BGCKX vs. BDMIX

Last updated Jun 24, 2026

BGCKX (BlackRock Global Equity Market Neutral Fund Institutional Shares) and BDMIX (BlackRock Global Long/Short Equity Fund Class I) are both mutual funds - BGCKX is a Equity Market Neutral fund actively managed by BlackRock, while BDMIX is a Long-Short fund managed by BlackRock. Over the past 10 years, BGCKX returned 8.62%/yr vs 8.69%/yr for BDMIX. Their correlation of 0.94 suggests significant overlap in exposure. BGCKX charges 1.29%/yr vs 1.57%/yr for BDMIX.

Performance

BGCKX vs. BDMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Global Equity Market Neutral Fund Institutional Shares (BGCKX) and BlackRock Global Long/Short Equity Fund Class I (BDMIX). 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 BGCKX having a 13.05% return and BDMIX slightly lower at 13.03%. Both investments have delivered pretty close results over the past 10 years, with BGCKX having a 8.62% annualized return and BDMIX not far ahead at 8.69%.

BGCKX

• 1D: 0.00%
• 1M: 3.44%
• YTD: 13.05%
• 6M: 12.51%
• 1Y: 23.61%
• 3Y*: 21.16%
• 5Y*: 13.20%
• 10Y*: 8.62%

BDMIX

• 1D: 0.06%
• 1M: 3.45%
• YTD: 13.03%
• 6M: 12.49%
• 1Y: 23.48%
• 3Y*: 21.09%
• 5Y*: 13.12%
• 10Y*: 8.69%

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

BGCKX vs. BDMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BGCKX BlackRock Global Equity Market Neutral Fund Institutional Shares	13.05%	18.38%	21.55%	14.60%	1.80%	3.42%	0.33%	-0.82%	2.22%	12.83%
BDMIX BlackRock Global Long/Short Equity Fund Class I	13.03%	18.30%	21.39%	14.55%	1.80%	3.34%	0.29%	-0.85%	2.20%	12.85%

Correlation

The correlation between BGCKX and BDMIX is 1.00 - 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	1.00
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	0.95
Correlation (All Time) Calculated using the full available price history since Mar 30, 2016	0.94

The correlation between BGCKX and BDMIX has been stable across timeframes, ranging from 0.94 to 1.00 - a consistent structural relationship.

Return for Risk

BGCKX vs. BDMIX — Risk / Return Rank

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

BGCKX

BGCKX Risk / Return Rank: 96
BGCKX Sharpe Ratio Rank: 97
BGCKX Sortino Ratio Rank: 96
BGCKX Omega Ratio Rank: 92
BGCKX Calmar Ratio Rank: 98
BGCKX Martin Ratio Rank: 96

BDMIX

BDMIX Risk / Return Rank: 96
BDMIX Sharpe Ratio Rank: 97
BDMIX Sortino Ratio Rank: 96
BDMIX Omega Ratio Rank: 92
BDMIX Calmar Ratio Rank: 98
BDMIX Martin Ratio Rank: 96

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.

BGCKX vs. BDMIX - Risk-Adjusted Trends Comparison

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

	BGCKX	BDMIX	Difference
Sharpe ratio: Return per unit of total volatility	3.44	3.42	+0.02
Sortino ratio: Return per unit of downside risk	5.04	5.01	+0.03
Omega ratio: Gain probability vs. loss probability	1.65	1.65	0.00
Calmar ratio: Return relative to maximum drawdown	7.52	7.45	+0.07
Martin ratio: Return relative to average drawdown	21.35	21.18	+0.17

BGCKX vs. BDMIX - Sharpe Ratio Comparison

The current BGCKX Sharpe Ratio is 3.44, which is comparable to the BDMIX Sharpe Ratio of 3.42. The chart below compares the historical Sharpe Ratios of BGCKX and BDMIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BGCKX vs. BDMIX - Drawdown Comparison

The maximum BGCKX drawdown since its inception was -9.47%, smaller than the maximum BDMIX drawdown of -11.89%. Use the drawdown chart below to compare losses from any high point for BGCKX and BDMIX.

Drawdown Indicators

	BGCKX	BDMIX	Difference
Max Drawdown Largest peak-to-trough decline	-9.47%	-11.89%	+2.42%
Max Drawdown (1Y) Largest decline over 1 year	-3.23%	-3.24%	+0.01%
Max Drawdown (3Y) Largest decline over 3 years	-4.13%	-4.07%	-0.06%
Max Drawdown (5Y) Largest decline over 5 years	-5.98%	-5.99%	+0.01%
Max Drawdown (10Y) Largest decline over 10 years	-9.47%	-9.44%	-0.03%
Current Drawdown Current decline from peak	-0.24%	-0.18%	-0.06%
Average Drawdown Average peak-to-trough decline	-2.14%	-2.67%	+0.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.14%	1.14%	0.00%

Volatility

BGCKX vs. BDMIX - Volatility Comparison

BlackRock Global Equity Market Neutral Fund Institutional Shares (BGCKX) and BlackRock Global Long/Short Equity Fund Class I (BDMIX) have volatilities of 2.67% and 2.73%, 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

	BGCKX	BDMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.67%	2.73%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	4.76%	4.79%	-0.03%
Volatility (1Y) Calculated over the trailing 1-year period	7.08%	7.09%	-0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.57%	6.58%	-0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.84%	5.85%	-0.01%

BGCKX vs. BDMIX - Expense Ratio Comparison

BGCKX has a 1.29% expense ratio, which is lower than BDMIX's 1.57% expense ratio.

Dividends

BGCKX vs. BDMIX - Dividend Comparison

BGCKX's dividend yield for the trailing twelve months is around 7.93%, which matches BDMIX's 7.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BDMIX BlackRock Global Long/Short Equity Fund Class I	7.90%	8.94%	13.26%	7.42%	0.00%	1.23%	0.30%	6.78%	0.94%	0.00%	0.00%	1.86%
BGCKX BlackRock Global Equity Market Neutral Fund Institutional Shares	7.93%	8.96%	13.25%	7.49%	0.00%	1.22%	0.34%	6.80%	0.96%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BGCKX and BDMIX in my portfolio?

With a correlation of 1.00, BGCKX and BDMIX 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, BGCKX or BDMIX?

BDMIX has higher volatility (2.73%) compared to BGCKX (2.67%). In terms of maximum drawdown, BGCKX dropped -9.47% vs BDMIX's -11.89%.

Which has better risk-adjusted returns?

BGCKX currently has the higher Sharpe Ratio (3.44 vs 3.42), 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.