BGSAX vs. BAI

Last updated Jun 4, 2026

BGSAX (BlackRock Technology Opportunities Fund Investor A) and BAI (iShares A.I. Innovation and Tech Active ETF) are both Technology Equities funds. Over the past year, BGSAX returned 68.64% vs 97.95% for BAI. Their correlation of 0.93 suggests significant overlap in exposure. BGSAX charges 1.20%/yr vs 0.55%/yr for BAI.

Performance

BGSAX vs. BAI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Technology Opportunities Fund Investor A (BGSAX) and iShares A.I. Innovation and Tech Active ETF (BAI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BGSAX achieves a 43.98% return, which is significantly lower than BAI's 55.29% return.

BGSAX

• 1D: 1.14%
• 1M: 21.26%
• YTD: 43.98%
• 6M: 42.19%
• 1Y: 68.64%
• 3Y*: 40.65%
• 5Y*: 17.87%
• 10Y*: 25.86%

BAI

• 1D: -0.40%
• 1M: 18.14%
• YTD: 55.29%
• 6M: 51.89%
• 1Y: 97.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BGSAX vs. BAI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BGSAX BlackRock Technology Opportunities Fund Investor A	43.98%	19.63%	6.64%
BAI iShares A.I. Innovation and Tech Active ETF	55.29%	25.22%	8.06%

Correlation

The correlation between BGSAX and BAI is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (All Time) Calculated using the full available price history since Oct 23, 2024	0.93

The correlation between BGSAX and BAI has been stable across timeframes, ranging from 0.93 to 0.94 - a consistent structural relationship.

Return for Risk

BGSAX vs. BAI — Risk / Return Rank

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

BGSAX

BGSAX Risk / Return Rank: 73
BGSAX Sharpe Ratio Rank: 87
BGSAX Sortino Ratio Rank: 69
BGSAX Omega Ratio Rank: 68
BGSAX Calmar Ratio Rank: 82
BGSAX Martin Ratio Rank: 57

BAI

BAI Risk / Return Rank: 82
BAI Sharpe Ratio Rank: 89
BAI Sortino Ratio Rank: 74
BAI Omega Ratio Rank: 75
BAI Calmar Ratio Rank: 92
BAI 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.

BGSAX vs. BAI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Technology Opportunities Fund Investor A (BGSAX) and iShares A.I. Innovation and Tech Active ETF (BAI). 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.

	BGSAX	BAI	Difference
Sharpe ratio Return per unit of total volatility	2.84	3.04	-0.19
Sortino ratio Return per unit of downside risk	3.45	3.41	+0.04
Omega ratio Gain probability vs. loss probability	1.46	1.46	0.00
Calmar ratio Return relative to maximum drawdown	3.80	6.07	-2.27
Martin ratio Return relative to average drawdown	11.42	16.57	-5.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BGSAX vs. BAI - Sharpe Ratio Comparison

The current BGSAX Sharpe Ratio is 2.84, which is comparable to the BAI Sharpe Ratio of 3.04. The chart below compares the historical Sharpe Ratios of BGSAX and BAI, 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

	BGSAX	BAI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.84	3.04	-0.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.65	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.00	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	1.69	-1.23

Drawdowns

BGSAX vs. BAI - Drawdown Comparison

The maximum BGSAX drawdown since its inception was -73.75%, which is greater than BAI's maximum drawdown of -34.09%. Use the drawdown chart below to compare losses from any high point for BGSAX and BAI.

Drawdown Indicators

	BGSAX	BAI	Difference
Max Drawdown Largest peak-to-trough decline	-73.75%	-34.09%	-39.66%
Max Drawdown (1Y) Largest decline over 1 year	-18.49%	-16.22%	-2.27%
Max Drawdown (3Y) Largest decline over 3 years	-27.75%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-49.22%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-49.22%	—	—
Current Drawdown Current decline from peak	0.00%	-0.40%	+0.40%
Average Drawdown Average peak-to-trough decline	-26.37%	-6.93%	-19.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.15%	5.93%	+0.22%

Volatility

BGSAX vs. BAI - Volatility Comparison

The current volatility for BlackRock Technology Opportunities Fund Investor A (BGSAX) is 9.07%, while iShares A.I. Innovation and Tech Active ETF (BAI) has a volatility of 11.32%. This indicates that BGSAX experiences smaller price fluctuations and is considered to be less risky than BAI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BGSAX	BAI	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.07%	11.32%	-2.25%
Volatility (6M) Calculated over the trailing 6-month period	20.29%	26.16%	-5.87%
Volatility (1Y) Calculated over the trailing 1-year period	24.75%	32.43%	-7.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.76%	35.06%	-7.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.88%	35.06%	-9.18%

BGSAX vs. BAI - Expense Ratio Comparison

BGSAX has a 1.20% expense ratio, which is higher than BAI's 0.55% expense ratio.

Dividends

BGSAX vs. BAI - Dividend Comparison

BGSAX's dividend yield for the trailing twelve months is around 9.41%, more than BAI's 1.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
BAI iShares A.I. Innovation and Tech Active ETF	1.16%	1.80%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
BGSAX BlackRock Technology Opportunities Fund Investor A	9.41%	13.55%	8.68%	0.00%	0.00%	7.66%	4.86%	1.50%	1.24%	8.01%	1.17%

Frequently Asked Questions

Can I hold both BGSAX and BAI in my portfolio?

With a correlation of 0.94, BGSAX and BAI 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, BGSAX or BAI?

BAI has higher volatility (11.32%) compared to BGSAX (9.07%). In terms of maximum drawdown, BGSAX dropped -73.75% vs BAI's -34.09%.

Which has better risk-adjusted returns?

BAI currently has the higher Sharpe Ratio (3.04 vs 2.84), 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.