NAVFX vs. PBAIX
NAVFX (Sector Rotation Fund) and PBAIX (BlackRock Tactical Opportunities Fund Institutional Class) are both Tactical Allocation funds. Over the past 10 years, NAVFX returned 11.37%/yr vs 6.20%/yr for PBAIX. At a 0.45 correlation, their price movements are largely independent. NAVFX charges 1.97%/yr vs 0.77%/yr for PBAIX.
Performance
NAVFX vs. PBAIX - Performance Comparison
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Returns By Period
In the year-to-date period, NAVFX achieves a 7.69% return, which is significantly lower than PBAIX's 9.80% return. Over the past 10 years, NAVFX has outperformed PBAIX with an annualized return of 11.37%, while PBAIX has yielded a comparatively lower 6.20% annualized return.
NAVFX
- 1D
- -0.41%
- 1M
- 0.52%
- YTD
- 7.69%
- 6M
- 6.62%
- 1Y
- 18.83%
- 3Y*
- 18.01%
- 5Y*
- 9.79%
- 10Y*
- 11.37%
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%
NAVFX vs. PBAIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NAVFX Sector Rotation Fund | 7.69% | 13.35% | 21.19% | 24.55% | -17.89% | 15.78% | 11.54% | 22.22% | -5.38% | 20.41% |
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 NAVFX 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 | 0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.20 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Dec 30, 2009 | 0.45 |
Over the past year, the correlation between NAVFX and PBAIX has dropped to 0.01 - well below their long-term average of 0.45, suggesting their price drivers have been diverging.
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Return for Risk
NAVFX vs. PBAIX — Risk / Return Rank
NAVFX
PBAIX
NAVFX vs. PBAIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Sector Rotation Fund (NAVFX) 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.
| NAVFX | PBAIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.92 | ||
| Sortino ratioReturn per unit of downside risk | -1.44 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.49 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 1.98 | 4.76 | -2.78 |
| Martin ratioReturn relative to average drawdown | 9.76 | 11.69 | -1.93 |
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Drawdowns
NAVFX vs. PBAIX - Drawdown Comparison
The maximum NAVFX drawdown since its inception was -30.79%, smaller than the maximum PBAIX drawdown of -39.26%. Use the drawdown chart below to compare losses from any high point for NAVFX and PBAIX.
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Drawdown Indicators
| NAVFX | PBAIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.79% | -39.26% | +8.47% |
Max Drawdown (1Y)Largest decline over 1 year | -10.14% | -2.99% | -7.15% |
Max Drawdown (3Y)Largest decline over 3 years | -20.39% | -6.79% | -13.60% |
Max Drawdown (5Y)Largest decline over 5 years | -24.30% | -6.79% | -17.51% |
Max Drawdown (10Y)Largest decline over 10 years | -30.79% | -8.94% | -21.85% |
Current DrawdownCurrent decline from peak | -1.23% | -0.46% | -0.77% |
Average DrawdownAverage peak-to-trough decline | -4.55% | -4.29% | -0.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.05% | 1.21% | +0.84% |
Volatility
NAVFX vs. PBAIX - Volatility Comparison
Sector Rotation Fund (NAVFX) has a higher volatility of 4.90% compared to BlackRock Tactical Opportunities Fund Institutional Class (PBAIX) at 1.13%. This indicates that NAVFX'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.
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Volatility by Period
| NAVFX | PBAIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.90% | 1.13% | +3.77% |
Volatility (6M)Calculated over the trailing 6-month period | 10.88% | 4.64% | +6.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.62% | 5.66% | +6.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.54% | 6.43% | +10.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.62% | 6.13% | +10.49% |
NAVFX vs. PBAIX - Expense Ratio Comparison
NAVFX has a 1.97% expense ratio, which is higher than PBAIX's 0.77% expense ratio.
Dividends
NAVFX vs. PBAIX - Dividend Comparison
NAVFX's dividend yield for the trailing twelve months is around 2.05%, while PBAIX has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NAVFX Sector Rotation Fund | 2.05% | 2.21% | 7.02% | 1.66% | 7.80% | 5.16% | 1.16% | 8.54% | 10.05% | 6.08% | 2.96% | 3.14% |
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
NAVFX 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.
NAVFX has higher volatility (4.90%) compared to PBAIX (1.13%). In terms of maximum drawdown, NAVFX dropped -30.79% vs PBAIX's -39.26%.
PBAIX currently has the higher Sharpe Ratio (2.51 vs 1.59), 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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