FFANX vs. PCBAX

Last updated Jun 25, 2026

FFANX (Fidelity Asset Manager 40% Fund) and PCBAX (BlackRock Tactical Opportunities Fund) are both mutual funds - FFANX is a Diversified Portfolio fund managed by BlackRock, while PCBAX is a Macro Trading fund managed by BlackRock. Over the past 10 years, FFANX returned 6.88%/yr vs 5.84%/yr for PCBAX. A 0.55 correlation means they provide meaningful diversification when combined. FFANX charges 0.52%/yr vs 1.08%/yr for PCBAX.

Performance

FFANX vs. PCBAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Asset Manager 40% Fund (FFANX) and BlackRock Tactical Opportunities Fund (PCBAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FFANX achieves a 6.38% return, which is significantly lower than PCBAX's 9.15% return. Over the past 10 years, FFANX has outperformed PCBAX with an annualized return of 6.88%, while PCBAX has yielded a comparatively lower 5.84% annualized return.

FFANX

• 1D: -1.00%
• 1M: 0.40%
• YTD: 6.38%
• 6M: 6.02%
• 1Y: 14.49%
• 3Y*: 10.91%
• 5Y*: 5.08%
• 10Y*: 6.88%

PCBAX

• 1D: -0.41%
• 1M: -0.29%
• YTD: 9.15%
• 6M: 8.94%
• 1Y: 12.41%
• 3Y*: 9.22%
• 5Y*: 7.06%
• 10Y*: 5.84%

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

FFANX vs. PCBAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FFANX Fidelity Asset Manager 40% Fund	6.38%	13.16%	7.40%	11.52%	-13.62%	8.03%	13.10%	15.81%	-4.06%	11.25%
PCBAX BlackRock Tactical Opportunities Fund	9.15%	6.16%	11.77%	2.37%	5.77%	0.29%	6.50%	1.41%	4.32%	7.71%

Correlation

The correlation between FFANX and PCBAX is -0.03, 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	-0.03
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (5Y) Calculated over the trailing 5-year period	0.14
Correlation (10Y) Calculated over the trailing 10-year period	0.15
Correlation (All Time) Calculated using the full available price history since Oct 11, 2007	0.55

The correlation between FFANX and PCBAX shifts across timeframes, from -0.03 (1 year) to 0.55 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FFANX vs. PCBAX — Risk / Return Rank

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

FFANX

FFANX Risk / Return Rank: 67
FFANX Sharpe Ratio Rank: 64
FFANX Sortino Ratio Rank: 65
FFANX Omega Ratio Rank: 68
FFANX Calmar Ratio Rank: 66
FFANX Martin Ratio Rank: 71

PCBAX

PCBAX Risk / Return Rank: 77
PCBAX Sharpe Ratio Rank: 77
PCBAX Sortino Ratio Rank: 82
PCBAX Omega Ratio Rank: 78
PCBAX Calmar Ratio Rank: 91
PCBAX Martin Ratio Rank: 57

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.

FFANX vs. PCBAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Asset Manager 40% Fund (FFANX) 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.

	FFANX	PCBAX	Difference
Sharpe ratio: Return per unit of total volatility	2.15	2.31	-0.16
Sortino ratio: Return per unit of downside risk	3.06	3.47	-0.41
Omega ratio: Gain probability vs. loss probability	1.42	1.45	-0.03
Calmar ratio: Return relative to maximum drawdown	2.95	4.35	-1.40
Martin ratio: Return relative to average drawdown	12.54	10.50	+2.04

FFANX vs. PCBAX - Sharpe Ratio Comparison

The current FFANX Sharpe Ratio is 2.15, which is comparable to the PCBAX Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of FFANX and PCBAX, 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

FFANX vs. PCBAX - Drawdown Comparison

The maximum FFANX drawdown since its inception was -31.69%, smaller than the maximum PCBAX drawdown of -39.55%. Use the drawdown chart below to compare losses from any high point for FFANX and PCBAX.

Drawdown Indicators

	FFANX	PCBAX	Difference
Max Drawdown Largest peak-to-trough decline	-31.69%	-39.55%	+7.86%
Max Drawdown (1Y) Largest decline over 1 year	-5.20%	-3.04%	-2.16%
Max Drawdown (3Y) Largest decline over 3 years	-7.55%	-6.75%	-0.80%
Max Drawdown (5Y) Largest decline over 5 years	-18.52%	-6.75%	-11.77%
Max Drawdown (10Y) Largest decline over 10 years	-18.52%	-9.00%	-9.52%
Current Drawdown Current decline from peak	-1.13%	-0.94%	-0.19%
Average Drawdown Average peak-to-trough decline	-3.79%	-4.36%	+0.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.22%	1.26%	-0.04%

Volatility

FFANX vs. PCBAX - Volatility Comparison

Fidelity Asset Manager 40% Fund (FFANX) has a higher volatility of 3.12% compared to BlackRock Tactical Opportunities Fund (PCBAX) at 1.18%. This indicates that FFANX's price experiences larger fluctuations and is considered to be riskier than PCBAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FFANX	PCBAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.12%	1.18%	+1.94%
Volatility (6M) Calculated over the trailing 6-month period	6.09%	4.74%	+1.35%
Volatility (1Y) Calculated over the trailing 1-year period	7.15%	5.73%	+1.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.95%	6.47%	+1.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.73%	6.13%	+1.60%

FFANX vs. PCBAX - Expense Ratio Comparison

FFANX has a 0.52% expense ratio, which is lower than PCBAX's 1.08% expense ratio.

Dividends

FFANX vs. PCBAX - Dividend Comparison

FFANX's dividend yield for the trailing twelve months is around 3.69%, while PCBAX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FFANX Fidelity Asset Manager 40% Fund	3.69%	3.97%	2.81%	2.49%	5.75%	2.35%	2.36%	3.67%	4.56%	2.56%	1.43%	3.18%
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

Can I hold both FFANX and PCBAX in my portfolio?

FFANX and PCBAX have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FFANX or PCBAX?

FFANX has higher volatility (3.12%) compared to PCBAX (1.18%). In terms of maximum drawdown, FFANX dropped -31.69% vs PCBAX's -39.55%.

Which has better risk-adjusted returns?

PCBAX currently has the higher Sharpe Ratio (2.31 vs 2.15), 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.