PBAIX vs. FFANX

Last updated Jun 24, 2026

PBAIX (BlackRock Tactical Opportunities Fund Institutional Class) and FFANX (Fidelity Asset Manager 40% Fund) are both mutual funds - PBAIX is a Tactical Allocation fund actively managed by BlackRock, while FFANX is a Diversified Portfolio fund managed by BlackRock. Over the past 10 years, PBAIX returned 6.20%/yr vs 6.99%/yr for FFANX. A 0.55 correlation means they provide meaningful diversification when combined. PBAIX charges 0.77%/yr vs 0.52%/yr for FFANX.

Performance

PBAIX vs. FFANX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Tactical Opportunities Fund Institutional Class (PBAIX) and Fidelity Asset Manager 40% Fund (FFANX). 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 higher than FFANX's 7.45% return. Over the past 10 years, PBAIX has underperformed FFANX with an annualized return of 6.20%, while FFANX has yielded a comparatively higher 6.99% annualized return.

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%

FFANX

• 1D: -0.13%
• 1M: 1.41%
• YTD: 7.45%
• 6M: 7.31%
• 1Y: 16.42%
• 3Y*: 11.28%
• 5Y*: 5.36%
• 10Y*: 6.99%

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

PBAIX vs. FFANX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
FFANX Fidelity Asset Manager 40% Fund	7.45%	13.16%	7.40%	11.52%	-13.62%	8.03%	13.10%	15.81%	-4.06%	11.25%

Correlation

The correlation between PBAIX and FFANX 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	0.19
Correlation (5Y) Calculated over the trailing 5-year period	0.13
Correlation (10Y) Calculated over the trailing 10-year period	0.14
Correlation (All Time) Calculated using the full available price history since Oct 11, 2007	0.55

The correlation between PBAIX and FFANX shifts across timeframes, from -0.04 (1 year) to 0.55 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PBAIX vs. FFANX — Risk / Return Rank

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

PBAIX

PBAIX Risk / Return Rank: 81
PBAIX Sharpe Ratio Rank: 83
PBAIX Sortino Ratio Rank: 85
PBAIX Omega Ratio Rank: 82
PBAIX Calmar Ratio Rank: 92
PBAIX Martin Ratio Rank: 63

FFANX

FFANX Risk / Return Rank: 79
FFANX Sharpe Ratio Rank: 79
FFANX Sortino Ratio Rank: 79
FFANX Omega Ratio Rank: 79
FFANX Calmar Ratio Rank: 76
FFANX Martin Ratio Rank: 81

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. FFANX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Tactical Opportunities Fund Institutional Class (PBAIX) and Fidelity Asset Manager 40% Fund (FFANX). 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	FFANX	Difference
Sharpe ratio: Return per unit of total volatility	2.51	2.41	+0.11
Sortino ratio: Return per unit of downside risk	3.76	3.45	+0.32
Omega ratio: Gain probability vs. loss probability	1.49	1.47	+0.02
Calmar ratio: Return relative to maximum drawdown	4.76	3.27	+1.49
Martin ratio: Return relative to average drawdown	11.69	13.95	-2.26

PBAIX vs. FFANX - Sharpe Ratio Comparison

The current PBAIX Sharpe Ratio is 2.51, which is comparable to the FFANX Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of PBAIX and FFANX, 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. FFANX - Drawdown Comparison

The maximum PBAIX drawdown since its inception was -39.26%, which is greater than FFANX's maximum drawdown of -31.69%. Use the drawdown chart below to compare losses from any high point for PBAIX and FFANX.

Drawdown Indicators

	PBAIX	FFANX	Difference
Max Drawdown Largest peak-to-trough decline	-39.26%	-31.69%	-7.57%
Max Drawdown (1Y) Largest decline over 1 year	-2.99%	-5.20%	+2.21%
Max Drawdown (3Y) Largest decline over 3 years	-6.79%	-7.55%	+0.76%
Max Drawdown (5Y) Largest decline over 5 years	-6.79%	-18.52%	+11.73%
Max Drawdown (10Y) Largest decline over 10 years	-8.94%	-18.52%	+9.58%
Current Drawdown Current decline from peak	-0.46%	-0.13%	-0.33%
Average Drawdown Average peak-to-trough decline	-4.29%	-3.79%	-0.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.21%	1.22%	-0.01%

Volatility

PBAIX vs. FFANX - Volatility Comparison

The current volatility for BlackRock Tactical Opportunities Fund Institutional Class (PBAIX) is 1.13%, while Fidelity Asset Manager 40% Fund (FFANX) has a volatility of 2.94%. This indicates that PBAIX experiences smaller price fluctuations and is considered to be less risky than FFANX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBAIX	FFANX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.13%	2.94%	-1.81%
Volatility (6M) Calculated over the trailing 6-month period	4.64%	6.01%	-1.37%
Volatility (1Y) Calculated over the trailing 1-year period	5.66%	7.09%	-1.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.43%	7.94%	-1.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.13%	7.74%	-1.61%

PBAIX vs. FFANX - Expense Ratio Comparison

PBAIX has a 0.77% expense ratio, which is higher than FFANX's 0.52% expense ratio.

Dividends

PBAIX vs. FFANX - Dividend Comparison

PBAIX has not paid dividends to shareholders, while FFANX's dividend yield for the trailing twelve months is around 3.65%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FFANX Fidelity Asset Manager 40% Fund	3.65%	3.97%	2.81%	2.49%	5.75%	2.35%	2.36%	3.67%	4.56%	2.56%	1.43%	3.18%
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 FFANX in my portfolio?

PBAIX and FFANX 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 FFANX?

FFANX has higher volatility (2.94%) compared to PBAIX (1.13%). In terms of maximum drawdown, PBAIX dropped -39.26% vs FFANX's -31.69%.

Which has better risk-adjusted returns?

PBAIX currently has the higher Sharpe Ratio (2.51 vs 2.40), 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.