MPHQX vs. ASFYX

Last updated Jun 6, 2026

MPHQX (BlackRock Total Return Fund Class K) and ASFYX (AlphaSimplex Managed Futures Strategy Fund Class Y) are both mutual funds - MPHQX is a Intermediate Core-Plus Bond fund actively managed by BlackRock, while ASFYX is a Systematic Trend fund managed by BlackRock. Over the past 10 years, MPHQX returned 2.21%/yr vs 2.90%/yr for ASFYX. At a correlation of -0.01, they often move in opposite directions. MPHQX charges 0.37%/yr vs 1.47%/yr for ASFYX.

Performance

MPHQX vs. ASFYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Total Return Fund Class K (MPHQX) and AlphaSimplex Managed Futures Strategy Fund Class Y (ASFYX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MPHQX achieves a 0.76% return, which is significantly lower than ASFYX's 14.34% return. Over the past 10 years, MPHQX has underperformed ASFYX with an annualized return of 2.21%, while ASFYX has yielded a comparatively higher 2.90% annualized return.

MPHQX

• 1D: 0.20%
• 1M: 0.38%
• YTD: 0.76%
• 6M: 1.16%
• 1Y: 6.81%
• 3Y*: 4.55%
• 5Y*: 0.40%
• 10Y*: 2.21%

ASFYX

• 1D: -0.78%
• 1M: 1.84%
• YTD: 14.34%
• 6M: 16.70%
• 1Y: 25.15%
• 3Y*: -1.76%
• 5Y*: 2.68%
• 10Y*: 2.90%

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

MPHQX vs. ASFYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MPHQX BlackRock Total Return Fund Class K	0.76%	8.21%	1.92%	6.04%	-14.14%	-0.68%	9.10%	9.91%	-0.81%	4.33%
ASFYX AlphaSimplex Managed Futures Strategy Fund Class Y	14.34%	-9.67%	-3.22%	-10.33%	35.67%	3.52%	13.59%	8.99%	-12.59%	6.78%

Correlation

The correlation between MPHQX and ASFYX is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.01
Correlation (3Y) Calculated over the trailing 3-year period	-0.16
Correlation (5Y) Calculated over the trailing 5-year period	-0.34
Correlation (10Y) Calculated over the trailing 10-year period	-0.13
Correlation (All Time) Calculated using the full available price history since Aug 4, 2010	-0.01

The correlation between MPHQX and ASFYX shifts across timeframes, from -0.34 (5 years) to -0.01 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MPHQX vs. ASFYX — Risk / Return Rank

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

MPHQX

MPHQX Risk / Return Rank: 20
MPHQX Sharpe Ratio Rank: 23
MPHQX Sortino Ratio Rank: 22
MPHQX Omega Ratio Rank: 25
MPHQX Calmar Ratio Rank: 18
MPHQX Martin Ratio Rank: 14

ASFYX

ASFYX Risk / Return Rank: 68
ASFYX Sharpe Ratio Rank: 56
ASFYX Sortino Ratio Rank: 49
ASFYX Omega Ratio Rank: 52
ASFYX Calmar Ratio Rank: 92
ASFYX Martin Ratio Rank: 90

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.

MPHQX vs. ASFYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Total Return Fund Class K (MPHQX) and AlphaSimplex Managed Futures Strategy Fund Class Y (ASFYX). 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.

	MPHQX	ASFYX	Difference
Sharpe ratio: Return per unit of total volatility	1.32	2.13	-0.82
Sortino ratio: Return per unit of downside risk	1.84	2.84	-1.01
Omega ratio: Gain probability vs. loss probability	1.25	1.38	-0.13
Calmar ratio: Return relative to maximum drawdown	1.42	4.79	-3.37
Martin ratio: Return relative to average drawdown	3.82	17.23	-13.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MPHQX vs. ASFYX - Sharpe Ratio Comparison

The current MPHQX Sharpe Ratio is 1.32, which is lower than the ASFYX Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of MPHQX and ASFYX, 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

	MPHQX	ASFYX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.32	2.13	-0.82
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.06	0.20	-0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.43	0.23	+0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.34	0.00

Drawdowns

MPHQX vs. ASFYX - Drawdown Comparison

The maximum MPHQX drawdown since its inception was -21.68%, smaller than the maximum ASFYX drawdown of -36.43%. Use the drawdown chart below to compare losses from any high point for MPHQX and ASFYX.

Drawdown Indicators

	MPHQX	ASFYX	Difference
Max Drawdown Largest peak-to-trough decline	-21.68%	-36.43%	+14.75%
Max Drawdown (1Y) Largest decline over 1 year	-4.28%	-5.24%	+0.96%
Max Drawdown (3Y) Largest decline over 3 years	-6.86%	-30.32%	+23.46%
Max Drawdown (5Y) Largest decline over 5 years	-19.28%	-36.43%	+17.15%
Max Drawdown (10Y) Largest decline over 10 years	-19.28%	-36.43%	+17.15%
Current Drawdown Current decline from peak	-2.39%	-18.87%	+16.48%
Average Drawdown Average peak-to-trough decline	-3.79%	-13.18%	+9.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.59%	1.45%	+0.14%

Volatility

MPHQX vs. ASFYX - Volatility Comparison

The current volatility for BlackRock Total Return Fund Class K (MPHQX) is 1.33%, while AlphaSimplex Managed Futures Strategy Fund Class Y (ASFYX) has a volatility of 3.75%. This indicates that MPHQX experiences smaller price fluctuations and is considered to be less risky than ASFYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MPHQX	ASFYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.33%	3.75%	-2.42%
Volatility (6M) Calculated over the trailing 6-month period	3.53%	9.57%	-6.04%
Volatility (1Y) Calculated over the trailing 1-year period	4.64%	11.78%	-7.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.27%	13.76%	-7.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.14%	12.71%	-7.57%

MPHQX vs. ASFYX - Expense Ratio Comparison

MPHQX has a 0.37% expense ratio, which is lower than ASFYX's 1.47% expense ratio.

Dividends

MPHQX vs. ASFYX - Dividend Comparison

MPHQX's dividend yield for the trailing twelve months is around 4.78%, more than ASFYX's 1.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ASFYX AlphaSimplex Managed Futures Strategy Fund Class Y	1.33%	1.52%	1.46%	0.99%	32.48%	6.07%	3.40%	5.51%	1.30%	0.07%	0.01%	5.06%
MPHQX BlackRock Total Return Fund Class K	4.78%	4.89%	5.01%	4.19%	3.09%	2.58%	6.30%	3.24%	3.40%	3.21%	2.89%	3.49%

Frequently Asked Questions

Can I hold both MPHQX and ASFYX in my portfolio?

MPHQX and ASFYX have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MPHQX or ASFYX?

ASFYX has higher volatility (3.75%) compared to MPHQX (1.33%). In terms of maximum drawdown, MPHQX dropped -21.68% vs ASFYX's -36.43%.

Which has better risk-adjusted returns?

ASFYX currently has the higher Sharpe Ratio (2.13 vs 1.31), 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.