MMNIX vs. BGCKX

Last updated Jun 23, 2026

MMNIX (Miller Market Neutral Income Fund Class I) and BGCKX (BlackRock Global Equity Market Neutral Fund Institutional Shares) are both Equity Market Neutral funds. Both are actively managed. Over the past year, MMNIX returned 9.40% vs 24.20% for BGCKX. At a correlation of -0.15, they often move in opposite directions. MMNIX charges 1.69%/yr vs 1.29%/yr for BGCKX.

Performance

MMNIX vs. BGCKX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Miller Market Neutral Income Fund Class I (MMNIX) and BlackRock Global Equity Market Neutral Fund Institutional Shares (BGCKX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MMNIX achieves a 3.85% return, which is significantly lower than BGCKX's 13.05% return.

MMNIX

• 1D: -0.09%
• 1M: 0.64%
• YTD: 3.85%
• 6M: 4.14%
• 1Y: 9.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BGCKX

• 1D: -0.24%
• 1M: 3.44%
• YTD: 13.05%
• 6M: 12.51%
• 1Y: 24.20%
• 3Y*: 21.69%
• 5Y*: 13.40%
• 10Y*: 8.63%

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

MMNIX vs. BGCKX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MMNIX Miller Market Neutral Income Fund Class I	3.85%	10.04%	9.56%
BGCKX BlackRock Global Equity Market Neutral Fund Institutional Shares	13.05%	18.38%	21.55%

Correlation

The correlation between MMNIX and BGCKX is -0.18, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.18
Correlation (All Time) Calculated using the full available price history since Jan 2, 2024	-0.15

Return for Risk

MMNIX vs. BGCKX — Risk / Return Rank

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

MMNIX

MMNIX Risk / Return Rank: 99
MMNIX Sharpe Ratio Rank: 100
MMNIX Sortino Ratio Rank: 99
MMNIX Omega Ratio Rank: 99
MMNIX Calmar Ratio Rank: 100
MMNIX Martin Ratio Rank: 100

BGCKX

BGCKX Risk / Return Rank: 95
BGCKX Sharpe Ratio Rank: 97
BGCKX Sortino Ratio Rank: 96
BGCKX Omega Ratio Rank: 90
BGCKX Calmar Ratio Rank: 98
BGCKX Martin Ratio Rank: 95

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.

MMNIX vs. BGCKX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Miller Market Neutral Income Fund Class I (MMNIX) and BlackRock Global Equity Market Neutral Fund Institutional Shares (BGCKX). 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.

	MMNIX	BGCKX	Difference
Sharpe ratio: Return per unit of total volatility	6.08	3.33	+2.75
Sortino ratio: Return per unit of downside risk	11.18	4.87	+6.31
Omega ratio: Gain probability vs. loss probability	2.76	1.62	+1.14
Calmar ratio: Return relative to maximum drawdown	20.99	7.31	+13.68
Martin ratio: Return relative to average drawdown	89.06	20.75	+68.31

MMNIX vs. BGCKX - Sharpe Ratio Comparison

The current MMNIX Sharpe Ratio is 6.08, which is higher than the BGCKX Sharpe Ratio of 3.33. The chart below compares the historical Sharpe Ratios of MMNIX and BGCKX, 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

MMNIX vs. BGCKX - Drawdown Comparison

The maximum MMNIX drawdown since its inception was -0.49%, smaller than the maximum BGCKX drawdown of -9.47%. Use the drawdown chart below to compare losses from any high point for MMNIX and BGCKX.

Drawdown Indicators

	MMNIX	BGCKX	Difference
Max Drawdown Largest peak-to-trough decline	-0.49%	-9.47%	+8.98%
Max Drawdown (1Y) Largest decline over 1 year	-0.46%	-3.23%	+2.77%
Max Drawdown (3Y) Largest decline over 3 years	—	-4.13%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-5.98%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-9.47%	—
Current Drawdown Current decline from peak	-0.09%	-0.24%	+0.15%
Average Drawdown Average peak-to-trough decline	-0.06%	-2.14%	+2.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.11%	1.14%	-1.03%

Volatility

MMNIX vs. BGCKX - Volatility Comparison

The current volatility for Miller Market Neutral Income Fund Class I (MMNIX) is 0.51%, while BlackRock Global Equity Market Neutral Fund Institutional Shares (BGCKX) has a volatility of 2.67%. This indicates that MMNIX experiences smaller price fluctuations and is considered to be less risky than BGCKX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MMNIX	BGCKX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.51%	2.67%	-2.16%
Volatility (6M) Calculated over the trailing 6-month period	1.14%	4.77%	-3.63%
Volatility (1Y) Calculated over the trailing 1-year period	1.59%	7.10%	-5.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.74%	6.57%	-4.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.74%	5.84%	-4.10%

MMNIX vs. BGCKX - Expense Ratio Comparison

MMNIX has a 1.69% expense ratio, which is higher than BGCKX's 1.29% expense ratio.

Dividends

MMNIX vs. BGCKX - Dividend Comparison

MMNIX's dividend yield for the trailing twelve months is around 4.56%, less than BGCKX's 7.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BGCKX BlackRock Global Equity Market Neutral Fund Institutional Shares	7.93%	8.96%	13.25%	7.49%	0.00%	1.22%	0.34%	6.80%	0.96%
MMNIX Miller Market Neutral Income Fund Class I	4.56%	5.03%	4.74%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MMNIX and BGCKX in my portfolio?

MMNIX and BGCKX have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MMNIX or BGCKX?

BGCKX has higher volatility (2.67%) compared to MMNIX (0.51%). In terms of maximum drawdown, MMNIX dropped -0.49% vs BGCKX's -9.47%.

Which has better risk-adjusted returns?

MMNIX currently has the higher Sharpe Ratio (6.08 vs 3.33), 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.