BDMAX vs. BIRDX
BDMAX (BlackRock Global Equity Market Neutral Fund Investor A) and BIRDX (iShares Developed Real Estate Index Fund) are both mutual funds - BDMAX is a Equity Market Neutral fund actively managed by BlackRock, while BIRDX is a REIT fund managed by BlackRock. Over the past 10 years, BDMAX returned 8.29%/yr vs 3.49%/yr for BIRDX. Their -0.01 correlation means they have often moved in opposite directions in the past. BDMAX charges 1.59%/yr vs 0.19%/yr for BIRDX.
Performance
BDMAX vs. BIRDX - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with BDMAX having a 12.73% return and BIRDX slightly higher at 13.15%. Over the past 10 years, BDMAX has outperformed BIRDX with an annualized return of 8.29%, while BIRDX has yielded a comparatively lower 3.49% annualized return.
BDMAX
- 1D
- 0.81%
- 1M
- 2.45%
- 6M
- 10.71%
- YTD
- 12.73%
- 1Y
- 24.19%
- 3Y*
- 20.40%
- 5Y*
- 13.04%
- 10Y*
- 8.29%
- ALL TIME*
- 6.66%
BIRDX
- 1D
- -0.88%
- 1M
- 1.40%
- 6M
- 10.05%
- YTD
- 13.15%
- 1Y
- 18.60%
- 3Y*
- 10.19%
- 5Y*
- 2.10%
- 10Y*
- 3.49%
- ALL TIME*
- 4.68%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
BDMAX vs. BIRDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BDMAX BlackRock Global Equity Market Neutral Fund Investor A | 12.73% | 18.08% | 21.12% | 14.27% | 1.57% | 3.11% | -0.05% | -1.02% | 1.86% | 12.57% |
BIRDX iShares Developed Real Estate Index Fund | 13.15% | 10.27% | 1.49% | 10.38% | -24.68% | 26.90% | -8.24% | 22.33% | -4.80% | 7.56% |
Correlation
The correlation between BDMAX and BIRDX is -0.09, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.09 |
Correlation (3Y) Balances recent behavior with more history. | -0.06 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.03 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.03 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016 | -0.01 |
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Return for Risk
BDMAX vs. BIRDX — Risk / Return Rank
BDMAX
BIRDX
BDMAX vs. BIRDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BlackRock Global Equity Market Neutral Fund Investor A (BDMAX) and iShares Developed Real Estate Index Fund (BIRDX). 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.
| BDMAX | BIRDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.74 | ||
| Sortino ratioReturn per unit of downside risk | +2.59 | ||
| Omega ratioGain probability vs. loss probability | 1.62 | 1.28 | +0.34 |
| Calmar ratioReturn relative to maximum drawdown | 7.50 | 1.86 | +5.64 |
| Martin ratioReturn relative to average drawdown | 19.83 | 6.95 | +12.88 |
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Drawdowns
BDMAX vs. BIRDX - Drawdown Comparison
The maximum BDMAX drawdown since its inception was -12.37%, smaller than the maximum BIRDX drawdown of -43.03%. Use the drawdown chart below to compare losses from any high point for BDMAX and BIRDX.
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Drawdown Indicators
| BDMAX | BIRDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.37% | -43.03% | +30.66% |
Max Drawdown (1Y)Largest decline over 1 year | -3.25% | -10.04% | +6.79% |
Max Drawdown (3Y)Largest decline over 3 years | -4.15% | -27.40% | +23.25% |
Max Drawdown (5Y)Largest decline over 5 years | -5.56% | -32.54% | +26.98% |
Max Drawdown (10Y)Largest decline over 10 years | -9.71% | -43.03% | +33.32% |
Current DrawdownCurrent decline from peak | -0.35% | -1.41% | +1.06% |
Average DrawdownAverage peak-to-trough decline | -2.80% | -10.72% | +7.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.23% | 2.68% | -1.45% |
Volatility
BDMAX vs. BIRDX - Volatility Comparison
The current volatility for BlackRock Global Equity Market Neutral Fund Investor A (BDMAX) is 2.66%, while iShares Developed Real Estate Index Fund (BIRDX) has a volatility of 3.43%. This indicates that BDMAX experiences smaller price fluctuations and is considered to be less risky than BIRDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BDMAX | BIRDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.66% | 3.43% | -0.77% |
Volatility (6M)Calculated over the trailing 6-month period | 5.40% | 9.76% | -4.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.42% | 12.19% | -4.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.68% | 19.27% | -12.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.91% | 19.08% | -13.17% |
BDMAX vs. BIRDX - Expense Ratio Comparison
BDMAX has a 1.59% expense ratio, which is higher than BIRDX's 0.19% expense ratio.
Dividends
BDMAX vs. BIRDX - Dividend Comparison
BDMAX's dividend yield for the trailing twelve months is around 11.57%, more than BIRDX's 6.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BDMAX BlackRock Global Equity Market Neutral Fund Investor A | 11.57% | 8.94% | 13.39% | 7.14% | 0.00% | 1.25% | 0.04% | 6.60% | 0.85% | 0.00% | 0.00% | 1.56% |
BIRDX iShares Developed Real Estate Index Fund | 6.56% | 6.84% | 23.69% | 2.99% | 1.24% | 4.18% | 1.91% | 6.67% | 4.18% | 1.70% | 2.24% | 0.00% |
Frequently Asked Questions
BDMAX and BIRDX have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BIRDX has higher volatility (3.43%) compared to BDMAX (2.66%). In terms of maximum drawdown, BDMAX dropped -12.37% vs BIRDX's -43.03%.
BDMAX currently has the higher Sharpe Ratio (3.29 vs 1.54), 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.
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