XCIIX vs. BDJ

Last updated Jun 23, 2026

XCIIX (BlackRock Enhanced Capital and Income Fund) and BDJ (BlackRock Enhanced Equity Dividend Fund) are both Derivative Income funds from BlackRock. Over the past 10 years, XCIIX returned 10.24%/yr vs 10.56%/yr for BDJ. A 0.64 correlation means they provide meaningful diversification when combined. XCIIX charges 0.90%/yr vs 0.86%/yr for BDJ.

Performance

XCIIX vs. BDJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Enhanced Capital and Income Fund (XCIIX) and BlackRock Enhanced Equity Dividend Fund (BDJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XCIIX achieves a 8.53% return, which is significantly higher than BDJ's 2.24% return. Both investments have delivered pretty close results over the past 10 years, with XCIIX having a 10.24% annualized return and BDJ not far ahead at 10.56%.

XCIIX

• 1D: 1.45%
• 1M: -0.28%
• YTD: 8.53%
• 6M: 8.58%
• 1Y: 13.42%
• 3Y*: 13.81%
• 5Y*: 9.58%
• 10Y*: 10.24%

BDJ

• 1D: 0.65%
• 1M: 2.09%
• YTD: 2.24%
• 6M: 3.88%
• 1Y: 19.84%
• 3Y*: 14.45%
• 5Y*: 8.00%
• 10Y*: 10.56%

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

XCIIX vs. BDJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XCIIX BlackRock Enhanced Capital and Income Fund	8.53%	10.59%	14.15%	20.34%	-11.31%	21.80%	13.34%	21.26%	-10.58%	14.36%
BDJ BlackRock Enhanced Equity Dividend Fund	2.24%	26.12%	16.87%	-6.67%	0.83%	26.56%	-7.58%	37.43%	-10.42%	20.78%

Correlation

The correlation between XCIIX and BDJ is 0.50, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (10Y) Calculated over the trailing 10-year period	0.65
Correlation (All Time) Calculated using the full available price history since Aug 29, 2005	0.64

The correlation between XCIIX and BDJ shifts across timeframes, from 0.50 (1 year) to 0.67 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

XCIIX vs. BDJ — Risk / Return Rank

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

XCIIX

XCIIX Risk / Return Rank: 12
XCIIX Sharpe Ratio Rank: 12
XCIIX Sortino Ratio Rank: 11
XCIIX Omega Ratio Rank: 15
XCIIX Calmar Ratio Rank: 10
XCIIX Martin Ratio Rank: 10

BDJ

BDJ Risk / Return Rank: 31
BDJ Sharpe Ratio Rank: 37
BDJ Sortino Ratio Rank: 36
BDJ Omega Ratio Rank: 34
BDJ Calmar Ratio Rank: 22
BDJ Martin Ratio Rank: 27

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.

XCIIX vs. BDJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Enhanced Capital and Income Fund (XCIIX) and BlackRock Enhanced Equity Dividend Fund (BDJ). 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.

	XCIIX	BDJ	Difference
Sharpe ratio: Return per unit of total volatility	0.90	1.64	-0.74
Sortino ratio: Return per unit of downside risk	1.22	2.31	-1.09
Omega ratio: Gain probability vs. loss probability	1.19	1.28	-0.09
Calmar ratio: Return relative to maximum drawdown	0.94	1.62	-0.69
Martin ratio: Return relative to average drawdown	2.82	5.91	-3.09

XCIIX vs. BDJ - Sharpe Ratio Comparison

The current XCIIX Sharpe Ratio is 0.90, which is lower than the BDJ Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of XCIIX and BDJ, 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

XCIIX vs. BDJ - Drawdown Comparison

The maximum XCIIX drawdown since its inception was -56.56%, roughly equal to the maximum BDJ drawdown of -59.46%. Use the drawdown chart below to compare losses from any high point for XCIIX and BDJ.

Drawdown Indicators

	XCIIX	BDJ	Difference
Max Drawdown Largest peak-to-trough decline	-56.56%	-59.46%	+2.90%
Max Drawdown (1Y) Largest decline over 1 year	-16.02%	-12.28%	-3.74%
Max Drawdown (3Y) Largest decline over 3 years	-19.50%	-15.70%	-3.80%
Max Drawdown (5Y) Largest decline over 5 years	-19.50%	-21.39%	+1.89%
Max Drawdown (10Y) Largest decline over 10 years	-32.23%	-48.14%	+15.91%
Current Drawdown Current decline from peak	-1.72%	-1.38%	-0.34%
Average Drawdown Average peak-to-trough decline	-18.33%	-8.94%	-9.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.97%	3.36%	+1.61%

Volatility

XCIIX vs. BDJ - Volatility Comparison

BlackRock Enhanced Capital and Income Fund (XCIIX) has a higher volatility of 5.10% compared to BlackRock Enhanced Equity Dividend Fund (BDJ) at 3.42%. This indicates that XCIIX's price experiences larger fluctuations and is considered to be riskier than BDJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XCIIX	BDJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.10%	3.42%	+1.68%
Volatility (6M) Calculated over the trailing 6-month period	14.57%	9.48%	+5.09%
Volatility (1Y) Calculated over the trailing 1-year period	16.64%	12.19%	+4.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.96%	16.11%	+0.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.21%	18.43%	-1.22%

XCIIX vs. BDJ - Expense Ratio Comparison

XCIIX has a 0.90% expense ratio, which is higher than BDJ's 0.86% expense ratio.

Dividends

XCIIX vs. BDJ - Dividend Comparison

XCIIX's dividend yield for the trailing twelve months is around 0.57%, less than BDJ's 9.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BDJ BlackRock Enhanced Equity Dividend Fund	9.19%	9.03%	8.21%	9.49%	12.18%	5.95%	7.08%	6.66%	7.21%	6.07%	6.88%	7.36%
XCIIX BlackRock Enhanced Capital and Income Fund	0.57%	4.36%	5.30%	6.03%	11.97%	4.99%	5.49%	2.89%	0.68%	0.31%	0.00%	0.66%

Frequently Asked Questions

Can I hold both XCIIX and BDJ in my portfolio?

XCIIX and BDJ have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XCIIX or BDJ?

XCIIX has higher volatility (5.10%) compared to BDJ (3.42%). In terms of maximum drawdown, XCIIX dropped -56.56% vs BDJ's -59.46%.

Which has better risk-adjusted returns?

BDJ currently has the higher Sharpe Ratio (1.64 vs 0.90), 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.