FDUAX vs. BATEX

Last updated Jun 23, 2026

FDUAX (First Eagle Short Duration High Yield Municipal Fund Class A) and BATEX (BlackRock Allocation Target Shares Series E Portfolio) are both High Yield Muni funds. Over the past year, FDUAX returned 2.29% vs 7.94% for BATEX. A 0.68 correlation means they provide meaningful diversification when combined. FDUAX charges 0.87%/yr vs 0.11%/yr for BATEX.

Performance

FDUAX vs. BATEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Eagle Short Duration High Yield Municipal Fund Class A (FDUAX) and BlackRock Allocation Target Shares Series E Portfolio (BATEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FDUAX achieves a 2.04% return, which is significantly lower than BATEX's 3.14% return.

FDUAX

• 1D: 0.00%
• 1M: 1.37%
• YTD: 2.04%
• 6M: 2.59%
• 1Y: 2.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BATEX

• 1D: 0.10%
• 1M: 2.44%
• YTD: 3.14%
• 6M: 3.68%
• 1Y: 7.94%
• 3Y*: 4.86%
• 5Y*: 0.73%
• 10Y*: 3.02%

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

FDUAX vs. BATEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FDUAX First Eagle Short Duration High Yield Municipal Fund Class A	2.04%	1.20%	6.66%
BATEX BlackRock Allocation Target Shares Series E Portfolio	3.14%	3.22%	5.47%

Correlation

The correlation between FDUAX and BATEX is 0.60, 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	0.60
Correlation (All Time) Calculated using the full available price history since Jan 17, 2024	0.68

The correlation between FDUAX and BATEX has been stable across timeframes, ranging from 0.60 to 0.68 - a consistent structural relationship.

Return for Risk

FDUAX vs. BATEX — Risk / Return Rank

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

FDUAX

FDUAX Risk / Return Rank: 9
FDUAX Sharpe Ratio Rank: 9
FDUAX Sortino Ratio Rank: 8
FDUAX Omega Ratio Rank: 14
FDUAX Calmar Ratio Rank: 7
FDUAX Martin Ratio Rank: 8

BATEX

BATEX Risk / Return Rank: 59
BATEX Sharpe Ratio Rank: 57
BATEX Sortino Ratio Rank: 73
BATEX Omega Ratio Rank: 80
BATEX Calmar Ratio Rank: 48
BATEX Martin Ratio Rank: 36

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.

FDUAX vs. BATEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Eagle Short Duration High Yield Municipal Fund Class A (FDUAX) and BlackRock Allocation Target Shares Series E Portfolio (BATEX). 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.

	FDUAX	BATEX	Difference
Sharpe ratio: Return per unit of total volatility	0.72	2.05	-1.33
Sortino ratio: Return per unit of downside risk	1.00	3.25	-2.25
Omega ratio: Gain probability vs. loss probability	1.18	1.48	-0.29
Calmar ratio: Return relative to maximum drawdown	0.67	2.54	-1.87
Martin ratio: Return relative to average drawdown	2.09	7.59	-5.50

FDUAX vs. BATEX - Sharpe Ratio Comparison

The current FDUAX Sharpe Ratio is 0.72, which is lower than the BATEX Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of FDUAX and BATEX, 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

FDUAX vs. BATEX - Drawdown Comparison

The maximum FDUAX drawdown since its inception was -3.96%, smaller than the maximum BATEX drawdown of -19.90%. Use the drawdown chart below to compare losses from any high point for FDUAX and BATEX.

Drawdown Indicators

	FDUAX	BATEX	Difference
Max Drawdown Largest peak-to-trough decline	-3.96%	-19.90%	+15.94%
Max Drawdown (1Y) Largest decline over 1 year	-3.43%	-3.14%	-0.29%
Max Drawdown (3Y) Largest decline over 3 years	—	-8.30%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-19.90%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-19.90%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.71%	-4.01%	+3.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.10%	1.05%	+0.05%

Volatility

FDUAX vs. BATEX - Volatility Comparison

The current volatility for First Eagle Short Duration High Yield Municipal Fund Class A (FDUAX) is 0.64%, while BlackRock Allocation Target Shares Series E Portfolio (BATEX) has a volatility of 1.01%. This indicates that FDUAX experiences smaller price fluctuations and is considered to be less risky than BATEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FDUAX	BATEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.64%	1.01%	-0.37%
Volatility (6M) Calculated over the trailing 6-month period	1.80%	2.75%	-0.95%
Volatility (1Y) Calculated over the trailing 1-year period	3.18%	3.89%	-0.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.24%	5.78%	-2.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.24%	5.89%	-2.65%

FDUAX vs. BATEX - Expense Ratio Comparison

FDUAX has a 0.87% expense ratio, which is higher than BATEX's 0.11% expense ratio.

Dividends

FDUAX vs. BATEX - Dividend Comparison

FDUAX's dividend yield for the trailing twelve months is around 5.17%, more than BATEX's 5.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BATEX BlackRock Allocation Target Shares Series E Portfolio	5.05%	5.01%	3.74%	2.98%	5.41%	3.29%	3.50%	3.80%	4.75%	2.88%	0.98%	0.13%
FDUAX First Eagle Short Duration High Yield Municipal Fund Class A	5.17%	4.83%	3.84%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FDUAX and BATEX in my portfolio?

FDUAX and BATEX have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FDUAX or BATEX?

BATEX has higher volatility (1.01%) compared to FDUAX (0.64%). In terms of maximum drawdown, FDUAX dropped -3.96% vs BATEX's -19.90%.

Which has better risk-adjusted returns?

BATEX currently has the higher Sharpe Ratio (2.05 vs 0.72), 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.