BMEAX vs. XCIIX

Last updated Jun 4, 2026

BMEAX (BlackRock High Equity Income Fund Class A) and XCIIX (BlackRock Enhanced Capital and Income Fund) are both Derivative Income funds from BlackRock. Both are actively managed. Over the past 10 years, BMEAX returned 8.88%/yr vs 10.19%/yr for XCIIX. Their correlation of 0.82 suggests significant overlap in exposure. BMEAX charges 1.10%/yr vs 0.90%/yr for XCIIX.

Performance

BMEAX vs. XCIIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock High Equity Income Fund Class A (BMEAX) 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, BMEAX achieves a 7.70% return, which is significantly lower than XCIIX's 9.99% return. Over the past 10 years, BMEAX has underperformed XCIIX with an annualized return of 8.88%, while XCIIX has yielded a comparatively higher 10.19% annualized return.

BMEAX

• 1D: 0.57%
• 1M: 3.56%
• YTD: 7.70%
• 6M: 9.92%
• 1Y: 21.06%
• 3Y*: 12.59%
• 5Y*: 7.46%
• 10Y*: 8.88%

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)

BMEAX vs. XCIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BMEAX BlackRock High Equity Income Fund Class A	7.70%	16.81%	6.18%	8.54%	-3.59%	22.11%	-1.75%	21.68%	-6.50%	15.85%
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 BMEAX and XCIIX is 0.56, 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	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since May 4, 2004	0.82

Over the past year, the correlation between BMEAX and XCIIX has dropped to 0.56 - well below their long-term average of 0.82, suggesting their price drivers have been diverging.

Return for Risk

BMEAX vs. XCIIX — Risk / Return Rank

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

BMEAX

BMEAX Risk / Return Rank: 47
BMEAX Sharpe Ratio Rank: 49
BMEAX Sortino Ratio Rank: 51
BMEAX Omega Ratio Rank: 48
BMEAX Calmar Ratio Rank: 38
BMEAX Martin Ratio Rank: 48

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.

BMEAX vs. XCIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock High Equity Income Fund Class A (BMEAX) 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.

	BMEAX	XCIIX	Difference
Sharpe ratio: Return per unit of total volatility	2.07	1.19	+0.88
Sortino ratio: Return per unit of downside risk	3.01	1.54	+1.47
Omega ratio: Gain probability vs. loss probability	1.38	1.25	+0.13
Calmar ratio: Return relative to maximum drawdown	2.33	1.18	+1.15
Martin ratio: Return relative to average drawdown	9.92	3.60	+6.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BMEAX vs. XCIIX - Sharpe Ratio Comparison

The current BMEAX Sharpe Ratio is 2.07, which is higher than the XCIIX Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of BMEAX 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

	BMEAX	XCIIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.07	1.19	+0.88
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.56	0.59	-0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	0.60	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.24	+0.31

Drawdowns

BMEAX vs. XCIIX - Drawdown Comparison

The maximum BMEAX drawdown since its inception was -73.05%, which is greater than XCIIX's maximum drawdown of -56.56%. Use the drawdown chart below to compare losses from any high point for BMEAX and XCIIX.

Drawdown Indicators

	BMEAX	XCIIX	Difference
Max Drawdown Largest peak-to-trough decline	-73.05%	-56.56%	-16.49%
Max Drawdown (1Y) Largest decline over 1 year	-9.56%	-16.02%	+6.46%
Max Drawdown (3Y) Largest decline over 3 years	-13.79%	-19.50%	+5.71%
Max Drawdown (5Y) Largest decline over 5 years	-19.32%	-19.50%	+0.18%
Max Drawdown (10Y) Largest decline over 10 years	-38.27%	-32.23%	-6.04%
Current Drawdown Current decline from peak	0.00%	-0.40%	+0.40%
Average Drawdown Average peak-to-trough decline	-19.67%	-18.36%	-1.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.24%	4.94%	-2.70%

Volatility

BMEAX vs. XCIIX - Volatility Comparison

The current volatility for BlackRock High Equity Income Fund Class A (BMEAX) is 2.78%, while BlackRock Enhanced Capital and Income Fund (XCIIX) has a volatility of 3.36%. This indicates that BMEAX experiences smaller price fluctuations and is considered to be less risky than XCIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BMEAX	XCIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.78%	3.36%	-0.58%
Volatility (6M) Calculated over the trailing 6-month period	8.37%	14.01%	-5.64%
Volatility (1Y) Calculated over the trailing 1-year period	10.78%	15.97%	-5.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.42%	16.84%	-3.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.74%	17.16%	-1.42%

BMEAX vs. XCIIX - Expense Ratio Comparison

BMEAX has a 1.10% expense ratio, which is higher than XCIIX's 0.90% expense ratio.

Dividends

BMEAX vs. XCIIX - Dividend Comparison

BMEAX's dividend yield for the trailing twelve months is around 7.48%, more than XCIIX's 1.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BMEAX BlackRock High Equity Income Fund Class A	7.48%	7.62%	6.10%	5.45%	5.70%	6.46%	4.52%	4.46%	10.86%	58.18%	6.05%	8.93%
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 BMEAX and XCIIX in my portfolio?

BMEAX and XCIIX have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BMEAX or XCIIX?

XCIIX has higher volatility (3.36%) compared to BMEAX (2.78%). In terms of maximum drawdown, BMEAX dropped -73.05% vs XCIIX's -56.56%.

Which has better risk-adjusted returns?

BMEAX currently has the higher Sharpe Ratio (2.07 vs 1.19), 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.