BMN vs. MADVX

Last updated Aug 5, 2026

BMN (Blackrock 2037 Municipal Target Term Trust) and MADVX (BlackRock Equity Dividend Fund Institutional Shares) are both mutual funds - BMN is a Municipal Bonds fund actively managed by BlackRock, while MADVX is a Large Cap Value Equities fund actively managed by BlackRock. Both are actively managed. Over the past 3 years, BMN returned 5.38%/yr vs 17.18%/yr for MADVX. Their 0.12 correlation means their historical movements had little consistent relationship. BMN charges 0.93%/yr vs 0.71%/yr for MADVX.

Performance

BMN vs. MADVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Blackrock 2037 Municipal Target Term Trust (BMN) and BlackRock Equity Dividend Fund Institutional Shares (MADVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BMN achieves a -0.79% return, which is significantly lower than MADVX's 17.98% return.

BMN

• 1D: -0.16%
• 1M: -1.23%
• 6M: -1.03%
• YTD: -0.79%
• 1Y: 8.86%
• 3Y*: 5.38%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.58%

MADVX

• 1D: 1.38%
• 1M: 3.05%
• 6M: 12.88%
• YTD: 17.98%
• 1Y: 29.84%
• 3Y*: 17.18%
• 5Y*: 11.66%
• 10Y*: 11.92%
• ALL TIME*: 10.19%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BMN Blackrock 2037 Municipal Target Term Trust	$232.04K	$190.07K	$197.63K
MADVX BlackRock Equity Dividend Fund Institutional Shares	$0.00	$0.00	$0.00

BMN vs. MADVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BMN Blackrock 2037 Municipal Target Term Trust	-0.79%	7.05%	12.65%	1.89%	-2.86%
MADVX BlackRock Equity Dividend Fund Institutional Shares	17.98%	21.70%	6.98%	12.71%	3.54%

Correlation

The correlation between BMN and MADVX is 0.01, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.01
Correlation (3Y) Balances recent behavior with more history.	0.14
Correlation (All Time) Calculated using the full available price history since Oct 27, 2022	0.12

The correlation between BMN and MADVX shifts across timeframes, from 0.01 (1 year) to 0.14 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

BMN vs. MADVX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BMN

BMN Risk / Return Rank: 17
BMN Sharpe Ratio Rank: 15
BMN Sortino Ratio Rank: 16
BMN Omega Ratio Rank: 16
BMN Calmar Ratio Rank: 21
BMN Martin Ratio Rank: 17

MADVX

MADVX Risk / Return Rank: 92
MADVX Sharpe Ratio Rank: 96
MADVX Sortino Ratio Rank: 94
MADVX Omega Ratio Rank: 91
MADVX Calmar Ratio Rank: 89
MADVX Martin Ratio Rank: 93

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BMN vs. MADVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Blackrock 2037 Municipal Target Term Trust (BMN) and BlackRock Equity Dividend Fund Institutional Shares (MADVX). 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	MADVX	Difference
Sharpe ratio: Return per unit of total volatility	0.67	2.65	-1.98
Sortino ratio: Return per unit of downside risk	1.06	3.66	-2.60
Omega ratio: Gain probability vs. loss probability	1.13	1.47	-0.35
Calmar ratio: Return relative to maximum drawdown	1.09	3.47	-2.38
Martin ratio: Return relative to average drawdown	2.55	14.87	-12.32

BMN vs. MADVX - Sharpe Ratio Comparison

The current BMN Sharpe Ratio is 0.67, which is lower than the MADVX Sharpe Ratio of 2.65. The chart below compares the historical Sharpe Ratios of BMN and MADVX, 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. MADVX - Drawdown Comparison

The maximum BMN drawdown since its inception was -13.04%, smaller than the maximum MADVX drawdown of -50.00%. Use the drawdown chart below to compare losses from any high point for BMN and MADVX.

Drawdown Indicators

	BMN	MADVX	Difference
Max Drawdown Largest peak-to-trough decline	-13.04%	-50.00%	+36.96%
Max Drawdown (1Y) Largest decline over 1 year	-8.18%	-9.01%	+0.83%
Max Drawdown (3Y) Largest decline over 3 years	-12.41%	-15.22%	+2.81%
Max Drawdown (5Y) Largest decline over 5 years	—	-18.05%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.94%	—
Current Drawdown Current decline from peak	-6.32%	0.00%	-6.32%
Average Drawdown Average peak-to-trough decline	-2.46%	-5.27%	+2.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.48%	2.10%	+1.38%

Volatility

BMN vs. MADVX - Volatility Comparison

The current volatility for Blackrock 2037 Municipal Target Term Trust (BMN) is 2.99%, while BlackRock Equity Dividend Fund Institutional Shares (MADVX) has a volatility of 3.45%. This indicates that BMN experiences smaller price fluctuations and is considered to be less risky than MADVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BMN	MADVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.99%	3.45%	-0.46%
Volatility (6M) Calculated over the trailing 6-month period	11.11%	9.51%	+1.60%
Volatility (1Y) Calculated over the trailing 1-year period	13.23%	11.81%	+1.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.92%	14.22%	-3.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.92%	16.31%	-5.39%

BMN vs. MADVX - Expense Ratio Comparison

BMN has a 0.93% expense ratio, which is higher than MADVX's 0.71% expense ratio.

Dividends

BMN vs. MADVX - Dividend Comparison

BMN's dividend yield for the trailing twelve months is around 4.44%, less than MADVX's 13.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BMN Blackrock 2037 Municipal Target Term Trust	4.44%	4.30%	4.40%	4.74%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
MADVX BlackRock Equity Dividend Fund Institutional Shares	13.81%	10.23%	8.58%	7.08%	13.50%	12.15%	6.35%	13.15%	14.04%	14.38%	7.98%	18.44%

Frequently Asked Questions

Can I hold both BMN and MADVX in my portfolio?

BMN and MADVX have a correlation of 0.01, 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 MADVX?

MADVX has higher volatility (3.45%) compared to BMN (2.99%). In terms of maximum drawdown, BMN dropped -13.04% vs MADVX's -50.00%.

Which has better risk-adjusted returns?

MADVX currently has the higher Sharpe Ratio (2.65 vs 0.67), 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.