BRZIX vs. ECAT

Last updated Jun 23, 2026

BRZIX (BlackRock Sustainable Advantage International Equity Fund) and ECAT (BlackRock ESG Capital Allocation Term Trust) are both mutual funds - BRZIX is a Foreign Large Cap Equities fund managed by BlackRock, while ECAT is a Tactical Allocation fund managed by BlackRock. Over the past 3 years, BRZIX returned 17.72%/yr vs 19.58%/yr for ECAT. A 0.62 correlation means they provide meaningful diversification when combined. BRZIX charges 0.50%/yr vs 1.43%/yr for ECAT.

Performance

BRZIX vs. ECAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Sustainable Advantage International Equity Fund (BRZIX) and BlackRock ESG Capital Allocation Term Trust (ECAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with BRZIX having a 11.76% return and ECAT slightly higher at 12.06%.

BRZIX

• 1D: 0.87%
• 1M: 2.65%
• YTD: 11.76%
• 6M: 12.03%
• 1Y: 27.14%
• 3Y*: 17.72%
• 5Y*: 10.57%
• 10Y*: —

ECAT

• 1D: 0.00%
• 1M: 2.19%
• YTD: 12.06%
• 6M: 10.41%
• 1Y: 22.26%
• 3Y*: 19.58%
• 5Y*: —
• 10Y*: —

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

BRZIX vs. ECAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BRZIX BlackRock Sustainable Advantage International Equity Fund	11.76%	32.15%	5.67%	19.37%	-14.02%	1.03%
ECAT BlackRock ESG Capital Allocation Term Trust	12.06%	16.64%	19.96%	32.36%	-21.90%	-6.25%

Correlation

The correlation between BRZIX and ECAT is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (All Time) Calculated using the full available price history since Sep 28, 2021	0.62

The correlation between BRZIX and ECAT has been stable across timeframes, ranging from 0.56 to 0.63 - a consistent structural relationship.

Return for Risk

BRZIX vs. ECAT — Risk / Return Rank

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

BRZIX

BRZIX Risk / Return Rank: 39
BRZIX Sharpe Ratio Rank: 38
BRZIX Sortino Ratio Rank: 37
BRZIX Omega Ratio Rank: 37
BRZIX Calmar Ratio Rank: 40
BRZIX Martin Ratio Rank: 44

ECAT

ECAT Risk / Return Rank: 34
ECAT Sharpe Ratio Rank: 36
ECAT Sortino Ratio Rank: 36
ECAT Omega Ratio Rank: 35
ECAT Calmar Ratio Rank: 29
ECAT Martin Ratio Rank: 33

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.

BRZIX vs. ECAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Sustainable Advantage International Equity Fund (BRZIX) and BlackRock ESG Capital Allocation Term Trust (ECAT). 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.

	BRZIX	ECAT	Difference
Sharpe ratio: Return per unit of total volatility	1.67	1.62	+0.05
Sortino ratio: Return per unit of downside risk	2.37	2.30	+0.07
Omega ratio: Gain probability vs. loss probability	1.30	1.29	+0.01
Calmar ratio: Return relative to maximum drawdown	2.28	1.90	+0.39
Martin ratio: Return relative to average drawdown	8.74	7.04	+1.70

BRZIX vs. ECAT - Sharpe Ratio Comparison

The current BRZIX Sharpe Ratio is 1.67, which is comparable to the ECAT Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of BRZIX and ECAT, 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

BRZIX vs. ECAT - Drawdown Comparison

The maximum BRZIX drawdown since its inception was -32.64%, roughly equal to the maximum ECAT drawdown of -32.23%. Use the drawdown chart below to compare losses from any high point for BRZIX and ECAT.

Drawdown Indicators

	BRZIX	ECAT	Difference
Max Drawdown Largest peak-to-trough decline	-32.64%	-32.23%	-0.41%
Max Drawdown (1Y) Largest decline over 1 year	-11.50%	-11.80%	+0.30%
Max Drawdown (3Y) Largest decline over 3 years	-13.89%	-15.79%	+1.90%
Max Drawdown (5Y) Largest decline over 5 years	-32.64%	—	—
Current Drawdown Current decline from peak	0.00%	-0.46%	+0.46%
Average Drawdown Average peak-to-trough decline	-7.45%	-9.04%	+1.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.00%	3.17%	-0.17%

Volatility

BRZIX vs. ECAT - Volatility Comparison

BlackRock Sustainable Advantage International Equity Fund (BRZIX) has a higher volatility of 5.06% compared to BlackRock ESG Capital Allocation Term Trust (ECAT) at 4.36%. This indicates that BRZIX's price experiences larger fluctuations and is considered to be riskier than ECAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BRZIX	ECAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.06%	4.36%	+0.70%
Volatility (6M) Calculated over the trailing 6-month period	13.10%	10.99%	+2.11%
Volatility (1Y) Calculated over the trailing 1-year period	15.69%	13.79%	+1.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.27%	16.89%	+0.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.89%	16.89%	0.00%

BRZIX vs. ECAT - Expense Ratio Comparison

BRZIX has a 0.50% expense ratio, which is lower than ECAT's 1.43% expense ratio.

Dividends

BRZIX vs. ECAT - Dividend Comparison

BRZIX's dividend yield for the trailing twelve months is around 14.20%, less than ECAT's 21.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
BRZIX BlackRock Sustainable Advantage International Equity Fund	14.20%	15.87%	3.83%	2.59%	3.29%	13.55%	0.59%
ECAT BlackRock ESG Capital Allocation Term Trust	21.78%	23.00%	17.44%	9.14%	8.94%	0.54%	0.00%

Frequently Asked Questions

Can I hold both BRZIX and ECAT in my portfolio?

BRZIX and ECAT have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BRZIX or ECAT?

BRZIX has higher volatility (5.06%) compared to ECAT (4.36%). In terms of maximum drawdown, BRZIX dropped -32.64% vs ECAT's -32.23%.

Which has better risk-adjusted returns?

BRZIX currently has the higher Sharpe Ratio (1.67 vs 1.62), 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.