BDMAX vs. SPXL
Compare and contrast key facts about BlackRock Global Equity Market Neutral Fund (BDMAX) and Direxion Daily S&P 500 Bull 3X Shares (SPXL).
BDMAX is an actively managed fund by BlackRock. It was launched on Dec 20, 2012. SPXL is a passively managed fund by Direxion that tracks the performance of the S&P 500 Index (300%). It was launched on Nov 5, 2008.
Performance
BDMAX vs. SPXL - Performance Comparison
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BDMAX vs. SPXL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BDMAX BlackRock Global Equity Market Neutral Fund | 4.21% | 18.08% | 21.12% | 14.27% | 1.57% | 3.11% | -0.05% | -1.02% | 1.86% | 12.57% |
SPXL Direxion Daily S&P 500 Bull 3X Shares | -14.06% | 31.94% | 63.61% | 69.49% | -56.55% | 98.75% | 9.64% | 102.80% | -25.11% | 71.03% |
Returns By Period
In the year-to-date period, BDMAX achieves a 4.21% return, which is significantly higher than SPXL's -14.06% return. Over the past 10 years, BDMAX has underperformed SPXL with an annualized return of 7.02%, while SPXL has yielded a comparatively higher 25.61% annualized return.
BDMAX
- 1D
- 0.68%
- 1M
- 1.57%
- YTD
- 4.21%
- 6M
- 8.60%
- 1Y
- 16.87%
- 3Y*
- 18.54%
- 5Y*
- 11.11%
- 10Y*
- 7.02%
SPXL
- 1D
- 2.30%
- 1M
- -13.75%
- YTD
- -14.06%
- 6M
- -11.40%
- 1Y
- 34.55%
- 3Y*
- 38.52%
- 5Y*
- 17.51%
- 10Y*
- 25.61%
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BDMAX vs. SPXL - Expense Ratio Comparison
BDMAX has a 1.60% expense ratio, which is higher than SPXL's 1.02% expense ratio.
Return for Risk
BDMAX vs. SPXL — Risk / Return Rank
BDMAX
SPXL
BDMAX vs. SPXL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BlackRock Global Equity Market Neutral Fund (BDMAX) and Direxion Daily S&P 500 Bull 3X Shares (SPXL). 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 | SPXL | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.51 | 0.64 | +1.87 |
Sortino ratioReturn per unit of downside risk | 3.68 | 1.22 | +2.46 |
Omega ratioGain probability vs. loss probability | 1.47 | 1.18 | +0.29 |
Calmar ratioReturn relative to maximum drawdown | 5.05 | 1.07 | +3.97 |
Martin ratioReturn relative to average drawdown | 14.01 | 4.25 | +9.75 |
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 | SPXL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.51 | 0.64 | +1.87 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.71 | 0.35 | +1.36 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.22 | 0.48 | +0.74 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.10 | 0.48 | +0.62 |
Correlation
The correlation between BDMAX and SPXL is 0.11, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
BDMAX vs. SPXL - Dividend Comparison
BDMAX's dividend yield for the trailing twelve months is around 8.58%, more than SPXL's 0.78% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BDMAX BlackRock Global Equity Market Neutral Fund | 8.58% | 8.94% | 13.39% | 7.14% | 0.00% | 1.25% | 0.04% | 6.60% | 0.85% | 0.00% | 0.00% | 1.56% |
SPXL Direxion Daily S&P 500 Bull 3X Shares | 0.78% | 0.69% | 0.74% | 0.98% | 0.32% | 0.11% | 0.22% | 0.84% | 1.02% | 3.88% | 0.00% | 0.00% |
Drawdowns
BDMAX vs. SPXL - Drawdown Comparison
The maximum BDMAX drawdown since its inception was -12.37%, smaller than the maximum SPXL drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for BDMAX and SPXL.
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Drawdown Indicators
| BDMAX | SPXL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.37% | -76.86% | +64.49% |
Max Drawdown (1Y)Largest decline over 1 year | -3.61% | -33.42% | +29.81% |
Max Drawdown (5Y)Largest decline over 5 years | -7.72% | -63.80% | +56.08% |
Max Drawdown (10Y)Largest decline over 10 years | -9.71% | -76.86% | +67.15% |
Current DrawdownCurrent decline from peak | -0.13% | -18.62% | +18.49% |
Average DrawdownAverage peak-to-trough decline | -2.85% | -15.85% | +13.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.30% | 8.42% | -7.12% |
Volatility
BDMAX vs. SPXL - Volatility Comparison
The current volatility for BlackRock Global Equity Market Neutral Fund (BDMAX) is 1.68%, while Direxion Daily S&P 500 Bull 3X Shares (SPXL) has a volatility of 16.04%. This indicates that BDMAX experiences smaller price fluctuations and is considered to be less risky than SPXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BDMAX | SPXL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.68% | 16.04% | -14.36% |
Volatility (6M)Calculated over the trailing 6-month period | 4.74% | 28.52% | -23.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.92% | 54.32% | -47.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.51% | 50.26% | -43.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.77% | 53.36% | -47.59% |