MBXAX vs. PCBAX

Last updated Jun 3, 2026

MBXAX (Catalyst/Millburn Hedge Strategy Fund) and PCBAX (BlackRock Tactical Opportunities Fund) are both Macro Trading funds. Over the past 10 years, MBXAX returned 8.33%/yr vs 5.83%/yr for PCBAX. At a 0.21 correlation, their price movements are largely independent. MBXAX charges 2.18%/yr vs 1.08%/yr for PCBAX.

Performance

MBXAX vs. PCBAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Catalyst/Millburn Hedge Strategy Fund (MBXAX) 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, MBXAX achieves a 13.33% return, which is significantly higher than PCBAX's 10.12% return. Over the past 10 years, MBXAX has outperformed PCBAX with an annualized return of 8.33%, while PCBAX has yielded a comparatively lower 5.83% annualized return.

MBXAX

• 1D: 0.58%
• 1M: -0.02%
• YTD: 13.33%
• 6M: 14.56%
• 1Y: 21.06%
• 3Y*: 11.49%
• 5Y*: 7.08%
• 10Y*: 8.33%

PCBAX

• 1D: 0.53%
• 1M: 2.34%
• YTD: 10.12%
• 6M: 10.97%
• 1Y: 13.18%
• 3Y*: 10.05%
• 5Y*: 6.99%
• 10Y*: 5.83%

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

MBXAX vs. PCBAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MBXAX Catalyst/Millburn Hedge Strategy Fund	13.33%	4.13%	13.17%	-0.91%	7.46%	16.62%	-0.72%	13.59%	-2.43%	13.69%
PCBAX BlackRock Tactical Opportunities Fund	10.12%	6.16%	11.77%	2.37%	5.77%	0.29%	6.50%	1.41%	4.32%	7.71%

Correlation

The correlation between MBXAX and PCBAX is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (5Y) Calculated over the trailing 5-year period	0.24
Correlation (10Y) Calculated over the trailing 10-year period	0.19
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.21

The correlation between MBXAX and PCBAX shifts across timeframes, from 0.13 (1 year) to 0.25 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

MBXAX vs. PCBAX — Risk / Return Rank

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

MBXAX

MBXAX Risk / Return Rank: 92
MBXAX Sharpe Ratio Rank: 92
MBXAX Sortino Ratio Rank: 91
MBXAX Omega Ratio Rank: 87
MBXAX Calmar Ratio Rank: 94
MBXAX Martin Ratio Rank: 94

PCBAX

PCBAX Risk / Return Rank: 72
PCBAX Sharpe Ratio Rank: 68
PCBAX Sortino Ratio Rank: 75
PCBAX Omega Ratio Rank: 71
PCBAX Calmar Ratio Rank: 90
PCBAX Martin Ratio Rank: 56

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.

MBXAX vs. PCBAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Catalyst/Millburn Hedge Strategy Fund (MBXAX) 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.

	MBXAX	PCBAX	Difference
Sharpe ratio Return per unit of total volatility	3.08	2.41	+0.67
Sortino ratio Return per unit of downside risk	4.55	3.61	+0.94
Omega ratio Gain probability vs. loss probability	1.60	1.47	+0.13
Calmar ratio Return relative to maximum drawdown	5.41	4.66	+0.75
Martin ratio Return relative to average drawdown	21.04	11.30	+9.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MBXAX vs. PCBAX - Sharpe Ratio Comparison

The current MBXAX Sharpe Ratio is 3.08, which is comparable to the PCBAX Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of MBXAX 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.

Sharpe Ratios by Period

	MBXAX	PCBAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.08	2.41	+0.67
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.62	1.08	-0.47
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	0.95	-0.33
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.58	+0.10

Drawdowns

MBXAX vs. PCBAX - Drawdown Comparison

The maximum MBXAX drawdown since its inception was -31.75%, smaller than the maximum PCBAX drawdown of -39.55%. Use the drawdown chart below to compare losses from any high point for MBXAX and PCBAX.

Drawdown Indicators

	MBXAX	PCBAX	Difference
Max Drawdown Largest peak-to-trough decline	-31.75%	-39.55%	+7.80%
Max Drawdown (1Y) Largest decline over 1 year	-3.89%	-3.04%	-0.85%
Max Drawdown (3Y) Largest decline over 3 years	-15.66%	-6.75%	-8.91%
Max Drawdown (5Y) Largest decline over 5 years	-15.66%	-6.75%	-8.91%
Max Drawdown (10Y) Largest decline over 10 years	-31.75%	-9.00%	-22.75%
Current Drawdown Current decline from peak	-0.68%	-0.06%	-0.62%
Average Drawdown Average peak-to-trough decline	-4.05%	-4.37%	+0.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.00%	1.25%	-0.25%

Volatility

MBXAX vs. PCBAX - Volatility Comparison

Catalyst/Millburn Hedge Strategy Fund (MBXAX) has a higher volatility of 1.86% compared to BlackRock Tactical Opportunities Fund (PCBAX) at 1.68%. This indicates that MBXAX'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

	MBXAX	PCBAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.86%	1.68%	+0.18%
Volatility (6M) Calculated over the trailing 6-month period	5.18%	4.81%	+0.37%
Volatility (1Y) Calculated over the trailing 1-year period	7.03%	5.81%	+1.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.54%	6.47%	+5.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.42%	6.14%	+7.28%

MBXAX vs. PCBAX - Expense Ratio Comparison

MBXAX has a 2.18% expense ratio, which is higher than PCBAX's 1.08% expense ratio.

Dividends

MBXAX vs. PCBAX - Dividend Comparison

Neither MBXAX nor PCBAX has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MBXAX Catalyst/Millburn Hedge Strategy Fund	0.00%	0.00%	2.43%	2.02%	7.57%	0.00%	3.92%	4.96%	3.07%	3.35%	1.82%	0.00%
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 MBXAX and PCBAX in my portfolio?

MBXAX and PCBAX have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MBXAX or PCBAX?

MBXAX has higher volatility (1.86%) compared to PCBAX (1.68%). In terms of maximum drawdown, MBXAX dropped -31.75% vs PCBAX's -39.55%.

Which has better risk-adjusted returns?

MBXAX currently has the higher Sharpe Ratio (3.08 vs 2.41), 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.