MDEGX vs. BDJ

Last updated Aug 1, 2026

MDEGX (BlackRock Unconstrained Equity Fund Investor A Shares) and BDJ (BlackRock Enhanced Equity Dividend Trust) are both mutual funds - MDEGX is a Global Equities fund actively managed by BlackRock, while BDJ is a Derivative Income fund actively managed by BlackRock. Both are actively managed. Over the past 10 years, MDEGX returned 11.70%/yr vs 10.64%/yr for BDJ. Their 0.63 correlation means they have sometimes moved together and sometimes differently. MDEGX charges 1.16%/yr vs 0.89%/yr for BDJ.

Performance

MDEGX vs. BDJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Unconstrained Equity Fund Investor A Shares (MDEGX) and BlackRock Enhanced Equity Dividend Trust (BDJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MDEGX achieves a 13.16% return, which is significantly higher than BDJ's 8.08% return. Over the past 10 years, MDEGX has outperformed BDJ with an annualized return of 11.70%, while BDJ has yielded a comparatively lower 10.64% annualized return.

MDEGX

• 1D: 2.41%
• 1M: -3.53%
• 6M: 10.26%
• YTD: 13.16%
• 1Y: 16.38%
• 3Y*: 12.92%
• 5Y*: 8.45%
• 10Y*: 11.70%
• ALL TIME*: 9.04%

BDJ

• 1D: 0.93%
• 1M: 2.00%
• 6M: 5.93%
• YTD: 8.08%
• 1Y: 23.35%
• 3Y*: 15.58%
• 5Y*: 8.67%
• 10Y*: 10.64%
• ALL TIME*: 6.88%

*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)
BDJ BlackRock Enhanced Equity Dividend Trust	$4.00M	$4.36M	$4.87M
MDEGX BlackRock Unconstrained Equity Fund Investor A Shares	$0.00	$0.00	$0.00

MDEGX vs. BDJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MDEGX BlackRock Unconstrained Equity Fund Investor A Shares	13.16%	12.11%	7.27%	33.16%	-20.47%	20.42%	16.28%	32.46%	-4.81%	24.48%
BDJ BlackRock Enhanced Equity Dividend Trust	8.08%	26.12%	16.87%	-6.67%	0.83%	26.56%	-7.58%	37.43%	-10.42%	20.78%

Correlation

The correlation between MDEGX and BDJ is 0.65, 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.	0.65
Correlation (3Y) Balances recent behavior with more history.	0.59
Correlation (5Y) Shows whether the relationship held over a longer period.	0.64
Correlation (10Y) Provides a long-term view across more market conditions.	0.64
Correlation (All Time) Calculated using the full available price history since Nov 4, 2005	0.63

The correlation between MDEGX and BDJ has been stable across timeframes, ranging from 0.59 to 0.65 - a consistent structural relationship.

Return for Risk

MDEGX vs. BDJ — Risk / Return Rank

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

MDEGX

MDEGX Risk / Return Rank: 22
MDEGX Sharpe Ratio Rank: 18
MDEGX Sortino Ratio Rank: 20
MDEGX Omega Ratio Rank: 19
MDEGX Calmar Ratio Rank: 23
MDEGX Martin Ratio Rank: 29

BDJ

BDJ Risk / Return Rank: 64
BDJ Sharpe Ratio Rank: 77
BDJ Sortino Ratio Rank: 75
BDJ Omega Ratio Rank: 72
BDJ Calmar Ratio Rank: 48
BDJ Martin Ratio Rank: 47

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.

MDEGX vs. BDJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Unconstrained Equity Fund Investor A Shares (MDEGX) and BlackRock Enhanced Equity Dividend Trust (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.

	MDEGX	BDJ	Difference
Sharpe ratio: Return per unit of total volatility	0.76	1.77	-1.01
Sortino ratio: Return per unit of downside risk	1.20	2.51	-1.32
Omega ratio: Gain probability vs. loss probability	1.14	1.31	-0.16
Calmar ratio: Return relative to maximum drawdown	1.15	1.76	-0.61
Martin ratio: Return relative to average drawdown	4.49	6.46	-1.97

MDEGX vs. BDJ - Sharpe Ratio Comparison

The current MDEGX Sharpe Ratio is 0.76, which is lower than the BDJ Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of MDEGX 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

MDEGX vs. BDJ - Drawdown Comparison

The maximum MDEGX drawdown since its inception was -48.79%, smaller than the maximum BDJ drawdown of -59.46%. Use the drawdown chart below to compare losses from any high point for MDEGX and BDJ.

Drawdown Indicators

	MDEGX	BDJ	Difference
Max Drawdown Largest peak-to-trough decline	-48.79%	-59.46%	+10.67%
Max Drawdown (1Y) Largest decline over 1 year	-12.75%	-12.28%	-0.47%
Max Drawdown (3Y) Largest decline over 3 years	-21.14%	-14.37%	-6.77%
Max Drawdown (5Y) Largest decline over 5 years	-31.49%	-21.39%	-10.10%
Max Drawdown (10Y) Largest decline over 10 years	-31.98%	-48.14%	+16.16%
Current Drawdown Current decline from peak	-5.44%	0.00%	-5.44%
Average Drawdown Average peak-to-trough decline	-7.78%	-8.90%	+1.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.27%	3.35%	-0.08%

Volatility

MDEGX vs. BDJ - Volatility Comparison

BlackRock Unconstrained Equity Fund Investor A Shares (MDEGX) has a higher volatility of 6.40% compared to BlackRock Enhanced Equity Dividend Trust (BDJ) at 3.15%. This indicates that MDEGX's price experiences larger fluctuations and is considered to be riskier than BDJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MDEGX	BDJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.40%	3.15%	+3.25%
Volatility (6M) Calculated over the trailing 6-month period	16.70%	9.49%	+7.21%
Volatility (1Y) Calculated over the trailing 1-year period	19.49%	12.25%	+7.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.92%	16.02%	+4.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.19%	18.40%	+0.79%

MDEGX vs. BDJ - Expense Ratio Comparison

MDEGX has a 1.16% expense ratio, which is higher than BDJ's 0.89% expense ratio.

Dividends

MDEGX vs. BDJ - Dividend Comparison

MDEGX's dividend yield for the trailing twelve months is around 6.42%, less than BDJ's 8.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BDJ BlackRock Enhanced Equity Dividend Trust	8.75%	9.03%	8.21%	9.49%	12.18%	5.95%	7.08%	6.66%	7.21%	6.07%	6.88%	7.36%
MDEGX BlackRock Unconstrained Equity Fund Investor A Shares	6.42%	0.00%	0.00%	0.00%	18.18%	22.48%	6.30%	11.68%	8.21%	3.81%	0.62%	7.88%

Frequently Asked Questions

Can I hold both MDEGX and BDJ in my portfolio?

MDEGX and BDJ have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MDEGX or BDJ?

MDEGX has higher volatility (6.40%) compared to BDJ (3.15%). In terms of maximum drawdown, MDEGX dropped -48.79% vs BDJ's -59.46%.

Which has better risk-adjusted returns?

BDJ currently has the higher Sharpe Ratio (1.77 vs 0.76), 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.