ECAT vs. FFANX

Last updated Jun 23, 2026

ECAT (BlackRock ESG Capital Allocation Term Trust) and FFANX (Fidelity Asset Manager 40% Fund) are both mutual funds - ECAT is a Tactical Allocation fund managed by BlackRock, while FFANX is a Diversified Portfolio fund managed by BlackRock. Over the past 3 years, ECAT returned 19.58%/yr vs 10.99%/yr for FFANX. A 0.71 correlation means they provide meaningful diversification when combined. ECAT charges 1.43%/yr vs 0.52%/yr for FFANX.

Performance

ECAT vs. FFANX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock ESG Capital Allocation Term Trust (ECAT) and Fidelity Asset Manager 40% Fund (FFANX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ECAT achieves a 12.06% return, which is significantly higher than FFANX's 7.59% return.

ECAT

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

FFANX

• 1D: 0.80%
• 1M: 1.55%
• YTD: 7.59%
• 6M: 7.67%
• 1Y: 17.09%
• 3Y*: 10.99%
• 5Y*: 5.51%
• 10Y*: 6.90%

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

ECAT vs. FFANX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ECAT BlackRock ESG Capital Allocation Term Trust	12.06%	16.64%	19.96%	32.36%	-21.90%	-6.25%
FFANX Fidelity Asset Manager 40% Fund	7.59%	13.16%	7.40%	11.52%	-13.62%	1.31%

Correlation

The correlation between ECAT and FFANX is 0.70, 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	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (All Time) Calculated using the full available price history since Sep 28, 2021	0.71

The correlation between ECAT and FFANX has been stable across timeframes, ranging from 0.67 to 0.71 - a consistent structural relationship.

Return for Risk

ECAT vs. FFANX — Risk / Return Rank

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

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

FFANX

FFANX Risk / Return Rank: 79
FFANX Sharpe Ratio Rank: 79
FFANX Sortino Ratio Rank: 79
FFANX Omega Ratio Rank: 79
FFANX Calmar Ratio Rank: 76
FFANX Martin Ratio Rank: 80

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.

ECAT vs. FFANX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock ESG Capital Allocation Term Trust (ECAT) and Fidelity Asset Manager 40% Fund (FFANX). 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.

	ECAT	FFANX	Difference
Sharpe ratio: Return per unit of total volatility	1.62	2.40	-0.78
Sortino ratio: Return per unit of downside risk	2.30	3.44	-1.14
Omega ratio: Gain probability vs. loss probability	1.29	1.47	-0.18
Calmar ratio: Return relative to maximum drawdown	1.90	3.27	-1.37
Martin ratio: Return relative to average drawdown	7.04	13.93	-6.89

ECAT vs. FFANX - Sharpe Ratio Comparison

The current ECAT Sharpe Ratio is 1.62, which is lower than the FFANX Sharpe Ratio of 2.40. The chart below compares the historical Sharpe Ratios of ECAT and FFANX, 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

ECAT vs. FFANX - Drawdown Comparison

The maximum ECAT drawdown since its inception was -32.23%, roughly equal to the maximum FFANX drawdown of -31.69%. Use the drawdown chart below to compare losses from any high point for ECAT and FFANX.

Drawdown Indicators

	ECAT	FFANX	Difference
Max Drawdown Largest peak-to-trough decline	-32.23%	-31.69%	-0.54%
Max Drawdown (1Y) Largest decline over 1 year	-11.80%	-5.20%	-6.60%
Max Drawdown (3Y) Largest decline over 3 years	-15.79%	-7.55%	-8.24%
Max Drawdown (5Y) Largest decline over 5 years	—	-18.52%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-18.52%	—
Current Drawdown Current decline from peak	-0.46%	0.00%	-0.46%
Average Drawdown Average peak-to-trough decline	-9.04%	-3.79%	-5.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.17%	1.22%	+1.95%

Volatility

ECAT vs. FFANX - Volatility Comparison

BlackRock ESG Capital Allocation Term Trust (ECAT) has a higher volatility of 4.36% compared to Fidelity Asset Manager 40% Fund (FFANX) at 3.02%. This indicates that ECAT's price experiences larger fluctuations and is considered to be riskier than FFANX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ECAT	FFANX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.36%	3.02%	+1.34%
Volatility (6M) Calculated over the trailing 6-month period	10.99%	6.03%	+4.96%
Volatility (1Y) Calculated over the trailing 1-year period	13.79%	7.07%	+6.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.89%	7.94%	+8.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.89%	7.74%	+9.15%

ECAT vs. FFANX - Expense Ratio Comparison

ECAT has a 1.43% expense ratio, which is higher than FFANX's 0.52% expense ratio.

Dividends

ECAT vs. FFANX - Dividend Comparison

ECAT's dividend yield for the trailing twelve months is around 21.78%, more than FFANX's 3.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ECAT BlackRock ESG Capital Allocation Term Trust	21.78%	23.00%	17.44%	9.14%	8.94%	0.54%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FFANX Fidelity Asset Manager 40% Fund	3.65%	3.97%	2.81%	2.49%	5.75%	2.35%	2.36%	3.67%	4.56%	2.56%	1.43%	3.18%

Frequently Asked Questions

Can I hold both ECAT and FFANX in my portfolio?

ECAT and FFANX have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ECAT or FFANX?

ECAT has higher volatility (4.36%) compared to FFANX (3.02%). In terms of maximum drawdown, ECAT dropped -32.23% vs FFANX's -31.69%.

Which has better risk-adjusted returns?

FFANX currently has the higher Sharpe Ratio (2.40 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.