BIREX vs. BDJ

Last updated Jun 4, 2026

BIREX (BlackRock Real Estate Securities Fund) and BDJ (BlackRock Enhanced Equity Dividend Fund) are both mutual funds - BIREX is a REIT fund managed by BlackRock, while BDJ is a Derivative Income fund managed by BlackRock. Over the past 10 years, BIREX returned 6.43%/yr vs 10.11%/yr for BDJ. At a 0.47 correlation, their price movements are largely independent. BIREX charges 0.75%/yr vs 0.86%/yr for BDJ.

Performance

BIREX vs. BDJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Real Estate Securities Fund (BIREX) and BlackRock Enhanced Equity Dividend Fund (BDJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BIREX achieves a 12.38% return, which is significantly higher than BDJ's 0.25% return. Over the past 10 years, BIREX has underperformed BDJ with an annualized return of 6.43%, while BDJ has yielded a comparatively higher 10.11% annualized return.

BIREX

• 1D: 0.61%
• 1M: 0.06%
• YTD: 12.38%
• 6M: 11.46%
• 1Y: 14.46%
• 3Y*: 10.54%
• 5Y*: 3.28%
• 10Y*: 6.43%

BDJ

• 1D: 0.22%
• 1M: 1.45%
• YTD: 0.25%
• 6M: 6.07%
• 1Y: 17.25%
• 3Y*: 13.78%
• 5Y*: 6.76%
• 10Y*: 10.11%

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

BIREX vs. BDJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BIREX BlackRock Real Estate Securities Fund	12.38%	3.08%	3.75%	13.57%	-27.58%	46.24%	-4.17%	27.75%	-2.95%	6.19%
BDJ BlackRock Enhanced Equity Dividend Fund	0.25%	26.12%	16.87%	-6.67%	0.83%	26.56%	-7.58%	37.43%	-10.42%	20.78%

Correlation

The correlation between BIREX and BDJ is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (10Y) Calculated over the trailing 10-year period	0.47
Correlation (All Time) Calculated using the full available price history since Jan 3, 2013	0.47

The correlation between BIREX and BDJ shifts across timeframes, from 0.33 (1 year) to 0.53 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

BIREX vs. BDJ — Risk / Return Rank

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

BIREX

BIREX Risk / Return Rank: 18
BIREX Sharpe Ratio Rank: 15
BIREX Sortino Ratio Rank: 14
BIREX Omega Ratio Rank: 15
BIREX Calmar Ratio Rank: 22
BIREX Martin Ratio Rank: 22

BDJ

BDJ Risk / Return Rank: 22
BDJ Sharpe Ratio Rank: 26
BDJ Sortino Ratio Rank: 25
BDJ Omega Ratio Rank: 24
BDJ Calmar Ratio Rank: 16
BDJ Martin Ratio Rank: 19

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.

BIREX vs. BDJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Real Estate Securities Fund (BIREX) and BlackRock Enhanced Equity Dividend Fund (BDJ). 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.

	BIREX	BDJ	Difference
Sharpe ratio: Return per unit of total volatility	1.09	1.45	-0.36
Sortino ratio: Return per unit of downside risk	1.53	2.09	-0.55
Omega ratio: Gain probability vs. loss probability	1.20	1.25	-0.06
Calmar ratio: Return relative to maximum drawdown	1.74	1.41	+0.33
Martin ratio: Return relative to average drawdown	5.75	5.21	+0.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BIREX vs. BDJ - Sharpe Ratio Comparison

The current BIREX Sharpe Ratio is 1.09, which is comparable to the BDJ Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of BIREX and BDJ, 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

	BIREX	BDJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.09	1.45	-0.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.18	0.42	-0.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.31	0.55	-0.24
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.31	+0.08

Drawdowns

BIREX vs. BDJ - Drawdown Comparison

The maximum BIREX drawdown since its inception was -41.92%, smaller than the maximum BDJ drawdown of -59.46%. Use the drawdown chart below to compare losses from any high point for BIREX and BDJ.

Drawdown Indicators

	BIREX	BDJ	Difference
Max Drawdown Largest peak-to-trough decline	-41.92%	-59.46%	+17.54%
Max Drawdown (1Y) Largest decline over 1 year	-8.16%	-12.28%	+4.12%
Max Drawdown (3Y) Largest decline over 3 years	-18.05%	-15.70%	-2.35%
Max Drawdown (5Y) Largest decline over 5 years	-34.76%	-21.39%	-13.37%
Max Drawdown (10Y) Largest decline over 10 years	-41.92%	-48.14%	+6.22%
Current Drawdown Current decline from peak	-2.42%	-3.29%	+0.87%
Average Drawdown Average peak-to-trough decline	-9.73%	-8.96%	-0.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.46%	3.32%	-0.86%

Volatility

BIREX vs. BDJ - Volatility Comparison

BlackRock Real Estate Securities Fund (BIREX) has a higher volatility of 3.78% compared to BlackRock Enhanced Equity Dividend Fund (BDJ) at 3.38%. This indicates that BIREX's price experiences larger fluctuations and is considered to be riskier than BDJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BIREX	BDJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.78%	3.38%	+0.40%
Volatility (6M) Calculated over the trailing 6-month period	9.55%	9.32%	+0.23%
Volatility (1Y) Calculated over the trailing 1-year period	13.00%	11.92%	+1.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.75%	16.17%	+2.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.89%	18.41%	+2.48%

BIREX vs. BDJ - Expense Ratio Comparison

BIREX has a 0.75% expense ratio, which is lower than BDJ's 0.86% expense ratio.

Dividends

BIREX vs. BDJ - Dividend Comparison

BIREX's dividend yield for the trailing twelve months is around 2.71%, less than BDJ's 9.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BDJ BlackRock Enhanced Equity Dividend Fund	9.31%	9.03%	8.21%	9.49%	12.18%	5.95%	7.08%	6.66%	7.21%	6.07%	6.88%	7.36%
BIREX BlackRock Real Estate Securities Fund	2.71%	2.98%	2.88%	2.87%	4.36%	1.63%	2.16%	1.93%	3.07%	9.88%	6.72%	6.75%

Frequently Asked Questions

Can I hold both BIREX and BDJ in my portfolio?

BIREX and BDJ have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BIREX or BDJ?

BIREX has higher volatility (3.78%) compared to BDJ (3.38%). In terms of maximum drawdown, BIREX dropped -41.92% vs BDJ's -59.46%.

Which has better risk-adjusted returns?

BDJ currently has the higher Sharpe Ratio (1.45 vs 1.09), 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.