BTBFX vs. BDMAX

Last updated Aug 1, 2026

BTBFX (Boston Trust Asset Management Fund) and BDMAX (BlackRock Global Equity Market Neutral Fund Investor A) are both mutual funds - BTBFX is a Diversified Portfolio fund managed by BlackRock, while BDMAX is a Equity Market Neutral fund actively managed by BlackRock. Over the past 10 years, BTBFX returned 8.78%/yr vs 8.21%/yr for BDMAX. Their 0.10 correlation means their historical movements had little consistent relationship. BTBFX charges 0.83%/yr vs 1.59%/yr for BDMAX.

Performance

BTBFX vs. BDMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Boston Trust Asset Management Fund (BTBFX) and BlackRock Global Equity Market Neutral Fund Investor A (BDMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BTBFX achieves a 5.12% return, which is significantly lower than BDMAX's 11.82% return. Over the past 10 years, BTBFX has outperformed BDMAX with an annualized return of 8.78%, while BDMAX has yielded a comparatively lower 8.21% annualized return.

BTBFX

• 1D: 0.35%
• 1M: 1.40%
• 6M: 4.36%
• YTD: 5.12%
• 1Y: 10.95%
• 3Y*: 8.81%
• 5Y*: 5.51%
• 10Y*: 8.78%
• ALL TIME*: 9.02%

BDMAX

• 1D: 1.16%
• 1M: 1.62%
• 6M: 10.73%
• YTD: 11.82%
• 1Y: 23.19%
• 3Y*: 20.21%
• 5Y*: 12.85%
• 10Y*: 8.21%
• ALL TIME*: 6.60%

*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)
BDMAX BlackRock Global Equity Market Neutral Fund Investor A	$0.00	$0.00	$0.00
BTBFX Boston Trust Asset Management Fund	$0.00	$0.00	$0.00

BTBFX vs. BDMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BTBFX Boston Trust Asset Management Fund	5.12%	7.87%	11.17%	13.73%	-14.62%	21.64%	7.89%	25.88%	-1.60%	14.60%
BDMAX BlackRock Global Equity Market Neutral Fund Investor A	11.82%	18.08%	21.12%	14.27%	1.57%	3.11%	-0.05%	-1.02%	1.86%	12.57%

Correlation

The correlation between BTBFX and BDMAX is 0.20, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.20
Correlation (3Y) Balances recent behavior with more history.	0.15
Correlation (5Y) Shows whether the relationship held over a longer period.	0.10
Correlation (10Y) Provides a long-term view across more market conditions.	0.07
Correlation (All Time) Calculated using the full available price history since Jan 2, 2013	0.10

The correlation between BTBFX and BDMAX shifts across timeframes, from 0.07 (10 years) to 0.20 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

BTBFX vs. BDMAX — Risk / Return Rank

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

BTBFX

BTBFX Risk / Return Rank: 34
BTBFX Sharpe Ratio Rank: 35
BTBFX Sortino Ratio Rank: 34
BTBFX Omega Ratio Rank: 33
BTBFX Calmar Ratio Rank: 30
BTBFX Martin Ratio Rank: 37

BDMAX

BDMAX Risk / Return Rank: 97
BDMAX Sharpe Ratio Rank: 98
BDMAX Sortino Ratio Rank: 97
BDMAX Omega Ratio Rank: 95
BDMAX Calmar Ratio Rank: 98
BDMAX Martin Ratio Rank: 97

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.

BTBFX vs. BDMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Boston Trust Asset Management Fund (BTBFX) and BlackRock Global Equity Market Neutral Fund Investor A (BDMAX). 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.

	BTBFX	BDMAX	Difference
Sharpe ratio: Return per unit of total volatility	1.16	3.20	-2.04
Sortino ratio: Return per unit of downside risk	1.68	4.63	-2.94
Omega ratio: Gain probability vs. loss probability	1.20	1.60	-0.40
Calmar ratio: Return relative to maximum drawdown	1.39	7.28	-5.88
Martin ratio: Return relative to average drawdown	5.72	19.24	-13.52

BTBFX vs. BDMAX - Sharpe Ratio Comparison

The current BTBFX Sharpe Ratio is 1.16, which is lower than the BDMAX Sharpe Ratio of 3.20. The chart below compares the historical Sharpe Ratios of BTBFX and BDMAX, 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

BTBFX vs. BDMAX - Drawdown Comparison

The maximum BTBFX drawdown since its inception was -27.87%, which is greater than BDMAX's maximum drawdown of -12.37%. Use the drawdown chart below to compare losses from any high point for BTBFX and BDMAX.

Drawdown Indicators

	BTBFX	BDMAX	Difference
Max Drawdown Largest peak-to-trough decline	-27.87%	-12.37%	-15.50%
Max Drawdown (1Y) Largest decline over 1 year	-6.67%	-3.25%	-3.42%
Max Drawdown (3Y) Largest decline over 3 years	-11.80%	-4.15%	-7.65%
Max Drawdown (5Y) Largest decline over 5 years	-21.02%	-5.56%	-15.46%
Max Drawdown (10Y) Largest decline over 10 years	-25.56%	-9.71%	-15.85%
Current Drawdown Current decline from peak	-0.10%	-1.15%	+1.05%
Average Drawdown Average peak-to-trough decline	-3.50%	-2.80%	-0.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.63%	1.23%	+0.40%

Volatility

BTBFX vs. BDMAX - Volatility Comparison

Boston Trust Asset Management Fund (BTBFX) and BlackRock Global Equity Market Neutral Fund Investor A (BDMAX) have volatilities of 2.60% and 2.58%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTBFX	BDMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.60%	2.58%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	6.15%	5.36%	+0.79%
Volatility (1Y) Calculated over the trailing 1-year period	8.01%	7.39%	+0.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.51%	6.67%	+5.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.00%	5.90%	+7.10%

BTBFX vs. BDMAX - Expense Ratio Comparison

BTBFX has a 0.83% expense ratio, which is lower than BDMAX's 1.59% expense ratio.

Dividends

BTBFX vs. BDMAX - Dividend Comparison

BTBFX's dividend yield for the trailing twelve months is around 11.31%, less than BDMAX's 11.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BDMAX BlackRock Global Equity Market Neutral Fund Investor A	11.66%	8.94%	13.39%	7.14%	0.00%	1.25%	0.04%	6.60%	0.85%	0.00%	0.00%	1.56%
BTBFX Boston Trust Asset Management Fund	11.31%	11.89%	6.29%	6.46%	4.60%	1.48%	5.60%	0.99%	4.35%	1.05%	5.14%	5.92%

Frequently Asked Questions

Can I hold both BTBFX and BDMAX in my portfolio?

BTBFX and BDMAX have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BTBFX or BDMAX?

BTBFX has higher volatility (2.60%) compared to BDMAX (2.58%). In terms of maximum drawdown, BTBFX dropped -27.87% vs BDMAX's -12.37%.

Which has better risk-adjusted returns?

BDMAX currently has the higher Sharpe Ratio (3.20 vs 1.16), 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.