BMN vs. BGSAX

Last updated Jun 23, 2026

BMN (Blackrock 2037 Municipal Target Term Trust) and BGSAX (BlackRock Technology Opportunities Fund Investor A) are both mutual funds - BMN is a Municipal Bonds fund actively managed by BlackRock, while BGSAX is a Technology Equities fund managed by BlackRock. Over the past 3 years, BMN returned 5.58%/yr vs 38.82%/yr for BGSAX. At a 0.05 correlation, their price movements are largely independent. BMN charges 0.93%/yr vs 1.20%/yr for BGSAX.

Performance

BMN vs. BGSAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Blackrock 2037 Municipal Target Term Trust (BMN) and BlackRock Technology Opportunities Fund Investor A (BGSAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BMN achieves a -0.27% return, which is significantly lower than BGSAX's 43.57% return.

BMN

• 1D: -2.13%
• 1M: 0.57%
• YTD: -0.27%
• 6M: 0.49%
• 1Y: 7.24%
• 3Y*: 5.58%
• 5Y*: —
• 10Y*: —

BGSAX

• 1D: 4.46%
• 1M: 9.11%
• YTD: 43.57%
• 6M: 43.11%
• 1Y: 67.10%
• 3Y*: 38.82%
• 5Y*: 16.37%
• 10Y*: 25.97%

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

BMN vs. BGSAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BMN Blackrock 2037 Municipal Target Term Trust	-0.27%	7.05%	12.65%	1.89%	-2.86%
BGSAX BlackRock Technology Opportunities Fund Investor A	43.57%	19.63%	40.56%	49.09%	-4.15%

Correlation

The correlation between BMN and BGSAX is -0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.05
Correlation (All Time) Calculated using the full available price history since Oct 27, 2022	0.05

Return for Risk

BMN vs. BGSAX — Risk / Return Rank

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

BMN

BMN Risk / Return Rank: 8
BMN Sharpe Ratio Rank: 7
BMN Sortino Ratio Rank: 7
BMN Omega Ratio Rank: 7
BMN Calmar Ratio Rank: 10
BMN Martin Ratio Rank: 9

BGSAX

BGSAX Risk / Return Rank: 66
BGSAX Sharpe Ratio Rank: 78
BGSAX Sortino Ratio Rank: 56
BGSAX Omega Ratio Rank: 61
BGSAX Calmar Ratio Rank: 82
BGSAX Martin Ratio Rank: 55

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.

BMN vs. BGSAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Blackrock 2037 Municipal Target Term Trust (BMN) and BlackRock Technology Opportunities Fund Investor A (BGSAX). 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.

	BMN	BGSAX	Difference
Sharpe ratio: Return per unit of total volatility	0.54	2.37	-1.82
Sortino ratio: Return per unit of downside risk	0.88	2.89	-2.02
Omega ratio: Gain probability vs. loss probability	1.10	1.40	-0.29
Calmar ratio: Return relative to maximum drawdown	0.89	3.57	-2.68
Martin ratio: Return relative to average drawdown	2.48	10.42	-7.94

BMN vs. BGSAX - Sharpe Ratio Comparison

The current BMN Sharpe Ratio is 0.54, which is lower than the BGSAX Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of BMN and BGSAX, 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

BMN vs. BGSAX - Drawdown Comparison

The maximum BMN drawdown since its inception was -13.04%, smaller than the maximum BGSAX drawdown of -73.75%. Use the drawdown chart below to compare losses from any high point for BMN and BGSAX.

Drawdown Indicators

	BMN	BGSAX	Difference
Max Drawdown Largest peak-to-trough decline	-13.04%	-73.75%	+60.71%
Max Drawdown (1Y) Largest decline over 1 year	-8.18%	-18.49%	+10.31%
Max Drawdown (3Y) Largest decline over 3 years	-12.41%	-27.75%	+15.34%
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	-5.83%	-0.29%	-5.54%
Average Drawdown Average peak-to-trough decline	-2.35%	-26.33%	+23.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.93%	6.32%	-3.39%

Volatility

BMN vs. BGSAX - Volatility Comparison

The current volatility for Blackrock 2037 Municipal Target Term Trust (BMN) is 6.04%, while BlackRock Technology Opportunities Fund Investor A (BGSAX) has a volatility of 14.41%. This indicates that BMN experiences smaller price fluctuations and is considered to be less risky than BGSAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BMN	BGSAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.04%	14.41%	-8.37%
Volatility (6M) Calculated over the trailing 6-month period	11.64%	23.82%	-12.18%
Volatility (1Y) Calculated over the trailing 1-year period	13.42%	27.87%	-14.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.97%	28.32%	-17.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.97%	26.19%	-15.22%

BMN vs. BGSAX - Expense Ratio Comparison

BMN has a 0.93% expense ratio, which is lower than BGSAX's 1.20% expense ratio.

Dividends

BMN vs. BGSAX - Dividend Comparison

BMN's dividend yield for the trailing twelve months is around 4.40%, less than BGSAX's 9.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
BGSAX BlackRock Technology Opportunities Fund Investor A	9.44%	13.55%	8.68%	0.00%	0.00%	7.66%	4.86%	1.50%	1.24%	8.01%	1.17%
BMN Blackrock 2037 Municipal Target Term Trust	4.40%	4.30%	4.40%	4.74%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BMN and BGSAX in my portfolio?

BMN and BGSAX have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BMN or BGSAX?

BGSAX has higher volatility (14.41%) compared to BMN (6.04%). In terms of maximum drawdown, BMN dropped -13.04% vs BGSAX's -73.75%.

Which has better risk-adjusted returns?

BGSAX currently has the higher Sharpe Ratio (2.37 vs 0.54), 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.