BDMAX vs. MMNIX

Last updated Apr 1, 2026

Compare and contrast key facts about BlackRock Global Equity Market Neutral Fund (BDMAX) and Miller Market Neutral Income Fund Class I (MMNIX).

BDMAX is an actively managed fund by BlackRock. It was launched on Dec 20, 2012. MMNIX is an actively managed fund by Miller. It was launched on Dec 29, 2023.

Performance

BDMAX vs. MMNIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Global Equity Market Neutral Fund (BDMAX) and Miller Market Neutral Income Fund Class I (MMNIX). The values are adjusted to include any dividend payments, if applicable.

BDMAX vs. MMNIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BDMAX BlackRock Global Equity Market Neutral Fund	3.51%	18.08%	21.41%
MMNIX Miller Market Neutral Income Fund Class I	1.45%	10.04%	9.56%

Returns By Period

In the year-to-date period, BDMAX achieves a 3.51% return, which is significantly higher than MMNIX's 1.45% 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%

MMNIX

• 1D: 0.09%
• 1M: -0.28%
• YTD: 1.45%
• 6M: 4.06%
• 1Y: 8.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BDMAX vs. MMNIX - Expense Ratio Comparison

BDMAX has a 1.60% expense ratio, which is lower than MMNIX's 1.69% expense ratio.

MMNIX

Miller Market Neutral Income Fund Class I

BDMAX

BlackRock Global Equity Market Neutral Fund

Return for Risk

BDMAX vs. MMNIX — 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

MMNIX

MMNIX Risk / Return Rank: 99
MMNIX Sharpe Ratio Rank: 100
MMNIX Sortino Ratio Rank: 99
MMNIX Omega Ratio Rank: 99
MMNIX Calmar Ratio Rank: 100
MMNIX Martin Ratio Rank: 100

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. MMNIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Global Equity Market Neutral Fund (BDMAX) and Miller Market Neutral Income Fund Class I (MMNIX). 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	MMNIX	Difference
Sharpe ratio Return per unit of total volatility	2.54	5.13	-2.59
Sortino ratio Return per unit of downside risk	3.72	8.87	-5.15
Omega ratio Gain probability vs. loss probability	1.47	2.36	-0.88
Calmar ratio Return relative to maximum drawdown	4.83	19.17	-14.34
Martin ratio Return relative to average drawdown	13.40	89.53	-76.13
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. MMNIX - Sharpe Ratio Comparison

The current BDMAX Sharpe Ratio is 2.54, which is lower than the MMNIX Sharpe Ratio of 5.13. The chart below compares the historical Sharpe Ratios of BDMAX and MMNIX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BDMAX	MMNIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.54	5.13	-2.59
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	5.38	-4.29

Correlation

The correlation between BDMAX and MMNIX is -0.17. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

BDMAX vs. MMNIX - Dividend Comparison

BDMAX's dividend yield for the trailing twelve months is around 8.64%, more than MMNIX's 4.85% 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%
MMNIX Miller Market Neutral Income Fund Class I	4.85%	5.03%	4.74%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

BDMAX vs. MMNIX - Drawdown Comparison

The maximum BDMAX drawdown since its inception was -12.37%, which is greater than MMNIX's maximum drawdown of -0.49%. Use the drawdown chart below to compare losses from any high point for BDMAX and MMNIX.

Drawdown Indicators

	BDMAX	MMNIX	Difference
Max Drawdown Largest peak-to-trough decline	-12.37%	-0.49%	-11.88%
Max Drawdown (1Y) Largest decline over 1 year	-3.61%	-0.46%	-3.15%
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%	-0.37%	-0.44%
Average Drawdown Average peak-to-trough decline	-2.86%	-0.06%	-2.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.30%	0.10%	+1.20%

Volatility

BDMAX vs. MMNIX - Volatility Comparison

BlackRock Global Equity Market Neutral Fund (BDMAX) has a higher volatility of 1.56% compared to Miller Market Neutral Income Fund Class I (MMNIX) at 0.46%. This indicates that BDMAX's price experiences larger fluctuations and is considered to be riskier than MMNIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BDMAX	MMNIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.56%	0.46%	+1.10%
Volatility (6M) Calculated over the trailing 6-month period	4.70%	1.15%	+3.55%
Volatility (1Y) Calculated over the trailing 1-year period	6.91%	1.71%	+5.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.53%	1.76%	+4.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.77%	1.76%	+4.01%