BDMAX vs. BND

Last updated Jun 4, 2026

BDMAX (BlackRock Global Equity Market Neutral Fund) and BND (Vanguard Total Bond Market ETF) are both funds - BDMAX is a Equity Market Neutral fund actively managed by BlackRock, while BND is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Float Adjusted Index. BDMAX is actively managed, while BND is passively managed. Over the past 10 years, BDMAX returned 8.12%/yr vs 1.58%/yr for BND. At a correlation of -0.02, they often move in opposite directions. BDMAX charges 1.60%/yr vs 0.03%/yr for BND.

Performance

BDMAX vs. BND - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Global Equity Market Neutral Fund (BDMAX) and Vanguard Total Bond Market ETF (BND). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BDMAX achieves a 12.35% return, which is significantly higher than BND's 0.27% return. Over the past 10 years, BDMAX has outperformed BND with an annualized return of 8.12%, while BND has yielded a comparatively lower 1.58% annualized return.

BDMAX

• 1D: 0.44%
• 1M: 5.33%
• YTD: 12.35%
• 6M: 15.46%
• 1Y: 21.54%
• 3Y*: 21.55%
• 5Y*: 12.68%
• 10Y*: 8.12%

BND

• 1D: -0.19%
• 1M: 0.27%
• YTD: 0.27%
• 6M: 0.12%
• 1Y: 5.11%
• 3Y*: 3.96%
• 5Y*: 0.09%
• 10Y*: 1.58%

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

BDMAX vs. BND - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BDMAX BlackRock Global Equity Market Neutral Fund	12.35%	18.08%	21.12%	14.27%	1.57%	3.11%	-0.05%	-1.02%	1.86%	12.57%
BND Vanguard Total Bond Market ETF	0.27%	7.08%	1.38%	5.65%	-13.11%	-1.86%	7.71%	8.84%	-0.12%	3.57%

Correlation

The correlation between BDMAX and BND is -0.00, 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	-0.00
Correlation (3Y) Calculated over the trailing 3-year period	-0.01
Correlation (5Y) Calculated over the trailing 5-year period	-0.01
Correlation (10Y) Calculated over the trailing 10-year period	-0.00
Correlation (All Time) Calculated using the full available price history since Jan 3, 2013	-0.02

Return for Risk

BDMAX vs. BND — Risk / Return Rank

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

BDMAX

BDMAX Risk / Return Rank: 91
BDMAX Sharpe Ratio Rank: 93
BDMAX Sortino Ratio Rank: 93
BDMAX Omega Ratio Rank: 87
BDMAX Calmar Ratio Rank: 96
BDMAX Martin Ratio Rank: 88

BND

BND Risk / Return Rank: 37
BND Sharpe Ratio Rank: 37
BND Sortino Ratio Rank: 39
BND Omega Ratio Rank: 35
BND Calmar Ratio Rank: 38
BND Martin Ratio Rank: 36

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.

BDMAX vs. BND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Global Equity Market Neutral Fund (BDMAX) and Vanguard Total Bond Market ETF (BND). 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.

	BDMAX	BND	Difference
Sharpe ratio Return per unit of total volatility	3.15	1.36	+1.79
Sortino ratio Return per unit of downside risk	4.71	2.03	+2.68
Omega ratio Gain probability vs. loss probability	1.60	1.24	+0.36
Calmar ratio Return relative to maximum drawdown	6.06	1.92	+4.14
Martin ratio Return relative to average drawdown	17.19	5.80	+11.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BDMAX vs. BND - Sharpe Ratio Comparison

The current BDMAX Sharpe Ratio is 3.15, which is higher than the BND Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of BDMAX and BND, 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

	BDMAX	BND	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.15	1.36	+1.79
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.95	0.01	+1.94
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.40	0.29	+1.11
Sharpe Ratio (All Time) Calculated using the full available price history	1.19	0.59	+0.60

Drawdowns

BDMAX vs. BND - Drawdown Comparison

The maximum BDMAX drawdown since its inception was -12.37%, smaller than the maximum BND drawdown of -18.58%. Use the drawdown chart below to compare losses from any high point for BDMAX and BND.

Drawdown Indicators

	BDMAX	BND	Difference
Max Drawdown Largest peak-to-trough decline	-12.37%	-18.58%	+6.21%
Max Drawdown (1Y) Largest decline over 1 year	-3.55%	-2.68%	-0.87%
Max Drawdown (3Y) Largest decline over 3 years	-4.15%	-5.92%	+1.77%
Max Drawdown (5Y) Largest decline over 5 years	-6.49%	-17.91%	+11.42%
Max Drawdown (10Y) Largest decline over 10 years	-9.71%	-18.58%	+8.87%
Current Drawdown Current decline from peak	0.00%	-2.37%	+2.37%
Average Drawdown Average peak-to-trough decline	-2.82%	-3.06%	+0.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.26%	0.88%	+0.38%

Volatility

BDMAX vs. BND - Volatility Comparison

BlackRock Global Equity Market Neutral Fund (BDMAX) has a higher volatility of 1.96% compared to Vanguard Total Bond Market ETF (BND) at 1.23%. This indicates that BDMAX's price experiences larger fluctuations and is considered to be riskier than BND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BDMAX	BND	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.96%	1.23%	+0.73%
Volatility (6M) Calculated over the trailing 6-month period	4.42%	2.66%	+1.76%
Volatility (1Y) Calculated over the trailing 1-year period	6.83%	3.78%	+3.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.52%	6.02%	+0.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.81%	5.53%	+0.28%

BDMAX vs. BND - Expense Ratio Comparison

BDMAX has a 1.60% expense ratio, which is higher than BND's 0.03% expense ratio.

Dividends

BDMAX vs. BND - Dividend Comparison

BDMAX's dividend yield for the trailing twelve months is around 7.96%, more than BND's 3.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BDMAX BlackRock Global Equity Market Neutral Fund	7.96%	8.94%	13.39%	7.14%	0.00%	1.25%	0.04%	6.60%	0.85%	0.00%	0.00%	1.56%
BND Vanguard Total Bond Market ETF	3.97%	3.86%	3.67%	3.09%	2.60%	2.12%	2.38%	2.72%	2.81%	2.54%	2.51%	2.57%

Frequently Asked Questions

Can I hold both BDMAX and BND in my portfolio?

BDMAX and BND have a correlation of -0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BDMAX or BND?

BDMAX has higher volatility (1.96%) compared to BND (1.23%). In terms of maximum drawdown, BDMAX dropped -12.37% vs BND's -18.58%.

Which has better risk-adjusted returns?

BDMAX currently has the higher Sharpe Ratio (3.15 vs 1.36), 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.