IMSIX vs. PBAIX

Last updated Jun 24, 2026

IMSIX (IMS Strategic Income Fund) and PBAIX (BlackRock Tactical Opportunities Fund Institutional Class) are both Tactical Allocation funds. Over the past 10 years, IMSIX returned 1.26%/yr vs 6.20%/yr for PBAIX. At a 0.41 correlation, their price movements are largely independent. IMSIX charges 1.95%/yr vs 0.77%/yr for PBAIX.

Performance

IMSIX vs. PBAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in IMS Strategic Income Fund (IMSIX) 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, IMSIX achieves a 2.03% return, which is significantly lower than PBAIX's 9.80% return. Over the past 10 years, IMSIX has underperformed PBAIX with an annualized return of 1.26%, while PBAIX has yielded a comparatively higher 6.20% annualized return.

IMSIX

• 1D: 0.00%
• 1M: 1.54%
• YTD: 2.03%
• 6M: 2.03%
• 1Y: 7.75%
• 3Y*: 6.24%
• 5Y*: -0.06%
• 10Y*: 1.26%

PBAIX

• 1D: 0.06%
• 1M: 0.23%
• YTD: 9.80%
• 6M: 9.60%
• 1Y: 13.99%
• 3Y*: 9.70%
• 5Y*: 7.42%
• 10Y*: 6.20%

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

IMSIX vs. PBAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IMSIX IMS Strategic Income Fund	2.03%	8.83%	0.41%	10.14%	-17.29%	11.84%	4.01%	15.97%	-9.31%	-5.36%
PBAIX BlackRock Tactical Opportunities Fund Institutional Class	9.80%	6.46%	12.08%	2.64%	6.14%	0.50%	6.91%	1.65%	4.68%	8.05%

Correlation

The correlation between IMSIX and PBAIX is -0.19, 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	-0.19
Correlation (3Y) Calculated over the trailing 3-year period	-0.08
Correlation (5Y) Calculated over the trailing 5-year period	-0.03
Correlation (10Y) Calculated over the trailing 10-year period	0.04
Correlation (All Time) Calculated using the full available price history since Nov 5, 2002	0.41

The correlation between IMSIX and PBAIX shifts across timeframes, from -0.19 (1 year) to 0.41 (all time), reflecting how their relationship changes across market environments.

Return for Risk

IMSIX vs. PBAIX — Risk / Return Rank

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

IMSIX

IMSIX Risk / Return Rank: 27
IMSIX Sharpe Ratio Rank: 25
IMSIX Sortino Ratio Rank: 24
IMSIX Omega Ratio Rank: 38
IMSIX Calmar Ratio Rank: 24
IMSIX Martin Ratio Rank: 23

PBAIX

PBAIX Risk / Return Rank: 81
PBAIX Sharpe Ratio Rank: 83
PBAIX Sortino Ratio Rank: 85
PBAIX Omega Ratio Rank: 82
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.

IMSIX vs. PBAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for IMS Strategic Income Fund (IMSIX) 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.

	IMSIX	PBAIX	Difference
Sharpe ratio: Return per unit of total volatility	1.33	2.51	-1.19
Sortino ratio: Return per unit of downside risk	1.91	3.76	-1.86
Omega ratio: Gain probability vs. loss probability	1.30	1.49	-0.19
Calmar ratio: Return relative to maximum drawdown	1.69	4.76	-3.07
Martin ratio: Return relative to average drawdown	5.29	11.69	-6.39

IMSIX vs. PBAIX - Sharpe Ratio Comparison

The current IMSIX Sharpe Ratio is 1.33, which is lower than the PBAIX Sharpe Ratio of 2.51. The chart below compares the historical Sharpe Ratios of IMSIX 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

IMSIX vs. PBAIX - Drawdown Comparison

The maximum IMSIX drawdown since its inception was -51.80%, which is greater than PBAIX's maximum drawdown of -39.26%. Use the drawdown chart below to compare losses from any high point for IMSIX and PBAIX.

Drawdown Indicators

	IMSIX	PBAIX	Difference
Max Drawdown Largest peak-to-trough decline	-51.80%	-39.26%	-12.54%
Max Drawdown (1Y) Largest decline over 1 year	-4.93%	-2.99%	-1.94%
Max Drawdown (3Y) Largest decline over 3 years	-9.64%	-6.79%	-2.85%
Max Drawdown (5Y) Largest decline over 5 years	-25.83%	-6.79%	-19.04%
Max Drawdown (10Y) Largest decline over 10 years	-27.23%	-8.94%	-18.29%
Current Drawdown Current decline from peak	-23.09%	-0.46%	-22.63%
Average Drawdown Average peak-to-trough decline	-20.84%	-4.29%	-16.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.57%	1.21%	+0.36%

Volatility

IMSIX vs. PBAIX - Volatility Comparison

IMS Strategic Income Fund (IMSIX) has a higher volatility of 1.40% compared to BlackRock Tactical Opportunities Fund Institutional Class (PBAIX) at 1.13%. This indicates that IMSIX'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

	IMSIX	PBAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.40%	1.13%	+0.27%
Volatility (6M) Calculated over the trailing 6-month period	4.43%	4.64%	-0.21%
Volatility (1Y) Calculated over the trailing 1-year period	6.29%	5.66%	+0.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.82%	6.43%	+2.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.21%	6.13%	+3.08%

IMSIX vs. PBAIX - Expense Ratio Comparison

IMSIX has a 1.95% expense ratio, which is higher than PBAIX's 0.77% expense ratio.

Dividends

IMSIX vs. PBAIX - Dividend Comparison

IMSIX's dividend yield for the trailing twelve months is around 8.12%, while PBAIX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IMSIX IMS Strategic Income Fund	8.12%	7.96%	7.00%	5.16%	7.84%	6.79%	5.93%	5.02%	6.38%	7.27%	9.32%	11.40%
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 IMSIX and PBAIX in my portfolio?

IMSIX and PBAIX have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IMSIX or PBAIX?

IMSIX has higher volatility (1.40%) compared to PBAIX (1.13%). In terms of maximum drawdown, IMSIX dropped -51.80% vs PBAIX's -39.26%.

Which has better risk-adjusted returns?

PBAIX currently has the higher Sharpe Ratio (2.51 vs 1.33), 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.