MQY vs. ASFYX
MQY (BlackRock MuniYield Quality Fund) and ASFYX (AlphaSimplex Managed Futures Strategy Fund Class Y) are both mutual funds - MQY is a Municipal Bonds fund actively managed by BlackRock, while ASFYX is a Systematic Trend fund managed by BlackRock. Over the past 10 years, MQY returned 1.38%/yr vs 2.59%/yr for ASFYX. At a 0.01 correlation, their price movements are largely independent. MQY charges 2.07%/yr vs 1.47%/yr for ASFYX.
Performance
MQY vs. ASFYX - Performance Comparison
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Returns By Period
In the year-to-date period, MQY achieves a 4.72% return, which is significantly lower than ASFYX's 11.89% return. Over the past 10 years, MQY has underperformed ASFYX with an annualized return of 1.38%, while ASFYX has yielded a comparatively higher 2.59% annualized return.
MQY
- 1D
- 0.35%
- 1M
- 3.39%
- YTD
- 4.72%
- 6M
- 5.37%
- 1Y
- 11.21%
- 3Y*
- 6.00%
- 5Y*
- -2.18%
- 10Y*
- 1.38%
ASFYX
- 1D
- 0.58%
- 1M
- -2.48%
- YTD
- 11.89%
- 6M
- 11.07%
- 1Y
- 23.67%
- 3Y*
- -2.24%
- 5Y*
- 2.89%
- 10Y*
- 2.59%
MQY vs. ASFYX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MQY BlackRock MuniYield Quality Fund | 4.72% | 4.28% | -0.06% | 10.20% | -24.23% | 2.67% | 14.65% | 20.89% | -10.12% | 8.98% |
ASFYX AlphaSimplex Managed Futures Strategy Fund Class Y | 11.89% | -9.67% | -3.22% | -10.33% | 35.67% | 3.52% | 13.59% | 8.99% | -12.59% | 6.78% |
Correlation
The correlation between MQY and ASFYX is 0.05, 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 | 0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.14 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.03 |
Correlation (All Time) Calculated using the full available price history since Aug 3, 2010 | 0.01 |
The correlation between MQY and ASFYX shifts across timeframes, from -0.14 (5 years) to 0.05 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
MQY vs. ASFYX — Risk / Return Rank
MQY
ASFYX
MQY vs. ASFYX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BlackRock MuniYield Quality Fund (MQY) 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.
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.
| MQY | ASFYX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.81 | ||
| Sortino ratioReturn per unit of downside risk | -0.67 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.35 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.39 | 4.45 | -3.06 |
| Martin ratioReturn relative to average drawdown | 4.30 | 13.89 | -9.59 |
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Drawdowns
MQY vs. ASFYX - Drawdown Comparison
The maximum MQY drawdown since its inception was -41.67%, which is greater than ASFYX's maximum drawdown of -36.43%. Use the drawdown chart below to compare losses from any high point for MQY and ASFYX.
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Drawdown Indicators
| MQY | ASFYX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.67% | -36.43% | -5.24% |
Max Drawdown (1Y)Largest decline over 1 year | -8.13% | -5.43% | -2.70% |
Max Drawdown (3Y)Largest decline over 3 years | -17.03% | -30.32% | +13.29% |
Max Drawdown (5Y)Largest decline over 5 years | -35.44% | -36.43% | +0.99% |
Max Drawdown (10Y)Largest decline over 10 years | -35.97% | -36.43% | +0.46% |
Current DrawdownCurrent decline from peak | -12.82% | -20.61% | +7.79% |
Average DrawdownAverage peak-to-trough decline | -8.29% | -13.20% | +4.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.61% | 1.73% | +0.88% |
Volatility
MQY vs. ASFYX - Volatility Comparison
The current volatility for BlackRock MuniYield Quality Fund (MQY) is 2.86%, while AlphaSimplex Managed Futures Strategy Fund Class Y (ASFYX) has a volatility of 3.71%. This indicates that MQY 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.
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Volatility by Period
| MQY | ASFYX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.86% | 3.71% | -0.85% |
Volatility (6M)Calculated over the trailing 6-month period | 7.50% | 9.87% | -2.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.44% | 12.05% | -2.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.21% | 13.77% | -1.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.04% | 12.73% | +0.31% |
MQY vs. ASFYX - Expense Ratio Comparison
MQY has a 2.07% expense ratio, which is higher than ASFYX's 1.47% expense ratio.
Dividends
MQY vs. ASFYX - Dividend Comparison
MQY's dividend yield for the trailing twelve months is around 6.06%, more than ASFYX's 1.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ASFYX AlphaSimplex Managed Futures Strategy Fund Class Y | 1.36% | 1.52% | 1.46% | 0.99% | 32.48% | 6.07% | 3.40% | 5.51% | 1.30% | 0.07% | 0.01% | 5.06% |
MQY BlackRock MuniYield Quality Fund | 6.06% | 6.16% | 6.04% | 4.46% | 5.87% | 4.93% | 4.21% | 4.00% | 5.24% | 5.67% | 6.10% | 6.06% |
Frequently Asked Questions
MQY and ASFYX have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ASFYX has higher volatility (3.71%) compared to MQY (2.86%). In terms of maximum drawdown, MQY dropped -41.67% vs ASFYX's -36.43%.
ASFYX currently has the higher Sharpe Ratio (2.00 vs 1.19), 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.
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