BCAT vs. BRASX

Last updated Jun 23, 2026

BCAT (BlackRock Capital Allocation Term Trust) is a stock, while BRASX (BlackRock Allocation Target Shares Series S Portfolio) is Short-Term Bond fund managed by BlackRock. Over the past 5 years, BCAT returned 8.60%/yr vs 2.06%/yr for BRASX. At a 0.16 correlation, their price movements are largely independent.

Performance

BCAT vs. BRASX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Capital Allocation Term Trust (BCAT) and BlackRock Allocation Target Shares Series S Portfolio (BRASX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BCAT achieves a 23.90% return, which is significantly higher than BRASX's 0.46% return.

BCAT

• 1D: -0.19%
• 1M: 3.66%
• YTD: 23.90%
• 6M: 23.12%
• 1Y: 32.64%
• 3Y*: 21.85%
• 5Y*: 8.60%
• 10Y*: —

BRASX

• 1D: 0.00%
• 1M: 0.28%
• YTD: 0.46%
• 6M: 0.96%
• 1Y: 3.99%
• 3Y*: 4.67%
• 5Y*: 2.06%
• 10Y*: 2.26%

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

BCAT vs. BRASX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
BCAT BlackRock Capital Allocation Term Trust	23.90%	16.78%	19.37%	19.30%	-22.64%	-5.21%	9.35%
BRASX BlackRock Allocation Target Shares Series S Portfolio	0.46%	6.08%	4.32%	4.89%	-4.73%	-0.12%	0.81%

Correlation

The correlation between BCAT and BRASX is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (5Y) Calculated over the trailing 5-year period	0.17
Correlation (All Time) Calculated using the full available price history since Sep 25, 2020	0.16

Return for Risk

BCAT vs. BRASX — Risk / Return Rank

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

BCAT

BCAT Risk / Return Rank: 94
BCAT Sharpe Ratio Rank: 95
BCAT Sortino Ratio Rank: 95
BCAT Omega Ratio Rank: 94
BCAT Calmar Ratio Rank: 90
BCAT Martin Ratio Rank: 96

BRASX

BRASX Risk / Return Rank: 67
BRASX Sharpe Ratio Rank: 44
BRASX Sortino Ratio Rank: 81
BRASX Omega Ratio Rank: 82
BRASX Calmar Ratio Rank: 65
BRASX Martin Ratio Rank: 64

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.

BCAT vs. BRASX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Capital Allocation Term Trust (BCAT) and BlackRock Allocation Target Shares Series S Portfolio (BRASX). 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.

	BCAT	BRASX	Difference
Sharpe ratio: Return per unit of total volatility	2.84	1.79	+1.05
Sortino ratio: Return per unit of downside risk	4.00	3.54	+0.45
Omega ratio: Gain probability vs. loss probability	1.50	1.50	0.00
Calmar ratio: Return relative to maximum drawdown	4.11	2.95	+1.16
Martin ratio: Return relative to average drawdown	19.31	11.71	+7.60

BCAT vs. BRASX - Sharpe Ratio Comparison

The current BCAT Sharpe Ratio is 2.84, which is higher than the BRASX Sharpe Ratio of 1.79. The chart below compares the historical Sharpe Ratios of BCAT and BRASX, 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

BCAT vs. BRASX - Drawdown Comparison

The maximum BCAT drawdown since its inception was -36.13%, which is greater than BRASX's maximum drawdown of -10.61%. Use the drawdown chart below to compare losses from any high point for BCAT and BRASX.

Drawdown Indicators

	BCAT	BRASX	Difference
Max Drawdown Largest peak-to-trough decline	-36.13%	-10.61%	-25.52%
Max Drawdown (1Y) Largest decline over 1 year	-7.98%	-1.39%	-6.59%
Max Drawdown (3Y) Largest decline over 3 years	-13.69%	-1.39%	-12.30%
Max Drawdown (5Y) Largest decline over 5 years	-35.03%	-7.47%	-27.56%
Max Drawdown (10Y) Largest decline over 10 years	—	-10.61%	—
Current Drawdown Current decline from peak	-0.19%	-0.38%	+0.19%
Average Drawdown Average peak-to-trough decline	-12.69%	-2.00%	-10.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.69%	0.35%	+1.34%

Volatility

BCAT vs. BRASX - Volatility Comparison

BlackRock Capital Allocation Term Trust (BCAT) has a higher volatility of 4.25% compared to BlackRock Allocation Target Shares Series S Portfolio (BRASX) at 0.56%. This indicates that BCAT's price experiences larger fluctuations and is considered to be riskier than BRASX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BCAT	BRASX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.25%	0.56%	+3.69%
Volatility (6M) Calculated over the trailing 6-month period	9.16%	1.51%	+7.65%
Volatility (1Y) Calculated over the trailing 1-year period	11.57%	2.30%	+9.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.26%	2.31%	+12.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.92%	2.41%	+13.51%

Dividends

BCAT vs. BRASX - Dividend Comparison

BCAT's dividend yield for the trailing twelve months is around 20.01%, more than BRASX's 4.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BCAT BlackRock Capital Allocation Term Trust	20.01%	23.45%	17.48%	10.08%	9.01%	6.42%	0.48%	0.00%	0.00%	0.00%
BRASX BlackRock Allocation Target Shares Series S Portfolio	4.60%	4.57%	3.44%	2.96%	2.18%	1.34%	2.49%	3.06%	2.26%	2.16%

Frequently Asked Questions

Can I hold both BCAT and BRASX in my portfolio?

BCAT and BRASX have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BCAT or BRASX?

BCAT has higher volatility (4.25%) compared to BRASX (0.56%). In terms of maximum drawdown, BCAT dropped -36.13% vs BRASX's -10.61%.

Which has better risk-adjusted returns?

BCAT currently has the higher Sharpe Ratio (2.84 vs 1.79), 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.