BALPX vs. AEDNX

Last updated Jun 23, 2026

BALPX (BlackRock Event Driven Equity Fund Investor Class A) and AEDNX (Water Island Event-Driven Fund) are both Event Driven funds. Over the past 10 years, BALPX returned 5.67%/yr vs 4.34%/yr for AEDNX. A 0.55 correlation means they provide meaningful diversification when combined. BALPX charges 1.51%/yr vs 1.44%/yr for AEDNX.

Performance

BALPX vs. AEDNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Event Driven Equity Fund Investor Class A (BALPX) and Water Island Event-Driven Fund (AEDNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BALPX achieves a 2.03% return, which is significantly lower than AEDNX's 2.89% return. Over the past 10 years, BALPX has outperformed AEDNX with an annualized return of 5.67%, while AEDNX has yielded a comparatively lower 4.34% annualized return.

BALPX

• 1D: 0.00%
• 1M: 0.20%
• YTD: 2.03%
• 6M: 2.03%
• 1Y: 5.82%
• 3Y*: 6.62%
• 5Y*: 3.60%
• 10Y*: 5.67%

AEDNX

• 1D: 0.08%
• 1M: 1.23%
• YTD: 2.89%
• 6M: 3.05%
• 1Y: 8.00%
• 3Y*: 7.04%
• 5Y*: 3.26%
• 10Y*: 4.34%

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

BALPX vs. AEDNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BALPX BlackRock Event Driven Equity Fund Investor Class A	2.03%	8.19%	3.98%	5.15%	-0.25%	1.61%	6.03%	7.16%	5.12%	6.88%
AEDNX Water Island Event-Driven Fund	2.89%	8.67%	2.26%	5.90%	-0.63%	1.18%	13.42%	4.76%	-0.15%	3.89%

Correlation

The correlation between BALPX and AEDNX is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (10Y) Calculated over the trailing 10-year period	0.63
Correlation (All Time) Calculated using the full available price history since Sep 30, 2010	0.55

The correlation between BALPX and AEDNX shifts across timeframes, from 0.55 (all time) to 0.69 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

BALPX vs. AEDNX — Risk / Return Rank

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

BALPX

BALPX Risk / Return Rank: 73
BALPX Sharpe Ratio Rank: 58
BALPX Sortino Ratio Rank: 71
BALPX Omega Ratio Rank: 64
BALPX Calmar Ratio Rank: 86
BALPX Martin Ratio Rank: 85

AEDNX

AEDNX Risk / Return Rank: 95
AEDNX Sharpe Ratio Rank: 94
AEDNX Sortino Ratio Rank: 97
AEDNX Omega Ratio Rank: 95
AEDNX Calmar Ratio Rank: 96
AEDNX Martin Ratio Rank: 95

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.

BALPX vs. AEDNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Event Driven Equity Fund Investor Class A (BALPX) and Water Island Event-Driven Fund (AEDNX). 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.

	BALPX	AEDNX	Difference
Sharpe ratio: Return per unit of total volatility	2.06	3.01	-0.95
Sortino ratio: Return per unit of downside risk	3.21	5.33	-2.11
Omega ratio: Gain probability vs. loss probability	1.40	1.73	-0.33
Calmar ratio: Return relative to maximum drawdown	3.87	5.85	-1.98
Martin ratio: Return relative to average drawdown	14.75	20.15	-5.40

BALPX vs. AEDNX - Sharpe Ratio Comparison

The current BALPX Sharpe Ratio is 2.06, which is lower than the AEDNX Sharpe Ratio of 3.01. The chart below compares the historical Sharpe Ratios of BALPX and AEDNX, 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

BALPX vs. AEDNX - Drawdown Comparison

The maximum BALPX drawdown since its inception was -47.69%, which is greater than AEDNX's maximum drawdown of -13.03%. Use the drawdown chart below to compare losses from any high point for BALPX and AEDNX.

Drawdown Indicators

	BALPX	AEDNX	Difference
Max Drawdown Largest peak-to-trough decline	-47.69%	-13.03%	-34.66%
Max Drawdown (1Y) Largest decline over 1 year	-1.51%	-1.37%	-0.14%
Max Drawdown (3Y) Largest decline over 3 years	-3.30%	-2.79%	-0.51%
Max Drawdown (5Y) Largest decline over 5 years	-4.74%	-8.06%	+3.32%
Max Drawdown (10Y) Largest decline over 10 years	-11.54%	-12.24%	+0.70%
Current Drawdown Current decline from peak	-0.10%	-0.08%	-0.02%
Average Drawdown Average peak-to-trough decline	-5.63%	-2.70%	-2.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.40%	0.40%	0.00%

Volatility

BALPX vs. AEDNX - Volatility Comparison

The current volatility for BlackRock Event Driven Equity Fund Investor Class A (BALPX) is 0.80%, while Water Island Event-Driven Fund (AEDNX) has a volatility of 1.28%. This indicates that BALPX experiences smaller price fluctuations and is considered to be less risky than AEDNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BALPX	AEDNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.80%	1.28%	-0.48%
Volatility (6M) Calculated over the trailing 6-month period	2.09%	2.35%	-0.26%
Volatility (1Y) Calculated over the trailing 1-year period	2.84%	2.67%	+0.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.07%	4.07%	0.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.48%	5.16%	+0.32%

BALPX vs. AEDNX - Expense Ratio Comparison

BALPX has a 1.51% expense ratio, which is higher than AEDNX's 1.44% expense ratio.

Dividends

BALPX vs. AEDNX - Dividend Comparison

BALPX's dividend yield for the trailing twelve months is around 4.10%, more than AEDNX's 0.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AEDNX Water Island Event-Driven Fund	0.92%	0.95%	0.20%	0.72%	0.00%	0.00%	0.24%	0.46%	1.78%	0.62%	0.00%	2.79%
BALPX BlackRock Event Driven Equity Fund Investor Class A	4.10%	4.18%	3.88%	1.93%	2.55%	2.57%	3.01%	3.35%	1.84%	5.02%	9.00%	77.25%

Frequently Asked Questions

Can I hold both BALPX and AEDNX in my portfolio?

BALPX and AEDNX have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BALPX or AEDNX?

AEDNX has higher volatility (1.28%) compared to BALPX (0.80%). In terms of maximum drawdown, BALPX dropped -47.69% vs AEDNX's -13.03%.

Which has better risk-adjusted returns?

AEDNX currently has the higher Sharpe Ratio (3.01 vs 2.06), 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.