EPASX vs. BADEX

Last updated Jun 23, 2026

EPASX (EP Emerging Markets Small Companies Fund) and BADEX (BlackRock Defensive Advantage Emerging Markets Fund) are both Emerging Markets Diversified funds. Over the past 5 years, EPASX returned -0.32%/yr vs 8.03%/yr for BADEX. A 0.80 correlation means they provide meaningful diversification when combined. EPASX charges 1.75%/yr vs 1.06%/yr for BADEX.

Performance

EPASX vs. BADEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in EP Emerging Markets Small Companies Fund (EPASX) and BlackRock Defensive Advantage Emerging Markets Fund (BADEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EPASX achieves a 3.67% return, which is significantly lower than BADEX's 21.04% return.

EPASX

• 1D: 0.66%
• 1M: -0.82%
• YTD: 3.67%
• 6M: 4.29%
• 1Y: 17.91%
• 3Y*: 8.58%
• 5Y*: -0.32%
• 10Y*: 5.55%

BADEX

• 1D: 1.56%
• 1M: 5.83%
• YTD: 21.04%
• 6M: 21.38%
• 1Y: 30.50%
• 3Y*: 15.84%
• 5Y*: 8.03%
• 10Y*: —

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

EPASX vs. BADEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
EPASX EP Emerging Markets Small Companies Fund	3.67%	25.43%	0.64%	7.15%	-28.73%	9.75%	2.37%
BADEX BlackRock Defensive Advantage Emerging Markets Fund	21.04%	13.95%	10.15%	11.67%	-11.34%	4.49%	2.32%

Correlation

The correlation between EPASX and BADEX is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (All Time) Calculated using the full available price history since Dec 24, 2020	0.80

The correlation between EPASX and BADEX has been stable across timeframes, ranging from 0.78 to 0.80 - a consistent structural relationship.

Return for Risk

EPASX vs. BADEX — Risk / Return Rank

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

EPASX

EPASX Risk / Return Rank: 21
EPASX Sharpe Ratio Rank: 21
EPASX Sortino Ratio Rank: 19
EPASX Omega Ratio Rank: 22
EPASX Calmar Ratio Rank: 23
EPASX Martin Ratio Rank: 21

BADEX

BADEX Risk / Return Rank: 81
BADEX Sharpe Ratio Rank: 86
BADEX Sortino Ratio Rank: 83
BADEX Omega Ratio Rank: 85
BADEX Calmar Ratio Rank: 79
BADEX Martin Ratio Rank: 73

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.

EPASX vs. BADEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for EP Emerging Markets Small Companies Fund (EPASX) and BlackRock Defensive Advantage Emerging Markets Fund (BADEX). 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.

	EPASX	BADEX	Difference
Sharpe ratio: Return per unit of total volatility	1.22	2.59	-1.37
Sortino ratio: Return per unit of downside risk	1.72	3.59	-1.88
Omega ratio: Gain probability vs. loss probability	1.23	1.54	-0.31
Calmar ratio: Return relative to maximum drawdown	1.65	3.38	-1.73
Martin ratio: Return relative to average drawdown	4.82	13.00	-8.18

EPASX vs. BADEX - Sharpe Ratio Comparison

The current EPASX Sharpe Ratio is 1.22, which is lower than the BADEX Sharpe Ratio of 2.59. The chart below compares the historical Sharpe Ratios of EPASX and BADEX, 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

EPASX vs. BADEX - Drawdown Comparison

The maximum EPASX drawdown since its inception was -41.54%, which is greater than BADEX's maximum drawdown of -21.86%. Use the drawdown chart below to compare losses from any high point for EPASX and BADEX.

Drawdown Indicators

	EPASX	BADEX	Difference
Max Drawdown Largest peak-to-trough decline	-41.54%	-21.86%	-19.68%
Max Drawdown (1Y) Largest decline over 1 year	-10.32%	-8.89%	-1.43%
Max Drawdown (3Y) Largest decline over 3 years	-17.18%	-10.29%	-6.89%
Max Drawdown (5Y) Largest decline over 5 years	-40.01%	-21.15%	-18.86%
Max Drawdown (10Y) Largest decline over 10 years	-41.54%	—	—
Current Drawdown Current decline from peak	-6.78%	0.00%	-6.78%
Average Drawdown Average peak-to-trough decline	-15.62%	-5.59%	-10.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.52%	2.31%	+1.21%

Volatility

EPASX vs. BADEX - Volatility Comparison

EP Emerging Markets Small Companies Fund (EPASX) and BlackRock Defensive Advantage Emerging Markets Fund (BADEX) have volatilities of 6.00% and 6.25%, 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

	EPASX	BADEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.00%	6.25%	-0.25%
Volatility (6M) Calculated over the trailing 6-month period	11.89%	10.47%	+1.42%
Volatility (1Y) Calculated over the trailing 1-year period	13.93%	11.61%	+2.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.78%	10.50%	+4.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.27%	10.60%	+4.67%

EPASX vs. BADEX - Expense Ratio Comparison

EPASX has a 1.75% expense ratio, which is higher than BADEX's 1.06% expense ratio.

Dividends

EPASX vs. BADEX - Dividend Comparison

EPASX's dividend yield for the trailing twelve months is around 1.88%, less than BADEX's 6.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BADEX BlackRock Defensive Advantage Emerging Markets Fund	6.21%	7.52%	2.27%	1.92%	2.43%	7.54%	0.03%	0.00%	0.00%	0.00%	0.00%	0.00%
EPASX EP Emerging Markets Small Companies Fund	1.88%	1.95%	2.00%	1.20%	0.50%	21.67%	0.54%	0.27%	11.18%	4.20%	1.50%	1.30%

Frequently Asked Questions

Can I hold both EPASX and BADEX in my portfolio?

EPASX and BADEX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EPASX or BADEX?

BADEX has higher volatility (6.25%) compared to EPASX (6.00%). In terms of maximum drawdown, EPASX dropped -41.54% vs BADEX's -21.86%.

Which has better risk-adjusted returns?

BADEX currently has the higher Sharpe Ratio (2.59 vs 1.22), 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.