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BDMIX vs. HEQT
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BDMIX vs. HEQT

Last updated Jun 13, 2026

BDMIX (BlackRock Global Long/Short Equity Fund Class I) and HEQT (Simplify Hedged Equity ETF) are both funds - BDMIX is a Long-Short fund managed by BlackRock, while HEQT is a Options Trading fund actively managed by Simplify. Over the past 3 years, BDMIX returned 21.45%/yr vs 12.98%/yr for HEQT. At a 0.14 correlation, their price movements are largely independent. BDMIX charges 1.57%/yr vs 0.53%/yr for HEQT.

Performance

BDMIX vs. HEQT - 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 Simplify Hedged Equity ETF (HEQT). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, BDMIX achieves a 11.73% return, which is significantly higher than HEQT's 4.29% return.

BDMIX

1D
1.05%
1M
2.20%
YTD
11.73%
6M
13.28%
1Y
21.47%
3Y*
21.45%
5Y*
12.75%
10Y*
8.42%

HEQT

1D
0.24%
1M
0.29%
YTD
4.29%
6M
4.75%
1Y
13.60%
3Y*
12.98%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

BDMIX vs. HEQT - Yearly Performance Comparison

2026 (YTD)20252024202320222021
BDMIX
BlackRock Global Long/Short Equity Fund Class I		11.73%18.30%21.39%14.55%1.80%0.69%
HEQT
Simplify Hedged Equity ETF		4.29%10.08%18.30%16.61%-8.25%2.11%

Correlation

The correlation between BDMIX and HEQT is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.35

Correlation (3Y)
Calculated over the trailing 3-year period

0.21

Correlation (All Time)
Calculated using the full available price history since Nov 2, 2021

0.14

Over the past year, BDMIX and HEQT have become more correlated (0.35) than their long-term average of 0.14, meaning their price movements have been converging.

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BlackRock Global Long/Short Equity Fund Class I

Simplify Hedged Equity ETF

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BDMIX vs. VMNFXBDMIX vs. SPYBDMIX vs. BDMAXBDMIX vs. CMNIXBDMIX vs. QAMNXBDMIX vs. FFSIXBDMIX vs. VOO
Often compared with HEQT:
HEQT vs. XEQT.TOHEQT vs. VEQT.TOHEQT vs. SPYHEQT vs. HEGDHEQT vs. ACIOHEQT vs. XCLRHEQT vs. SFLR

Return for Risk

BDMIX vs. HEQT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
BDMIX
BDMIX Risk / Return Rank: 9494
Overall Rank
BDMIX Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
BDMIX Sortino Ratio Rank: 9494
Sortino Ratio Rank
BDMIX Omega Ratio Rank: 8989
Omega Ratio Rank
BDMIX Calmar Ratio Rank: 9898
Calmar Ratio Rank
BDMIX Martin Ratio Rank: 9595
Martin Ratio Rank
HEQT
HEQT Risk / Return Rank: 7474
Overall Rank
HEQT Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
HEQT Sortino Ratio Rank: 7777
Sortino Ratio Rank
HEQT Omega Ratio Rank: 8383
Omega Ratio Rank
HEQT Calmar Ratio Rank: 6161
Calmar Ratio Rank
HEQT Martin Ratio Rank: 7474
Martin Ratio Rank
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. HEQT - 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 Simplify Hedged Equity ETF (HEQT). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

BDMIXHEQTDifference
Sharpe ratioReturn per unit of total volatility
3.07
2.09

+0.98

Sortino ratioReturn per unit of downside risk
4.51
2.95

+1.55

Omega ratioGain probability vs. loss probability

1.58

1.43

+0.15

Calmar ratioReturn relative to maximum drawdown

6.70

2.68

+4.02

Martin ratioReturn relative to average drawdown

18.34

12.16

+6.18

BDMIX vs. HEQT - Sharpe Ratio Comparison

The current BDMIX Sharpe Ratio is 3.07, which is higher than the HEQT Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of BDMIX and HEQT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

BDMIX vs. HEQT - Drawdown Comparison

The maximum BDMIX drawdown since its inception was -11.89%, roughly equal to the maximum HEQT drawdown of -11.51%. Use the drawdown chart below to compare losses from any high point for BDMIX and HEQT.

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Drawdown Indicators

BDMIXHEQTDifference

Max Drawdown

Largest peak-to-trough decline

-11.89%

-11.51%

-0.38%

Max Drawdown (1Y)

Largest decline over 1 year

-3.24%

-5.09%

+1.85%

Max Drawdown (3Y)

Largest decline over 3 years

-4.07%

-10.57%

+6.50%

Max Drawdown (5Y)

Largest decline over 5 years

-5.99%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-9.44%

—

—

Current Drawdown

Current decline from peak

-1.33%

-0.69%

-0.64%

Average Drawdown

Average peak-to-trough decline

-2.68%

-2.78%

+0.10%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.18%

1.12%

+0.06%

Volatility

BDMIX vs. HEQT - Volatility Comparison

BlackRock Global Long/Short Equity Fund Class I (BDMIX) has a higher volatility of 2.69% compared to Simplify Hedged Equity ETF (HEQT) at 1.64%. This indicates that BDMIX's price experiences larger fluctuations and is considered to be riskier than HEQT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

BDMIXHEQTDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.69%

1.64%

+1.05%

Volatility (6M)

Calculated over the trailing 6-month period

4.75%

5.45%

-0.70%

Volatility (1Y)

Calculated over the trailing 1-year period

7.07%

6.52%

+0.55%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.58%

8.47%

-1.89%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

5.84%

8.47%

-2.63%

BDMIX vs. HEQT - Expense Ratio Comparison

BDMIX has a 1.57% expense ratio, which is higher than HEQT's 0.53% expense ratio.

Dividends

BDMIX vs. HEQT - Dividend Comparison

BDMIX's dividend yield for the trailing twelve months is around 8.00%, more than HEQT's 1.20% yield.

PositionTTM20252024202320222021202020192018201720162015
BDMIX
BlackRock Global Long/Short Equity Fund Class I		8.00%8.94%13.26%7.42%0.00%1.23%0.30%6.78%0.94%0.00%0.00%1.86%
HEQT
Simplify Hedged Equity ETF		1.20%1.19%1.29%4.10%3.94%0.27%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

BDMIX and HEQT have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

BDMIX has higher volatility (2.69%) compared to HEQT (1.64%). In terms of maximum drawdown, BDMIX dropped -11.89% vs HEQT's -11.51%.

BDMIX currently has the higher Sharpe Ratio (3.07 vs 2.09), 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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