OTRFX vs. PCBAX
OTRFX (OnTrack Core Fund) and PCBAX (BlackRock Tactical Opportunities Fund) are both Macro Trading funds. Over the past 10 years, OTRFX returned 5.30%/yr vs 5.87%/yr for PCBAX. At a 0.16 correlation, their price movements are largely independent. OTRFX charges 2.58%/yr vs 1.08%/yr for PCBAX.
Performance
OTRFX vs. PCBAX - Performance Comparison
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Returns By Period
In the year-to-date period, OTRFX achieves a 5.21% return, which is significantly lower than PCBAX's 9.60% return. Over the past 10 years, OTRFX has underperformed PCBAX with an annualized return of 5.30%, while PCBAX has yielded a comparatively higher 5.87% annualized return.
OTRFX
- 1D
- 0.06%
- 1M
- 0.93%
- YTD
- 5.21%
- 6M
- 5.21%
- 1Y
- 11.69%
- 3Y*
- 6.21%
- 5Y*
- 1.99%
- 10Y*
- 5.30%
PCBAX
- 1D
- 0.24%
- 1M
- 0.12%
- YTD
- 9.60%
- 6M
- 9.04%
- 1Y
- 13.78%
- 3Y*
- 9.25%
- 5Y*
- 7.18%
- 10Y*
- 5.87%
OTRFX vs. PCBAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
OTRFX OnTrack Core Fund | 5.21% | 6.12% | -0.12% | 5.37% | -5.82% | 3.94% | 29.03% | 6.86% | -4.70% | 6.49% |
PCBAX BlackRock Tactical Opportunities Fund | 9.60% | 6.16% | 11.77% | 2.37% | 5.77% | 0.29% | 6.50% | 1.41% | 4.32% | 7.71% |
Correlation
The correlation between OTRFX and PCBAX 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 | 0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Jan 16, 2013 | 0.16 |
The correlation between OTRFX and PCBAX shifts across timeframes, from -0.01 (1 year) to 0.16 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
OTRFX vs. PCBAX — Risk / Return Rank
OTRFX
PCBAX
OTRFX vs. PCBAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for OnTrack Core Fund (OTRFX) 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.
| OTRFX | PCBAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.63 | ||
| Sortino ratioReturn per unit of downside risk | +0.55 | ||
| Omega ratioGain probability vs. loss probability | 1.73 | 1.43 | +0.30 |
| Calmar ratioReturn relative to maximum drawdown | 3.91 | 4.23 | -0.32 |
| Martin ratioReturn relative to average drawdown | 8.50 | 10.23 | -1.72 |
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Drawdowns
OTRFX vs. PCBAX - Drawdown Comparison
The maximum OTRFX drawdown since its inception was -9.73%, smaller than the maximum PCBAX drawdown of -39.55%. Use the drawdown chart below to compare losses from any high point for OTRFX and PCBAX.
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Drawdown Indicators
| OTRFX | PCBAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -9.73% | -39.55% | +29.82% |
Max Drawdown (1Y)Largest decline over 1 year | -3.02% | -3.04% | +0.02% |
Max Drawdown (3Y)Largest decline over 3 years | -5.76% | -6.75% | +0.99% |
Max Drawdown (5Y)Largest decline over 5 years | -9.51% | -6.75% | -2.76% |
Max Drawdown (10Y)Largest decline over 10 years | -9.51% | -9.00% | -0.51% |
Current DrawdownCurrent decline from peak | -0.95% | -0.53% | -0.42% |
Average DrawdownAverage peak-to-trough decline | -2.97% | -4.36% | +1.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.39% | 1.26% | +0.13% |
Volatility
OTRFX vs. PCBAX - Volatility Comparison
The current volatility for OnTrack Core Fund (OTRFX) is 0.53%, while BlackRock Tactical Opportunities Fund (PCBAX) has a volatility of 1.27%. This indicates that OTRFX 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
| OTRFX | PCBAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.53% | 1.27% | -0.74% |
Volatility (6M)Calculated over the trailing 6-month period | 2.85% | 4.72% | -1.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.15% | 5.78% | -1.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.07% | 6.46% | -3.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.60% | 6.13% | -2.53% |
OTRFX vs. PCBAX - Expense Ratio Comparison
OTRFX has a 2.58% expense ratio, which is higher than PCBAX's 1.08% expense ratio.
Dividends
OTRFX vs. PCBAX - Dividend Comparison
OTRFX's dividend yield for the trailing twelve months is around 12.40%, while PCBAX has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
OTRFX OnTrack Core Fund | 12.40% | 13.04% | 8.01% | 0.14% | 1.39% | 7.10% | 2.36% | 1.38% | 7.15% | 2.69% | 7.05% | 6.15% |
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
OTRFX and PCBAX 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.
PCBAX has higher volatility (1.27%) compared to OTRFX (0.53%). In terms of maximum drawdown, OTRFX dropped -9.73% vs PCBAX's -39.55%.
OTRFX currently has the higher Sharpe Ratio (2.85 vs 2.22), 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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