. loss probability	1.57	1.34	+0.23
Calmar ratio: Return relative to maximum drawdown	3.27	2.28	+0.99
Martin ratio: Return relative to average drawdown	12.91	7.50	+5.42
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BADEX vs. EPASX - Sharpe Ratio Comparison

The current BADEX Sharpe Ratio is 2.81, which is higher than the EPASX Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of BADEX and EPASX, 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

	BADEX	EPASX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.81	1.82	+0.99
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.73	0.02	+0.71
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.40	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.86	0.31	+0.55

Drawdowns

BADEX vs. EPASX - Drawdown Comparison

The maximum BADEX drawdown since its inception was -21.86%, smaller than the maximum EPASX drawdown of -41.54%. Use the drawdown chart below to compare losses from any high point for BADEX and EPASX.

Drawdown Indicators

	BADEX	EPASX	Difference
Max Drawdown Largest peak-to-trough decline	-21.86%	-41.54%	+19.68%
Max Drawdown (1Y) Largest decline over 1 year	-8.89%	-10.32%	+1.43%
Max Drawdown (3Y) Largest decline over 3 years	-10.29%	-17.18%	+6.89%
Max Drawdown (5Y) Largest decline over 5 years	-21.86%	-40.01%	+18.15%
Max Drawdown (10Y) Largest decline over 10 years	—	-41.54%	—
Current Drawdown Current decline from peak	0.00%	-3.25%	+3.25%
Average Drawdown Average peak-to-trough decline	-5.63%	-15.65%	+10.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.25%	3.13%	-0.88%

Volatility

BADEX vs. EPASX - Volatility Comparison

The current volatility for BlackRock Defensive Advantage Emerging Markets Fund (BADEX) is 4.19%, while EP Emerging Markets Small Companies Fund (EPASX) has a volatility of 4.47%. This indicates that BADEX experiences smaller price fluctuations and is considered to be less risky than EPASX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BADEX	EPASX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.19%	4.47%	-0.28%
Volatility (6M) Calculated over the trailing 6-month period	8.96%	10.66%	-1.70%
Volatility (1Y) Calculated over the trailing 1-year period	10.37%	12.97%	-2.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.22%	14.61%	-4.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.38%	15.20%	-4.82%

BADEX vs. EPASX - Expense Ratio Comparison

BADEX has a 1.06% expense ratio, which is lower than EPASX's 1.75% expense ratio.

Dividends

BADEX vs. EPASX - Dividend Comparison

BADEX's dividend yield for the trailing twelve months is around 6.27%, more than EPASX's 1.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BADEX BlackRock Defensive Advantage Emerging Markets Fund	6.27%	7.52%	2.27%	1.92%	2.43%	7.54%	0.03%	0.00%	0.00%	0.00%	0.00%	0.00%
EPASX EP Emerging Markets Small Companies Fund	1.81%	1.95%	2.00%	1.20%	0.50%	21.67%	0.54%	0.27%	11.18%	4.20%	1.50%	1.30%

Frequently Asked Questions

Can I hold both BADEX and EPASX in my portfolio?

BADEX and EPASX have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BADEX or EPASX?

EPASX has higher volatility (4.47%) compared to BADEX (4.19%). In terms of maximum drawdown, BADEX dropped -21.86% vs EPASX's -41.54%.

Which has better risk-adjusted returns?

BADEX currently has the higher Sharpe Ratio (2.81 vs 1.82), 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.