BDMAX vs. IALT

Last updated Jun 23, 2026

BDMAX (BlackRock Global Equity Market Neutral Fund) and IALT (iShares Systematic Alternatives Active ETF) are both funds - BDMAX is a Equity Market Neutral fund actively managed by BlackRock, while IALT is a Multistrategy fund actively managed by iShares. Both are actively managed. A 0.50 correlation means they provide meaningful diversification when combined. BDMAX charges 1.60%/yr vs 0.99%/yr for IALT.

Performance

BDMAX vs. IALT - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with BDMAX having a 12.77% return and IALT slightly lower at 12.39%.

BDMAX

• 1D: -0.31%
• 1M: 3.34%
• YTD: 12.77%
• 6M: 12.22%
• 1Y: 23.71%
• 3Y*: 21.30%
• 5Y*: 13.05%
• 10Y*: 8.29%

IALT

• 1D: 0.18%
• 1M: 0.94%
• YTD: 12.39%
• 6M: 12.32%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BDMAX vs. IALT - Yearly Performance Comparison

	2026 (YTD)	2025
BDMAX BlackRock Global Equity Market Neutral Fund	12.77%	1.50%
IALT iShares Systematic Alternatives Active ETF	12.39%	0.83%

Correlation

The correlation between BDMAX and IALT is 0.50, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 10, 2025	0.50

Return for Risk

BDMAX vs. IALT — Risk / Return Rank

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

BDMAX

BDMAX Risk / Return Rank: 95
BDMAX Sharpe Ratio Rank: 97
BDMAX Sortino Ratio Rank: 95
BDMAX Omega Ratio Rank: 90
BDMAX Calmar Ratio Rank: 98
BDMAX Martin Ratio Rank: 95

IALT

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. IALT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Global Equity Market Neutral Fund (BDMAX) and iShares Systematic Alternatives Active ETF (IALT). 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	IALT	Difference
Sharpe ratio: Return per unit of total volatility	3.26	—	—
Sortino ratio: Return per unit of downside risk	4.78	—	—
Omega ratio: Gain probability vs. loss probability	1.61	—	—
Calmar ratio: Return relative to maximum drawdown	7.11	—	—
Martin ratio: Return relative to average drawdown	20.31	—	—

Drawdowns

BDMAX vs. IALT - Drawdown Comparison

The maximum BDMAX drawdown since its inception was -12.37%, which is greater than IALT's maximum drawdown of -2.27%. Use the drawdown chart below to compare losses from any high point for BDMAX and IALT.

Drawdown Indicators

	BDMAX	IALT	Difference
Max Drawdown Largest peak-to-trough decline	-12.37%	-2.27%	-10.10%
Max Drawdown (1Y) Largest decline over 1 year	-3.25%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-4.15%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-6.33%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-9.71%	—	—
Current Drawdown Current decline from peak	-0.31%	-0.74%	+0.43%
Average Drawdown Average peak-to-trough decline	-2.81%	-0.38%	-2.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.14%	—	—

Volatility

Volatility by Period

	BDMAX	IALT	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.71%	—	—
Volatility (6M) Calculated over the trailing 6-month period	4.76%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	7.09%	7.81%	-0.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.58%	7.81%	-1.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.85%	7.81%	-1.96%

BDMAX vs. IALT - Expense Ratio Comparison

BDMAX has a 1.60% expense ratio, which is higher than IALT's 0.99% expense ratio.

Dividends

BDMAX vs. IALT - Dividend Comparison

BDMAX's dividend yield for the trailing twelve months is around 7.93%, more than IALT's 0.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BDMAX BlackRock Global Equity Market Neutral Fund	7.93%	8.94%	13.39%	7.14%	0.00%	1.25%	0.04%	6.60%	0.85%	0.00%	0.00%	1.56%
IALT iShares Systematic Alternatives Active ETF	0.40%	0.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BDMAX and IALT in my portfolio?

BDMAX and IALT have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.