BADEX vs. SIEMX

Last updated Jun 23, 2026

BADEX (BlackRock Defensive Advantage Emerging Markets Fund) and SIEMX (SEI Institutional International Trust Emerging Markets Equity Fund) are both Emerging Markets Diversified funds. Over the past 5 years, BADEX returned 8.03%/yr vs 7.79%/yr for SIEMX. Their correlation of 0.85 suggests significant overlap in exposure. BADEX charges 1.06%/yr vs 1.71%/yr for SIEMX.

Performance

BADEX vs. SIEMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Defensive Advantage Emerging Markets Fund (BADEX) and SEI Institutional International Trust Emerging Markets Equity Fund (SIEMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BADEX achieves a 21.04% return, which is significantly lower than SIEMX's 28.97% return.

BADEX

• 1D: 1.56%
• 1M: 5.83%
• YTD: 21.04%
• 6M: 21.38%
• 1Y: 30.50%
• 3Y*: 15.84%
• 5Y*: 8.03%
• 10Y*: —

SIEMX

• 1D: 2.53%
• 1M: 6.93%
• YTD: 28.97%
• 6M: 31.02%
• 1Y: 53.83%
• 3Y*: 22.14%
• 5Y*: 7.79%
• 10Y*: 10.02%

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

BADEX vs. SIEMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
BADEX BlackRock Defensive Advantage Emerging Markets Fund	21.04%	13.95%	10.15%	11.67%	-11.34%	4.49%	2.32%
SIEMX SEI Institutional International Trust Emerging Markets Equity Fund	28.97%	35.90%	4.31%	9.81%	-21.51%	-1.85%	3.27%

Correlation

The correlation between BADEX and SIEMX is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (All Time) Calculated using the full available price history since Dec 24, 2020	0.85

The correlation between BADEX and SIEMX has been stable across timeframes, ranging from 0.83 to 0.90 - a consistent structural relationship.

Return for Risk

BADEX vs. SIEMX — Risk / Return Rank

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

BADEX

BADEX Risk / Return Rank: 81
BADEX Sharpe Ratio Rank: 86
BADEX Sortino Ratio Rank: 83
BADEX Omega Ratio Rank: 85
BADEX Calmar Ratio Rank: 79
BADEX Martin Ratio Rank: 73

SIEMX

SIEMX Risk / Return Rank: 87
SIEMX Sharpe Ratio Rank: 93
SIEMX Sortino Ratio Rank: 81
SIEMX Omega Ratio Rank: 86
SIEMX Calmar Ratio Rank: 89
SIEMX Martin Ratio Rank: 88

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. SIEMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Defensive Advantage Emerging Markets Fund (BADEX) and SEI Institutional International Trust Emerging Markets Equity Fund (SIEMX). 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.

	BADEX	SIEMX	Difference
Sharpe ratio: Return per unit of total volatility	2.59	2.89	-0.30
Sortino ratio: Return per unit of downside risk	3.59	3.54	+0.06
Omega ratio: Gain probability vs. loss probability	1.54	1.55	-0.01
Calmar ratio: Return relative to maximum drawdown	3.38	4.16	-0.79
Martin ratio: Return relative to average drawdown	13.00	15.52	-2.53

BADEX vs. SIEMX - Sharpe Ratio Comparison

The current BADEX Sharpe Ratio is 2.59, which is comparable to the SIEMX Sharpe Ratio of 2.89. The chart below compares the historical Sharpe Ratios of BADEX and SIEMX, 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

BADEX vs. SIEMX - Drawdown Comparison

The maximum BADEX drawdown since its inception was -21.86%, smaller than the maximum SIEMX drawdown of -65.22%. Use the drawdown chart below to compare losses from any high point for BADEX and SIEMX.

Drawdown Indicators

	BADEX	SIEMX	Difference
Max Drawdown Largest peak-to-trough decline	-21.86%	-65.22%	+43.36%
Max Drawdown (1Y) Largest decline over 1 year	-8.89%	-13.59%	+4.70%
Max Drawdown (3Y) Largest decline over 3 years	-10.29%	-16.41%	+6.12%
Max Drawdown (5Y) Largest decline over 5 years	-21.15%	-36.96%	+15.81%
Max Drawdown (10Y) Largest decline over 10 years	—	-40.76%	—
Current Drawdown Current decline from peak	0.00%	-0.27%	+0.27%
Average Drawdown Average peak-to-trough decline	-5.59%	-21.42%	+15.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.31%	3.58%	-1.27%

Volatility

BADEX vs. SIEMX - Volatility Comparison

The current volatility for BlackRock Defensive Advantage Emerging Markets Fund (BADEX) is 6.25%, while SEI Institutional International Trust Emerging Markets Equity Fund (SIEMX) has a volatility of 9.79%. This indicates that BADEX experiences smaller price fluctuations and is considered to be less risky than SIEMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BADEX	SIEMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.25%	9.79%	-3.54%
Volatility (6M) Calculated over the trailing 6-month period	10.47%	17.22%	-6.75%
Volatility (1Y) Calculated over the trailing 1-year period	11.61%	19.59%	-7.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.50%	17.11%	-6.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.60%	17.68%	-7.08%

BADEX vs. SIEMX - Expense Ratio Comparison

BADEX has a 1.06% expense ratio, which is lower than SIEMX's 1.71% expense ratio.

Dividends

BADEX vs. SIEMX - Dividend Comparison

BADEX's dividend yield for the trailing twelve months is around 6.21%, more than SIEMX's 3.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BADEX BlackRock Defensive Advantage Emerging Markets Fund	6.21%	7.52%	2.27%	1.92%	2.43%	7.54%	0.03%	0.00%	0.00%	0.00%	0.00%	0.00%
SIEMX SEI Institutional International Trust Emerging Markets Equity Fund	3.34%	4.30%	3.20%	1.58%	2.08%	9.55%	0.53%	1.09%	0.63%	1.26%	0.80%	0.81%

Frequently Asked Questions

Can I hold both BADEX and SIEMX in my portfolio?

With a correlation of 0.90, BADEX and SIEMX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BADEX or SIEMX?

SIEMX has higher volatility (9.79%) compared to BADEX (6.25%). In terms of maximum drawdown, BADEX dropped -21.86% vs SIEMX's -65.22%.

Which has better risk-adjusted returns?

SIEMX currently has the higher Sharpe Ratio (2.89 vs 2.59), 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.