PBAIX vs. ECAT

Last updated Jun 4, 2026

PBAIX (BlackRock Tactical Opportunities Fund Institutional Class) and ECAT (BlackRock ESG Capital Allocation Term Trust) are both mutual funds - PBAIX is a Tactical Allocation fund actively managed by BlackRock, while ECAT is a Derivative Income fund managed by BlackRock. Over the past 3 years, PBAIX returned 10.20%/yr vs 19.24%/yr for ECAT. At a 0.17 correlation, their price movements are largely independent. PBAIX charges 0.77%/yr vs 1.38%/yr for ECAT.

Performance

PBAIX vs. ECAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Tactical Opportunities Fund Institutional Class (PBAIX) and BlackRock ESG Capital Allocation Term Trust (ECAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PBAIX achieves a 9.80% return, which is significantly lower than ECAT's 11.23% return.

PBAIX

• 1D: -0.40%
• 1M: 0.93%
• YTD: 9.80%
• 6M: 10.64%
• 1Y: 12.87%
• 3Y*: 10.20%
• 5Y*: 7.19%
• 10Y*: 6.10%

ECAT

• 1D: -1.20%
• 1M: 6.84%
• YTD: 11.23%
• 6M: 9.37%
• 1Y: 20.83%
• 3Y*: 19.24%
• 5Y*: —
• 10Y*: —

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

PBAIX vs. ECAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PBAIX BlackRock Tactical Opportunities Fund Institutional Class	9.80%	6.46%	12.08%	2.64%	6.14%	-1.40%
ECAT BlackRock ESG Capital Allocation Term Trust	11.23%	16.64%	19.96%	32.36%	-21.90%	-6.25%

Correlation

The correlation between PBAIX and ECAT is 0.04, 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	0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (All Time) Calculated using the full available price history since Sep 29, 2021	0.17

The correlation between PBAIX and ECAT shifts across timeframes, from 0.04 (1 year) to 0.21 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

PBAIX vs. ECAT — Risk / Return Rank

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

PBAIX

PBAIX Risk / Return Rank: 66
PBAIX Sharpe Ratio Rank: 61
PBAIX Sortino Ratio Rank: 66
PBAIX Omega Ratio Rank: 64
PBAIX Calmar Ratio Rank: 88
PBAIX Martin Ratio Rank: 53

ECAT

ECAT Risk / Return Rank: 28
ECAT Sharpe Ratio Rank: 30
ECAT Sortino Ratio Rank: 29
ECAT Omega Ratio Rank: 29
ECAT Calmar Ratio Rank: 23
ECAT Martin Ratio Rank: 28

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. ECAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Tactical Opportunities Fund Institutional Class (PBAIX) and BlackRock ESG Capital Allocation Term Trust (ECAT). 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.

	PBAIX	ECAT	Difference
Sharpe ratio Return per unit of total volatility	2.30	1.56	+0.74
Sortino ratio Return per unit of downside risk	3.41	2.22	+1.19
Omega ratio Gain probability vs. loss probability	1.45	1.28	+0.17
Calmar ratio Return relative to maximum drawdown	4.41	1.77	+2.63
Martin ratio Return relative to average drawdown	10.85	6.65	+4.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PBAIX vs. ECAT - Sharpe Ratio Comparison

The current PBAIX Sharpe Ratio is 2.30, which is higher than the ECAT Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of PBAIX and ECAT, 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

	PBAIX	ECAT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.30	1.56	+0.74
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.12	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.00	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.55	+0.04

Drawdowns

PBAIX vs. ECAT - Drawdown Comparison

The maximum PBAIX drawdown since its inception was -39.26%, which is greater than ECAT's maximum drawdown of -32.23%. Use the drawdown chart below to compare losses from any high point for PBAIX and ECAT.

Drawdown Indicators

	PBAIX	ECAT	Difference
Max Drawdown Largest peak-to-trough decline	-39.26%	-32.23%	-7.03%
Max Drawdown (1Y) Largest decline over 1 year	-2.99%	-11.80%	+8.81%
Max Drawdown (3Y) Largest decline over 3 years	-6.79%	-15.79%	+9.00%
Max Drawdown (5Y) Largest decline over 5 years	-6.79%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-8.94%	—	—
Current Drawdown Current decline from peak	-0.46%	-1.20%	+0.74%
Average Drawdown Average peak-to-trough decline	-4.30%	-9.11%	+4.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.21%	3.14%	-1.93%

Volatility

PBAIX vs. ECAT - Volatility Comparison

The current volatility for BlackRock Tactical Opportunities Fund Institutional Class (PBAIX) is 1.71%, while BlackRock ESG Capital Allocation Term Trust (ECAT) has a volatility of 3.31%. This indicates that PBAIX experiences smaller price fluctuations and is considered to be less risky than ECAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBAIX	ECAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.71%	3.31%	-1.60%
Volatility (6M) Calculated over the trailing 6-month period	4.79%	10.59%	-5.80%
Volatility (1Y) Calculated over the trailing 1-year period	5.75%	13.44%	-7.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.44%	16.90%	-10.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.13%	16.90%	-10.77%

PBAIX vs. ECAT - Expense Ratio Comparison

PBAIX has a 0.77% expense ratio, which is lower than ECAT's 1.38% expense ratio.

Dividends

PBAIX vs. ECAT - Dividend Comparison

PBAIX has not paid dividends to shareholders, while ECAT's dividend yield for the trailing twelve months is around 21.71%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ECAT BlackRock ESG Capital Allocation Term Trust	21.71%	23.00%	17.44%	9.14%	8.94%	0.54%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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 ECAT in my portfolio?

PBAIX and ECAT have a correlation of 0.04, 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 ECAT?

ECAT has higher volatility (3.31%) compared to PBAIX (1.71%). In terms of maximum drawdown, PBAIX dropped -39.26% vs ECAT's -32.23%.

Which has better risk-adjusted returns?

PBAIX currently has the higher Sharpe Ratio (2.30 vs 1.56), 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.