EMXC vs. BDMAX
EMXC (iShares MSCI Emerging Markets ex China ETF) and BDMAX (BlackRock Global Equity Market Neutral Fund) are both funds - EMXC is a Emerging Markets Equities fund tracking the MSCI Emerging Markets ex China Index, while BDMAX is a Equity Market Neutral fund actively managed by BlackRock. EMXC is passively managed, while BDMAX is actively managed. Over the past 5 years, EMXC returned 12.14%/yr vs 12.45%/yr for BDMAX. At a 0.05 correlation, their price movements are largely independent. EMXC charges 0.49%/yr vs 1.60%/yr for BDMAX.
Performance
EMXC vs. BDMAX - Performance Comparison
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Returns By Period
In the year-to-date period, EMXC achieves a 37.25% return, which is significantly higher than BDMAX's 11.51% return.
EMXC
- 1D
- 0.55%
- 1M
- 6.57%
- YTD
- 37.25%
- 6M
- 42.23%
- 1Y
- 67.80%
- 3Y*
- 26.47%
- 5Y*
- 12.14%
- 10Y*
- —
BDMAX
- 1D
- 0.95%
- 1M
- 2.32%
- YTD
- 11.51%
- 6M
- 13.10%
- 1Y
- 21.47%
- 3Y*
- 21.11%
- 5Y*
- 12.45%
- 10Y*
- 8.14%
EMXC vs. BDMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EMXC iShares MSCI Emerging Markets ex China ETF | 37.25% | 35.14% | 2.68% | 18.96% | -19.56% | 8.54% | 12.76% | 15.80% | -12.96% | 7.16% |
BDMAX BlackRock Global Equity Market Neutral Fund | 11.51% | 18.08% | 21.12% | 14.27% | 1.57% | 3.11% | -0.05% | -1.02% | 1.86% | 5.17% |
Correlation
The correlation between EMXC and BDMAX is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2017 | 0.05 |
Over the past year, EMXC and BDMAX have become more correlated (0.25) than their long-term average of 0.05, meaning their price movements have been converging.
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Return for Risk
EMXC vs. BDMAX — Risk / Return Rank
EMXC
BDMAX
EMXC vs. BDMAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Emerging Markets ex China ETF (EMXC) and BlackRock Global Equity Market Neutral Fund (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.
| EMXC | BDMAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.29 | ||
| Sortino ratioReturn per unit of downside risk | -1.11 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.57 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 4.55 | 6.58 | -2.03 |
| Martin ratioReturn relative to average drawdown | 17.51 | 18.08 | -0.56 |
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Drawdowns
EMXC vs. BDMAX - Drawdown Comparison
The maximum EMXC drawdown since its inception was -42.81%, which is greater than BDMAX's maximum drawdown of -12.37%. Use the drawdown chart below to compare losses from any high point for EMXC and BDMAX.
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Drawdown Indicators
| EMXC | BDMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.81% | -12.37% | -30.44% |
Max Drawdown (1Y)Largest decline over 1 year | -14.41% | -3.25% | -11.16% |
Max Drawdown (3Y)Largest decline over 3 years | -19.12% | -4.15% | -14.97% |
Max Drawdown (5Y)Largest decline over 5 years | -28.91% | -6.33% | -22.58% |
Max Drawdown (10Y)Largest decline over 10 years | — | -9.71% | — |
Current DrawdownCurrent decline from peak | -4.12% | -1.37% | -2.75% |
Average DrawdownAverage peak-to-trough decline | -10.17% | -2.82% | -7.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.74% | 1.18% | +2.56% |
Volatility
EMXC vs. BDMAX - Volatility Comparison
iShares MSCI Emerging Markets ex China ETF (EMXC) has a higher volatility of 12.83% compared to BlackRock Global Equity Market Neutral Fund (BDMAX) at 2.64%. This indicates that EMXC'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.
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Volatility by Period
| EMXC | BDMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.83% | 2.64% | +10.19% |
Volatility (6M)Calculated over the trailing 6-month period | 21.90% | 4.71% | +17.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.90% | 7.05% | +16.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.00% | 6.58% | +11.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.07% | 5.84% | +14.23% |
EMXC vs. BDMAX - Expense Ratio Comparison
EMXC has a 0.49% expense ratio, which is lower than BDMAX's 1.60% expense ratio.
Dividends
EMXC vs. BDMAX - Dividend Comparison
EMXC's dividend yield for the trailing twelve months is around 2.05%, less than BDMAX's 8.02% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BDMAX BlackRock Global Equity Market Neutral Fund | 8.02% | 8.94% | 13.39% | 7.14% | 0.00% | 1.25% | 0.04% | 6.60% | 0.85% | 0.00% | 0.00% | 1.56% |
EMXC iShares MSCI Emerging Markets ex China ETF | 2.05% | 2.82% | 2.69% | 1.83% | 2.85% | 1.78% | 1.45% | 3.25% | 2.63% | 0.99% | 0.00% | 0.00% |
Frequently Asked Questions
EMXC and BDMAX 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.
EMXC has higher volatility (12.83%) compared to BDMAX (2.64%). In terms of maximum drawdown, EMXC dropped -42.81% vs BDMAX's -12.37%.
BDMAX currently has the higher Sharpe Ratio (3.04 vs 2.74), 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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