BDMAX vs. IALT

Last updated Apr 1, 2026

Compare and contrast key facts about BlackRock Global Equity Market Neutral Fund (BDMAX) and iShares Systematic Alternatives Active ETF (IALT).

BDMAX is an actively managed fund by BlackRock. It was launched on Dec 20, 2012. IALT is an actively managed fund by iShares. It was launched on Dec 9, 2025.

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.

BDMAX vs. IALT - Yearly Performance Comparison

	2026 (YTD)	2025
BDMAX BlackRock Global Equity Market Neutral Fund	3.51%	1.06%
IALT iShares Systematic Alternatives Active ETF	7.75%	0.73%

Returns By Period

In the year-to-date period, BDMAX achieves a 3.51% return, which is significantly lower than IALT's 7.75% return.

BDMAX

• 1D: -0.41%
• 1M: 0.89%
• YTD: 3.51%
• 6M: 6.52%
• 1Y: 16.41%
• 3Y*: 18.28%
• 5Y*: 10.88%
• 10Y*: 6.95%

IALT

• 1D: 0.82%
• 1M: 3.45%
• YTD: 7.75%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BDMAX vs. IALT - Expense Ratio Comparison

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

BDMAX

BlackRock Global Equity Market Neutral Fund

IALT

iShares Systematic Alternatives Active ETF

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: 96
BDMAX Sharpe Ratio Rank: 97
BDMAX Sortino Ratio Rank: 97
BDMAX Omega Ratio Rank: 94
BDMAX Calmar Ratio Rank: 98
BDMAX Martin Ratio Rank: 95

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.

	BDMAX	IALT	Difference
Sharpe ratio Return per unit of total volatility	2.54	—	—
Sortino ratio Return per unit of downside risk	3.72	—	—
Omega ratio Gain probability vs. loss probability	1.47	—	—
Calmar ratio Return relative to maximum drawdown	4.83	—	—
Martin ratio Return relative to average drawdown	13.40	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	BDMAX	IALT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.54	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.68	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.21	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.09	4.40	-3.31

Correlation

The correlation between BDMAX and IALT is 0.47, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

BDMAX vs. IALT - Dividend Comparison

BDMAX's dividend yield for the trailing twelve months is around 8.64%, more than IALT's 0.13% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BDMAX BlackRock Global Equity Market Neutral Fund	8.64%	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	0.13%	0.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

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 -1.28%. 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%	-1.28%	-11.09%
Max Drawdown (1Y) Largest decline over 1 year	-3.61%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-7.72%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-9.71%	—	—
Current Drawdown Current decline from peak	-0.81%	0.00%	-0.81%
Average Drawdown Average peak-to-trough decline	-2.86%	-0.26%	-2.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.30%	—	—

Volatility

Volatility by Period

	BDMAX	IALT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.56%	—	—
Volatility (6M) Calculated over the trailing 6-month period	4.70%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	6.91%	7.25%	-0.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.53%	7.25%	-0.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.77%	7.25%	-1.48%