BGY vs. CLPAX

Last updated Jun 25, 2026

BGY (BlackRock Enhanced International Dividend Trust) and CLPAX (Catalyst Nasdaq-100 Hedged Equity Fund) are both Derivative Income funds. Over the past 10 years, BGY returned 7.95%/yr vs 8.15%/yr for CLPAX. A 0.56 correlation means they provide meaningful diversification when combined. BGY charges 1.19%/yr vs 1.74%/yr for CLPAX.

Performance

BGY vs. CLPAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Enhanced International Dividend Trust (BGY) and Catalyst Nasdaq-100 Hedged Equity Fund (CLPAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BGY achieves a 0.03% return, which is significantly lower than CLPAX's 12.18% return. Both investments have delivered pretty close results over the past 10 years, with BGY having a 7.95% annualized return and CLPAX not far ahead at 8.15%.

BGY

• 1D: -0.53%
• 1M: -0.67%
• YTD: 0.03%
• 6M: 0.71%
• 1Y: 7.29%
• 3Y*: 10.24%
• 5Y*: 4.95%
• 10Y*: 7.95%

CLPAX

• 1D: -2.39%
• 1M: -1.88%
• YTD: 12.18%
• 6M: 9.97%
• 1Y: 21.62%
• 3Y*: 14.92%
• 5Y*: 7.85%
• 10Y*: 8.15%

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

BGY vs. CLPAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BGY BlackRock Enhanced International Dividend Trust	0.03%	21.21%	8.66%	13.36%	-13.61%	14.18%	7.70%	27.38%	-17.59%	27.43%
CLPAX Catalyst Nasdaq-100 Hedged Equity Fund	12.18%	12.32%	11.42%	35.92%	-30.54%	13.11%	5.25%	19.41%	-3.65%	8.20%

Correlation

The correlation between BGY and CLPAX is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (10Y) Calculated over the trailing 10-year period	0.55
Correlation (All Time) Calculated using the full available price history since Jan 3, 2014	0.56

The correlation between BGY and CLPAX has been stable across timeframes, ranging from 0.50 to 0.56 - a consistent structural relationship.

Return for Risk

BGY vs. CLPAX — Risk / Return Rank

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

BGY

BGY Risk / Return Rank: 7
BGY Sharpe Ratio Rank: 7
BGY Sortino Ratio Rank: 7
BGY Omega Ratio Rank: 7
BGY Calmar Ratio Rank: 6
BGY Martin Ratio Rank: 7

CLPAX

CLPAX Risk / Return Rank: 31
CLPAX Sharpe Ratio Rank: 35
CLPAX Sortino Ratio Rank: 33
CLPAX Omega Ratio Rank: 33
CLPAX Calmar Ratio Rank: 29
CLPAX Martin Ratio Rank: 23

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.

BGY vs. CLPAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Enhanced International Dividend Trust (BGY) and Catalyst Nasdaq-100 Hedged Equity Fund (CLPAX). 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.

	BGY	CLPAX	Difference
Sharpe ratio: Return per unit of total volatility	0.49	1.57	-1.07
Sortino ratio: Return per unit of downside risk	0.80	2.16	-1.36
Omega ratio: Gain probability vs. loss probability	1.10	1.27	-0.18
Calmar ratio: Return relative to maximum drawdown	0.47	1.82	-1.34
Martin ratio: Return relative to average drawdown	1.60	5.00	-3.41

BGY vs. CLPAX - Sharpe Ratio Comparison

The current BGY Sharpe Ratio is 0.49, which is lower than the CLPAX Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of BGY and CLPAX, 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

BGY vs. CLPAX - Drawdown Comparison

The maximum BGY drawdown since its inception was -64.36%, which is greater than CLPAX's maximum drawdown of -32.47%. Use the drawdown chart below to compare losses from any high point for BGY and CLPAX.

Drawdown Indicators

	BGY	CLPAX	Difference
Max Drawdown Largest peak-to-trough decline	-64.36%	-32.47%	-31.89%
Max Drawdown (1Y) Largest decline over 1 year	-15.47%	-12.87%	-2.60%
Max Drawdown (3Y) Largest decline over 3 years	-15.47%	-18.37%	+2.90%
Max Drawdown (5Y) Largest decline over 5 years	-27.69%	-32.47%	+4.78%
Max Drawdown (10Y) Largest decline over 10 years	-34.06%	-32.47%	-1.59%
Current Drawdown Current decline from peak	-6.61%	-4.67%	-1.94%
Average Drawdown Average peak-to-trough decline	-11.25%	-8.06%	-3.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.58%	4.66%	-0.08%

Volatility

BGY vs. CLPAX - Volatility Comparison

The current volatility for BlackRock Enhanced International Dividend Trust (BGY) is 4.63%, while Catalyst Nasdaq-100 Hedged Equity Fund (CLPAX) has a volatility of 6.73%. This indicates that BGY experiences smaller price fluctuations and is considered to be less risky than CLPAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BGY	CLPAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.63%	6.73%	-2.10%
Volatility (6M) Calculated over the trailing 6-month period	12.34%	11.65%	+0.69%
Volatility (1Y) Calculated over the trailing 1-year period	14.93%	14.95%	-0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.33%	16.05%	+0.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.90%	14.55%	+2.35%

BGY vs. CLPAX - Expense Ratio Comparison

BGY has a 1.19% expense ratio, which is lower than CLPAX's 1.74% expense ratio.

Dividends

BGY vs. CLPAX - Dividend Comparison

BGY's dividend yield for the trailing twelve months is around 9.08%, more than CLPAX's 8.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BGY BlackRock Enhanced International Dividend Trust	9.08%	8.69%	7.80%	7.70%	8.08%	6.46%	6.91%	6.89%	8.90%	6.99%	9.47%	9.42%
CLPAX Catalyst Nasdaq-100 Hedged Equity Fund	8.12%	9.10%	0.00%	0.00%	2.68%	0.32%	0.49%	5.41%	0.30%	0.02%	0.00%	17.26%

Frequently Asked Questions

Can I hold both BGY and CLPAX in my portfolio?

BGY and CLPAX have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BGY or CLPAX?

CLPAX has higher volatility (6.73%) compared to BGY (4.63%). In terms of maximum drawdown, BGY dropped -64.36% vs CLPAX's -32.47%.

Which has better risk-adjusted returns?

CLPAX currently has the higher Sharpe Ratio (1.57 vs 0.49), 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.