BRGOX vs. BGCKX

Last updated Jun 4, 2026

BRGOX (Bridgeway Global Opportunities Fund Class N) and BGCKX (BlackRock Global Equity Market Neutral Fund Institutional Shares) are both Equity Market Neutral funds. Both are actively managed. Over the past year, BRGOX returned 13.14% vs 21.93% for BGCKX. At a 0.26 correlation, their price movements are largely independent. BRGOX charges 1.63%/yr vs 1.29%/yr for BGCKX.

Performance

BRGOX vs. BGCKX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bridgeway Global Opportunities Fund Class N (BRGOX) and BlackRock Global Equity Market Neutral Fund Institutional Shares (BGCKX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BRGOX achieves a 4.08% return, which is significantly lower than BGCKX's 12.50% return.

BRGOX

• 1D: -0.18%
• 1M: -0.90%
• YTD: 4.08%
• 6M: 5.35%
• 1Y: 13.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BGCKX

• 1D: 0.43%
• 1M: 5.31%
• YTD: 12.50%
• 6M: 15.65%
• 1Y: 21.93%
• 3Y*: 21.89%
• 5Y*: 13.01%
• 10Y*: 8.39%

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

BRGOX vs. BGCKX - Yearly Performance Comparison

	2026 (YTD)	2025
BRGOX Bridgeway Global Opportunities Fund Class N	4.08%	14.76%
BGCKX BlackRock Global Equity Market Neutral Fund Institutional Shares	12.50%	17.60%

Correlation

The correlation between BRGOX and BGCKX is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (All Time) Calculated using the full available price history since Jan 6, 2025	0.26

Return for Risk

BRGOX vs. BGCKX — Risk / Return Rank

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

BRGOX

BRGOX Risk / Return Rank: 47
BRGOX Sharpe Ratio Rank: 44
BRGOX Sortino Ratio Rank: 52
BRGOX Omega Ratio Rank: 40
BRGOX Calmar Ratio Rank: 62
BRGOX Martin Ratio Rank: 36

BGCKX

BGCKX Risk / Return Rank: 91
BGCKX Sharpe Ratio Rank: 93
BGCKX Sortino Ratio Rank: 93
BGCKX Omega Ratio Rank: 87
BGCKX Calmar Ratio Rank: 96
BGCKX Martin Ratio Rank: 89

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.

BRGOX vs. BGCKX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bridgeway Global Opportunities Fund Class N (BRGOX) and BlackRock Global Equity Market Neutral Fund Institutional Shares (BGCKX). 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.

	BRGOX	BGCKX	Difference
Sharpe ratio Return per unit of total volatility	1.96	3.20	-1.24
Sortino ratio Return per unit of downside risk	3.05	4.77	-1.72
Omega ratio Gain probability vs. loss probability	1.34	1.60	-0.26
Calmar ratio Return relative to maximum drawdown	3.02	6.23	-3.20
Martin ratio Return relative to average drawdown	8.00	17.51	-9.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BRGOX vs. BGCKX - Sharpe Ratio Comparison

The current BRGOX Sharpe Ratio is 1.96, which is lower than the BGCKX Sharpe Ratio of 3.20. The chart below compares the historical Sharpe Ratios of BRGOX and BGCKX, 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

	BRGOX	BGCKX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.96	3.20	-1.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	2.00	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.45	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.78	1.39	+0.39

Drawdowns

BRGOX vs. BGCKX - Drawdown Comparison

The maximum BRGOX drawdown since its inception was -4.37%, smaller than the maximum BGCKX drawdown of -9.47%. Use the drawdown chart below to compare losses from any high point for BRGOX and BGCKX.

Drawdown Indicators

	BRGOX	BGCKX	Difference
Max Drawdown Largest peak-to-trough decline	-4.37%	-9.47%	+5.10%
Max Drawdown (1Y) Largest decline over 1 year	-4.37%	-3.51%	-0.86%
Max Drawdown (3Y) Largest decline over 3 years	—	-4.13%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-6.13%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-9.47%	—
Current Drawdown Current decline from peak	-4.02%	0.00%	-4.02%
Average Drawdown Average peak-to-trough decline	-1.11%	-2.15%	+1.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.69%	1.25%	+0.44%

Volatility

BRGOX vs. BGCKX - Volatility Comparison

Bridgeway Global Opportunities Fund Class N (BRGOX) has a higher volatility of 2.14% compared to BlackRock Global Equity Market Neutral Fund Institutional Shares (BGCKX) at 1.96%. This indicates that BRGOX's price experiences larger fluctuations and is considered to be riskier than BGCKX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BRGOX	BGCKX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.14%	1.96%	+0.18%
Volatility (6M) Calculated over the trailing 6-month period	4.64%	4.45%	+0.19%
Volatility (1Y) Calculated over the trailing 1-year period	6.84%	6.85%	-0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.81%	6.52%	+1.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.81%	5.81%	+2.00%

BRGOX vs. BGCKX - Expense Ratio Comparison

BRGOX has a 1.63% expense ratio, which is higher than BGCKX's 1.29% expense ratio.

Dividends

BRGOX vs. BGCKX - Dividend Comparison

BRGOX's dividend yield for the trailing twelve months is around 10.92%, more than BGCKX's 7.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BGCKX BlackRock Global Equity Market Neutral Fund Institutional Shares	7.96%	8.96%	13.25%	7.49%	0.00%	1.22%	0.34%	6.80%	0.96%
BRGOX Bridgeway Global Opportunities Fund Class N	10.92%	11.36%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BRGOX and BGCKX in my portfolio?

BRGOX and BGCKX have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BRGOX or BGCKX?

BRGOX has higher volatility (2.14%) compared to BGCKX (1.96%). In terms of maximum drawdown, BRGOX dropped -4.37% vs BGCKX's -9.47%.

Which has better risk-adjusted returns?

BGCKX currently has the higher Sharpe Ratio (3.20 vs 1.96), 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.