GRHAX vs. BCX

Last updated Jun 14, 2026

GRHAX (Goehring & Rozencwajg Resources Fund Retail Class) and BCX (Blackrock Resources & Commodities Strategy Trust) are both Natural Resources funds. Over the past 5 years, GRHAX returned 19.11%/yr vs 10.41%/yr for BCX. A 0.71 correlation means they provide meaningful diversification when combined. GRHAX charges 1.28%/yr vs 1.10%/yr for BCX.

Performance

GRHAX vs. BCX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goehring & Rozencwajg Resources Fund Retail Class (GRHAX) and Blackrock Resources & Commodities Strategy Trust (BCX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with GRHAX having a 10.39% return and BCX slightly higher at 10.81%.

GRHAX

• 1D: 0.80%
• 1M: -9.30%
• YTD: 10.39%
• 6M: 12.96%
• 1Y: 45.89%
• 3Y*: 26.76%
• 5Y*: 19.11%
• 10Y*: —

BCX

• 1D: 0.17%
• 1M: -3.11%
• YTD: 10.81%
• 6M: 13.49%
• 1Y: 34.23%
• 3Y*: 17.39%
• 5Y*: 10.41%
• 10Y*: 12.22%

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

GRHAX vs. BCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GRHAX Goehring & Rozencwajg Resources Fund Retail Class	10.39%	61.00%	-1.71%	16.19%	16.43%	61.61%	-3.02%	-0.29%	-30.26%	-1.36%
BCX Blackrock Resources & Commodities Strategy Trust	10.81%	40.37%	3.18%	-4.79%	12.80%	32.90%	0.04%	23.80%	-22.55%	26.76%

Correlation

The correlation between GRHAX and BCX is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.71

The correlation between GRHAX and BCX has been stable across timeframes, ranging from 0.64 to 0.72 - a consistent structural relationship.

Return for Risk

GRHAX vs. BCX — Risk / Return Rank

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

GRHAX

GRHAX Risk / Return Rank: 63
GRHAX Sharpe Ratio Rank: 64
GRHAX Sortino Ratio Rank: 50
GRHAX Omega Ratio Rank: 49
GRHAX Calmar Ratio Rank: 87
GRHAX Martin Ratio Rank: 65

BCX

BCX Risk / Return Rank: 53
BCX Sharpe Ratio Rank: 67
BCX Sortino Ratio Rank: 57
BCX Omega Ratio Rank: 61
BCX Calmar Ratio Rank: 49
BCX Martin Ratio Rank: 34

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.

GRHAX vs. BCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goehring & Rozencwajg Resources Fund Retail Class (GRHAX) and Blackrock Resources & Commodities Strategy Trust (BCX). 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.

	GRHAX	BCX	Difference
Sharpe ratio: Return per unit of total volatility	1.93	1.91	+0.02
Sortino ratio: Return per unit of downside risk	2.42	2.47	-0.05
Omega ratio: Gain probability vs. loss probability	1.31	1.34	-0.03
Calmar ratio: Return relative to maximum drawdown	3.66	2.21	+1.45
Martin ratio: Return relative to average drawdown	10.43	6.22	+4.21

GRHAX vs. BCX - Sharpe Ratio Comparison

The current GRHAX Sharpe Ratio is 1.93, which is comparable to the BCX Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of GRHAX and BCX, 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

GRHAX vs. BCX - Drawdown Comparison

The maximum GRHAX drawdown since its inception was -71.03%, which is greater than BCX's maximum drawdown of -62.36%. Use the drawdown chart below to compare losses from any high point for GRHAX and BCX.

Drawdown Indicators

	GRHAX	BCX	Difference
Max Drawdown Largest peak-to-trough decline	-71.03%	-62.36%	-8.67%
Max Drawdown (1Y) Largest decline over 1 year	-13.37%	-16.17%	+2.80%
Max Drawdown (3Y) Largest decline over 3 years	-25.49%	-16.17%	-9.32%
Max Drawdown (5Y) Largest decline over 5 years	-31.48%	-29.22%	-2.26%
Max Drawdown (10Y) Largest decline over 10 years	—	-59.23%	—
Current Drawdown Current decline from peak	-12.67%	-11.79%	-0.88%
Average Drawdown Average peak-to-trough decline	-18.52%	-19.62%	+1.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.67%	5.72%	-1.05%

Volatility

GRHAX vs. BCX - Volatility Comparison

Goehring & Rozencwajg Resources Fund Retail Class (GRHAX) has a higher volatility of 7.91% compared to Blackrock Resources & Commodities Strategy Trust (BCX) at 6.05%. This indicates that GRHAX's price experiences larger fluctuations and is considered to be riskier than BCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GRHAX	BCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.91%	6.05%	+1.86%
Volatility (6M) Calculated over the trailing 6-month period	19.24%	16.41%	+2.83%
Volatility (1Y) Calculated over the trailing 1-year period	25.34%	18.69%	+6.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.23%	21.49%	+7.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.54%	23.53%	+6.01%

GRHAX vs. BCX - Expense Ratio Comparison

GRHAX has a 1.28% expense ratio, which is higher than BCX's 1.10% expense ratio.

Dividends

GRHAX vs. BCX - Dividend Comparison

GRHAX's dividend yield for the trailing twelve months is around 2.97%, less than BCX's 7.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BCX Blackrock Resources & Commodities Strategy Trust	6.48%	7.62%	7.49%	7.00%	5.52%	5.13%	7.10%	7.67%	8.77%	6.19%	6.98%	11.38%
GRHAX Goehring & Rozencwajg Resources Fund Retail Class	2.97%	3.28%	3.87%	3.03%	1.41%	3.08%	1.76%	0.43%	0.88%	0.52%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GRHAX and BCX in my portfolio?

GRHAX and BCX have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GRHAX or BCX?

GRHAX has higher volatility (7.91%) compared to BCX (6.05%). In terms of maximum drawdown, GRHAX dropped -71.03% vs BCX's -62.36%.

Which has better risk-adjusted returns?

GRHAX currently has the higher Sharpe Ratio (1.93 vs 1.91), 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.