CAPEX vs. BDMAX

Last updated Aug 1, 2026

CAPEX (Eaton Vance Tax Managed Growth 1.0 Fund) and BDMAX (BlackRock Global Equity Market Neutral Fund Investor A) are both mutual funds - CAPEX is a Large Cap Growth Equities fund managed by BlackRock, while BDMAX is a Equity Market Neutral fund actively managed by BlackRock. Over the past 10 years, CAPEX returned 14.62%/yr vs 8.21%/yr for BDMAX. Their 0.13 correlation means their historical movements had little consistent relationship. CAPEX charges 0.45%/yr vs 1.59%/yr for BDMAX.

Performance

CAPEX vs. BDMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Tax Managed Growth 1.0 Fund (CAPEX) 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, CAPEX achieves a 6.95% return, which is significantly lower than BDMAX's 11.82% return. Over the past 10 years, CAPEX has outperformed BDMAX with an annualized return of 14.62%, while BDMAX has yielded a comparatively lower 8.21% annualized return.

CAPEX

• 1D: 1.48%
• 1M: -0.85%
• 6M: 5.16%
• YTD: 6.95%
• 1Y: 16.60%
• 3Y*: 18.18%
• 5Y*: 11.50%
• 10Y*: 14.62%
• ALL TIME*: 10.29%

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
CAPEX Eaton Vance Tax Managed Growth 1.0 Fund	$0.00	$0.00	$0.00

CAPEX vs. BDMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CAPEX Eaton Vance Tax Managed Growth 1.0 Fund	6.95%	16.83%	25.45%	28.62%	-19.92%	25.05%	23.49%	29.70%	-4.95%	22.72%
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 CAPEX and BDMAX is 0.42, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.42
Correlation (3Y) Balances recent behavior with more history.	0.27
Correlation (5Y) Shows whether the relationship held over a longer period.	0.16
Correlation (10Y) Provides a long-term view across more market conditions.	0.10
Correlation (All Time) Calculated using the full available price history since Jan 2, 2013	0.13

Over the past year, CAPEX and BDMAX have become more correlated (0.42) than their long-term average of 0.13, meaning their price movements have been converging.

Return for Risk

CAPEX vs. BDMAX — Risk / Return Rank

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

CAPEX

CAPEX Risk / Return Rank: 34
CAPEX Sharpe Ratio Rank: 34
CAPEX Sortino Ratio Rank: 34
CAPEX Omega Ratio Rank: 33
CAPEX Calmar Ratio Rank: 31
CAPEX Martin Ratio Rank: 40

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.

CAPEX vs. BDMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Tax Managed Growth 1.0 Fund (CAPEX) 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.

	CAPEX	BDMAX	Difference
Sharpe ratio: Return per unit of total volatility	1.10	3.20	-2.11
Sortino ratio: Return per unit of downside risk	1.59	4.63	-3.04
Omega ratio: Gain probability vs. loss probability	1.20	1.60	-0.40
Calmar ratio: Return relative to maximum drawdown	1.39	7.28	-5.89
Martin ratio: Return relative to average drawdown	5.91	19.24	-13.33

CAPEX vs. BDMAX - Sharpe Ratio Comparison

The current CAPEX Sharpe Ratio is 1.10, which is lower than the BDMAX Sharpe Ratio of 3.20. The chart below compares the historical Sharpe Ratios of CAPEX 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

CAPEX vs. BDMAX - Drawdown Comparison

The maximum CAPEX drawdown since its inception was -51.71%, which is greater than BDMAX's maximum drawdown of -12.37%. Use the drawdown chart below to compare losses from any high point for CAPEX and BDMAX.

Drawdown Indicators

	CAPEX	BDMAX	Difference
Max Drawdown Largest peak-to-trough decline	-51.71%	-12.37%	-39.34%
Max Drawdown (1Y) Largest decline over 1 year	-10.52%	-3.25%	-7.27%
Max Drawdown (3Y) Largest decline over 3 years	-19.05%	-4.15%	-14.90%
Max Drawdown (5Y) Largest decline over 5 years	-25.87%	-5.56%	-20.31%
Max Drawdown (10Y) Largest decline over 10 years	-32.94%	-9.71%	-23.23%
Current Drawdown Current decline from peak	-2.90%	-1.15%	-1.75%
Average Drawdown Average peak-to-trough decline	-8.35%	-2.80%	-5.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.46%	1.23%	+1.23%

Volatility

CAPEX vs. BDMAX - Volatility Comparison

Eaton Vance Tax Managed Growth 1.0 Fund (CAPEX) has a higher volatility of 3.78% compared to BlackRock Global Equity Market Neutral Fund Investor A (BDMAX) at 2.58%. This indicates that CAPEX's price experiences larger fluctuations and is considered to be riskier than BDMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CAPEX	BDMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.78%	2.58%	+1.20%
Volatility (6M) Calculated over the trailing 6-month period	10.64%	5.36%	+5.28%
Volatility (1Y) Calculated over the trailing 1-year period	13.30%	7.39%	+5.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.45%	6.67%	+10.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.36%	5.90%	+12.46%

CAPEX vs. BDMAX - Expense Ratio Comparison

CAPEX has a 0.45% expense ratio, which is lower than BDMAX's 1.59% expense ratio.

Dividends

CAPEX vs. BDMAX - Dividend Comparison

CAPEX's dividend yield for the trailing twelve months is around 3.09%, 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%
CAPEX Eaton Vance Tax Managed Growth 1.0 Fund	3.09%	3.19%	2.40%	0.83%	0.97%	0.63%	0.88%	1.15%	1.36%	1.20%	1.41%	1.39%

Frequently Asked Questions

Can I hold both CAPEX and BDMAX in my portfolio?

CAPEX and BDMAX have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CAPEX or BDMAX?

CAPEX has higher volatility (3.78%) compared to BDMAX (2.58%). In terms of maximum drawdown, CAPEX dropped -51.71% vs BDMAX's -12.37%.

Which has better risk-adjusted returns?

BDMAX currently has the higher Sharpe Ratio (3.20 vs 1.10), 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.