GABUX vs. BDMAX

Last updated Jun 24, 2026

GABUX (Gabelli Utilities Fund) and BDMAX (BlackRock Global Equity Market Neutral Fund) are both mutual funds - GABUX is a Utilities Equities fund managed by Gabelli, while BDMAX is a Equity Market Neutral fund actively managed by BlackRock. Over the past 10 years, GABUX returned 6.29%/yr vs 8.42%/yr for BDMAX. At a 0.01 correlation, their price movements are largely independent. GABUX charges 1.39%/yr vs 1.60%/yr for BDMAX.

Performance

GABUX vs. BDMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Gabelli Utilities Fund (GABUX) and BlackRock Global Equity Market Neutral Fund (BDMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GABUX achieves a 7.75% return, which is significantly lower than BDMAX's 12.84% return. Over the past 10 years, GABUX has underperformed BDMAX with an annualized return of 6.29%, while BDMAX has yielded a comparatively higher 8.42% annualized return.

GABUX

• 1D: 0.41%
• 1M: -1.82%
• YTD: 7.75%
• 6M: 7.62%
• 1Y: 15.83%
• 3Y*: 12.40%
• 5Y*: 6.77%
• 10Y*: 6.29%

BDMAX

• 1D: 0.06%
• 1M: 3.41%
• YTD: 12.84%
• 6M: 12.37%
• 1Y: 23.18%
• 3Y*: 20.79%
• 5Y*: 12.85%
• 10Y*: 8.42%

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

GABUX vs. BDMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GABUX Gabelli Utilities Fund	7.75%	16.86%	14.38%	-6.59%	-5.40%	17.44%	-3.45%	18.37%	-2.83%	8.24%
BDMAX BlackRock Global Equity Market Neutral Fund	12.84%	18.08%	21.12%	14.27%	1.57%	3.11%	-0.05%	-1.02%	1.86%	12.57%

Correlation

The correlation between GABUX and BDMAX is -0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.06
Correlation (3Y) Calculated over the trailing 3-year period	-0.09
Correlation (5Y) Calculated over the trailing 5-year period	-0.05
Correlation (10Y) Calculated over the trailing 10-year period	-0.03
Correlation (All Time) Calculated using the full available price history since Jan 2, 2013	0.01

The correlation between GABUX and BDMAX shifts across timeframes, from -0.09 (3 years) to 0.01 (all time), reflecting how their relationship changes across market environments.

Return for Risk

GABUX vs. BDMAX — Risk / Return Rank

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

GABUX

GABUX Risk / Return Rank: 35
GABUX Sharpe Ratio Rank: 35
GABUX Sortino Ratio Rank: 32
GABUX Omega Ratio Rank: 32
GABUX Calmar Ratio Rank: 42
GABUX Martin Ratio Rank: 33

BDMAX

BDMAX Risk / Return Rank: 96
BDMAX Sharpe Ratio Rank: 97
BDMAX Sortino Ratio Rank: 96
BDMAX Omega Ratio Rank: 91
BDMAX Calmar Ratio Rank: 98
BDMAX Martin Ratio Rank: 95

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.

GABUX vs. BDMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gabelli Utilities Fund (GABUX) 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.

	GABUX	BDMAX	Difference
Sharpe ratio: Return per unit of total volatility	1.57	3.39	-1.81
Sortino ratio: Return per unit of downside risk	2.18	4.96	-2.78
Omega ratio: Gain probability vs. loss probability	1.28	1.64	-0.37
Calmar ratio: Return relative to maximum drawdown	2.36	7.35	-4.99
Martin ratio: Return relative to average drawdown	6.99	20.98	-13.99

GABUX vs. BDMAX - Sharpe Ratio Comparison

The current GABUX Sharpe Ratio is 1.57, which is lower than the BDMAX Sharpe Ratio of 3.39. The chart below compares the historical Sharpe Ratios of GABUX and BDMAX, 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

GABUX vs. BDMAX - Drawdown Comparison

The maximum GABUX drawdown since its inception was -48.88%, which is greater than BDMAX's maximum drawdown of -12.37%. Use the drawdown chart below to compare losses from any high point for GABUX and BDMAX.

Drawdown Indicators

	GABUX	BDMAX	Difference
Max Drawdown Largest peak-to-trough decline	-48.88%	-12.37%	-36.51%
Max Drawdown (1Y) Largest decline over 1 year	-7.14%	-3.25%	-3.89%
Max Drawdown (3Y) Largest decline over 3 years	-16.51%	-4.15%	-12.36%
Max Drawdown (5Y) Largest decline over 5 years	-23.98%	-6.33%	-17.65%
Max Drawdown (10Y) Largest decline over 10 years	-33.64%	-9.71%	-23.93%
Current Drawdown Current decline from peak	-5.19%	-0.25%	-4.94%
Average Drawdown Average peak-to-trough decline	-12.13%	-2.81%	-9.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.40%	1.14%	+1.26%

Volatility

GABUX vs. BDMAX - Volatility Comparison

Gabelli Utilities Fund (GABUX) has a higher volatility of 3.53% compared to BlackRock Global Equity Market Neutral Fund (BDMAX) at 2.71%. This indicates that GABUX'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.

Volatility by Period

	GABUX	BDMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.53%	2.71%	+0.82%
Volatility (6M) Calculated over the trailing 6-month period	8.40%	4.75%	+3.65%
Volatility (1Y) Calculated over the trailing 1-year period	10.71%	7.07%	+3.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.65%	6.57%	+8.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.28%	5.85%	+10.43%

GABUX vs. BDMAX - Expense Ratio Comparison

GABUX has a 1.39% expense ratio, which is lower than BDMAX's 1.60% expense ratio.

Dividends

GABUX vs. BDMAX - Dividend Comparison

GABUX's dividend yield for the trailing twelve months is around 18.20%, more than BDMAX's 7.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BDMAX BlackRock Global Equity Market Neutral Fund	7.92%	8.94%	13.39%	7.14%	0.00%	1.25%	0.04%	6.60%	0.85%	0.00%	0.00%	1.56%
GABUX Gabelli Utilities Fund	18.20%	18.27%	22.50%	16.89%	13.44%	11.03%	11.58%	9.31%	9.50%	8.45%	9.49%	9.66%

Frequently Asked Questions

Can I hold both GABUX and BDMAX in my portfolio?

GABUX and BDMAX have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GABUX or BDMAX?

GABUX has higher volatility (3.53%) compared to BDMAX (2.71%). In terms of maximum drawdown, GABUX dropped -48.88% vs BDMAX's -12.37%.

Which has better risk-adjusted returns?

BDMAX currently has the higher Sharpe Ratio (3.39 vs 1.57), 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.