BGY vs. XCIIX

Last updated Jun 4, 2026

BGY (BlackRock Enhanced International Dividend Trust) and XCIIX (BlackRock Enhanced Capital and Income Fund) are both Derivative Income funds from BlackRock. Both are actively managed. Over the past 10 years, BGY returned 7.65%/yr vs 10.19%/yr for XCIIX. A 0.63 correlation means they provide meaningful diversification when combined. BGY charges 1.19%/yr vs 0.90%/yr for XCIIX.

Performance

BGY vs. XCIIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Enhanced International Dividend Trust (BGY) and BlackRock Enhanced Capital and Income Fund (XCIIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BGY achieves a 1.94% return, which is significantly lower than XCIIX's 9.99% return. Over the past 10 years, BGY has underperformed XCIIX with an annualized return of 7.65%, while XCIIX has yielded a comparatively higher 10.19% annualized return.

BGY

• 1D: -0.69%
• 1M: 2.52%
• YTD: 1.94%
• 6M: 5.01%
• 1Y: 9.01%
• 3Y*: 10.97%
• 5Y*: 5.52%
• 10Y*: 7.65%

XCIIX

• 1D: -0.08%
• 1M: 3.58%
• YTD: 9.99%
• 6M: 9.70%
• 1Y: 15.90%
• 3Y*: 14.80%
• 5Y*: 9.61%
• 10Y*: 10.19%

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

BGY vs. XCIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BGY BlackRock Enhanced International Dividend Trust	1.94%	21.21%	8.66%	13.36%	-13.61%	14.18%	7.70%	27.38%	-17.59%	27.43%
XCIIX BlackRock Enhanced Capital and Income Fund	9.99%	10.59%	14.15%	20.34%	-11.31%	21.80%	13.34%	21.26%	-10.58%	14.36%

Correlation

The correlation between BGY and XCIIX is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since May 29, 2007	0.63

The correlation between BGY and XCIIX shifts across timeframes, from 0.46 (1 year) to 0.63 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

BGY vs. XCIIX — 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: 8
BGY Sortino Ratio Rank: 8
BGY Omega Ratio Rank: 8
BGY Calmar Ratio Rank: 6
BGY Martin Ratio Rank: 7

XCIIX

XCIIX Risk / Return Rank: 16
XCIIX Sharpe Ratio Rank: 17
XCIIX Sortino Ratio Rank: 14
XCIIX Omega Ratio Rank: 23
XCIIX Calmar Ratio Rank: 13
XCIIX Martin Ratio Rank: 12

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. XCIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Enhanced International Dividend Trust (BGY) and BlackRock Enhanced Capital and Income Fund (XCIIX). 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.

	BGY	XCIIX	Difference
Sharpe ratio: Return per unit of total volatility	0.62	1.19	-0.56
Sortino ratio: Return per unit of downside risk	0.98	1.54	-0.56
Omega ratio: Gain probability vs. loss probability	1.12	1.25	-0.13
Calmar ratio: Return relative to maximum drawdown	0.58	1.18	-0.60
Martin ratio: Return relative to average drawdown	2.05	3.60	-1.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BGY vs. XCIIX - Sharpe Ratio Comparison

The current BGY Sharpe Ratio is 0.62, which is lower than the XCIIX Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of BGY and XCIIX, 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

	BGY	XCIIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.62	1.19	-0.56
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.34	0.59	-0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	0.60	-0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.16	0.24	-0.08

Drawdowns

BGY vs. XCIIX - Drawdown Comparison

The maximum BGY drawdown since its inception was -64.36%, which is greater than XCIIX's maximum drawdown of -56.56%. Use the drawdown chart below to compare losses from any high point for BGY and XCIIX.

Drawdown Indicators

	BGY	XCIIX	Difference
Max Drawdown Largest peak-to-trough decline	-64.36%	-56.56%	-7.80%
Max Drawdown (1Y) Largest decline over 1 year	-15.47%	-16.02%	+0.55%
Max Drawdown (3Y) Largest decline over 3 years	-15.47%	-19.50%	+4.03%
Max Drawdown (5Y) Largest decline over 5 years	-28.45%	-19.50%	-8.95%
Max Drawdown (10Y) Largest decline over 10 years	-34.06%	-32.23%	-1.83%
Current Drawdown Current decline from peak	-4.83%	-0.40%	-4.43%
Average Drawdown Average peak-to-trough decline	-11.27%	-18.36%	+7.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.39%	4.94%	-0.55%

Volatility

BGY vs. XCIIX - Volatility Comparison

BlackRock Enhanced International Dividend Trust (BGY) has a higher volatility of 4.16% compared to BlackRock Enhanced Capital and Income Fund (XCIIX) at 3.36%. This indicates that BGY's price experiences larger fluctuations and is considered to be riskier than XCIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BGY	XCIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.16%	3.36%	+0.80%
Volatility (6M) Calculated over the trailing 6-month period	11.79%	14.01%	-2.22%
Volatility (1Y) Calculated over the trailing 1-year period	14.56%	15.97%	-1.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.26%	16.84%	-0.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.00%	17.16%	-0.16%

BGY vs. XCIIX - Expense Ratio Comparison

BGY has a 1.19% expense ratio, which is higher than XCIIX's 0.90% expense ratio.

Dividends

BGY vs. XCIIX - Dividend Comparison

BGY's dividend yield for the trailing twelve months is around 8.84%, more than XCIIX's 1.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BGY BlackRock Enhanced International Dividend Trust	8.84%	8.69%	7.80%	7.70%	8.08%	6.46%	6.91%	6.89%	8.90%	6.99%	9.47%	9.42%
XCIIX BlackRock Enhanced Capital and Income Fund	1.13%	4.36%	5.30%	6.03%	11.97%	4.99%	5.49%	2.89%	0.68%	0.31%	0.00%	0.66%

Frequently Asked Questions

Can I hold both BGY and XCIIX in my portfolio?

BGY and XCIIX have a correlation of 0.46, 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 XCIIX?

BGY has higher volatility (4.16%) compared to XCIIX (3.36%). In terms of maximum drawdown, BGY dropped -64.36% vs XCIIX's -56.56%.

Which has better risk-adjusted returns?

XCIIX currently has the higher Sharpe Ratio (1.19 vs 0.62), 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.