PBAIX vs. PASAX
PBAIX (BlackRock Tactical Opportunities Fund Institutional Class) and PASAX (PIMCO All Asset Fund Class A) are both Tactical Allocation funds. Both are actively managed. Over the past 10 years, PBAIX returned 6.18%/yr vs 6.53%/yr for PASAX. At a 0.37 correlation, their price movements are largely independent. PBAIX charges 0.77%/yr vs 2.24%/yr for PASAX.
Performance
PBAIX vs. PASAX - Performance Comparison
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Returns By Period
In the year-to-date period, PBAIX achieves a 9.74% return, which is significantly higher than PASAX's 8.43% return. Over the past 10 years, PBAIX has underperformed PASAX with an annualized return of 6.18%, while PASAX has yielded a comparatively higher 6.53% 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%
PASAX
- 1D
- -0.08%
- 1M
- 0.24%
- YTD
- 8.43%
- 6M
- 8.84%
- 1Y
- 17.88%
- 3Y*
- 9.29%
- 5Y*
- 4.46%
- 10Y*
- 6.53%
PBAIX vs. PASAX - 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% |
PASAX PIMCO All Asset Fund Class A | 8.43% | 12.85% | 3.66% | 7.66% | -11.90% | 15.14% | 7.93% | 11.72% | -5.47% | 13.50% |
Correlation
The correlation between PBAIX and PASAX is -0.13, 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 | -0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Apr 30, 2003 | 0.37 |
The correlation between PBAIX and PASAX shifts across timeframes, from -0.13 (1 year) to 0.37 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PBAIX vs. PASAX — Risk / Return Rank
PBAIX
PASAX
PBAIX vs. PASAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BlackRock Tactical Opportunities Fund Institutional Class (PBAIX) and PIMCO All Asset Fund Class A (PASAX). 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 | PASAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.65 | ||
| Sortino ratioReturn per unit of downside risk | -0.78 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.55 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 4.41 | 3.66 | +0.75 |
| Martin ratioReturn relative to average drawdown | 10.84 | 14.50 | -3.66 |
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Drawdowns
PBAIX vs. PASAX - Drawdown Comparison
The maximum PBAIX drawdown since its inception was -39.26%, which is greater than PASAX's maximum drawdown of -27.81%. Use the drawdown chart below to compare losses from any high point for PBAIX and PASAX.
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Drawdown Indicators
| PBAIX | PASAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.26% | -27.81% | -11.45% |
Max Drawdown (1Y)Largest decline over 1 year | -2.99% | -4.88% | +1.89% |
Max Drawdown (3Y)Largest decline over 3 years | -6.79% | -7.65% | +0.86% |
Max Drawdown (5Y)Largest decline over 5 years | -6.79% | -20.00% | +13.21% |
Max Drawdown (10Y)Largest decline over 10 years | -8.94% | -22.70% | +13.76% |
Current DrawdownCurrent decline from peak | -0.52% | -0.90% | +0.38% |
Average DrawdownAverage peak-to-trough decline | -4.29% | -4.08% | -0.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.21% | 1.22% | -0.01% |
Volatility
PBAIX vs. PASAX - Volatility Comparison
The current volatility for BlackRock Tactical Opportunities Fund Institutional Class (PBAIX) is 1.27%, while PIMCO All Asset Fund Class A (PASAX) has a volatility of 2.04%. This indicates that PBAIX experiences smaller price fluctuations and is considered to be less risky than PASAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PBAIX | PASAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.27% | 2.04% | -0.77% |
Volatility (6M)Calculated over the trailing 6-month period | 4.65% | 4.79% | -0.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.72% | 6.05% | -0.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.43% | 7.74% | -1.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.13% | 7.75% | -1.62% |
PBAIX vs. PASAX - Expense Ratio Comparison
PBAIX has a 0.77% expense ratio, which is lower than PASAX's 2.24% expense ratio.
Dividends
PBAIX vs. PASAX - Dividend Comparison
PBAIX has not paid dividends to shareholders, while PASAX's dividend yield for the trailing twelve months is around 7.73%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PASAX PIMCO All Asset Fund Class A | 7.73% | 6.80% | 5.47% | 2.81% | 7.19% | 11.47% | 3.18% | 2.90% | 5.02% | 4.07% | 3.12% | 3.36% |
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 PASAX have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PASAX has higher volatility (2.04%) compared to PBAIX (1.27%). In terms of maximum drawdown, PBAIX dropped -39.26% vs PASAX's -27.81%.
PASAX currently has the higher Sharpe Ratio (2.95 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.
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