BQMGX vs. ADJEX

Last updated Jun 4, 2026

BQMGX (Bright Rock Mid Cap Growth Fund) and ADJEX (Azzad Ethical Fund) are both Mid Cap Growth Equities funds. Over the past 10 years, BQMGX returned 8.79%/yr vs 9.70%/yr for ADJEX. Their correlation of 0.90 suggests significant overlap in exposure. BQMGX charges 1.07%/yr vs 0.99%/yr for ADJEX.

Performance

BQMGX vs. ADJEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bright Rock Mid Cap Growth Fund (BQMGX) and Azzad Ethical Fund (ADJEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BQMGX achieves a -2.89% return, which is significantly lower than ADJEX's 12.03% return. Over the past 10 years, BQMGX has underperformed ADJEX with an annualized return of 8.79%, while ADJEX has yielded a comparatively higher 9.70% annualized return.

BQMGX

• 1D: -0.65%
• 1M: 0.35%
• YTD: -2.89%
• 6M: -3.48%
• 1Y: -3.05%
• 3Y*: 5.14%
• 5Y*: 3.13%
• 10Y*: 8.79%

ADJEX

• 1D: 0.94%
• 1M: 7.67%
• YTD: 12.03%
• 6M: 8.57%
• 1Y: 14.78%
• 3Y*: 7.90%
• 5Y*: 3.59%
• 10Y*: 9.70%

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

BQMGX vs. ADJEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BQMGX Bright Rock Mid Cap Growth Fund	-2.89%	-0.29%	14.16%	13.00%	-19.44%	23.02%	19.62%	32.05%	-6.68%	22.16%
ADJEX Azzad Ethical Fund	12.03%	1.43%	1.70%	24.25%	-27.82%	17.60%	30.47%	30.01%	-3.25%	23.40%

Correlation

The correlation between BQMGX and ADJEX is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since May 27, 2010	0.90

The correlation between BQMGX and ADJEX shifts across timeframes, from 0.74 (1 year) to 0.90 (all time), reflecting how their relationship changes across market environments.

Return for Risk

BQMGX vs. ADJEX — Risk / Return Rank

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

BQMGX

BQMGX Risk / Return Rank: 2
BQMGX Sharpe Ratio Rank: 2
BQMGX Sortino Ratio Rank: 2
BQMGX Omega Ratio Rank: 2
BQMGX Calmar Ratio Rank: 2
BQMGX Martin Ratio Rank: 2

ADJEX

ADJEX Risk / Return Rank: 12
ADJEX Sharpe Ratio Rank: 12
ADJEX Sortino Ratio Rank: 12
ADJEX Omega Ratio Rank: 11
ADJEX Calmar Ratio Rank: 12
ADJEX 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.

BQMGX vs. ADJEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bright Rock Mid Cap Growth Fund (BQMGX) and Azzad Ethical Fund (ADJEX). 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.

	BQMGX	ADJEX	Difference
Sharpe ratio Return per unit of total volatility	-0.19	0.95	-1.14
Sortino ratio Return per unit of downside risk	-0.18	1.41	-1.59
Omega ratio Gain probability vs. loss probability	0.98	1.17	-0.19
Calmar ratio Return relative to maximum drawdown	-0.19	1.14	-1.33
Martin ratio Return relative to average drawdown	-0.46	3.63	-4.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BQMGX vs. ADJEX - Sharpe Ratio Comparison

The current BQMGX Sharpe Ratio is -0.19, which is lower than the ADJEX Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of BQMGX and ADJEX, 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

	BQMGX	ADJEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.19	0.95	-1.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.19	0.16	+0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.45	+0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.31	+0.19

Drawdowns

BQMGX vs. ADJEX - Drawdown Comparison

The maximum BQMGX drawdown since its inception was -36.05%, smaller than the maximum ADJEX drawdown of -55.62%. Use the drawdown chart below to compare losses from any high point for BQMGX and ADJEX.

Drawdown Indicators

	BQMGX	ADJEX	Difference
Max Drawdown Largest peak-to-trough decline	-36.05%	-55.62%	+19.57%
Max Drawdown (1Y) Largest decline over 1 year	-11.62%	-14.38%	+2.76%
Max Drawdown (3Y) Largest decline over 3 years	-18.72%	-25.81%	+7.09%
Max Drawdown (5Y) Largest decline over 5 years	-25.92%	-37.22%	+11.30%
Max Drawdown (10Y) Largest decline over 10 years	-36.05%	-37.22%	+1.17%
Current Drawdown Current decline from peak	-8.80%	-0.83%	-7.97%
Average Drawdown Average peak-to-trough decline	-5.87%	-12.54%	+6.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.88%	4.51%	+0.37%

Volatility

BQMGX vs. ADJEX - Volatility Comparison

The current volatility for Bright Rock Mid Cap Growth Fund (BQMGX) is 3.42%, while Azzad Ethical Fund (ADJEX) has a volatility of 4.54%. This indicates that BQMGX experiences smaller price fluctuations and is considered to be less risky than ADJEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BQMGX	ADJEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.42%	4.54%	-1.12%
Volatility (6M) Calculated over the trailing 6-month period	9.17%	13.40%	-4.23%
Volatility (1Y) Calculated over the trailing 1-year period	12.19%	17.19%	-5.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.83%	22.57%	-5.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.99%	21.50%	-3.51%

BQMGX vs. ADJEX - Expense Ratio Comparison

BQMGX has a 1.07% expense ratio, which is higher than ADJEX's 0.99% expense ratio.

Dividends

BQMGX vs. ADJEX - Dividend Comparison

BQMGX's dividend yield for the trailing twelve months is around 4.24%, while ADJEX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ADJEX Azzad Ethical Fund	0.00%	0.00%	5.47%	2.53%	0.06%	12.81%	5.62%	6.35%	6.37%	14.98%	0.09%	0.69%
BQMGX Bright Rock Mid Cap Growth Fund	4.24%	4.12%	5.99%	0.00%	5.90%	8.05%	5.27%	3.50%	0.00%	0.08%	1.07%	5.80%

Frequently Asked Questions

Can I hold both BQMGX and ADJEX in my portfolio?

BQMGX and ADJEX have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BQMGX or ADJEX?

ADJEX has higher volatility (4.54%) compared to BQMGX (3.42%). In terms of maximum drawdown, BQMGX dropped -36.05% vs ADJEX's -55.62%.

Which has better risk-adjusted returns?

ADJEX currently has the higher Sharpe Ratio (0.95 vs -0.19), 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.