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RMMBX vs. ECAT
Performance
Return for Risk
Drawdowns
Volatility
Dividends

RMMBX vs. ECAT

Last updated Jun 23, 2026

RMMBX (Aspiriant Risk-Managed Municipal Bond Fund) and ECAT (BlackRock ESG Capital Allocation Term Trust) are both mutual funds - RMMBX is a Municipal Bonds fund managed by BlackRock, while ECAT is a Tactical Allocation fund managed by BlackRock. Over the past 3 years, RMMBX returned 2.80%/yr vs 19.58%/yr for ECAT. At a 0.15 correlation, their price movements are largely independent. RMMBX charges 0.42%/yr vs 1.43%/yr for ECAT.

Performance

RMMBX vs. ECAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Aspiriant Risk-Managed Municipal Bond Fund (RMMBX) and BlackRock ESG Capital Allocation Term Trust (ECAT). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, RMMBX achieves a 1.40% return, which is significantly lower than ECAT's 12.06% return.

RMMBX

1D
0.11%
1M
1.51%
YTD
1.40%
6M
1.59%
1Y
5.98%
3Y*
2.80%
5Y*
0.57%
10Y*
2.14%

ECAT

1D
0.00%
1M
2.19%
YTD
12.06%
6M
10.41%
1Y
22.26%
3Y*
19.58%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

RMMBX vs. ECAT - Yearly Performance Comparison

2026 (YTD)20252024202320222021
RMMBX
Aspiriant Risk-Managed Municipal Bond Fund		1.40%2.39%1.90%5.43%-8.40%0.44%
ECAT
BlackRock ESG Capital Allocation Term Trust		12.06%16.64%19.96%32.36%-21.90%-6.25%

Correlation

The correlation between RMMBX and ECAT is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.18

Correlation (3Y)
Calculated over the trailing 3-year period

0.14

Correlation (All Time)
Calculated using the full available price history since Sep 28, 2021

0.15

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Aspiriant Risk-Managed Municipal Bond Fund

BlackRock ESG Capital Allocation Term Trust

Often compared with RMMBX:
RMMBX vs. ASFYXRMMBX vs. FASGXRMMBX vs. DFCMXRMMBX vs. DFABXRMMBX vs. FSMUXRMMBX vs. TFCYXRMMBX vs. FHMIX
Often compared with ECAT:
ECAT vs. BCATECAT vs. BGTECAT vs. JQCECAT vs. QQQECAT vs. CIIECAT vs. JEPQECAT vs. GPIQ

Return for Risk

RMMBX vs. ECAT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
RMMBX
RMMBX Risk / Return Rank: 6767
Overall Rank
RMMBX Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
RMMBX Sortino Ratio Rank: 8383
Sortino Ratio Rank
RMMBX Omega Ratio Rank: 9393
Omega Ratio Rank
RMMBX Calmar Ratio Rank: 3636
Calmar Ratio Rank
RMMBX Martin Ratio Rank: 3636
Martin Ratio Rank
ECAT
ECAT Risk / Return Rank: 3434
Overall Rank
ECAT Sharpe Ratio Rank: 3636
Sharpe Ratio Rank
ECAT Sortino Ratio Rank: 3636
Sortino Ratio Rank
ECAT Omega Ratio Rank: 3535
Omega Ratio Rank
ECAT Calmar Ratio Rank: 2929
Calmar Ratio Rank
ECAT Martin Ratio Rank: 3333
Martin Ratio Rank
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.

RMMBX vs. ECAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Aspiriant Risk-Managed Municipal Bond Fund (RMMBX) 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.

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.

RMMBXECATDifference
Sharpe ratioReturn per unit of total volatility
2.57
1.62

+0.95

Sortino ratioReturn per unit of downside risk
3.62
2.30

+1.32

Omega ratioGain probability vs. loss probability

1.69

1.29

+0.40

Calmar ratioReturn relative to maximum drawdown

2.14

1.90

+0.25

Martin ratioReturn relative to average drawdown

7.58

7.04

+0.53

RMMBX vs. ECAT - Sharpe Ratio Comparison

The current RMMBX Sharpe Ratio is 2.57, which is higher than the ECAT Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of RMMBX 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.

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Drawdowns

RMMBX vs. ECAT - Drawdown Comparison

The maximum RMMBX drawdown since its inception was -13.67%, smaller than the maximum ECAT drawdown of -32.23%. Use the drawdown chart below to compare losses from any high point for RMMBX and ECAT.

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Drawdown Indicators

RMMBXECATDifference

Max Drawdown

Largest peak-to-trough decline

-13.67%

-32.23%

+18.56%

Max Drawdown (1Y)

Largest decline over 1 year

-2.86%

-11.80%

+8.94%

Max Drawdown (3Y)

Largest decline over 3 years

-6.80%

-15.79%

+8.99%

Max Drawdown (5Y)

Largest decline over 5 years

-13.67%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-13.67%

—

—

Current Drawdown

Current decline from peak

-0.42%

-0.46%

+0.04%

Average Drawdown

Average peak-to-trough decline

-2.71%

-9.04%

+6.33%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.81%

3.17%

-2.36%

Volatility

RMMBX vs. ECAT - Volatility Comparison

The current volatility for Aspiriant Risk-Managed Municipal Bond Fund (RMMBX) is 0.54%, while BlackRock ESG Capital Allocation Term Trust (ECAT) has a volatility of 4.36%. This indicates that RMMBX experiences smaller price fluctuations and is considered to be less risky than ECAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

RMMBXECATDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.54%

4.36%

-3.82%

Volatility (6M)

Calculated over the trailing 6-month period

1.86%

10.99%

-9.13%

Volatility (1Y)

Calculated over the trailing 1-year period

2.38%

13.79%

-11.41%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

3.89%

16.89%

-13.00%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

3.74%

16.89%

-13.15%

RMMBX vs. ECAT - Expense Ratio Comparison

RMMBX has a 0.42% expense ratio, which is lower than ECAT's 1.43% expense ratio.

Dividends

RMMBX vs. ECAT - Dividend Comparison

RMMBX's dividend yield for the trailing twelve months is around 2.84%, less than ECAT's 21.78% yield.

PositionTTM2025202420232022202120202019201820172016
ECAT
BlackRock ESG Capital Allocation Term Trust		21.78%23.00%17.44%9.14%8.94%0.54%0.00%0.00%0.00%0.00%0.00%
RMMBX
Aspiriant Risk-Managed Municipal Bond Fund		2.84%2.88%2.66%2.97%3.76%4.00%3.39%3.46%3.08%3.00%2.22%

Frequently Asked Questions

RMMBX and ECAT 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.

ECAT has higher volatility (4.36%) compared to RMMBX (0.54%). In terms of maximum drawdown, RMMBX dropped -13.67% vs ECAT's -32.23%.

RMMBX currently has the higher Sharpe Ratio (2.57 vs 1.62), 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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