PBCAX vs. BATVX
PBCAX (PGIM California Muni Income Fund) and BATVX (BlackRock Allocation Target Shares) are both Municipal Bonds funds. Over the past 5 years, PBCAX returned 0.52%/yr vs 1.55%/yr for BATVX. Their 0.20 correlation means their historical movements had little consistent relationship. PBCAX charges 0.69%/yr vs 0.00%/yr for BATVX.
Performance
PBCAX vs. BATVX - Performance Comparison
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Returns By Period
In the year-to-date period, PBCAX achieves a -0.17% return, which is significantly lower than BATVX's 1.20% return.
PBCAX
- 1D
- -0.10%
- 1M
- -1.40%
- 6M
- -1.12%
- YTD
- -0.17%
- 1Y
- 3.54%
- 3Y*
- 3.17%
- 5Y*
- 0.52%
- 10Y*
- 1.46%
- ALL TIME*
- 4.70%
BATVX
- 1D
- 0.00%
- 1M
- 0.00%
- 6M
- 1.04%
- YTD
- 1.20%
- 1Y
- 2.36%
- 3Y*
- 2.36%
- 5Y*
- 1.55%
- 10Y*
- —
- ALL TIME*
- 1.50%
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 |
PBCAX vs. BATVX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
PBCAX PGIM California Muni Income Fund | -0.17% | 5.68% | 1.76% | 4.42% | -7.96% | 0.58% |
BATVX BlackRock Allocation Target Shares | 1.20% | 2.80% | 2.48% | 1.41% | -0.10% | 0.00% |
Correlation
The correlation between PBCAX and BATVX is 0.38, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.38 |
Correlation (3Y) Balances recent behavior with more history. | 0.27 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.20 |
Correlation (All Time) Calculated using the full available price history since May 25, 2021 | 0.20 |
The correlation between PBCAX and BATVX shifts across timeframes, from 0.20 (all time) to 0.38 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
PBCAX vs. BATVX — Risk / Return Rank
PBCAX
BATVX
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
PBCAX vs. BATVX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PGIM California Muni Income Fund (PBCAX) and BlackRock Allocation Target Shares (BATVX). 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.
| PBCAX | BATVX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.60 | ||
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.48 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 1.46 | — | — |
| Martin ratioReturn relative to average drawdown | 4.22 | — | — |
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Drawdowns
PBCAX vs. BATVX - Drawdown Comparison
The maximum PBCAX drawdown since its inception was -13.25%, which is greater than BATVX's maximum drawdown of -0.20%. Use the drawdown chart below to compare losses from any high point for PBCAX and BATVX.
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Drawdown Indicators
| PBCAX | BATVX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.25% | -0.20% | -13.05% |
Max Drawdown (1Y)Largest decline over 1 year | -2.76% | 0.00% | -2.76% |
Max Drawdown (3Y)Largest decline over 3 years | -3.54% | -0.10% | -3.44% |
Max Drawdown (5Y)Largest decline over 5 years | -11.41% | -0.20% | -11.21% |
Max Drawdown (10Y)Largest decline over 10 years | -11.72% | — | — |
Current DrawdownCurrent decline from peak | -2.02% | 0.00% | -2.02% |
Average DrawdownAverage peak-to-trough decline | -1.93% | -0.02% | -1.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.95% | 0.00% | +0.95% |
Volatility
PBCAX vs. BATVX - Volatility Comparison
PGIM California Muni Income Fund (PBCAX) has a higher volatility of 0.62% compared to BlackRock Allocation Target Shares (BATVX) at 0.00%. This indicates that PBCAX's price experiences larger fluctuations and is considered to be riskier than BATVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PBCAX | BATVX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.62% | 0.00% | +0.62% |
Volatility (6M)Calculated over the trailing 6-month period | 1.68% | 0.48% | +1.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.05% | 0.72% | +1.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.88% | 0.64% | +2.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.45% | 0.63% | +2.82% |
PBCAX vs. BATVX - Expense Ratio Comparison
PBCAX has a 0.69% expense ratio, which is higher than BATVX's 0.00% expense ratio.
Dividends
PBCAX vs. BATVX - Dividend Comparison
PBCAX's dividend yield for the trailing twelve months is around 2.70%, more than BATVX's 2.33% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BATVX BlackRock Allocation Target Shares | 2.33% | 2.76% | 2.44% | 1.40% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PBCAX PGIM California Muni Income Fund | 2.70% | 3.74% | 2.66% | 1.94% | 1.73% | 1.76% | 2.51% | 2.78% | 3.35% | 3.32% | 3.57% | 3.70% |
Frequently Asked Questions
PBCAX and BATVX have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PBCAX has higher volatility (0.62%) compared to BATVX (0.00%). In terms of maximum drawdown, PBCAX dropped -13.25% vs BATVX's -0.20%.
BATVX currently has the higher Sharpe Ratio (3.57 vs 1.97), 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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