PCBAX vs. CAOS

Last updated Jun 3, 2026

PCBAX (BlackRock Tactical Opportunities Fund) and CAOS (Alpha Architect Tail Risk ETF) are both funds - PCBAX is a Macro Trading fund managed by BlackRock, while CAOS is a Options Trading fund actively managed by Alpha Architect. Over the past 3 years, PCBAX returned 10.05%/yr vs 4.22%/yr for CAOS. At a 0.05 correlation, their price movements are largely independent. PCBAX charges 1.08%/yr vs 0.63%/yr for CAOS.

Performance

PCBAX vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Tactical Opportunities Fund (PCBAX) and Alpha Architect Tail Risk ETF (CAOS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PCBAX achieves a 10.12% return, which is significantly higher than CAOS's 0.69% return.

PCBAX

• 1D: 0.53%
• 1M: 2.34%
• YTD: 10.12%
• 6M: 10.97%
• 1Y: 13.18%
• 3Y*: 10.05%
• 5Y*: 6.99%
• 10Y*: 5.83%

CAOS

• 1D: 0.03%
• 1M: -0.21%
• YTD: 0.69%
• 6M: 0.56%
• 1Y: 1.79%
• 3Y*: 4.22%
• 5Y*: —
• 10Y*: —

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

PCBAX vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PCBAX BlackRock Tactical Opportunities Fund	10.12%	6.16%	11.77%	3.09%
CAOS Alpha Architect Tail Risk ETF	0.69%	2.55%	5.33%	7.97%

Correlation

The correlation between PCBAX and CAOS is 0.01, 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	0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.02
Correlation (All Time) Calculated using the full available price history since Mar 7, 2023	0.05

Return for Risk

PCBAX vs. CAOS — Risk / Return Rank

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

PCBAX

PCBAX Risk / Return Rank: 72
PCBAX Sharpe Ratio Rank: 68
PCBAX Sortino Ratio Rank: 75
PCBAX Omega Ratio Rank: 71
PCBAX Calmar Ratio Rank: 90
PCBAX Martin Ratio Rank: 56

CAOS

CAOS Risk / Return Rank: 39
CAOS Sharpe Ratio Rank: 33
CAOS Sortino Ratio Rank: 36
CAOS Omega Ratio Rank: 37
CAOS Calmar Ratio Rank: 49
CAOS Martin Ratio Rank: 39

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.

PCBAX vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Tactical Opportunities Fund (PCBAX) and Alpha Architect Tail Risk ETF (CAOS). 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.

	PCBAX	CAOS	Difference
Sharpe ratio Return per unit of total volatility	2.41	1.18	+1.23
Sortino ratio Return per unit of downside risk	3.61	1.88	+1.73
Omega ratio Gain probability vs. loss probability	1.47	1.24	+0.23
Calmar ratio Return relative to maximum drawdown	4.66	2.44	+2.22
Martin ratio Return relative to average drawdown	11.30	6.13	+5.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PCBAX vs. CAOS - Sharpe Ratio Comparison

The current PCBAX Sharpe Ratio is 2.41, which is higher than the CAOS Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of PCBAX and CAOS, 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

	PCBAX	CAOS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.41	1.18	+1.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.08	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.95	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	1.20	-0.62

Drawdowns

PCBAX vs. CAOS - Drawdown Comparison

The maximum PCBAX drawdown since its inception was -39.55%, which is greater than CAOS's maximum drawdown of -3.60%. Use the drawdown chart below to compare losses from any high point for PCBAX and CAOS.

Drawdown Indicators

	PCBAX	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-39.55%	-3.60%	-35.95%
Max Drawdown (1Y) Largest decline over 1 year	-3.04%	-0.76%	-2.28%
Max Drawdown (3Y) Largest decline over 3 years	-6.75%	-3.60%	-3.15%
Max Drawdown (5Y) Largest decline over 5 years	-6.75%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-9.00%	—	—
Current Drawdown Current decline from peak	-0.06%	-1.19%	+1.13%
Average Drawdown Average peak-to-trough decline	-4.37%	-0.90%	-3.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.25%	0.30%	+0.95%

Volatility

PCBAX vs. CAOS - Volatility Comparison

BlackRock Tactical Opportunities Fund (PCBAX) has a higher volatility of 1.68% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.22%. This indicates that PCBAX's price experiences larger fluctuations and is considered to be riskier than CAOS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PCBAX	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.68%	0.22%	+1.46%
Volatility (6M) Calculated over the trailing 6-month period	4.81%	1.02%	+3.79%
Volatility (1Y) Calculated over the trailing 1-year period	5.81%	1.52%	+4.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.47%	4.26%	+2.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.14%	4.26%	+1.88%

PCBAX vs. CAOS - Expense Ratio Comparison

PCBAX has a 1.08% expense ratio, which is higher than CAOS's 0.63% expense ratio.

Dividends

PCBAX vs. CAOS - Dividend Comparison

Neither PCBAX nor CAOS has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CAOS Alpha Architect Tail Risk ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PCBAX BlackRock Tactical Opportunities Fund	0.00%	0.00%	0.00%	11.67%	3.36%	0.00%	2.44%	3.08%	9.91%	0.80%	1.41%	4.86%

Frequently Asked Questions

Can I hold both PCBAX and CAOS in my portfolio?

PCBAX and CAOS have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PCBAX or CAOS?

PCBAX has higher volatility (1.68%) compared to CAOS (0.22%). In terms of maximum drawdown, PCBAX dropped -39.55% vs CAOS's -3.60%.

Which has better risk-adjusted returns?

PCBAX currently has the higher Sharpe Ratio (2.41 vs 1.18), 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.