BRASX vs. BCAT

Last updated Jun 3, 2026

BRASX (BlackRock Allocation Target Shares Series S Portfolio) is Short-Term Bond fund managed by BlackRock, while BCAT (BlackRock Capital Allocation Trust) is a stock. Over the past 5 years, BRASX returned 2.08%/yr vs 8.20%/yr for BCAT. At a 0.16 correlation, their price movements are largely independent.

Performance

BRASX vs. BCAT - Performance Comparison

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

Returns By Period

In the year-to-date period, BRASX achieves a 0.79% return, which is significantly lower than BCAT's 22.45% return.

BRASX

• 1D: 0.00%
• 1M: 0.28%
• YTD: 0.79%
• 6M: 1.29%
• 1Y: 4.45%
• 3Y*: 4.71%
• 5Y*: 2.08%
• 10Y*: 2.30%

BCAT

• 1D: -0.25%
• 1M: 6.35%
• YTD: 22.45%
• 6M: 22.72%
• 1Y: 30.79%
• 3Y*: 21.60%
• 5Y*: 8.20%
• 10Y*: —

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

BRASX vs. BCAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
BRASX BlackRock Allocation Target Shares Series S Portfolio	0.79%	6.08%	4.32%	4.89%	-4.73%	-0.12%	0.91%
BCAT BlackRock Capital Allocation Trust	22.45%	16.78%	19.37%	19.30%	-22.64%	-5.21%	9.35%

Correlation

The correlation between BRASX and BCAT is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.16
Correlation (All Time) Calculated using the full available price history since Sep 28, 2020	0.16

Return for Risk

BRASX vs. BCAT — Risk / Return Rank

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

BRASX

BRASX Risk / Return Rank: 70
BRASX Sharpe Ratio Rank: 42
BRASX Sortino Ratio Rank: 79
BRASX Omega Ratio Rank: 80
BRASX Calmar Ratio Rank: 77
BRASX Martin Ratio Rank: 73

BCAT

BCAT Risk / Return Rank: 92
BCAT Sharpe Ratio Rank: 93
BCAT Sortino Ratio Rank: 94
BCAT Omega Ratio Rank: 92
BCAT Calmar Ratio Rank: 88
BCAT 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.

BRASX vs. BCAT - Risk-Adjusted Trends Comparison

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

	BRASX	BCAT	Difference
Sharpe ratio Return per unit of total volatility	1.89	2.81	-0.91
Sortino ratio Return per unit of downside risk	3.77	3.89	-0.12
Omega ratio Gain probability vs. loss probability	1.53	1.50	+0.03
Calmar ratio Return relative to maximum drawdown	3.48	4.05	-0.57
Martin ratio Return relative to average drawdown	13.93	19.33	-5.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BRASX vs. BCAT - Sharpe Ratio Comparison

The current BRASX Sharpe Ratio is 1.89, which is lower than the BCAT Sharpe Ratio of 2.81. The chart below compares the historical Sharpe Ratios of BRASX and BCAT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BRASX	BCAT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.89	2.81	-0.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.91	0.54	+0.36
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.96	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.57	-0.04

Drawdowns

BRASX vs. BCAT - Drawdown Comparison

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

Drawdown Indicators

	BRASX	BCAT	Difference
Max Drawdown Largest peak-to-trough decline	-10.61%	-36.13%	+25.52%
Max Drawdown (1Y) Largest decline over 1 year	-1.39%	-7.98%	+6.59%
Max Drawdown (3Y) Largest decline over 3 years	-1.39%	-13.69%	+12.30%
Max Drawdown (5Y) Largest decline over 5 years	-7.47%	-35.03%	+27.56%
Max Drawdown (10Y) Largest decline over 10 years	-10.61%	—	—
Current Drawdown Current decline from peak	-0.05%	-0.25%	+0.20%
Average Drawdown Average peak-to-trough decline	-2.00%	-12.81%	+10.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.35%	1.67%	-1.32%

Volatility

BRASX vs. BCAT - Volatility Comparison

The current volatility for BlackRock Allocation Target Shares Series S Portfolio (BRASX) is 0.59%, while BlackRock Capital Allocation Trust (BCAT) has a volatility of 2.89%. This indicates that BRASX experiences smaller price fluctuations and is considered to be less risky than BCAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BRASX	BCAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.59%	2.89%	-2.30%
Volatility (6M) Calculated over the trailing 6-month period	1.56%	8.48%	-6.92%
Volatility (1Y) Calculated over the trailing 1-year period	2.30%	11.07%	-8.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.31%	15.21%	-12.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.40%	15.91%	-13.51%

Dividends

BRASX vs. BCAT - Dividend Comparison

BRASX's dividend yield for the trailing twelve months is around 4.59%, less than BCAT's 20.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BCAT BlackRock Capital Allocation Trust	20.05%	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	4.59%	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 BRASX and BCAT in my portfolio?

BRASX and BCAT have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BRASX or BCAT?

BCAT has higher volatility (2.89%) compared to BRASX (0.59%). In terms of maximum drawdown, BRASX dropped -10.61% vs BCAT's -36.13%.

Which has better risk-adjusted returns?

BCAT currently has the higher Sharpe Ratio (2.81 vs 1.89), 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.