CLTAX vs. PBAIX

Last updated Jun 25, 2026

CLTAX (Catalyst/Lyons Tactical Allocation Fund) and PBAIX (BlackRock Tactical Opportunities Fund Institutional Class) are both Tactical Allocation funds. Over the past 10 years, CLTAX returned 7.89%/yr vs 6.15%/yr for PBAIX. At a 0.34 correlation, their price movements are largely independent. CLTAX charges 1.53%/yr vs 0.77%/yr for PBAIX.

Performance

CLTAX vs. PBAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Catalyst/Lyons Tactical Allocation Fund (CLTAX) and BlackRock Tactical Opportunities Fund Institutional Class (PBAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CLTAX achieves a 10.09% return, which is significantly higher than PBAIX's 9.30% return. Over the past 10 years, CLTAX has outperformed PBAIX with an annualized return of 7.89%, while PBAIX has yielded a comparatively lower 6.15% annualized return.

CLTAX

• 1D: -1.91%
• 1M: 0.87%
• YTD: 10.09%
• 6M: 7.72%
• 1Y: 21.90%
• 3Y*: 12.33%
• 5Y*: 3.14%
• 10Y*: 7.89%

PBAIX

• 1D: -0.46%
• 1M: -0.23%
• YTD: 9.30%
• 6M: 9.09%
• 1Y: 12.72%
• 3Y*: 9.53%
• 5Y*: 7.37%
• 10Y*: 6.15%

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

CLTAX vs. PBAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CLTAX Catalyst/Lyons Tactical Allocation Fund	10.09%	15.26%	3.51%	10.16%	-24.36%	17.82%	27.88%	2.80%	-4.99%	16.74%
PBAIX BlackRock Tactical Opportunities Fund Institutional Class	9.30%	6.46%	12.08%	2.64%	6.14%	0.50%	6.91%	1.65%	4.68%	8.05%

Correlation

The correlation between CLTAX and PBAIX is 0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (5Y) Calculated over the trailing 5-year period	0.17
Correlation (10Y) Calculated over the trailing 10-year period	0.16
Correlation (All Time) Calculated using the full available price history since Jul 2, 2012	0.34

Over the past year, the correlation between CLTAX and PBAIX has dropped to 0.02 - well below their long-term average of 0.34, suggesting their price drivers have been diverging.

Return for Risk

CLTAX vs. PBAIX — Risk / Return Rank

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

CLTAX

CLTAX Risk / Return Rank: 37
CLTAX Sharpe Ratio Rank: 32
CLTAX Sortino Ratio Rank: 31
CLTAX Omega Ratio Rank: 30
CLTAX Calmar Ratio Rank: 38
CLTAX Martin Ratio Rank: 53

PBAIX

PBAIX Risk / Return Rank: 81
PBAIX Sharpe Ratio Rank: 82
PBAIX Sortino Ratio Rank: 84
PBAIX Omega Ratio Rank: 81
PBAIX Calmar Ratio Rank: 92
PBAIX Martin Ratio Rank: 63

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.

CLTAX vs. PBAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Catalyst/Lyons Tactical Allocation Fund (CLTAX) and BlackRock Tactical Opportunities Fund Institutional Class (PBAIX). 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.

	CLTAX	PBAIX	Difference
Sharpe ratio: Return per unit of total volatility	1.41	2.38	-0.97
Sortino ratio: Return per unit of downside risk	1.99	3.57	-1.58
Omega ratio: Gain probability vs. loss probability	1.25	1.46	-0.21
Calmar ratio: Return relative to maximum drawdown	2.12	4.53	-2.41
Martin ratio: Return relative to average drawdown	9.56	11.12	-1.55

CLTAX vs. PBAIX - Sharpe Ratio Comparison

The current CLTAX Sharpe Ratio is 1.41, which is lower than the PBAIX Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of CLTAX and PBAIX, 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

CLTAX vs. PBAIX - Drawdown Comparison

The maximum CLTAX drawdown since its inception was -28.93%, smaller than the maximum PBAIX drawdown of -39.26%. Use the drawdown chart below to compare losses from any high point for CLTAX and PBAIX.

Drawdown Indicators

	CLTAX	PBAIX	Difference
Max Drawdown Largest peak-to-trough decline	-28.93%	-39.26%	+10.33%
Max Drawdown (1Y) Largest decline over 1 year	-10.91%	-2.99%	-7.92%
Max Drawdown (3Y) Largest decline over 3 years	-16.53%	-6.79%	-9.74%
Max Drawdown (5Y) Largest decline over 5 years	-26.92%	-6.79%	-20.13%
Max Drawdown (10Y) Largest decline over 10 years	-28.93%	-8.94%	-19.99%
Current Drawdown Current decline from peak	-2.19%	-0.92%	-1.27%
Average Drawdown Average peak-to-trough decline	-7.99%	-4.29%	-3.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.41%	1.21%	+1.20%

Volatility

CLTAX vs. PBAIX - Volatility Comparison

Catalyst/Lyons Tactical Allocation Fund (CLTAX) has a higher volatility of 5.27% compared to BlackRock Tactical Opportunities Fund Institutional Class (PBAIX) at 1.21%. This indicates that CLTAX's price experiences larger fluctuations and is considered to be riskier than PBAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CLTAX	PBAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.27%	1.21%	+4.06%
Volatility (6M) Calculated over the trailing 6-month period	13.19%	4.67%	+8.52%
Volatility (1Y) Calculated over the trailing 1-year period	16.39%	5.67%	+10.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.77%	6.44%	+8.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.32%	6.12%	+8.20%

CLTAX vs. PBAIX - Expense Ratio Comparison

CLTAX has a 1.53% expense ratio, which is higher than PBAIX's 0.77% expense ratio.

Dividends

CLTAX vs. PBAIX - Dividend Comparison

CLTAX's dividend yield for the trailing twelve months is around 9.14%, while PBAIX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CLTAX Catalyst/Lyons Tactical Allocation Fund	9.14%	10.06%	0.02%	1.02%	12.48%	0.55%	3.42%	12.17%	2.73%	2.81%	1.35%	6.33%
PBAIX BlackRock Tactical Opportunities Fund Institutional Class	0.00%	0.00%	0.00%	11.84%	3.52%	0.00%	2.71%	3.39%	10.17%	0.86%	1.74%	5.15%

Frequently Asked Questions

Can I hold both CLTAX and PBAIX in my portfolio?

CLTAX and PBAIX have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CLTAX or PBAIX?

CLTAX has higher volatility (5.27%) compared to PBAIX (1.21%). In terms of maximum drawdown, CLTAX dropped -28.93% vs PBAIX's -39.26%.

Which has better risk-adjusted returns?

PBAIX currently has the higher Sharpe Ratio (2.38 vs 1.41), 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.