BDMAX vs. VFAIX

Last updated Jun 4, 2026

BDMAX (BlackRock Global Equity Market Neutral Fund) and VFAIX (Vanguard Financials Index Fund Admiral Shares) are both mutual funds - BDMAX is a Equity Market Neutral fund actively managed by BlackRock, while VFAIX is a Financials Equities fund managed by BlackRock. Over the past 10 years, BDMAX returned 8.12%/yr vs 12.42%/yr for VFAIX. At a 0.09 correlation, their price movements are largely independent. BDMAX charges 1.60%/yr vs 0.10%/yr for VFAIX.

Performance

BDMAX vs. VFAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Global Equity Market Neutral Fund (BDMAX) and Vanguard Financials Index Fund Admiral Shares (VFAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BDMAX achieves a 12.35% return, which is significantly higher than VFAIX's -5.08% return. Over the past 10 years, BDMAX has underperformed VFAIX with an annualized return of 8.12%, while VFAIX has yielded a comparatively higher 12.42% annualized 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%

VFAIX

• 1D: 0.03%
• 1M: -0.39%
• YTD: -5.08%
• 6M: -2.61%
• 1Y: 3.83%
• 3Y*: 18.99%
• 5Y*: 8.33%
• 10Y*: 12.42%

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

BDMAX vs. VFAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BDMAX BlackRock Global Equity Market Neutral Fund	12.35%	18.08%	21.12%	14.27%	1.57%	3.11%	-0.05%	-1.02%	1.86%	12.57%
VFAIX Vanguard Financials Index Fund Admiral Shares	-5.08%	14.90%	30.46%	14.07%	-12.26%	36.27%	-2.15%	31.63%	-13.47%	20.05%

Correlation

The correlation between BDMAX and VFAIX is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (5Y) Calculated over the trailing 5-year period	0.08
Correlation (10Y) Calculated over the trailing 10-year period	0.06
Correlation (All Time) Calculated using the full available price history since Jan 3, 2013	0.09

The correlation between BDMAX and VFAIX shifts across timeframes, from 0.06 (10 years) to 0.23 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

BDMAX vs. VFAIX — Risk / Return Rank

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

BDMAX

BDMAX Risk / Return Rank: 91
BDMAX Sharpe Ratio Rank: 93
BDMAX Sortino Ratio Rank: 93
BDMAX Omega Ratio Rank: 87
BDMAX Calmar Ratio Rank: 96
BDMAX Martin Ratio Rank: 88

VFAIX

VFAIX Risk / Return Rank: 4
VFAIX Sharpe Ratio Rank: 4
VFAIX Sortino Ratio Rank: 4
VFAIX Omega Ratio Rank: 4
VFAIX Calmar Ratio Rank: 4
VFAIX Martin Ratio Rank: 4

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. VFAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Global Equity Market Neutral Fund (BDMAX) and Vanguard Financials Index Fund Admiral Shares (VFAIX). 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	VFAIX	Difference
Sharpe ratio: Return per unit of total volatility	3.15	0.29	+2.86
Sortino ratio: Return per unit of downside risk	4.71	0.48	+4.23
Omega ratio: Gain probability vs. loss probability	1.60	1.06	+0.54
Calmar ratio: Return relative to maximum drawdown	6.06	0.29	+5.77
Martin ratio: Return relative to average drawdown	17.19	0.76	+16.43
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. VFAIX - Sharpe Ratio Comparison

The current BDMAX Sharpe Ratio is 3.15, which is higher than the VFAIX Sharpe Ratio of 0.29. The chart below compares the historical Sharpe Ratios of BDMAX and VFAIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BDMAX	VFAIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.15	0.29	+2.86
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.95	0.43	+1.52
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.40	0.55	+0.85
Sharpe Ratio (All Time) Calculated using the full available price history	1.19	0.23	+0.96

Drawdowns

BDMAX vs. VFAIX - Drawdown Comparison

The maximum BDMAX drawdown since its inception was -12.37%, smaller than the maximum VFAIX drawdown of -78.64%. Use the drawdown chart below to compare losses from any high point for BDMAX and VFAIX.

Drawdown Indicators

	BDMAX	VFAIX	Difference
Max Drawdown Largest peak-to-trough decline	-12.37%	-78.64%	+66.27%
Max Drawdown (1Y) Largest decline over 1 year	-3.55%	-14.72%	+11.17%
Max Drawdown (3Y) Largest decline over 3 years	-4.15%	-17.31%	+13.16%
Max Drawdown (5Y) Largest decline over 5 years	-6.49%	-25.71%	+19.22%
Max Drawdown (10Y) Largest decline over 10 years	-9.71%	-44.37%	+34.66%
Current Drawdown Current decline from peak	0.00%	-7.97%	+7.97%
Average Drawdown Average peak-to-trough decline	-2.82%	-18.61%	+15.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.26%	5.51%	-4.25%

Volatility

BDMAX vs. VFAIX - Volatility Comparison

The current volatility for BlackRock Global Equity Market Neutral Fund (BDMAX) is 1.96%, while Vanguard Financials Index Fund Admiral Shares (VFAIX) has a volatility of 3.07%. This indicates that BDMAX experiences smaller price fluctuations and is considered to be less risky than VFAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BDMAX	VFAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.96%	3.07%	-1.11%
Volatility (6M) Calculated over the trailing 6-month period	4.42%	10.98%	-6.56%
Volatility (1Y) Calculated over the trailing 1-year period	6.83%	14.68%	-7.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.52%	19.33%	-12.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.81%	22.60%	-16.79%

BDMAX vs. VFAIX - Expense Ratio Comparison

BDMAX has a 1.60% expense ratio, which is higher than VFAIX's 0.10% expense ratio.

Dividends

BDMAX vs. VFAIX - Dividend Comparison

BDMAX's dividend yield for the trailing twelve months is around 7.96%, more than VFAIX's 1.54% yield.

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%
VFAIX Vanguard Financials Index Fund Admiral Shares	1.54%	1.56%	1.75%	2.08%	2.31%	2.62%	2.21%	2.17%	2.30%	1.54%	1.64%	2.00%

Frequently Asked Questions

Can I hold both BDMAX and VFAIX in my portfolio?

BDMAX and VFAIX have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BDMAX or VFAIX?

VFAIX has higher volatility (3.07%) compared to BDMAX (1.96%). In terms of maximum drawdown, BDMAX dropped -12.37% vs VFAIX's -78.64%.

Which has better risk-adjusted returns?

BDMAX currently has the higher Sharpe Ratio (3.15 vs 0.29), 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.