BDMAX vs. IAUM
BDMAX (BlackRock Global Equity Market Neutral Fund) and IAUM (iShares Gold Trust Micro) are both funds - BDMAX is a Equity Market Neutral fund actively managed by BlackRock, while IAUM is a Gold fund tracking the LBMA Gold Price PM. BDMAX is actively managed, while IAUM is passively managed. Over the past 3 years, BDMAX returned 21.55%/yr vs 31.53%/yr for IAUM. At a 0.03 correlation, their price movements are largely independent. BDMAX charges 1.60%/yr vs 0.09%/yr for IAUM.
Performance
BDMAX vs. IAUM - Performance Comparison
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Returns By Period
In the year-to-date period, BDMAX achieves a 12.35% return, which is significantly higher than IAUM's 3.00% 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%
IAUM
- 1D
- -0.96%
- 1M
- -1.62%
- YTD
- 3.00%
- 6M
- 5.58%
- 1Y
- 32.42%
- 3Y*
- 31.53%
- 5Y*
- —
- 10Y*
- —
BDMAX vs. IAUM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BDMAX BlackRock Global Equity Market Neutral Fund | 12.35% | 18.08% | 21.12% | 14.27% | 1.57% | -1.53% |
IAUM iShares Gold Trust Micro | 3.00% | 64.27% | 27.04% | 13.12% | -0.49% | 3.87% |
Correlation
The correlation between BDMAX and IAUM is 0.08, 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 | 0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Jun 30, 2021 | 0.03 |
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Return for Risk
BDMAX vs. IAUM — Risk / Return Rank
BDMAX
IAUM
BDMAX vs. IAUM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BlackRock Global Equity Market Neutral Fund (BDMAX) and iShares Gold Trust Micro (IAUM). 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 | IAUM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.91 | ||
| Sortino ratioReturn per unit of downside risk | +3.08 | ||
| Omega ratioGain probability vs. loss probability | 1.60 | 1.25 | +0.35 |
| Calmar ratioReturn relative to maximum drawdown | 6.06 | 1.70 | +4.35 |
| Martin ratioReturn relative to average drawdown | 17.19 | 4.22 | +12.97 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BDMAX | IAUM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.15 | 1.24 | +1.91 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.95 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.40 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.19 | 1.16 | +0.03 |
Drawdowns
BDMAX vs. IAUM - Drawdown Comparison
The maximum BDMAX drawdown since its inception was -12.37%, smaller than the maximum IAUM drawdown of -20.87%. Use the drawdown chart below to compare losses from any high point for BDMAX and IAUM.
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Drawdown Indicators
| BDMAX | IAUM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.37% | -20.87% | +8.50% |
Max Drawdown (1Y)Largest decline over 1 year | -3.55% | -19.15% | +15.60% |
Max Drawdown (3Y)Largest decline over 3 years | -4.15% | -19.15% | +15.00% |
Max Drawdown (5Y)Largest decline over 5 years | -6.49% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -9.71% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -17.68% | +17.68% |
Average DrawdownAverage peak-to-trough decline | -2.82% | -5.30% | +2.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.26% | 7.70% | -6.44% |
Volatility
BDMAX vs. IAUM - Volatility Comparison
The current volatility for BlackRock Global Equity Market Neutral Fund (BDMAX) is 1.96%, while iShares Gold Trust Micro (IAUM) has a volatility of 5.50%. This indicates that BDMAX experiences smaller price fluctuations and is considered to be less risky than IAUM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BDMAX | IAUM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.96% | 5.50% | -3.54% |
Volatility (6M)Calculated over the trailing 6-month period | 4.42% | 22.89% | -18.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.83% | 26.31% | -19.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.52% | 17.86% | -11.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.81% | 17.86% | -12.05% |
BDMAX vs. IAUM - Expense Ratio Comparison
BDMAX has a 1.60% expense ratio, which is higher than IAUM's 0.09% expense ratio.
Dividends
BDMAX vs. IAUM - Dividend Comparison
BDMAX's dividend yield for the trailing twelve months is around 7.96%, while IAUM has not paid dividends to shareholders.
| 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% |
IAUM iShares Gold Trust Micro | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BDMAX and IAUM have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IAUM has higher volatility (5.50%) compared to BDMAX (1.96%). In terms of maximum drawdown, BDMAX dropped -12.37% vs IAUM's -20.87%.
BDMAX currently has the higher Sharpe Ratio (3.15 vs 1.24), 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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