PBAIX vs. AQRIX

Last updated Jun 23, 2026

PBAIX (BlackRock Tactical Opportunities Fund Institutional Class) and AQRIX (AQR Multi-Asset Fund) are both Tactical Allocation funds. Over the past 10 years, PBAIX returned 6.18%/yr vs 8.35%/yr for AQRIX. At a 0.29 correlation, their price movements are largely independent. PBAIX charges 0.77%/yr vs 0.80%/yr for AQRIX.

Performance

PBAIX vs. AQRIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Tactical Opportunities Fund Institutional Class (PBAIX) and AQR Multi-Asset Fund (AQRIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with PBAIX having a 9.74% return and AQRIX slightly lower at 9.30%. Over the past 10 years, PBAIX has underperformed AQRIX with an annualized return of 6.18%, while AQRIX has yielded a comparatively higher 8.35% annualized return.

PBAIX

• 1D: 0.23%
• 1M: 0.17%
• YTD: 9.74%
• 6M: 9.19%
• 1Y: 14.07%
• 3Y*: 9.55%
• 5Y*: 7.49%
• 10Y*: 6.18%

AQRIX

• 1D: 0.62%
• 1M: 0.54%
• YTD: 9.30%
• 6M: 9.75%
• 1Y: 20.52%
• 3Y*: 14.69%
• 5Y*: 8.94%
• 10Y*: 8.35%

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

PBAIX vs. AQRIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PBAIX BlackRock Tactical Opportunities Fund Institutional Class	9.74%	6.46%	12.08%	2.64%	6.14%	0.50%	6.91%	1.65%	4.68%	8.05%
AQRIX AQR Multi-Asset Fund	9.30%	18.71%	10.45%	11.59%	-10.54%	14.35%	2.68%	21.03%	-6.95%	16.34%

Correlation

The correlation between PBAIX and AQRIX is -0.11, 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	-0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.08
Correlation (10Y) Calculated over the trailing 10-year period	0.10
Correlation (All Time) Calculated using the full available price history since Sep 30, 2010	0.29

The correlation between PBAIX and AQRIX shifts across timeframes, from -0.11 (1 year) to 0.29 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PBAIX vs. AQRIX — Risk / Return Rank

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

PBAIX

PBAIX Risk / Return Rank: 75
PBAIX Sharpe Ratio Rank: 74
PBAIX Sortino Ratio Rank: 78
PBAIX Omega Ratio Rank: 75
PBAIX Calmar Ratio Rank: 91
PBAIX Martin Ratio Rank: 57

AQRIX

AQRIX Risk / Return Rank: 54
AQRIX Sharpe Ratio Rank: 54
AQRIX Sortino Ratio Rank: 51
AQRIX Omega Ratio Rank: 51
AQRIX Calmar Ratio Rank: 54
AQRIX Martin Ratio Rank: 59

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.

PBAIX vs. AQRIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Tactical Opportunities Fund Institutional Class (PBAIX) and AQR Multi-Asset Fund (AQRIX). 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.

	PBAIX	AQRIX	Difference
Sharpe ratio: Return per unit of total volatility	2.30	2.01	+0.29
Sortino ratio: Return per unit of downside risk	3.41	2.76	+0.65
Omega ratio: Gain probability vs. loss probability	1.45	1.36	+0.09
Calmar ratio: Return relative to maximum drawdown	4.41	2.69	+1.72
Martin ratio: Return relative to average drawdown	10.84	11.06	-0.22

PBAIX vs. AQRIX - Sharpe Ratio Comparison

The current PBAIX Sharpe Ratio is 2.30, which is comparable to the AQRIX Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of PBAIX and AQRIX, 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

PBAIX vs. AQRIX - Drawdown Comparison

The maximum PBAIX drawdown since its inception was -39.26%, which is greater than AQRIX's maximum drawdown of -19.37%. Use the drawdown chart below to compare losses from any high point for PBAIX and AQRIX.

Drawdown Indicators

	PBAIX	AQRIX	Difference
Max Drawdown Largest peak-to-trough decline	-39.26%	-19.37%	-19.89%
Max Drawdown (1Y) Largest decline over 1 year	-2.99%	-7.48%	+4.49%
Max Drawdown (3Y) Largest decline over 3 years	-6.79%	-11.05%	+4.26%
Max Drawdown (5Y) Largest decline over 5 years	-6.79%	-19.37%	+12.58%
Max Drawdown (10Y) Largest decline over 10 years	-8.94%	-19.37%	+10.43%
Current Drawdown Current decline from peak	-0.52%	-1.36%	+0.84%
Average Drawdown Average peak-to-trough decline	-4.29%	-4.81%	+0.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.21%	1.81%	-0.60%

Volatility

PBAIX vs. AQRIX - Volatility Comparison

The current volatility for BlackRock Tactical Opportunities Fund Institutional Class (PBAIX) is 1.27%, while AQR Multi-Asset Fund (AQRIX) has a volatility of 3.48%. This indicates that PBAIX experiences smaller price fluctuations and is considered to be less risky than AQRIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBAIX	AQRIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.27%	3.48%	-2.21%
Volatility (6M) Calculated over the trailing 6-month period	4.65%	7.99%	-3.34%
Volatility (1Y) Calculated over the trailing 1-year period	5.72%	10.01%	-4.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.43%	10.71%	-4.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.13%	9.82%	-3.69%

PBAIX vs. AQRIX - Expense Ratio Comparison

PBAIX has a 0.77% expense ratio, which is lower than AQRIX's 0.80% expense ratio.

Dividends

PBAIX vs. AQRIX - Dividend Comparison

PBAIX has not paid dividends to shareholders, while AQRIX's dividend yield for the trailing twelve months is around 3.53%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AQRIX AQR Multi-Asset Fund	3.53%	3.85%	1.72%	2.40%	6.82%	6.39%	1.09%	6.65%	7.36%	10.49%	7.08%	2.51%
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 PBAIX and AQRIX in my portfolio?

PBAIX and AQRIX have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PBAIX or AQRIX?

AQRIX has higher volatility (3.48%) compared to PBAIX (1.27%). In terms of maximum drawdown, PBAIX dropped -39.26% vs AQRIX's -19.37%.

Which has better risk-adjusted returns?

PBAIX currently has the higher Sharpe Ratio (2.30 vs 2.01), 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.