PBAIX vs. LIVIX

Last updated Jun 4, 2026

PBAIX (BlackRock Tactical Opportunities Fund Institutional Class) and LIVIX (BlackRock LifePath Index 2055 Fund) are both mutual funds - PBAIX is a Tactical Allocation fund actively managed by BlackRock, while LIVIX is a Target Retirement Date fund managed by BlackRock. Over the past 10 years, PBAIX returned 6.10%/yr vs 12.04%/yr for LIVIX. At a 0.45 correlation, their price movements are largely independent. PBAIX charges 0.77%/yr vs 0.10%/yr for LIVIX.

Performance

PBAIX vs. LIVIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Tactical Opportunities Fund Institutional Class (PBAIX) and BlackRock LifePath Index 2055 Fund (LIVIX). 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 LIVIX's 13.10% return. Over the past 10 years, PBAIX has underperformed LIVIX with an annualized return of 6.10%, while LIVIX has yielded a comparatively higher 12.04% annualized 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%

LIVIX

• 1D: 0.47%
• 1M: 5.62%
• YTD: 13.10%
• 6M: 13.99%
• 1Y: 29.98%
• 3Y*: 19.96%
• 5Y*: 10.51%
• 10Y*: 12.04%

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

PBAIX vs. LIVIX - 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%
LIVIX BlackRock LifePath Index 2055 Fund	13.10%	21.57%	13.60%	21.62%	-18.38%	18.75%	14.99%	26.76%	-7.83%	21.38%

Correlation

The correlation between PBAIX and LIVIX is -0.02, 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	-0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.21
Correlation (10Y) Calculated over the trailing 10-year period	0.21
Correlation (All Time) Calculated using the full available price history since Jun 2, 2011	0.45

The correlation between PBAIX and LIVIX shifts across timeframes, from -0.02 (1 year) to 0.45 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PBAIX vs. LIVIX — 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

LIVIX

LIVIX Risk / Return Rank: 69
LIVIX Sharpe Ratio Rank: 70
LIVIX Sortino Ratio Rank: 65
LIVIX Omega Ratio Rank: 62
LIVIX Calmar Ratio Rank: 70
LIVIX Martin Ratio Rank: 76

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. LIVIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Tactical Opportunities Fund Institutional Class (PBAIX) and BlackRock LifePath Index 2055 Fund (LIVIX). 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	LIVIX	Difference
Sharpe ratio Return per unit of total volatility	2.30	2.43	-0.13
Sortino ratio Return per unit of downside risk	3.41	3.37	+0.04
Omega ratio Gain probability vs. loss probability	1.45	1.44	0.00
Calmar ratio Return relative to maximum drawdown	4.41	3.22	+1.18
Martin ratio Return relative to average drawdown	10.85	14.29	-3.44
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. LIVIX - Sharpe Ratio Comparison

The current PBAIX Sharpe Ratio is 2.30, which is comparable to the LIVIX Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of PBAIX and LIVIX, 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	LIVIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.30	2.43	-0.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.12	0.67	+0.46
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.00	0.72	+0.28
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.64	-0.06

Drawdowns

PBAIX vs. LIVIX - Drawdown Comparison

The maximum PBAIX drawdown since its inception was -39.26%, which is greater than LIVIX's maximum drawdown of -34.44%. Use the drawdown chart below to compare losses from any high point for PBAIX and LIVIX.

Drawdown Indicators

	PBAIX	LIVIX	Difference
Max Drawdown Largest peak-to-trough decline	-39.26%	-34.44%	-4.82%
Max Drawdown (1Y) Largest decline over 1 year	-2.99%	-9.44%	+6.45%
Max Drawdown (3Y) Largest decline over 3 years	-6.79%	-17.39%	+10.60%
Max Drawdown (5Y) Largest decline over 5 years	-6.79%	-26.45%	+19.66%
Max Drawdown (10Y) Largest decline over 10 years	-8.94%	-34.44%	+25.50%
Current Drawdown Current decline from peak	-0.46%	0.00%	-0.46%
Average Drawdown Average peak-to-trough decline	-4.30%	-4.52%	+0.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.21%	2.13%	-0.92%

Volatility

PBAIX vs. LIVIX - Volatility Comparison

The current volatility for BlackRock Tactical Opportunities Fund Institutional Class (PBAIX) is 1.71%, while BlackRock LifePath Index 2055 Fund (LIVIX) has a volatility of 3.86%. This indicates that PBAIX experiences smaller price fluctuations and is considered to be less risky than LIVIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBAIX	LIVIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.71%	3.86%	-2.15%
Volatility (6M) Calculated over the trailing 6-month period	4.79%	10.06%	-5.27%
Volatility (1Y) Calculated over the trailing 1-year period	5.75%	12.54%	-6.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.44%	15.84%	-9.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.13%	16.72%	-10.59%

PBAIX vs. LIVIX - Expense Ratio Comparison

PBAIX has a 0.77% expense ratio, which is higher than LIVIX's 0.10% expense ratio.

Dividends

PBAIX vs. LIVIX - Dividend Comparison

PBAIX has not paid dividends to shareholders, while LIVIX's dividend yield for the trailing twelve months is around 2.19%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LIVIX BlackRock LifePath Index 2055 Fund	2.19%	2.48%	0.01%	2.04%	1.96%	2.04%	1.56%	2.95%	2.35%	2.27%	1.54%	2.88%
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 LIVIX in my portfolio?

PBAIX and LIVIX have a correlation of -0.02, 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 LIVIX?

LIVIX has higher volatility (3.86%) compared to PBAIX (1.71%). In terms of maximum drawdown, PBAIX dropped -39.26% vs LIVIX's -34.44%.

Which has better risk-adjusted returns?

LIVIX currently has the higher Sharpe Ratio (2.43 vs 2.30), 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.