- ISIN
- US0919278228
- CUSIP
- 091927822
- Issuer
- BlackRock
- Inception Date
- Dec 28, 1988
- Category
- Macro Trading
- Min. Investment
- $1,000
- Distribution Policy
- Accumulating
- Asset Class
- Multi-Asset
Share Price Chart
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Performance
PCBAX Performance Chart
BlackRock Tactical Opportunities Fund (PCBAX) is up 9.6% since the beginning of the year. PCBAX is currently trading at $17 per share. Investors who bought $1,000 worth of PCBAX shares 5 years ago would now be looking at an investment worth $1,414.
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Returns By Period
BlackRock Tactical Opportunities Fund (PCBAX) has returned 9.60% so far this year and 13.78% over the past 12 months. Over the last ten years, PCBAX has returned 5.87% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.
BlackRock Tactical Opportunities Fund
- 1D
- 0.24%
- 1M
- 0.12%
- YTD
- 9.60%
- 6M
- 9.04%
- 1Y
- 13.78%
- 3Y*
- 9.25%
- 5Y*
- 7.18%
- 10Y*
- 5.87%
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
PCBAX Monthly Returns History
Based on dividend-adjusted daily data since Dec 29, 1988, PCBAX's average daily return is +0.03%, while the average monthly return is +0.55%. At this rate, an investment would double in approximately 10.5 years.
Historically, 59% of months were positive and 41% were negative. The best month was Nov 2000 with a return of +21.5%, while the worst month was Oct 2008 at -12.1%. The longest winning streak lasted 8 consecutive months, and the longest losing streak was 6 months.
On a daily basis, PCBAX closed higher 51% of trading days. The best single day was Nov 13, 2000 with a return of +23.9%, while the worst single day was May 19, 2000 at -11.6%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.64% | 0.70% | 2.03% | 4.36% | 1.49% | 0.06% | 9.60% | ||||||
| 2025 | 1.30% | 0.14% | -0.88% | -0.34% | 2.39% | 1.13% | 1.12% | 2.48% | -0.06% | -1.78% | -0.52% | 1.11% | 6.16% |
| 2024 | 3.52% | 2.29% | 1.37% | -0.28% | 0.43% | 0.14% | -1.56% | 1.08% | -0.21% | 1.43% | 3.53% | -0.41% | 11.77% |
| 2023 | -1.47% | 0.93% | -0.92% | 1.28% | 0.35% | 1.96% | 0.99% | 0.07% | 1.78% | -0.63% | 0.42% | -2.32% | 2.37% |
| 2022 | -0.22% | -2.01% | 0.81% | 1.16% | -0.00% | -1.94% | -0.59% | 2.73% | 0.14% | 1.58% | 1.20% | 2.90% | 5.77% |
| 2021 | -0.65% | -1.96% | 1.40% | 1.46% | 0.93% | -1.28% | -0.86% | 0.80% | 2.02% | -4.59% | 0.81% | 2.42% | 0.29% |
Benchmark Metrics
BlackRock Tactical Opportunities Fund has an annualized alpha of 2.60%, beta of 0.40, and R2 of 0.43 versus S&P 500 Index. Calculated based on daily prices since December 29, 1988.
- This fund participated in 47.13% of S&P 500 Index downside but only 46.88% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.40 may look defensive, but with R2 of 0.43 this fund is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this fund's risk.
- R2 of 0.43 means the benchmark explains less than half of this fund's behavior - treat beta with caution or consider switching to a more representative benchmark.
- Alpha
- 2.60%
- Beta
- 0.40
- R²
- 0.43
- Upside Capture
- 46.88%
- Downside Capture
- 47.13%
Expense Ratio
PCBAX has a high expense ratio of 1.08%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
PCBAX ranks 72 for risk / return — better than 72% of mutual funds on our site. You're getting solid returns for the risk taken. A good sign, especially for investors who want growth without excessive volatility.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for BlackRock Tactical Opportunities Fund (PCBAX) and compare them to S&P 500 Index.
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.
| PCBAX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.19 | ||
| Sortino ratioReturn per unit of downside risk | +0.56 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.37 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 4.23 | 2.78 | +1.45 |
| Martin ratioReturn relative to average drawdown | 10.23 | 12.44 | -2.21 |
Dividends
Dividend History
BlackRock Tactical Opportunities Fund provided a 0.00% dividend yield over the last twelve months, with an annual payout of $0.00 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.00 | $0.00 | $0.00 | $1.53 | $0.48 | $0.00 | $0.34 | $0.41 | $1.35 | $0.11 | $0.19 | $0.66 |
Dividend yield | 0.00% | 0.00% | 0.00% | 11.67% | 3.36% | 0.00% | 2.44% | 3.08% | 9.91% | 0.80% | 1.41% | 4.86% |
Monthly Dividends
The table displays the monthly dividend distributions for BlackRock Tactical Opportunities Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.68 | $0.00 | $0.00 | $0.00 | $0.00 | $0.85 | $1.53 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.48 | $0.48 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the BlackRock Tactical Opportunities Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the BlackRock Tactical Opportunities Fund was 39.55%, occurring on Mar 9, 2009. Recovery took 420 trading sessions.
The current BlackRock Tactical Opportunities Fund drawdown is 0.53%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Financial crisis2007–2009 | -39.55%Mar 2009 | 1y 4mo | 1y 8mo | 3y 4dNov 2007 - Nov 2010 |
Dot-com crash2000–2002 | -24.96%Oct 2002 | 1y 4mo | 1y 2mo | 2y 7moMay 2001 - Dec 2003 |
1998 correction1998 | -18.80%Oct 1998 | 5mo 18d | 6mo 27d | 1y 10dApr 1998 - May 1999 |
Dot-com crash2000–2002 | -15.56%May 2000 | 1mo 28d | 5mo 22d | 7mo 20dMar 2000 - Nov 2000 |
1991 correction1991 | -14.48%Jan 1991 | 1y 3mo | 9mo 5d | 2y 11dOct 1989 - Oct 1991 |
Drawdown Indicators
| PCBAX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.55% | -56.78% | +17.23% |
Max Drawdown (1Y)Largest decline over 1 year | -3.04% | -9.10% | +6.06% |
Max Drawdown (3Y)Largest decline over 3 years | -6.75% | -18.90% | +12.15% |
Max Drawdown (5Y)Largest decline over 5 years | -6.75% | -25.43% | +18.68% |
Max Drawdown (10Y)Largest decline over 10 years | -9.00% | -33.92% | +24.92% |
Current DrawdownCurrent decline from peak | -0.53% | -1.80% | +1.27% |
Average DrawdownAverage peak-to-trough decline | -4.36% | -10.71% | +6.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.26% | 2.03% | -0.77% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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