BGCKX vs. VTMFX

Last updated Jun 4, 2026

BGCKX (BlackRock Global Equity Market Neutral Fund Institutional Shares) and VTMFX (Vanguard Tax-Managed Balanced Fund Admiral Shares) are both mutual funds - BGCKX is a Equity Market Neutral fund actively managed by BlackRock, while VTMFX is a Diversified Portfolio fund managed by BlackRock. Over the past 10 years, BGCKX returned 8.39%/yr vs 8.70%/yr for VTMFX. At a 0.07 correlation, their price movements are largely independent. BGCKX charges 1.29%/yr vs 0.09%/yr for VTMFX.

Performance

BGCKX vs. VTMFX - 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 Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BGCKX achieves a 12.50% return, which is significantly higher than VTMFX's 6.03% return. Both investments have delivered pretty close results over the past 10 years, with BGCKX having a 8.39% annualized return and VTMFX not far ahead at 8.70%.

BGCKX

• 1D: 0.43%
• 1M: 5.31%
• YTD: 12.50%
• 6M: 15.65%
• 1Y: 21.93%
• 3Y*: 21.89%
• 5Y*: 13.01%
• 10Y*: 8.39%

VTMFX

• 1D: 0.17%
• 1M: 3.06%
• YTD: 6.03%
• 6M: 6.16%
• 1Y: 16.91%
• 3Y*: 12.75%
• 5Y*: 7.33%
• 10Y*: 8.70%

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

BGCKX vs. VTMFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BGCKX BlackRock Global Equity Market Neutral Fund Institutional Shares	12.50%	18.38%	21.55%	14.60%	1.80%	3.42%	0.33%	-0.82%	2.22%	12.83%
VTMFX Vanguard Tax-Managed Balanced Fund Admiral Shares	6.03%	11.28%	12.17%	15.55%	-12.69%	13.10%	13.31%	18.01%	-1.40%	12.61%

Correlation

The correlation between BGCKX and VTMFX is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (5Y) Calculated over the trailing 5-year period	0.13
Correlation (10Y) Calculated over the trailing 10-year period	0.08
Correlation (All Time) Calculated using the full available price history since Mar 31, 2016	0.07

Over the past year, BGCKX and VTMFX have become more correlated (0.34) than their long-term average of 0.07, meaning their price movements have been converging.

Return for Risk

BGCKX vs. VTMFX — Risk / Return Rank

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

BGCKX

BGCKX Risk / Return Rank: 91
BGCKX Sharpe Ratio Rank: 93
BGCKX Sortino Ratio Rank: 93
BGCKX Omega Ratio Rank: 87
BGCKX Calmar Ratio Rank: 96
BGCKX Martin Ratio Rank: 89

VTMFX

VTMFX Risk / Return Rank: 81
VTMFX Sharpe Ratio Rank: 87
VTMFX Sortino Ratio Rank: 86
VTMFX Omega Ratio Rank: 83
VTMFX Calmar Ratio Rank: 69
VTMFX Martin Ratio Rank: 82

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. VTMFX - 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 Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX). 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.

	BGCKX	VTMFX	Difference
Sharpe ratio: Return per unit of total volatility	3.20	2.83	+0.37
Sortino ratio: Return per unit of downside risk	4.77	4.05	+0.72
Omega ratio: Gain probability vs. loss probability	1.60	1.55	+0.05
Calmar ratio: Return relative to maximum drawdown	6.23	3.22	+3.01
Martin ratio: Return relative to average drawdown	17.51	15.40	+2.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BGCKX vs. VTMFX - Sharpe Ratio Comparison

The current BGCKX Sharpe Ratio is 3.20, which is comparable to the VTMFX Sharpe Ratio of 2.83. The chart below compares the historical Sharpe Ratios of BGCKX and VTMFX, 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

	BGCKX	VTMFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.20	2.83	+0.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.00	0.86	+1.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.45	0.96	+0.49
Sharpe Ratio (All Time) Calculated using the full available price history	1.39	0.85	+0.54

Drawdowns

BGCKX vs. VTMFX - Drawdown Comparison

The maximum BGCKX drawdown since its inception was -9.47%, smaller than the maximum VTMFX drawdown of -28.49%. Use the drawdown chart below to compare losses from any high point for BGCKX and VTMFX.

Drawdown Indicators

	BGCKX	VTMFX	Difference
Max Drawdown Largest peak-to-trough decline	-9.47%	-28.49%	+19.02%
Max Drawdown (1Y) Largest decline over 1 year	-3.51%	-5.38%	+1.87%
Max Drawdown (3Y) Largest decline over 3 years	-4.13%	-10.61%	+6.48%
Max Drawdown (5Y) Largest decline over 5 years	-6.13%	-17.40%	+11.27%
Max Drawdown (10Y) Largest decline over 10 years	-9.47%	-21.87%	+12.40%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-2.15%	-3.55%	+1.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.25%	1.12%	+0.13%

Volatility

BGCKX vs. VTMFX - Volatility Comparison

BlackRock Global Equity Market Neutral Fund Institutional Shares (BGCKX) has a higher volatility of 1.96% compared to Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX) at 1.70%. This indicates that BGCKX's price experiences larger fluctuations and is considered to be riskier than VTMFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BGCKX	VTMFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.96%	1.70%	+0.26%
Volatility (6M) Calculated over the trailing 6-month period	4.45%	4.75%	-0.30%
Volatility (1Y) Calculated over the trailing 1-year period	6.85%	6.13%	+0.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.52%	8.52%	-2.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.81%	9.12%	-3.31%

BGCKX vs. VTMFX - Expense Ratio Comparison

BGCKX has a 1.29% expense ratio, which is higher than VTMFX's 0.09% expense ratio.

Dividends

BGCKX vs. VTMFX - Dividend Comparison

BGCKX's dividend yield for the trailing twelve months is around 7.96%, more than VTMFX's 2.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BGCKX BlackRock Global Equity Market Neutral Fund Institutional Shares	7.96%	8.96%	13.25%	7.49%	0.00%	1.22%	0.34%	6.80%	0.96%	0.00%	0.00%	0.00%
VTMFX Vanguard Tax-Managed Balanced Fund Admiral Shares	2.10%	2.14%	2.08%	1.94%	1.85%	1.38%	1.72%	2.05%	2.22%	2.00%	2.13%	2.06%

Frequently Asked Questions

Can I hold both BGCKX and VTMFX in my portfolio?

BGCKX and VTMFX have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BGCKX or VTMFX?

BGCKX has higher volatility (1.96%) compared to VTMFX (1.70%). In terms of maximum drawdown, BGCKX dropped -9.47% vs VTMFX's -28.49%.

Which has better risk-adjusted returns?

BGCKX currently has the higher Sharpe Ratio (3.20 vs 2.83), 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.