MDEGX vs. ECAT

Last updated Jun 4, 2026

MDEGX (BlackRock Unconstrained Equity Fund Investor A Shares) and ECAT (BlackRock ESG Capital Allocation Term Trust) are both mutual funds - MDEGX is a Global Equities fund actively managed by BlackRock, while ECAT is a Derivative Income fund managed by BlackRock. Over the past 3 years, MDEGX returned 14.60%/yr vs 19.24%/yr for ECAT. A 0.71 correlation means they provide meaningful diversification when combined. MDEGX charges 1.16%/yr vs 1.38%/yr for ECAT.

Performance

MDEGX vs. ECAT - 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 ESG Capital Allocation Term Trust (ECAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MDEGX achieves a 14.98% return, which is significantly higher than ECAT's 11.23% return.

MDEGX

• 1D: 0.06%
• 1M: 3.53%
• YTD: 14.98%
• 6M: 13.38%
• 1Y: 23.31%
• 3Y*: 14.60%
• 5Y*: 9.79%
• 10Y*: 12.12%

ECAT

• 1D: -1.20%
• 1M: 6.84%
• YTD: 11.23%
• 6M: 9.37%
• 1Y: 20.83%
• 3Y*: 19.24%
• 5Y*: —
• 10Y*: —

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

MDEGX vs. ECAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
MDEGX BlackRock Unconstrained Equity Fund Investor A Shares	14.98%	12.11%	7.27%	33.16%	-20.47%	4.45%
ECAT BlackRock ESG Capital Allocation Term Trust	11.23%	16.64%	19.96%	32.36%	-21.90%	-6.25%

Correlation

The correlation between MDEGX and ECAT is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (All Time) Calculated using the full available price history since Sep 29, 2021	0.71

The correlation between MDEGX and ECAT has been stable across timeframes, ranging from 0.63 to 0.71 - a consistent structural relationship.

Return for Risk

MDEGX vs. ECAT — Risk / Return Rank

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

MDEGX

MDEGX Risk / Return Rank: 25
MDEGX Sharpe Ratio Rank: 21
MDEGX Sortino Ratio Rank: 22
MDEGX Omega Ratio Rank: 21
MDEGX Calmar Ratio Rank: 25
MDEGX Martin Ratio Rank: 34

ECAT

ECAT Risk / Return Rank: 28
ECAT Sharpe Ratio Rank: 30
ECAT Sortino Ratio Rank: 29
ECAT Omega Ratio Rank: 29
ECAT Calmar Ratio Rank: 23
ECAT Martin Ratio Rank: 28

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.

MDEGX vs. ECAT - 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 ESG Capital Allocation Term Trust (ECAT). 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.

	MDEGX	ECAT	Difference
Sharpe ratio Return per unit of total volatility	1.34	1.56	-0.22
Sortino ratio Return per unit of downside risk	1.98	2.22	-0.24
Omega ratio Gain probability vs. loss probability	1.24	1.28	-0.04
Calmar ratio Return relative to maximum drawdown	1.84	1.77	+0.07
Martin ratio Return relative to average drawdown	7.58	6.65	+0.93
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MDEGX vs. ECAT - Sharpe Ratio Comparison

The current MDEGX Sharpe Ratio is 1.34, which is comparable to the ECAT Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of MDEGX and ECAT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MDEGX	ECAT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.34	1.56	-0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.48	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.55	-0.05

Drawdowns

MDEGX vs. ECAT - Drawdown Comparison

The maximum MDEGX drawdown since its inception was -48.79%, which is greater than ECAT's maximum drawdown of -32.23%. Use the drawdown chart below to compare losses from any high point for MDEGX and ECAT.

Drawdown Indicators

	MDEGX	ECAT	Difference
Max Drawdown Largest peak-to-trough decline	-48.79%	-32.23%	-16.56%
Max Drawdown (1Y) Largest decline over 1 year	-12.75%	-11.80%	-0.95%
Max Drawdown (3Y) Largest decline over 3 years	-21.14%	-15.79%	-5.35%
Max Drawdown (5Y) Largest decline over 5 years	-31.49%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-31.98%	—	—
Current Drawdown Current decline from peak	-1.43%	-1.20%	-0.23%
Average Drawdown Average peak-to-trough decline	-7.82%	-9.11%	+1.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.09%	3.14%	-0.05%

Volatility

MDEGX vs. ECAT - Volatility Comparison

BlackRock Unconstrained Equity Fund Investor A Shares (MDEGX) has a higher volatility of 5.56% compared to BlackRock ESG Capital Allocation Term Trust (ECAT) at 3.31%. This indicates that MDEGX's price experiences larger fluctuations and is considered to be riskier than ECAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MDEGX	ECAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.56%	3.31%	+2.25%
Volatility (6M) Calculated over the trailing 6-month period	14.65%	10.59%	+4.06%
Volatility (1Y) Calculated over the trailing 1-year period	17.61%	13.44%	+4.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.58%	16.90%	+3.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.07%	16.90%	+2.17%

MDEGX vs. ECAT - Expense Ratio Comparison

MDEGX has a 1.16% expense ratio, which is lower than ECAT's 1.38% expense ratio.

Dividends

MDEGX vs. ECAT - Dividend Comparison

MDEGX has not paid dividends to shareholders, while ECAT's dividend yield for the trailing twelve months is around 21.71%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ECAT BlackRock ESG Capital Allocation Term Trust	21.71%	23.00%	17.44%	9.14%	8.94%	0.54%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
MDEGX BlackRock Unconstrained Equity Fund Investor A Shares	0.00%	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 ECAT in my portfolio?

MDEGX and ECAT have a correlation of 0.63, 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 ECAT?

MDEGX has higher volatility (5.56%) compared to ECAT (3.31%). In terms of maximum drawdown, MDEGX dropped -48.79% vs ECAT's -32.23%.

Which has better risk-adjusted returns?

ECAT currently has the higher Sharpe Ratio (1.56 vs 1.34), 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.