VPMAX vs. BDMAX

Last updated Jun 21, 2026

VPMAX (Vanguard PRIMECAP Fund Admiral Shares) and BDMAX (BlackRock Global Equity Market Neutral Fund) are both mutual funds - VPMAX is a Large Cap Blend Equities fund managed by Vanguard, while BDMAX is a Equity Market Neutral fund actively managed by BlackRock. Over the past 10 years, VPMAX returned 18.17%/yr vs 8.29%/yr for BDMAX. At a 0.12 correlation, their price movements are largely independent. VPMAX charges 0.27%/yr vs 1.60%/yr for BDMAX.

Performance

VPMAX vs. BDMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard PRIMECAP Fund Admiral Shares (VPMAX) and BlackRock Global Equity Market Neutral Fund (BDMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VPMAX achieves a 28.16% return, which is significantly higher than BDMAX's 12.77% return. Over the past 10 years, VPMAX has outperformed BDMAX with an annualized return of 18.17%, while BDMAX has yielded a comparatively lower 8.29% annualized return.

VPMAX

• 1D: 2.63%
• 1M: 7.59%
• YTD: 28.16%
• 6M: 28.49%
• 1Y: 60.80%
• 3Y*: 27.27%
• 5Y*: 16.84%
• 10Y*: 18.17%

BDMAX

• 1D: -0.31%
• 1M: 3.28%
• YTD: 12.77%
• 6M: 12.30%
• 1Y: 23.71%
• 3Y*: 21.30%
• 5Y*: 13.05%
• 10Y*: 8.29%

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

VPMAX vs. BDMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VPMAX Vanguard PRIMECAP Fund Admiral Shares	28.16%	29.70%	13.30%	28.25%	-15.16%	21.72%	17.23%	27.88%	-1.93%	28.28%
BDMAX BlackRock Global Equity Market Neutral Fund	12.77%	18.08%	21.12%	14.27%	1.57%	3.11%	-0.05%	-1.02%	1.86%	12.57%

Correlation

The correlation between VPMAX and BDMAX is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (5Y) Calculated over the trailing 5-year period	0.13
Correlation (10Y) Calculated over the trailing 10-year period	0.09
Correlation (All Time) Calculated using the full available price history since Jan 2, 2013	0.12

The correlation between VPMAX and BDMAX shifts across timeframes, from 0.09 (10 years) to 0.31 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

VPMAX vs. BDMAX — Risk / Return Rank

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

VPMAX

VPMAX Risk / Return Rank: 95
VPMAX Sharpe Ratio Rank: 98
VPMAX Sortino Ratio Rank: 94
VPMAX Omega Ratio Rank: 90
VPMAX Calmar Ratio Rank: 95
VPMAX Martin Ratio Rank: 97

BDMAX

BDMAX Risk / Return Rank: 95
BDMAX Sharpe Ratio Rank: 97
BDMAX Sortino Ratio Rank: 95
BDMAX Omega Ratio Rank: 90
BDMAX Calmar Ratio Rank: 98
BDMAX 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.

VPMAX vs. BDMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard PRIMECAP Fund Admiral Shares (VPMAX) and BlackRock Global Equity Market Neutral Fund (BDMAX). 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.

	VPMAX	BDMAX	Difference
Sharpe ratio: Return per unit of total volatility	3.43	3.26	+0.17
Sortino ratio: Return per unit of downside risk	4.52	4.78	-0.26
Omega ratio: Gain probability vs. loss probability	1.61	1.61	0.00
Calmar ratio: Return relative to maximum drawdown	5.13	7.11	-1.98
Martin ratio: Return relative to average drawdown	23.31	20.31	+3.00

VPMAX vs. BDMAX - Sharpe Ratio Comparison

The current VPMAX Sharpe Ratio is 3.43, which is comparable to the BDMAX Sharpe Ratio of 3.26. The chart below compares the historical Sharpe Ratios of VPMAX and BDMAX, 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

VPMAX vs. BDMAX - Drawdown Comparison

The maximum VPMAX drawdown since its inception was -48.32%, which is greater than BDMAX's maximum drawdown of -12.37%. Use the drawdown chart below to compare losses from any high point for VPMAX and BDMAX.

Drawdown Indicators

	VPMAX	BDMAX	Difference
Max Drawdown Largest peak-to-trough decline	-48.32%	-12.37%	-35.95%
Max Drawdown (1Y) Largest decline over 1 year	-11.72%	-3.25%	-8.47%
Max Drawdown (3Y) Largest decline over 3 years	-20.55%	-4.15%	-16.40%
Max Drawdown (5Y) Largest decline over 5 years	-25.21%	-6.33%	-18.88%
Max Drawdown (10Y) Largest decline over 10 years	-32.65%	-9.71%	-22.94%
Current Drawdown Current decline from peak	0.00%	-0.31%	+0.31%
Average Drawdown Average peak-to-trough decline	-6.57%	-2.81%	-3.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.57%	1.14%	+1.43%

Volatility

VPMAX vs. BDMAX - Volatility Comparison

Vanguard PRIMECAP Fund Admiral Shares (VPMAX) has a higher volatility of 8.43% compared to BlackRock Global Equity Market Neutral Fund (BDMAX) at 2.71%. This indicates that VPMAX's price experiences larger fluctuations and is considered to be riskier than BDMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VPMAX	BDMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.43%	2.71%	+5.72%
Volatility (6M) Calculated over the trailing 6-month period	14.78%	4.76%	+10.02%
Volatility (1Y) Calculated over the trailing 1-year period	17.53%	7.09%	+10.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.53%	6.58%	+11.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.33%	5.85%	+13.48%

VPMAX vs. BDMAX - Expense Ratio Comparison

VPMAX has a 0.27% expense ratio, which is lower than BDMAX's 1.60% expense ratio.

Dividends

VPMAX vs. BDMAX - Dividend Comparison

VPMAX's dividend yield for the trailing twelve months is around 12.84%, more than BDMAX's 7.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BDMAX BlackRock Global Equity Market Neutral Fund	7.93%	8.94%	13.39%	7.14%	0.00%	1.25%	0.04%	6.60%	0.85%	0.00%	0.00%	1.56%
VPMAX Vanguard PRIMECAP Fund Admiral Shares	12.84%	16.46%	6.71%	7.24%	9.94%	10.18%	9.82%	7.23%	8.43%	4.52%	5.13%	5.99%

Frequently Asked Questions

Can I hold both VPMAX and BDMAX in my portfolio?

VPMAX and BDMAX have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VPMAX or BDMAX?

VPMAX has higher volatility (8.43%) compared to BDMAX (2.71%). In terms of maximum drawdown, VPMAX dropped -48.32% vs BDMAX's -12.37%.

Which has better risk-adjusted returns?

VPMAX currently has the higher Sharpe Ratio (3.43 vs 3.26), 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.