MADVX vs. ADVGX

Last updated Aug 5, 2026

MADVX (BlackRock Equity Dividend Fund Institutional Shares) and ADVGX (North Square Advisory Research Small Cap Value Fund) are both Large Cap Value Equities funds. Over the past 10 years, MADVX returned 11.92%/yr vs 12.61%/yr for ADVGX. Their correlation of 0.88 means they have usually moved in the same direction. MADVX charges 0.71%/yr vs 0.95%/yr for ADVGX.

Performance

MADVX vs. ADVGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Equity Dividend Fund Institutional Shares (MADVX) and North Square Advisory Research Small Cap Value Fund (ADVGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MADVX achieves a 17.98% return, which is significantly lower than ADVGX's 26.10% return. Over the past 10 years, MADVX has underperformed ADVGX with an annualized return of 11.92%, while ADVGX has yielded a comparatively higher 12.61% annualized return.

MADVX

• 1D: 1.38%
• 1M: 3.05%
• 6M: 12.88%
• YTD: 17.98%
• 1Y: 29.84%
• 3Y*: 17.18%
• 5Y*: 11.66%
• 10Y*: 11.92%
• ALL TIME*: 10.19%

ADVGX

• 1D: 2.77%
• 1M: 2.52%
• 6M: 18.90%
• YTD: 26.10%
• 1Y: 31.75%
• 3Y*: 20.48%
• 5Y*: 12.29%
• 10Y*: 12.61%
• ALL TIME*: 11.70%

*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)
ADVGX North Square Advisory Research Small Cap Value Fund	$0.00	$0.00	$0.00
MADVX BlackRock Equity Dividend Fund Institutional Shares	$0.00	$0.00	$0.00

MADVX vs. ADVGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MADVX BlackRock Equity Dividend Fund Institutional Shares	17.98%	21.70%	6.98%	12.71%	-3.97%	20.13%	4.03%	27.58%	-7.15%	16.31%
ADVGX North Square Advisory Research Small Cap Value Fund	26.10%	7.13%	15.52%	20.90%	-12.98%	29.94%	-2.61%	27.64%	-3.27%	19.60%

Correlation

The correlation between MADVX and ADVGX is 0.69, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.69
Correlation (3Y) Balances recent behavior with more history.	0.77
Correlation (5Y) Shows whether the relationship held over a longer period.	0.81
Correlation (10Y) Provides a long-term view across more market conditions.	0.85
Correlation (All Time) Calculated using the full available price history since Nov 17, 2009	0.88

The correlation between MADVX and ADVGX shifts across timeframes, from 0.69 (1 year) to 0.88 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MADVX vs. ADVGX — Risk / Return Rank

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

MADVX

MADVX Risk / Return Rank: 92
MADVX Sharpe Ratio Rank: 96
MADVX Sortino Ratio Rank: 94
MADVX Omega Ratio Rank: 91
MADVX Calmar Ratio Rank: 89
MADVX Martin Ratio Rank: 93

ADVGX

ADVGX Risk / Return Rank: 56
ADVGX Sharpe Ratio Rank: 65
ADVGX Sortino Ratio Rank: 70
ADVGX Omega Ratio Rank: 53
ADVGX Calmar Ratio Rank: 57
ADVGX Martin Ratio Rank: 37

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.

MADVX vs. ADVGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Equity Dividend Fund Institutional Shares (MADVX) and North Square Advisory Research Small Cap Value Fund (ADVGX). 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.

	MADVX	ADVGX	Difference
Sharpe ratio: Return per unit of total volatility	2.65	1.72	+0.93
Sortino ratio: Return per unit of downside risk	3.66	2.58	+1.08
Omega ratio: Gain probability vs. loss probability	1.47	1.29	+0.18
Calmar ratio: Return relative to maximum drawdown	3.47	2.25	+1.23
Martin ratio: Return relative to average drawdown	14.87	5.93	+8.94

MADVX vs. ADVGX - Sharpe Ratio Comparison

The current MADVX Sharpe Ratio is 2.65, which is higher than the ADVGX Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of MADVX and ADVGX, 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

MADVX vs. ADVGX - Drawdown Comparison

The maximum MADVX drawdown since its inception was -50.00%, which is greater than ADVGX's maximum drawdown of -41.34%. Use the drawdown chart below to compare losses from any high point for MADVX and ADVGX.

Drawdown Indicators

	MADVX	ADVGX	Difference
Max Drawdown Largest peak-to-trough decline	-50.00%	-41.34%	-8.66%
Max Drawdown (1Y) Largest decline over 1 year	-9.01%	-14.92%	+5.91%
Max Drawdown (3Y) Largest decline over 3 years	-15.22%	-27.69%	+12.47%
Max Drawdown (5Y) Largest decline over 5 years	-18.05%	-27.69%	+9.64%
Max Drawdown (10Y) Largest decline over 10 years	-35.94%	-41.34%	+5.40%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-5.27%	-5.53%	+0.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.10%	5.64%	-3.54%

Volatility

MADVX vs. ADVGX - Volatility Comparison

The current volatility for BlackRock Equity Dividend Fund Institutional Shares (MADVX) is 3.45%, while North Square Advisory Research Small Cap Value Fund (ADVGX) has a volatility of 5.47%. This indicates that MADVX experiences smaller price fluctuations and is considered to be less risky than ADVGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MADVX	ADVGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.45%	5.47%	-2.02%
Volatility (6M) Calculated over the trailing 6-month period	9.51%	14.43%	-4.92%
Volatility (1Y) Calculated over the trailing 1-year period	11.81%	19.47%	-7.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.22%	21.61%	-7.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.31%	21.11%	-4.80%

MADVX vs. ADVGX - Expense Ratio Comparison

MADVX has a 0.71% expense ratio, which is lower than ADVGX's 0.95% expense ratio.

Dividends

MADVX vs. ADVGX - Dividend Comparison

MADVX's dividend yield for the trailing twelve months is around 13.81%, more than ADVGX's 4.51% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ADVGX North Square Advisory Research Small Cap Value Fund	4.51%	5.68%	1.16%	0.85%	6.87%	7.52%	11.47%	11.43%	41.46%	9.66%	7.34%	19.79%
MADVX BlackRock Equity Dividend Fund Institutional Shares	13.81%	10.23%	8.58%	7.08%	13.50%	12.15%	6.35%	13.15%	14.04%	14.38%	7.98%	18.44%

Frequently Asked Questions

Can I hold both MADVX and ADVGX in my portfolio?

MADVX and ADVGX have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MADVX or ADVGX?

ADVGX has higher volatility (5.47%) compared to MADVX (3.45%). In terms of maximum drawdown, MADVX dropped -50.00% vs ADVGX's -41.34%.

Which has better risk-adjusted returns?

MADVX currently has the higher Sharpe Ratio (2.65 vs 1.72), 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.