PBAIX vs. HMEZX
PBAIX (BlackRock Tactical Opportunities Fund Institutional Class) and HMEZX (NexPoint Merger Arbitrage Fund) are both mutual funds - PBAIX is a Tactical Allocation fund actively managed by BlackRock, while HMEZX is a Event Driven fund managed by Highland Funds. Over the past 10 years, PBAIX returned 6.05%/yr vs 5.91%/yr for HMEZX. Their 0.10 correlation means their historical movements had little consistent relationship. PBAIX charges 0.77%/yr vs 1.50%/yr for HMEZX.
Performance
PBAIX vs. HMEZX - Performance Comparison
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Returns By Period
In the year-to-date period, PBAIX achieves a 10.06% return, which is significantly higher than HMEZX's 2.19% return. Both investments have delivered pretty close results over the past 10 years, with PBAIX having a 6.05% annualized return and HMEZX not far behind at 5.91%.
PBAIX
- 1D
- -0.17%
- 1M
- 1.34%
- 6M
- 9.99%
- YTD
- 10.06%
- 1Y
- 10.55%
- 3Y*
- 9.45%
- 5Y*
- 7.69%
- 10Y*
- 6.05%
- ALL TIME*
- 6.49%
HMEZX
- 1D
- -0.05%
- 1M
- 0.35%
- 6M
- 1.84%
- YTD
- 2.19%
- 1Y
- 4.91%
- 3Y*
- 6.80%
- 5Y*
- 4.84%
- 10Y*
- 5.91%
- ALL TIME*
- 6.08%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
PBAIX vs. HMEZX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PBAIX BlackRock Tactical Opportunities Fund Institutional Class | 10.06% | 6.46% | 12.08% | 2.64% | 6.14% | 0.50% | 6.91% | 1.65% | 4.68% | 8.05% |
HMEZX NexPoint Merger Arbitrage Fund | 2.19% | 6.30% | 7.42% | 4.10% | 2.70% | 5.37% | 8.46% | 8.10% | 5.92% | 5.48% |
Correlation
The correlation between PBAIX and HMEZX is 0.04, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.04 |
Correlation (3Y) Balances recent behavior with more history. | 0.14 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.12 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.08 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016 | 0.10 |
The correlation between PBAIX and HMEZX shifts across timeframes, from 0.04 (1 year) to 0.14 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
PBAIX vs. HMEZX — Risk / Return Rank
PBAIX
HMEZX
PBAIX vs. HMEZX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BlackRock Tactical Opportunities Fund Institutional Class (PBAIX) and NexPoint Merger Arbitrage Fund (HMEZX). 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 | HMEZX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.14 | ||
| Sortino ratioReturn per unit of downside risk | -4.07 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.98 | -0.63 |
| Calmar ratioReturn relative to maximum drawdown | 3.52 | 8.98 | -5.46 |
| Martin ratioReturn relative to average drawdown | 8.50 | 47.95 | -39.45 |
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Drawdowns
PBAIX vs. HMEZX - Drawdown Comparison
The maximum PBAIX drawdown since its inception was -39.26%, which is greater than HMEZX's maximum drawdown of -6.86%. Use the drawdown chart below to compare losses from any high point for PBAIX and HMEZX.
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Drawdown Indicators
| PBAIX | HMEZX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.26% | -6.86% | -32.40% |
Max Drawdown (1Y)Largest decline over 1 year | -2.99% | -0.55% | -2.44% |
Max Drawdown (3Y)Largest decline over 3 years | -6.79% | -1.06% | -5.73% |
Max Drawdown (5Y)Largest decline over 5 years | -6.79% | -1.94% | -4.85% |
Max Drawdown (10Y)Largest decline over 10 years | -8.94% | -6.86% | -2.08% |
Current DrawdownCurrent decline from peak | -0.29% | -0.20% | -0.09% |
Average DrawdownAverage peak-to-trough decline | -4.28% | -0.37% | -3.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.23% | 0.10% | +1.13% |
Volatility
PBAIX vs. HMEZX - Volatility Comparison
BlackRock Tactical Opportunities Fund Institutional Class (PBAIX) has a higher volatility of 1.40% compared to NexPoint Merger Arbitrage Fund (HMEZX) at 0.29%. This indicates that PBAIX's price experiences larger fluctuations and is considered to be riskier than HMEZX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PBAIX | HMEZX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.40% | 0.29% | +1.11% |
Volatility (6M)Calculated over the trailing 6-month period | 4.58% | 0.93% | +3.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.72% | 1.23% | +4.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.43% | 1.66% | +4.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.10% | 3.76% | +2.34% |
PBAIX vs. HMEZX - Expense Ratio Comparison
PBAIX has a 0.77% expense ratio, which is lower than HMEZX's 1.50% expense ratio.
Dividends
PBAIX vs. HMEZX - Dividend Comparison
PBAIX has not paid dividends to shareholders, while HMEZX's dividend yield for the trailing twelve months is around 5.06%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HMEZX NexPoint Merger Arbitrage Fund | 5.06% | 5.04% | 6.36% | 5.07% | 5.11% | 3.63% | 5.83% | 0.33% | 19.16% | 6.88% | 0.02% | 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
PBAIX and HMEZX 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.
PBAIX has higher volatility (1.40%) compared to HMEZX (0.29%). In terms of maximum drawdown, PBAIX dropped -39.26% vs HMEZX's -6.86%.
HMEZX currently has the higher Sharpe Ratio (3.99 vs 1.85), 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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