CDAZX vs. BGX
CDAZX (Multi-Manager Directional Alternative Strategies Fund) and BGX (Blackstone Long-Short Credit Income Fund) are both Long-Short funds. Over the past 5 years, CDAZX returned 11.55%/yr vs 3.03%/yr for BGX. Their 0.30 correlation means their historical movements had little consistent relationship. CDAZX charges 1.84%/yr vs 1.46%/yr for BGX.
Performance
CDAZX vs. BGX - Performance Comparison
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Returns By Period
In the year-to-date period, CDAZX achieves a 8.13% return, which is significantly higher than BGX's -3.05% return.
CDAZX
- 1D
- 0.39%
- 1M
- -1.28%
- 6M
- 4.47%
- YTD
- 8.13%
- 1Y
- 21.94%
- 3Y*
- 17.35%
- 5Y*
- 11.55%
- 10Y*
- —
- ALL TIME*
- 7.06%
BGX
- 1D
- 0.74%
- 1M
- 0.49%
- 6M
- -1.61%
- YTD
- -3.05%
- 1Y
- -5.30%
- 3Y*
- 7.55%
- 5Y*
- 3.03%
- 10Y*
- 5.98%
- ALL TIME*
- 4.51%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $644.86K | $703.19K | $602.30K | |
| $0.00 | $0.00 | $0.00 |
CDAZX vs. BGX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CDAZX Multi-Manager Directional Alternative Strategies Fund | 8.13% | 19.20% | 19.75% | 3.90% | 1.31% | 20.14% | -6.39% | 8.17% | -12.03% | 10.32% |
BGX Blackstone Long-Short Credit Income Fund | -3.05% | 2.09% | 19.83% | 18.92% | -20.57% | 17.54% | -5.67% | 24.98% | -4.19% | 7.55% |
Correlation
The correlation between CDAZX and BGX is 0.25, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.25 |
Correlation (3Y) Balances recent behavior with more history. | 0.27 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.30 |
Correlation (All Time) Calculated using the full available price history since Jan 12, 2017 | 0.30 |
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Return for Risk
CDAZX vs. BGX — Risk / Return Rank
CDAZX
BGX
CDAZX vs. BGX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Multi-Manager Directional Alternative Strategies Fund (CDAZX) and Blackstone Long-Short Credit Income Fund (BGX). 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.
| CDAZX | BGX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.03 | ||
| Sortino ratioReturn per unit of downside risk | +4.25 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 0.89 | +0.55 |
| Calmar ratioReturn relative to maximum drawdown | 3.21 | -0.43 | +3.64 |
| Martin ratioReturn relative to average drawdown | 11.61 | -0.80 | +12.41 |
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Drawdowns
CDAZX vs. BGX - Drawdown Comparison
The maximum CDAZX drawdown since its inception was -30.94%, smaller than the maximum BGX drawdown of -47.40%. Use the drawdown chart below to compare losses from any high point for CDAZX and BGX.
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Drawdown Indicators
| CDAZX | BGX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.94% | -47.40% | +16.46% |
Max Drawdown (1Y)Largest decline over 1 year | -7.32% | -12.43% | +5.11% |
Max Drawdown (3Y)Largest decline over 3 years | -8.54% | -14.08% | +5.54% |
Max Drawdown (5Y)Largest decline over 5 years | -10.91% | -25.94% | +15.03% |
Max Drawdown (10Y)Largest decline over 10 years | — | -47.40% | — |
Current DrawdownCurrent decline from peak | -2.16% | -6.76% | +4.60% |
Average DrawdownAverage peak-to-trough decline | -6.05% | -7.00% | +0.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.01% | 6.67% | -4.66% |
Volatility
CDAZX vs. BGX - Volatility Comparison
Multi-Manager Directional Alternative Strategies Fund (CDAZX) has a higher volatility of 2.77% compared to Blackstone Long-Short Credit Income Fund (BGX) at 1.88%. This indicates that CDAZX's price experiences larger fluctuations and is considered to be riskier than BGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CDAZX | BGX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.77% | 1.88% | +0.89% |
Volatility (6M)Calculated over the trailing 6-month period | 7.81% | 5.82% | +1.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.01% | 7.85% | +2.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.20% | 11.64% | -2.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.05% | 17.50% | -7.45% |
CDAZX vs. BGX - Expense Ratio Comparison
CDAZX has a 1.84% expense ratio, which is higher than BGX's 1.46% expense ratio.
Dividends
CDAZX vs. BGX - Dividend Comparison
CDAZX's dividend yield for the trailing twelve months is around 21.52%, more than BGX's 9.02% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BGX Blackstone Long-Short Credit Income Fund | 9.02% | 8.87% | 9.89% | 11.71% | 8.15% | 7.01% | 8.76% | 9.35% | 11.74% | 7.12% | 9.01% | 8.72% |
CDAZX Multi-Manager Directional Alternative Strategies Fund | 21.52% | 23.28% | 10.21% | 1.58% | 11.48% | 6.28% | 0.00% | 0.79% | 50.33% | 3.97% | 0.00% | 0.00% |
Frequently Asked Questions
CDAZX and BGX have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CDAZX has higher volatility (2.77%) compared to BGX (1.88%). In terms of maximum drawdown, CDAZX dropped -30.94% vs BGX's -47.40%.
CDAZX currently has the higher Sharpe Ratio (2.35 vs -0.68), 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.
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