HFSAX vs. PBAIX

Last updated Jun 25, 2026

HFSAX (Hundredfold Select Alternative Fund Investor Class) and PBAIX (BlackRock Tactical Opportunities Fund Institutional Class) are both Tactical Allocation funds. Over the past 10 years, HFSAX returned 8.35%/yr vs 6.15%/yr for PBAIX. At a 0.23 correlation, their price movements are largely independent. HFSAX charges 1.75%/yr vs 0.77%/yr for PBAIX.

Performance

HFSAX vs. PBAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hundredfold Select Alternative Fund Investor Class (HFSAX) 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, HFSAX achieves a 1.12% return, which is significantly lower than PBAIX's 9.30% return. Over the past 10 years, HFSAX has outperformed PBAIX with an annualized return of 8.35%, while PBAIX has yielded a comparatively lower 6.15% annualized return.

HFSAX

• 1D: -0.69%
• 1M: -0.41%
• YTD: 1.12%
• 6M: 0.61%
• 1Y: 8.62%
• 3Y*: 9.53%
• 5Y*: 3.10%
• 10Y*: 8.35%

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)

HFSAX vs. PBAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HFSAX Hundredfold Select Alternative Fund Investor Class	1.12%	11.97%	3.75%	10.93%	-9.44%	9.05%	38.71%	10.35%	-1.97%	9.91%
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 HFSAX and PBAIX is 0.01, 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	0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (5Y) Calculated over the trailing 5-year period	0.13
Correlation (10Y) Calculated over the trailing 10-year period	0.13
Correlation (All Time) Calculated using the full available price history since Jan 2, 2013	0.24

Over the past year, the correlation between HFSAX and PBAIX has dropped to 0.01 - well below their long-term average of 0.23, suggesting their price drivers have been diverging.

Return for Risk

HFSAX vs. PBAIX — Risk / Return Rank

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

HFSAX

HFSAX Risk / Return Rank: 47
HFSAX Sharpe Ratio Rank: 52
HFSAX Sortino Ratio Rank: 45
HFSAX Omega Ratio Rank: 58
HFSAX Calmar Ratio Rank: 49
HFSAX Martin Ratio Rank: 33

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.

HFSAX vs. PBAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hundredfold Select Alternative Fund Investor Class (HFSAX) 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.

	HFSAX	PBAIX	Difference
Sharpe ratio: Return per unit of total volatility	1.93	2.38	-0.46
Sortino ratio: Return per unit of downside risk	2.53	3.57	-1.04
Omega ratio: Gain probability vs. loss probability	1.38	1.46	-0.09
Calmar ratio: Return relative to maximum drawdown	2.51	4.53	-2.02
Martin ratio: Return relative to average drawdown	6.81	11.12	-4.31

HFSAX vs. PBAIX - Sharpe Ratio Comparison

The current HFSAX Sharpe Ratio is 1.93, which is comparable to the PBAIX Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of HFSAX 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

HFSAX vs. PBAIX - Drawdown Comparison

The maximum HFSAX drawdown since its inception was -12.81%, smaller than the maximum PBAIX drawdown of -39.26%. Use the drawdown chart below to compare losses from any high point for HFSAX and PBAIX.

Drawdown Indicators

	HFSAX	PBAIX	Difference
Max Drawdown Largest peak-to-trough decline	-12.81%	-39.26%	+26.45%
Max Drawdown (1Y) Largest decline over 1 year	-3.68%	-2.99%	-0.69%
Max Drawdown (3Y) Largest decline over 3 years	-5.67%	-6.79%	+1.12%
Max Drawdown (5Y) Largest decline over 5 years	-12.16%	-6.79%	-5.37%
Max Drawdown (10Y) Largest decline over 10 years	-12.81%	-8.94%	-3.87%
Current Drawdown Current decline from peak	-1.70%	-0.92%	-0.78%
Average Drawdown Average peak-to-trough decline	-2.38%	-4.29%	+1.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.35%	1.21%	+0.14%

Volatility

HFSAX vs. PBAIX - Volatility Comparison

Hundredfold Select Alternative Fund Investor Class (HFSAX) has a higher volatility of 1.87% compared to BlackRock Tactical Opportunities Fund Institutional Class (PBAIX) at 1.21%. This indicates that HFSAX'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

	HFSAX	PBAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.87%	1.21%	+0.66%
Volatility (6M) Calculated over the trailing 6-month period	3.90%	4.67%	-0.77%
Volatility (1Y) Calculated over the trailing 1-year period	4.79%	5.67%	-0.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.22%	6.44%	-0.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.24%	6.12%	+0.12%

HFSAX vs. PBAIX - Expense Ratio Comparison

HFSAX has a 1.75% expense ratio, which is higher than PBAIX's 0.77% expense ratio.

Dividends

HFSAX vs. PBAIX - Dividend Comparison

HFSAX's dividend yield for the trailing twelve months is around 9.64%, while PBAIX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HFSAX Hundredfold Select Alternative Fund Investor Class	9.64%	9.75%	5.87%	5.17%	4.92%	10.98%	13.58%	6.44%	3.11%	11.06%	5.60%	1.85%
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 HFSAX and PBAIX in my portfolio?

HFSAX and PBAIX have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HFSAX or PBAIX?

HFSAX has higher volatility (1.87%) compared to PBAIX (1.21%). In terms of maximum drawdown, HFSAX dropped -12.81% vs PBAIX's -39.26%.

Which has better risk-adjusted returns?

PBAIX currently has the higher Sharpe Ratio (2.38 vs 1.93), 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.