FTBFX vs. PCBAX
FTBFX (Fidelity Total Bond Fund) and PCBAX (BlackRock Tactical Opportunities Fund) are both mutual funds - FTBFX is a Intermediate Core-Plus Bond fund actively managed by Fidelity, while PCBAX is a Multistrategy fund managed by BlackRock. Over the past 10 years, FTBFX returned 2.19%/yr vs 5.82%/yr for PCBAX. Their -0.14 correlation means they have often moved in opposite directions in the past. FTBFX charges 0.45%/yr vs 1.08%/yr for PCBAX.
Performance
FTBFX vs. PCBAX - Performance Comparison
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Returns By Period
In the year-to-date period, FTBFX achieves a -0.19% return, which is significantly lower than PCBAX's 10.63% return. Over the past 10 years, FTBFX has underperformed PCBAX with an annualized return of 2.19%, while PCBAX has yielded a comparatively higher 5.82% annualized return.
FTBFX
- 1D
- 0.21%
- 1M
- -1.00%
- 6M
- -0.33%
- YTD
- -0.19%
- 1Y
- 2.23%
- 3Y*
- 4.66%
- 5Y*
- 0.14%
- 10Y*
- 2.19%
- ALL TIME*
- 3.88%
PCBAX
- 1D
- 0.18%
- 1M
- 1.42%
- 6M
- 10.13%
- YTD
- 10.63%
- 1Y
- 11.20%
- 3Y*
- 9.26%
- 5Y*
- 7.61%
- 10Y*
- 5.82%
- ALL TIME*
- 6.31%
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 |
FTBFX vs. PCBAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FTBFX Fidelity Total Bond Fund | -0.19% | 7.50% | 2.13% | 7.25% | -13.58% | -0.44% | 9.34% | 9.89% | -0.66% | 4.19% |
PCBAX BlackRock Tactical Opportunities Fund | 10.63% | 6.16% | 11.77% | 2.37% | 5.77% | 0.29% | 6.50% | 1.41% | 4.32% | 7.71% |
Correlation
The correlation between FTBFX and PCBAX is -0.28, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.28 |
Correlation (3Y) Balances recent behavior with more history. | -0.17 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.19 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.17 |
Correlation (All Time) Calculated using the full available price history since Oct 16, 2002 | -0.14 |
The correlation between FTBFX and PCBAX shifts across timeframes, from -0.28 (1 year) to -0.14 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FTBFX vs. PCBAX — Risk / Return Rank
FTBFX
PCBAX
FTBFX vs. PCBAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Total Bond Fund (FTBFX) 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.
| FTBFX | PCBAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.38 | ||
| Sortino ratioReturn per unit of downside risk | -2.14 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.39 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | 0.81 | 3.85 | -3.04 |
| Martin ratioReturn relative to average drawdown | 2.04 | 9.17 | -7.13 |
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Drawdowns
FTBFX vs. PCBAX - Drawdown Comparison
The maximum FTBFX drawdown since its inception was -18.25%, smaller than the maximum PCBAX drawdown of -39.55%. Use the drawdown chart below to compare losses from any high point for FTBFX and PCBAX.
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Drawdown Indicators
| FTBFX | PCBAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.25% | -39.55% | +21.30% |
Max Drawdown (1Y)Largest decline over 1 year | -2.89% | -3.04% | +0.15% |
Max Drawdown (3Y)Largest decline over 3 years | -4.96% | -6.75% | +1.79% |
Max Drawdown (5Y)Largest decline over 5 years | -18.25% | -6.75% | -11.50% |
Max Drawdown (10Y)Largest decline over 10 years | -18.25% | -9.00% | -9.25% |
Current DrawdownCurrent decline from peak | -2.06% | 0.00% | -2.06% |
Average DrawdownAverage peak-to-trough decline | -2.31% | -4.35% | +2.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.15% | 1.27% | -0.12% |
Volatility
FTBFX vs. PCBAX - Volatility Comparison
The current volatility for Fidelity Total Bond Fund (FTBFX) is 1.06%, while BlackRock Tactical Opportunities Fund (PCBAX) has a volatility of 1.63%. This indicates that FTBFX 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
| FTBFX | PCBAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.06% | 1.63% | -0.57% |
Volatility (6M)Calculated over the trailing 6-month period | 3.00% | 4.74% | -1.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.67% | 5.80% | -2.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.68% | 6.47% | -0.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.74% | 6.10% | -1.36% |
FTBFX vs. PCBAX - Expense Ratio Comparison
FTBFX has a 0.45% expense ratio, which is lower than PCBAX's 1.08% expense ratio.
Dividends
FTBFX vs. PCBAX - Dividend Comparison
FTBFX's dividend yield for the trailing twelve months is around 4.40%, while PCBAX has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FTBFX Fidelity Total Bond Fund | 4.40% | 4.36% | 4.15% | 4.15% | 2.54% | 1.89% | 5.22% | 3.03% | 3.19% | 2.97% | 3.61% | 3.30% |
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
FTBFX and PCBAX have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PCBAX has higher volatility (1.63%) compared to FTBFX (1.06%). In terms of maximum drawdown, FTBFX dropped -18.25% vs PCBAX's -39.55%.
PCBAX currently has the higher Sharpe Ratio (2.02 vs 0.64), 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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