BCX vs. LQDH

Last updated Jun 4, 2026

BCX (Blackrock Resources & Commodities Strategy Trust) and LQDH (iShares Interest Rate Hedged Corporate Bond ETF) are both funds - BCX is a Commodity Producers Equities fund managed by BlackRock, while LQDH is a Corporate Bonds fund actively managed by iShares. Over the past 10 years, BCX returned 12.37%/yr vs 4.64%/yr for LQDH. At a 0.30 correlation, their price movements are largely independent. BCX charges 1.10%/yr vs 0.25%/yr for LQDH.

Performance

BCX vs. LQDH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Blackrock Resources & Commodities Strategy Trust (BCX) and iShares Interest Rate Hedged Corporate Bond ETF (LQDH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BCX achieves a 12.68% return, which is significantly higher than LQDH's 2.31% return. Over the past 10 years, BCX has outperformed LQDH with an annualized return of 12.37%, while LQDH has yielded a comparatively lower 4.64% annualized return.

BCX

• 1D: -1.31%
• 1M: -2.51%
• YTD: 12.68%
• 6M: 17.92%
• 1Y: 37.66%
• 3Y*: 18.43%
• 5Y*: 10.93%
• 10Y*: 12.37%

LQDH

• 1D: -0.09%
• 1M: 1.29%
• YTD: 2.31%
• 6M: 3.11%
• 1Y: 7.62%
• 3Y*: 8.08%
• 5Y*: 5.28%
• 10Y*: 4.64%

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

BCX vs. LQDH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BCX Blackrock Resources & Commodities Strategy Trust	12.68%	40.37%	3.18%	-4.79%	12.80%	32.90%	0.04%	23.80%	-22.55%	26.76%
LQDH iShares Interest Rate Hedged Corporate Bond ETF	2.31%	7.00%	7.43%	11.14%	-1.88%	1.84%	1.68%	9.50%	-2.20%	6.00%

Correlation

The correlation between BCX and LQDH is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (5Y) Calculated over the trailing 5-year period	0.29
Correlation (10Y) Calculated over the trailing 10-year period	0.32
Correlation (All Time) Calculated using the full available price history since Jun 18, 2014	0.30

The correlation between BCX and LQDH shifts across timeframes, from 0.20 (1 year) to 0.32 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

BCX vs. LQDH — Risk / Return Rank

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

BCX

BCX Risk / Return Rank: 40
BCX Sharpe Ratio Rank: 49
BCX Sortino Ratio Rank: 40
BCX Omega Ratio Rank: 45
BCX Calmar Ratio Rank: 38
BCX Martin Ratio Rank: 30

LQDH

LQDH Risk / Return Rank: 80
LQDH Sharpe Ratio Rank: 85
LQDH Sortino Ratio Rank: 90
LQDH Omega Ratio Rank: 88
LQDH Calmar Ratio Rank: 65
LQDH Martin Ratio Rank: 73

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.

BCX vs. LQDH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Blackrock Resources & Commodities Strategy Trust (BCX) and iShares Interest Rate Hedged Corporate Bond ETF (LQDH). 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.

	BCX	LQDH	Difference
Sharpe ratio: Return per unit of total volatility	2.06	2.83	-0.77
Sortino ratio: Return per unit of downside risk	2.66	4.30	-1.65
Omega ratio: Gain probability vs. loss probability	1.36	1.57	-0.20
Calmar ratio: Return relative to maximum drawdown	2.34	3.26	-0.92
Martin ratio: Return relative to average drawdown	7.08	13.85	-6.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BCX vs. LQDH - Sharpe Ratio Comparison

The current BCX Sharpe Ratio is 2.06, which is comparable to the LQDH Sharpe Ratio of 2.83. The chart below compares the historical Sharpe Ratios of BCX and LQDH, 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

	BCX	LQDH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.06	2.83	-0.77
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	1.20	-0.69
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	0.72	-0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.20	0.58	-0.39

Drawdowns

BCX vs. LQDH - Drawdown Comparison

The maximum BCX drawdown since its inception was -62.36%, which is greater than LQDH's maximum drawdown of -24.63%. Use the drawdown chart below to compare losses from any high point for BCX and LQDH.

Drawdown Indicators

	BCX	LQDH	Difference
Max Drawdown Largest peak-to-trough decline	-62.36%	-24.63%	-37.73%
Max Drawdown (1Y) Largest decline over 1 year	-16.17%	-2.34%	-13.83%
Max Drawdown (3Y) Largest decline over 3 years	-16.17%	-4.86%	-11.31%
Max Drawdown (5Y) Largest decline over 5 years	-29.22%	-7.08%	-22.14%
Max Drawdown (10Y) Largest decline over 10 years	-59.23%	-24.63%	-34.60%
Current Drawdown Current decline from peak	-10.30%	-0.09%	-10.21%
Average Drawdown Average peak-to-trough decline	-19.64%	-1.68%	-17.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.34%	0.55%	+4.79%

Volatility

BCX vs. LQDH - Volatility Comparison

Blackrock Resources & Commodities Strategy Trust (BCX) has a higher volatility of 5.76% compared to iShares Interest Rate Hedged Corporate Bond ETF (LQDH) at 0.50%. This indicates that BCX's price experiences larger fluctuations and is considered to be riskier than LQDH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BCX	LQDH	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.76%	0.50%	+5.26%
Volatility (6M) Calculated over the trailing 6-month period	16.12%	2.03%	+14.09%
Volatility (1Y) Calculated over the trailing 1-year period	18.44%	2.70%	+15.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.43%	4.41%	+17.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.52%	6.44%	+17.08%

BCX vs. LQDH - Expense Ratio Comparison

BCX has a 1.10% expense ratio, which is higher than LQDH's 0.25% expense ratio.

Dividends

BCX vs. LQDH - Dividend Comparison

BCX's dividend yield for the trailing twelve months is around 6.95%, more than LQDH's 5.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BCX Blackrock Resources & Commodities Strategy Trust	6.95%	7.62%	7.49%	7.00%	5.52%	5.13%	7.10%	7.67%	8.77%	6.19%	6.98%	11.38%
LQDH iShares Interest Rate Hedged Corporate Bond ETF	5.95%	6.06%	7.57%	7.69%	3.73%	1.65%	2.22%	3.09%	5.08%	2.37%	2.33%	2.98%

Frequently Asked Questions

Can I hold both BCX and LQDH in my portfolio?

BCX and LQDH have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BCX or LQDH?

BCX has higher volatility (5.76%) compared to LQDH (0.50%). In terms of maximum drawdown, BCX dropped -62.36% vs LQDH's -24.63%.

Which has better risk-adjusted returns?

LQDH currently has the higher Sharpe Ratio (2.83 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.