BDMIX vs. BDMAX

Last updated Jun 3, 2026

BDMIX (BlackRock Global Long/Short Equity Fund Class I) and BDMAX (BlackRock Global Equity Market Neutral Fund) are both mutual funds - BDMIX is a Long-Short fund managed by BlackRock, while BDMAX is a Equity Market Neutral fund actively managed by BlackRock. Over the past 10 years, BDMIX returned 8.35%/yr vs 8.07%/yr for BDMAX. With a 0.96 correlation, they move nearly in lockstep. BDMIX charges 1.57%/yr vs 1.60%/yr for BDMAX.

Performance

BDMIX vs. BDMAX - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with BDMIX having a 12.00% return and BDMAX slightly lower at 11.86%. Both investments have delivered pretty close results over the past 10 years, with BDMIX having a 8.35% annualized return and BDMAX not far behind at 8.07%.

BDMIX

• 1D: 1.05%
• 1M: 4.48%
• YTD: 12.00%
• 6M: 15.02%
• 1Y: 21.11%
• 3Y*: 21.65%
• 5Y*: 12.84%
• 10Y*: 8.35%

BDMAX

• 1D: 1.08%
• 1M: 4.46%
• YTD: 11.86%
• 6M: 14.95%
• 1Y: 20.84%
• 3Y*: 21.37%
• 5Y*: 12.56%
• 10Y*: 8.07%

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

BDMIX vs. BDMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BDMIX BlackRock Global Long/Short Equity Fund Class I	12.00%	18.30%	21.39%	14.55%	1.80%	3.34%	0.29%	-0.85%	2.20%	12.85%
BDMAX BlackRock Global Equity Market Neutral Fund	11.86%	18.08%	21.12%	14.27%	1.57%	3.11%	-0.05%	-1.02%	1.86%	12.57%

Correlation

The correlation between BDMIX and BDMAX is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Jan 3, 2013	0.96

The correlation between BDMIX and BDMAX has been stable across timeframes, ranging from 0.96 to 0.99 - a consistent structural relationship.

Return for Risk

BDMIX vs. BDMAX — Risk / Return Rank

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

BDMIX

BDMIX Risk / Return Rank: 91
BDMIX Sharpe Ratio Rank: 94
BDMIX Sortino Ratio Rank: 93
BDMIX Omega Ratio Rank: 87
BDMIX Calmar Ratio Rank: 95
BDMIX Martin Ratio Rank: 87

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: 95
BDMAX Martin Ratio Rank: 87

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.

BDMIX vs. BDMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Global Long/Short Equity Fund Class I (BDMIX) and BlackRock Global Equity Market Neutral Fund (BDMAX). 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.

	BDMIX	BDMAX	Difference
Sharpe ratio Return per unit of total volatility	3.19	3.16	+0.04
Sortino ratio Return per unit of downside risk	4.77	4.72	+0.05
Omega ratio Gain probability vs. loss probability	1.61	1.60	+0.01
Calmar ratio Return relative to maximum drawdown	5.97	5.89	+0.09
Martin ratio Return relative to average drawdown	17.10	16.87	+0.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BDMIX vs. BDMAX - Sharpe Ratio Comparison

The current BDMIX Sharpe Ratio is 3.19, which is comparable to the BDMAX Sharpe Ratio of 3.16. The chart below compares the historical Sharpe Ratios of BDMIX and BDMAX, 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

	BDMIX	BDMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.19	3.16	+0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.98	1.93	+0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.44	1.39	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	1.23	1.18	+0.05

Drawdowns

BDMIX vs. BDMAX - Drawdown Comparison

The maximum BDMIX drawdown since its inception was -11.89%, roughly equal to the maximum BDMAX drawdown of -12.37%. Use the drawdown chart below to compare losses from any high point for BDMIX and BDMAX.

Drawdown Indicators

	BDMIX	BDMAX	Difference
Max Drawdown Largest peak-to-trough decline	-11.89%	-12.37%	+0.48%
Max Drawdown (1Y) Largest decline over 1 year	-3.54%	-3.55%	+0.01%
Max Drawdown (3Y) Largest decline over 3 years	-4.07%	-4.15%	+0.08%
Max Drawdown (5Y) Largest decline over 5 years	-6.15%	-6.49%	+0.34%
Max Drawdown (10Y) Largest decline over 10 years	-9.44%	-9.71%	+0.27%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-2.68%	-2.82%	+0.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.26%	1.26%	0.00%

Volatility

BDMIX vs. BDMAX - Volatility Comparison

BlackRock Global Long/Short Equity Fund Class I (BDMIX) and BlackRock Global Equity Market Neutral Fund (BDMAX) have volatilities of 1.96% and 1.98%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BDMIX	BDMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.96%	1.98%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	4.46%	4.42%	+0.04%
Volatility (1Y) Calculated over the trailing 1-year period	6.83%	6.83%	0.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.52%	6.53%	-0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.81%	5.82%	-0.01%

BDMIX vs. BDMAX - Expense Ratio Comparison

BDMIX has a 1.57% expense ratio, which is lower than BDMAX's 1.60% expense ratio.

Dividends

BDMIX vs. BDMAX - Dividend Comparison

BDMIX's dividend yield for the trailing twelve months is around 7.98%, which matches BDMAX's 7.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BDMAX BlackRock Global Equity Market Neutral Fund	7.99%	8.94%	13.39%	7.14%	0.00%	1.25%	0.04%	6.60%	0.85%	0.00%	0.00%	1.56%
BDMIX BlackRock Global Long/Short Equity Fund Class I	7.98%	8.94%	13.26%	7.42%	0.00%	1.23%	0.30%	6.78%	0.94%	0.00%	0.00%	1.86%

Frequently Asked Questions

Can I hold both BDMIX and BDMAX in my portfolio?

With a correlation of 0.99, BDMIX and BDMAX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BDMIX or BDMAX?

BDMAX has higher volatility (1.98%) compared to BDMIX (1.96%). In terms of maximum drawdown, BDMIX dropped -11.89% vs BDMAX's -12.37%.

Which has better risk-adjusted returns?

BDMIX currently has the higher Sharpe Ratio (3.19 vs 3.16), 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.