CGFIX vs. PCBAX
CGFIX (abrdn Global Absolute Return Strategies Fund) and PCBAX (BlackRock Tactical Opportunities Fund) are both Macro Trading funds. Over the past 10 years, CGFIX returned 1.86%/yr vs 5.87%/yr for PCBAX. At a 0.04 correlation, their price movements are largely independent. CGFIX charges 0.78%/yr vs 1.08%/yr for PCBAX.
Performance
CGFIX vs. PCBAX - Performance Comparison
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Returns By Period
In the year-to-date period, CGFIX achieves a 1.86% return, which is significantly lower than PCBAX's 9.60% return. Over the past 10 years, CGFIX has underperformed PCBAX with an annualized return of 1.86%, while PCBAX has yielded a comparatively higher 5.87% annualized return.
CGFIX
- 1D
- 0.12%
- 1M
- 1.43%
- YTD
- 1.86%
- 6M
- 1.93%
- 1Y
- 6.15%
- 3Y*
- 5.56%
- 5Y*
- 0.44%
- 10Y*
- 1.86%
PCBAX
- 1D
- 0.24%
- 1M
- 0.12%
- YTD
- 9.60%
- 6M
- 9.04%
- 1Y
- 13.78%
- 3Y*
- 9.25%
- 5Y*
- 7.18%
- 10Y*
- 5.87%
CGFIX vs. PCBAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CGFIX abrdn Global Absolute Return Strategies Fund | 1.86% | 5.79% | 4.85% | -2.54% | -9.99% | 1.39% | 6.37% | 7.26% | 0.97% | 1.62% |
PCBAX BlackRock Tactical Opportunities Fund | 9.60% | 6.16% | 11.77% | 2.37% | 5.77% | 0.29% | 6.50% | 1.41% | 4.32% | 7.71% |
Correlation
The correlation between CGFIX and PCBAX is -0.33, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.11 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.03 |
Correlation (All Time) Calculated using the full available price history since Oct 31, 1990 | 0.04 |
The correlation between CGFIX and PCBAX shifts across timeframes, from -0.33 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CGFIX vs. PCBAX — Risk / Return Rank
CGFIX
PCBAX
CGFIX vs. PCBAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for abrdn Global Absolute Return Strategies Fund (CGFIX) and BlackRock Tactical Opportunities Fund (PCBAX). 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.
| CGFIX | PCBAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.15 | ||
| Sortino ratioReturn per unit of downside risk | -0.35 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.43 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.31 | 4.23 | -1.92 |
| Martin ratioReturn relative to average drawdown | 8.18 | 10.23 | -2.04 |
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Drawdowns
CGFIX vs. PCBAX - Drawdown Comparison
The maximum CGFIX drawdown since its inception was -20.28%, smaller than the maximum PCBAX drawdown of -39.55%. Use the drawdown chart below to compare losses from any high point for CGFIX and PCBAX.
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Drawdown Indicators
| CGFIX | PCBAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.28% | -39.55% | +19.27% |
Max Drawdown (1Y)Largest decline over 1 year | -2.78% | -3.04% | +0.26% |
Max Drawdown (3Y)Largest decline over 3 years | -5.57% | -6.75% | +1.18% |
Max Drawdown (5Y)Largest decline over 5 years | -20.28% | -6.75% | -13.53% |
Max Drawdown (10Y)Largest decline over 10 years | -20.28% | -9.00% | -11.28% |
Current DrawdownCurrent decline from peak | -1.18% | -0.53% | -0.65% |
Average DrawdownAverage peak-to-trough decline | -3.19% | -4.36% | +1.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.78% | 1.26% | -0.48% |
Volatility
CGFIX vs. PCBAX - Volatility Comparison
The current volatility for abrdn Global Absolute Return Strategies Fund (CGFIX) is 0.70%, while BlackRock Tactical Opportunities Fund (PCBAX) has a volatility of 1.27%. This indicates that CGFIX experiences smaller price fluctuations and is considered to be less risky than PCBAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CGFIX | PCBAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.70% | 1.27% | -0.57% |
Volatility (6M)Calculated over the trailing 6-month period | 2.35% | 4.72% | -2.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.10% | 5.78% | -2.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.76% | 6.46% | -0.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.71% | 6.13% | -1.42% |
CGFIX vs. PCBAX - Expense Ratio Comparison
CGFIX has a 0.78% expense ratio, which is lower than PCBAX's 1.08% expense ratio.
Dividends
CGFIX vs. PCBAX - Dividend Comparison
CGFIX's dividend yield for the trailing twelve months is around 6.12%, while PCBAX has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CGFIX abrdn Global Absolute Return Strategies Fund | 6.12% | 5.51% | 6.43% | 2.08% | 0.00% | 7.49% | 0.23% | 3.29% | 6.05% | 0.33% | 1.12% | 0.35% |
PCBAX BlackRock Tactical Opportunities Fund | 0.00% | 0.00% | 0.00% | 11.67% | 3.36% | 0.00% | 2.44% | 3.08% | 9.91% | 0.80% | 1.41% | 4.86% |
Frequently Asked Questions
CGFIX and PCBAX have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PCBAX has higher volatility (1.27%) compared to CGFIX (0.70%). In terms of maximum drawdown, CGFIX dropped -20.28% vs PCBAX's -39.55%.
PCBAX currently has the higher Sharpe Ratio (2.22 vs 2.08), 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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