TENM vs. BALI

Last updated Jun 4, 2026

TENM (iShares Large Cap 10% Target Buffer Mar ETF) and BALI (Blackrock Advantage Large Cap Income ETF) are both exchange-traded funds - TENM is a Defined Outcome fund actively managed by BlackRock, while BALI is a Derivative Income fund actively managed by BlackRock. Both are actively managed. Their correlation of 0.92 suggests significant overlap in exposure. TENM charges 0.50%/yr vs 0.35%/yr for BALI.

Performance

TENM vs. BALI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Large Cap 10% Target Buffer Mar ETF (TENM) and Blackrock Advantage Large Cap Income ETF (BALI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TENM achieves a 6.19% return, which is significantly lower than BALI's 11.22% return.

TENM

• 1D: -0.20%
• 1M: 2.22%
• YTD: 6.19%
• 6M: 6.58%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BALI

• 1D: -0.41%
• 1M: 4.44%
• YTD: 11.22%
• 6M: 11.78%
• 1Y: 26.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TENM vs. BALI - Yearly Performance Comparison

	2026 (YTD)	2025
TENM iShares Large Cap 10% Target Buffer Mar ETF	6.19%	2.04%
BALI Blackrock Advantage Large Cap Income ETF	11.22%	2.95%

Correlation

The correlation between TENM and BALI is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 23, 2025	0.92

Return for Risk

TENM vs. BALI — Risk / Return Rank

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

BALI

BALI Risk / Return Rank: 82
BALI Sharpe Ratio Rank: 81
BALI Sortino Ratio Rank: 81
BALI Omega Ratio Rank: 81
BALI Calmar Ratio Rank: 77
BALI Martin Ratio Rank: 88

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.

TENM vs. BALI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Large Cap 10% Target Buffer Mar ETF (TENM) and Blackrock Advantage Large Cap Income ETF (BALI). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	TENM	BALI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.67	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.17	1.72	+0.45

Drawdowns

TENM vs. BALI - Drawdown Comparison

The maximum TENM drawdown since its inception was -3.61%, smaller than the maximum BALI drawdown of -16.65%. Use the drawdown chart below to compare losses from any high point for TENM and BALI.

Drawdown Indicators

	TENM	BALI	Difference
Max Drawdown Largest peak-to-trough decline	-3.61%	-16.65%	+13.04%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.71%	—
Current Drawdown Current decline from peak	-0.24%	-0.41%	+0.17%
Average Drawdown Average peak-to-trough decline	-0.70%	-1.63%	+0.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.34%	—

Volatility

Volatility by Period

	TENM	BALI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.95%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.47%	—
Volatility (1Y) Calculated over the trailing 1-year period	6.52%	9.91%	-3.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.52%	12.93%	-6.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.52%	12.93%	-6.41%

TENM vs. BALI - Expense Ratio Comparison

TENM has a 0.50% expense ratio, which is higher than BALI's 0.35% expense ratio.

Dividends

TENM vs. BALI - Dividend Comparison

TENM's dividend yield for the trailing twelve months is around 0.28%, less than BALI's 7.66% yield.

Position	TTM	2025	2024	2023
BALI Blackrock Advantage Large Cap Income ETF	7.66%	8.51%	7.13%	2.13%
TENM iShares Large Cap 10% Target Buffer Mar ETF	0.28%	0.29%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TENM and BALI in my portfolio?

With a correlation of 0.92, TENM and BALI move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, TENM or BALI?

On fees, BALI is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TENM or BALI?

BALI is cheaper with a 0.35% expense ratio, compared with 0.50% for TENM.

Which ETF pays a higher dividend yield, TENM or BALI?

BALI has the higher dividend yield at 7.66%, compared with 0.28% for TENM.

What is the main difference between TENM and BALI?

TENM is categorized as Defined Outcome, while BALI is Derivative Income. Their fees differ too: 0.50% for TENM and 0.35% for BALI.