BTFAX vs. BGCIX
BTFAX (BTS Tactical Fixed Income Fund) and BGCIX (BlackRock Global Long/Short Credit Fund) are both Nontraditional Bonds funds. Over the past 10 years, BTFAX returned -0.37%/yr vs 4.13%/yr for BGCIX. Their 0.21 correlation means their historical movements had little consistent relationship. BTFAX charges 1.65%/yr vs 1.12%/yr for BGCIX.
Performance
BTFAX vs. BGCIX - Performance Comparison
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Returns By Period
In the year-to-date period, BTFAX achieves a -1.41% return, which is significantly lower than BGCIX's 1.44% return. Over the past 10 years, BTFAX has underperformed BGCIX with an annualized return of -0.37%, while BGCIX has yielded a comparatively higher 4.13% annualized return.
BTFAX
- 1D
- 0.27%
- 1M
- -0.53%
- 6M
- -1.92%
- YTD
- -1.41%
- 1Y
- 1.13%
- 3Y*
- 2.21%
- 5Y*
- -1.87%
- 10Y*
- -0.37%
- ALL TIME*
- 0.42%
BGCIX
- 1D
- 0.22%
- 1M
- -0.11%
- 6M
- 1.10%
- YTD
- 1.44%
- 1Y
- 3.04%
- 3Y*
- 6.93%
- 5Y*
- 3.31%
- 10Y*
- 4.13%
- ALL TIME*
- 3.64%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
BTFAX vs. BGCIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BTFAX BTS Tactical Fixed Income Fund | -1.41% | 2.96% | 3.52% | 2.12% | -12.82% | -2.18% | 1.43% | 4.30% | -6.53% | 2.86% |
BGCIX BlackRock Global Long/Short Credit Fund | 1.44% | 6.55% | 8.47% | 8.87% | -8.02% | 3.48% | 10.71% | 7.43% | -1.78% | 3.46% |
Correlation
The correlation between BTFAX and BGCIX is 0.37, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.37 |
Correlation (3Y) Balances recent behavior with more history. | 0.34 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.27 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.22 |
Correlation (All Time) Calculated using the full available price history since May 31, 2013 | 0.21 |
The correlation between BTFAX and BGCIX shifts across timeframes, from 0.21 (all time) to 0.37 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
BTFAX vs. BGCIX — Risk / Return Rank
BTFAX
BGCIX
BTFAX vs. BGCIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BTS Tactical Fixed Income Fund (BTFAX) and BlackRock Global Long/Short Credit Fund (BGCIX). 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.
| BTFAX | BGCIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.03 | ||
| Sortino ratioReturn per unit of downside risk | -3.29 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.57 | -0.52 |
| Calmar ratioReturn relative to maximum drawdown | 0.35 | 3.19 | -2.84 |
| Martin ratioReturn relative to average drawdown | 0.69 | 12.87 | -12.17 |
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Drawdowns
BTFAX vs. BGCIX - Drawdown Comparison
The maximum BTFAX drawdown since its inception was -19.78%, which is greater than BGCIX's maximum drawdown of -10.37%. Use the drawdown chart below to compare losses from any high point for BTFAX and BGCIX.
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Drawdown Indicators
| BTFAX | BGCIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.78% | -10.37% | -9.41% |
Max Drawdown (1Y)Largest decline over 1 year | -2.84% | -0.99% | -1.85% |
Max Drawdown (3Y)Largest decline over 3 years | -4.89% | -2.18% | -2.71% |
Max Drawdown (5Y)Largest decline over 5 years | -18.07% | -9.78% | -8.29% |
Max Drawdown (10Y)Largest decline over 10 years | -19.78% | -10.37% | -9.41% |
Current DrawdownCurrent decline from peak | -11.17% | -0.22% | -10.95% |
Average DrawdownAverage peak-to-trough decline | -6.32% | -1.26% | -5.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.44% | 0.25% | +1.19% |
Volatility
BTFAX vs. BGCIX - Volatility Comparison
BTS Tactical Fixed Income Fund (BTFAX) has a higher volatility of 0.78% compared to BlackRock Global Long/Short Credit Fund (BGCIX) at 0.49%. This indicates that BTFAX's price experiences larger fluctuations and is considered to be riskier than BGCIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BTFAX | BGCIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.78% | 0.49% | +0.29% |
Volatility (6M)Calculated over the trailing 6-month period | 2.28% | 1.07% | +1.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.47% | 1.36% | +2.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.45% | 1.91% | +3.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.84% | 3.14% | +1.70% |
BTFAX vs. BGCIX - Expense Ratio Comparison
BTFAX has a 1.65% expense ratio, which is higher than BGCIX's 1.12% expense ratio.
Dividends
BTFAX vs. BGCIX - Dividend Comparison
BTFAX's dividend yield for the trailing twelve months is around 3.87%, less than BGCIX's 5.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BGCIX BlackRock Global Long/Short Credit Fund | 5.74% | 5.83% | 7.13% | 3.33% | 8.25% | 3.57% | 9.87% | 3.75% | 6.01% | 1.16% | 0.00% | 5.11% |
BTFAX BTS Tactical Fixed Income Fund | 3.87% | 4.39% | 2.71% | 3.52% | 2.11% | 1.69% | 0.68% | 3.17% | 3.38% | 2.67% | 4.89% | 0.87% |
Frequently Asked Questions
BTFAX and BGCIX have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTFAX has higher volatility (0.78%) compared to BGCIX (0.49%). In terms of maximum drawdown, BTFAX dropped -19.78% vs BGCIX's -10.37%.
BGCIX currently has the higher Sharpe Ratio (2.32 vs 0.29), 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.
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