IMCVX vs. BDJ

Last updated Jul 11, 2026

IMCVX (Voya Multi-Manager Mid Cap Value Fund) and BDJ (BlackRock Enhanced Equity Dividend Fund) are both mutual funds - IMCVX is a Mid Cap Value Equities fund managed by BlackRock, while BDJ is a Derivative Income fund managed by BlackRock. Over the past 10 years, IMCVX returned 9.67%/yr vs 10.49%/yr for BDJ. A 0.71 correlation means they provide meaningful diversification when combined. IMCVX charges 0.78%/yr vs 0.86%/yr for BDJ.

Performance

IMCVX vs. BDJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Voya Multi-Manager Mid Cap Value Fund (IMCVX) and BlackRock Enhanced Equity Dividend Fund (BDJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IMCVX achieves a 12.86% return, which is significantly higher than BDJ's 6.19% return. Over the past 10 years, IMCVX has underperformed BDJ with an annualized return of 9.67%, while BDJ has yielded a comparatively higher 10.49% annualized return.

IMCVX

• 1D: 0.49%
• 1M: 0.20%
• 6M: 8.76%
• YTD: 12.86%
• 1Y: 13.63%
• 3Y*: 11.19%
• 5Y*: 6.18%
• 10Y*: 9.67%

BDJ

• 1D: 0.10%
• 1M: 4.00%
• 6M: 4.97%
• YTD: 6.19%
• 1Y: 19.30%
• 3Y*: 14.93%
• 5Y*: 8.93%
• 10Y*: 10.49%

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

IMCVX vs. BDJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IMCVX Voya Multi-Manager Mid Cap Value Fund	12.86%	4.09%	10.72%	9.44%	-11.52%	29.40%	2.62%	40.50%	-15.20%	15.06%
BDJ BlackRock Enhanced Equity Dividend Fund	6.19%	26.12%	16.87%	-6.67%	0.83%	26.56%	-7.58%	37.43%	-10.42%	20.78%

Correlation

The correlation between IMCVX and BDJ is 0.52, 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	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (10Y) Calculated over the trailing 10-year period	0.69
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011	0.71

The correlation between IMCVX and BDJ shifts across timeframes, from 0.52 (1 year) to 0.71 (all time), reflecting how their relationship changes across market environments.

Return for Risk

IMCVX vs. BDJ — Risk / Return Rank

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

IMCVX

IMCVX Risk / Return Rank: 39
IMCVX Sharpe Ratio Rank: 35
IMCVX Sortino Ratio Rank: 39
IMCVX Omega Ratio Rank: 32
IMCVX Calmar Ratio Rank: 46
IMCVX Martin Ratio Rank: 41

BDJ

BDJ Risk / Return Rank: 39
BDJ Sharpe Ratio Rank: 46
BDJ Sortino Ratio Rank: 46
BDJ Omega Ratio Rank: 43
BDJ Calmar Ratio Rank: 28
BDJ Martin Ratio Rank: 31

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.

IMCVX vs. BDJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Voya Multi-Manager Mid Cap Value Fund (IMCVX) and BlackRock Enhanced Equity Dividend Fund (BDJ). 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.

	IMCVX	BDJ	Difference
Sharpe ratio: Return per unit of total volatility	1.30	1.52	-0.23
Sortino ratio: Return per unit of downside risk	2.01	2.18	-0.17
Omega ratio: Gain probability vs. loss probability	1.23	1.27	-0.04
Calmar ratio: Return relative to maximum drawdown	2.08	1.51	+0.57
Martin ratio: Return relative to average drawdown	6.93	5.53	+1.40

IMCVX vs. BDJ - Sharpe Ratio Comparison

The current IMCVX Sharpe Ratio is 1.30, which is comparable to the BDJ Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of IMCVX and BDJ, 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

IMCVX vs. BDJ - Drawdown Comparison

The maximum IMCVX drawdown since its inception was -44.22%, smaller than the maximum BDJ drawdown of -59.46%. Use the drawdown chart below to compare losses from any high point for IMCVX and BDJ.

Drawdown Indicators

	IMCVX	BDJ	Difference
Max Drawdown Largest peak-to-trough decline	-44.22%	-59.46%	+15.24%
Max Drawdown (1Y) Largest decline over 1 year	-7.47%	-12.28%	+4.81%
Max Drawdown (3Y) Largest decline over 3 years	-19.34%	-15.70%	-3.64%
Max Drawdown (5Y) Largest decline over 5 years	-22.03%	-21.39%	-0.64%
Max Drawdown (10Y) Largest decline over 10 years	-44.22%	-48.14%	+3.92%
Current Drawdown Current decline from peak	-0.78%	-0.31%	-0.47%
Average Drawdown Average peak-to-trough decline	-5.43%	-8.92%	+3.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.15%	3.36%	-1.21%

Volatility

IMCVX vs. BDJ - Volatility Comparison

Voya Multi-Manager Mid Cap Value Fund (IMCVX) and BlackRock Enhanced Equity Dividend Fund (BDJ) have volatilities of 3.36% and 3.43%, 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

	IMCVX	BDJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.36%	3.43%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	8.34%	9.40%	-1.06%
Volatility (1Y) Calculated over the trailing 1-year period	11.99%	12.19%	-0.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.33%	16.07%	+1.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.99%	18.38%	+1.61%

IMCVX vs. BDJ - Expense Ratio Comparison

IMCVX has a 0.78% expense ratio, which is lower than BDJ's 0.86% expense ratio.

Dividends

IMCVX vs. BDJ - Dividend Comparison

IMCVX's dividend yield for the trailing twelve months is around 8.16%, less than BDJ's 8.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BDJ BlackRock Enhanced Equity Dividend Fund	8.85%	9.03%	8.21%	9.49%	12.18%	5.95%	7.08%	6.66%	7.21%	6.07%	6.88%	7.36%
IMCVX Voya Multi-Manager Mid Cap Value Fund	8.16%	9.21%	11.72%	0.98%	8.69%	15.71%	4.38%	19.23%	20.04%	7.09%	3.00%	21.05%

Frequently Asked Questions

Can I hold both IMCVX and BDJ in my portfolio?

IMCVX and BDJ have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IMCVX or BDJ?

BDJ has higher volatility (3.43%) compared to IMCVX (3.36%). In terms of maximum drawdown, IMCVX dropped -44.22% vs BDJ's -59.46%.

Which has better risk-adjusted returns?

BDJ currently has the higher Sharpe Ratio (1.52 vs 1.30), 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.