BAMBX vs. ADANX

Last updated Jun 5, 2026

BAMBX (BlackRock Systematic Multi-Strategy Fund) and ADANX (AQR Diversified Arbitrage Fund Class N) are both Multistrategy funds. BAMBX is passively managed, while ADANX is actively managed. Over the past 10 years, BAMBX returned 4.22%/yr vs 6.60%/yr for ADANX. At a 0.04 correlation, their price movements are largely independent. BAMBX charges 1.20%/yr vs 2.12%/yr for ADANX.

Performance

BAMBX vs. ADANX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Systematic Multi-Strategy Fund (BAMBX) and AQR Diversified Arbitrage Fund Class N (ADANX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BAMBX achieves a -0.68% return, which is significantly lower than ADANX's 2.97% return. Over the past 10 years, BAMBX has underperformed ADANX with an annualized return of 4.22%, while ADANX has yielded a comparatively higher 6.60% annualized return.

BAMBX

• 1D: 0.10%
• 1M: -0.29%
• YTD: -0.68%
• 6M: 0.50%
• 1Y: 0.98%
• 3Y*: 5.73%
• 5Y*: 3.07%
• 10Y*: 4.22%

ADANX

• 1D: 0.08%
• 1M: 0.61%
• YTD: 2.97%
• 6M: 3.43%
• 1Y: 6.55%
• 3Y*: 6.00%
• 5Y*: 2.74%
• 10Y*: 6.60%

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

BAMBX vs. ADANX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BAMBX BlackRock Systematic Multi-Strategy Fund	-0.68%	4.59%	6.61%	6.19%	-3.23%	5.84%	3.34%	8.25%	1.51%	9.72%
ADANX AQR Diversified Arbitrage Fund Class N	2.97%	7.75%	2.92%	4.23%	-3.54%	5.99%	24.85%	8.33%	2.02%	5.59%

Correlation

The correlation between BAMBX and ADANX 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	0.09
Correlation (5Y) Calculated over the trailing 5-year period	0.10
Correlation (10Y) Calculated over the trailing 10-year period	0.04
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.04

Return for Risk

BAMBX vs. ADANX — Risk / Return Rank

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

BAMBX

BAMBX Risk / Return Rank: 4
BAMBX Sharpe Ratio Rank: 5
BAMBX Sortino Ratio Rank: 4
BAMBX Omega Ratio Rank: 4
BAMBX Calmar Ratio Rank: 4
BAMBX Martin Ratio Rank: 4

ADANX

ADANX Risk / Return Rank: 99
ADANX Sharpe Ratio Rank: 99
ADANX Sortino Ratio Rank: 99
ADANX Omega Ratio Rank: 98
ADANX Calmar Ratio Rank: 99
ADANX Martin Ratio Rank: 99

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.

BAMBX vs. ADANX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Systematic Multi-Strategy Fund (BAMBX) and AQR Diversified Arbitrage Fund Class N (ADANX). 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.

	BAMBX	ADANX	Difference
Sharpe ratio: Return per unit of total volatility	0.28	4.62	-4.34
Sortino ratio: Return per unit of downside risk	0.44	7.98	-7.54
Omega ratio: Gain probability vs. loss probability	1.05	2.14	-1.09
Calmar ratio: Return relative to maximum drawdown	0.23	16.67	-16.45
Martin ratio: Return relative to average drawdown	0.62	46.11	-45.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BAMBX vs. ADANX - Sharpe Ratio Comparison

The current BAMBX Sharpe Ratio is 0.28, which is lower than the ADANX Sharpe Ratio of 4.62. The chart below compares the historical Sharpe Ratios of BAMBX and ADANX, 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

	BAMBX	ADANX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.28	4.62	-4.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.84	1.05	-0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.18	1.54	-0.37
Sharpe Ratio (All Time) Calculated using the full available price history	1.27	1.15	+0.12

Drawdowns

BAMBX vs. ADANX - Drawdown Comparison

The maximum BAMBX drawdown since its inception was -8.84%, smaller than the maximum ADANX drawdown of -14.73%. Use the drawdown chart below to compare losses from any high point for BAMBX and ADANX.

Drawdown Indicators

	BAMBX	ADANX	Difference
Max Drawdown Largest peak-to-trough decline	-8.84%	-14.73%	+5.89%
Max Drawdown (1Y) Largest decline over 1 year	-5.19%	-0.39%	-4.80%
Max Drawdown (3Y) Largest decline over 3 years	-5.19%	-1.70%	-3.49%
Max Drawdown (5Y) Largest decline over 5 years	-6.66%	-7.48%	+0.82%
Max Drawdown (10Y) Largest decline over 10 years	-8.84%	-14.73%	+5.89%
Current Drawdown Current decline from peak	-4.73%	-0.00%	-4.73%
Average Drawdown Average peak-to-trough decline	-1.26%	-3.02%	+1.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.91%	0.14%	+1.77%

Volatility

BAMBX vs. ADANX - Volatility Comparison

BlackRock Systematic Multi-Strategy Fund (BAMBX) has a higher volatility of 1.24% compared to AQR Diversified Arbitrage Fund Class N (ADANX) at 0.34%. This indicates that BAMBX's price experiences larger fluctuations and is considered to be riskier than ADANX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BAMBX	ADANX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.24%	0.34%	+0.90%
Volatility (6M) Calculated over the trailing 6-month period	3.37%	1.07%	+2.30%
Volatility (1Y) Calculated over the trailing 1-year period	4.16%	1.42%	+2.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.67%	2.62%	+1.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.60%	4.28%	-0.68%

BAMBX vs. ADANX - Expense Ratio Comparison

BAMBX has a 1.20% expense ratio, which is lower than ADANX's 2.12% expense ratio.

Dividends

BAMBX vs. ADANX - Dividend Comparison

BAMBX's dividend yield for the trailing twelve months is around 1.98%, more than ADANX's 1.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ADANX AQR Diversified Arbitrage Fund Class N	1.80%	1.86%	0.96%	2.47%	0.10%	0.40%	1.33%	1.81%	6.22%	6.84%	6.83%	4.43%
BAMBX BlackRock Systematic Multi-Strategy Fund	1.98%	1.97%	3.86%	4.13%	4.70%	2.39%	1.09%	3.73%	8.70%	3.81%	4.82%	0.00%

Frequently Asked Questions

Can I hold both BAMBX and ADANX in my portfolio?

BAMBX and ADANX 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, BAMBX or ADANX?

BAMBX has higher volatility (1.24%) compared to ADANX (0.34%). In terms of maximum drawdown, BAMBX dropped -8.84% vs ADANX's -14.73%.

Which has better risk-adjusted returns?

ADANX currently has the higher Sharpe Ratio (4.62 vs 0.28), 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.