EVNT vs. BFLX

Last updated Aug 2, 2026

EVNT (AltShares Event-Driven ETF) and BFLX (iShares Flexible Equity Active ETF) are both Long-Short funds. Both are actively managed. Their -0.09 correlation means they have often moved in opposite directions in the past. EVNT charges 1.30%/yr vs 0.40%/yr for BFLX.

Performance

EVNT vs. BFLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AltShares Event-Driven ETF (EVNT) and iShares Flexible Equity Active ETF (BFLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

EVNT

• 1D: 0.24%
• 1M: 0.45%
• 6M: 5.89%
• YTD: 6.02%
• 1Y: 11.18%
• 3Y*: 9.71%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.00%

BFLX

• 1D: 0.71%
• 1M: 0.99%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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)
BFLX iShares Flexible Equity Active ETF	$5.04M	$46.24M	$34.24M
EVNT AltShares Event-Driven ETF	$70.44K	$49.74K	$49.38K

EVNT vs. BFLX - Yearly Performance Comparison

	2026 (YTD)
EVNT AltShares Event-Driven ETF	3.42%
BFLX iShares Flexible Equity Active ETF	0.94%

Correlation

The correlation between EVNT and BFLX is -0.09, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 20, 2026	-0.09

EVNT vs. BFLX - Sectors Allocation Comparison

Sectors	EVNT	BFLX
Healthcare	25.8%	7.4%
Industrials	19.2%	14.8%
Financial Services	16.6%	13.7%
Communication Services	13.2%	6.7%
Consumer Cyclical	8.2%	13.6%
Utilities	5.6%	3.7%
Technology	5.5%	29.0%
Real Estate	5.1%	1.4%
Basic Materials	4.0%	3.4%
Consumer Defensive	2.1%	3.8%
Energy	0.8%	2.6%

Return for Risk

EVNT vs. BFLX — Risk / Return Rank

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

EVNT

EVNT Risk / Return Rank: 71
EVNT Sharpe Ratio Rank: 58
EVNT Sortino Ratio Rank: 62
EVNT Omega Ratio Rank: 70
EVNT Calmar Ratio Rank: 83
EVNT Martin Ratio Rank: 79

BFLX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

EVNT vs. BFLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AltShares Event-Driven ETF (EVNT) and iShares Flexible Equity Active ETF (BFLX). 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.

	EVNT	BFLX	Difference
Sharpe ratio: Return per unit of total volatility	1.38	—	—
Sortino ratio: Return per unit of downside risk	2.07	—	—
Omega ratio: Gain probability vs. loss probability	1.29	—	—
Calmar ratio: Return relative to maximum drawdown	3.11	—	—
Martin ratio: Return relative to average drawdown	10.21	—	—

Drawdowns

EVNT vs. BFLX - Drawdown Comparison

The maximum EVNT drawdown since its inception was -13.85%, which is greater than BFLX's maximum drawdown of -4.55%. Use the drawdown chart below to compare losses from any high point for EVNT and BFLX.

Drawdown Indicators

	EVNT	BFLX	Difference
Max Drawdown Largest peak-to-trough decline	-13.85%	-4.55%	-9.30%
Max Drawdown (1Y) Largest decline over 1 year	-3.35%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-5.15%	—	—
Current Drawdown Current decline from peak	-0.09%	-1.82%	+1.73%
Average Drawdown Average peak-to-trough decline	-3.68%	-1.66%	-2.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.02%	—	—

Volatility

Volatility by Period

	EVNT	BFLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.47%	—	—
Volatility (6M) Calculated over the trailing 6-month period	3.92%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	7.57%	14.68%	-7.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.16%	14.68%	-5.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.16%	14.68%	-5.52%

EVNT vs. BFLX - Expense Ratio Comparison

EVNT has a 1.30% expense ratio, which is higher than BFLX's 0.40% expense ratio.

Dividends

EVNT vs. BFLX - Dividend Comparison

EVNT's dividend yield for the trailing twelve months is around 4.51%, while BFLX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
BFLX iShares Flexible Equity Active ETF	0.00%	0.00%	0.00%	0.00%	0.00%
EVNT AltShares Event-Driven ETF	4.51%	4.78%	0.66%	0.59%	2.61%

Frequently Asked Questions

Can I hold both EVNT and BFLX in my portfolio?

EVNT and BFLX have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EVNT or BFLX?

On fees, BFLX is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EVNT or BFLX?

BFLX is cheaper with a 0.40% expense ratio, compared with 1.30% for EVNT.

Which ETF pays a higher dividend yield, EVNT or BFLX?

EVNT has the higher dividend yield at 4.51%, compared with 0.00% for BFLX.

What is the main difference between EVNT and BFLX?

They also come from different issuers: Water Island and iShares. Their fees differ too: 1.30% for EVNT and 0.40% for BFLX.