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PCBAX vs. EBSIX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PCBAX vs. EBSIX

Last updated Jun 24, 2026

PCBAX (BlackRock Tactical Opportunities Fund) and EBSIX (Campbell Systematic Macro Fund Class I Shares) are both Macro Trading funds. Over the past 5 years, PCBAX returned 7.10%/yr vs 9.04%/yr for EBSIX. At a 0.18 correlation, their price movements are largely independent. PCBAX charges 1.08%/yr vs 1.75%/yr for EBSIX.

Performance

PCBAX vs. EBSIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Tactical Opportunities Fund (PCBAX) and Campbell Systematic Macro Fund Class I Shares (EBSIX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, PCBAX achieves a 9.60% return, which is significantly higher than EBSIX's 8.65% return.

PCBAX

1D
0.00%
1M
0.12%
YTD
9.60%
6M
9.39%
1Y
13.63%
3Y*
9.37%
5Y*
7.10%
10Y*
5.88%

EBSIX

1D
-0.10%
1M
-0.59%
YTD
8.65%
6M
9.12%
1Y
7.53%
3Y*
4.52%
5Y*
9.04%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

PCBAX vs. EBSIX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
PCBAX
BlackRock Tactical Opportunities Fund		9.60%6.16%11.77%2.37%5.77%0.29%2.89%
EBSIX
Campbell Systematic Macro Fund Class I Shares		8.65%-1.14%11.63%-1.83%30.91%9.05%4.94%

Correlation

The correlation between PCBAX and EBSIX is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.16

Correlation (3Y)
Calculated over the trailing 3-year period

0.16

Correlation (5Y)
Calculated over the trailing 5-year period

0.15

Correlation (All Time)
Calculated using the full available price history since Oct 28, 2020

0.18

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

BlackRock Tactical Opportunities Fund

Campbell Systematic Macro Fund Class I Shares

Often compared with PCBAX:
PCBAX vs. CGFIXPCBAX vs. GPAIXPCBAX vs. FARYXPCBAX vs. FTBFXPCBAX vs. DNAVXPCBAX vs. OTRFXPCBAX vs. QGMIX
Often compared with EBSIX:
EBSIX vs. QDSIXEBSIX vs. MBXIXEBSIX vs. AMFAXEBSIX vs. GQEPXEBSIX vs. AHTPXEBSIX vs. MAFIXEBSIX vs. BLNDX

Return for Risk

PCBAX vs. EBSIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PCBAX
PCBAX Risk / Return Rank: 7979
Overall Rank
PCBAX Sharpe Ratio Rank: 8080
Sharpe Ratio Rank
PCBAX Sortino Ratio Rank: 8484
Sortino Ratio Rank
PCBAX Omega Ratio Rank: 8080
Omega Ratio Rank
PCBAX Calmar Ratio Rank: 9191
Calmar Ratio Rank
PCBAX Martin Ratio Rank: 5959
Martin Ratio Rank
EBSIX
EBSIX Risk / Return Rank: 1111
Overall Rank
EBSIX Sharpe Ratio Rank: 1111
Sharpe Ratio Rank
EBSIX Sortino Ratio Rank: 1111
Sortino Ratio Rank
EBSIX Omega Ratio Rank: 1010
Omega Ratio Rank
EBSIX Calmar Ratio Rank: 1313
Calmar Ratio Rank
EBSIX Martin Ratio Rank: 1010
Martin Ratio Rank
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. EBSIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Tactical Opportunities Fund (PCBAX) and Campbell Systematic Macro Fund Class I Shares (EBSIX). 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.

PCBAXEBSIXDifference
Sharpe ratioReturn per unit of total volatility
2.42
0.82

+1.61

Sortino ratioReturn per unit of downside risk
3.65
1.23

+2.42

Omega ratioGain probability vs. loss probability

1.48

1.14

+0.34

Calmar ratioReturn relative to maximum drawdown

4.55

1.12

+3.44

Martin ratioReturn relative to average drawdown

11.01

2.60

+8.40

PCBAX vs. EBSIX - Sharpe Ratio Comparison

The current PCBAX Sharpe Ratio is 2.42, which is higher than the EBSIX Sharpe Ratio of 0.82. The chart below compares the historical Sharpe Ratios of PCBAX and EBSIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

PCBAX vs. EBSIX - Drawdown Comparison

The maximum PCBAX drawdown since its inception was -39.55%, which is greater than EBSIX's maximum drawdown of -10.96%. Use the drawdown chart below to compare losses from any high point for PCBAX and EBSIX.

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Drawdown Indicators

PCBAXEBSIXDifference

Max Drawdown

Largest peak-to-trough decline

-39.55%

-10.96%

-28.59%

Max Drawdown (1Y)

Largest decline over 1 year

-3.04%

-5.88%

+2.84%

Max Drawdown (3Y)

Largest decline over 3 years

-6.75%

-10.26%

+3.51%

Max Drawdown (5Y)

Largest decline over 5 years

-6.75%

-10.96%

+4.21%

Max Drawdown (10Y)

Largest decline over 10 years

-9.00%

—

—

Current Drawdown

Current decline from peak

-0.53%

-1.83%

+1.30%

Average Drawdown

Average peak-to-trough decline

-4.36%

-3.04%

-1.32%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.25%

2.52%

-1.27%

Volatility

PCBAX vs. EBSIX - Volatility Comparison

The current volatility for BlackRock Tactical Opportunities Fund (PCBAX) is 1.12%, while Campbell Systematic Macro Fund Class I Shares (EBSIX) has a volatility of 2.00%. This indicates that PCBAX experiences smaller price fluctuations and is considered to be less risky than EBSIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PCBAXEBSIXDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.12%

2.00%

-0.88%

Volatility (6M)

Calculated over the trailing 6-month period

4.71%

5.92%

-1.21%

Volatility (1Y)

Calculated over the trailing 1-year period

5.72%

8.07%

-2.35%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.46%

9.52%

-3.06%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.13%

9.44%

-3.31%

PCBAX vs. EBSIX - Expense Ratio Comparison

PCBAX has a 1.08% expense ratio, which is lower than EBSIX's 1.75% expense ratio.

Dividends

PCBAX vs. EBSIX - Dividend Comparison

PCBAX has not paid dividends to shareholders, while EBSIX's dividend yield for the trailing twelve months is around 2.91%.

PositionTTM20252024202320222021202020192018201720162015
EBSIX
Campbell Systematic Macro Fund Class I Shares		2.91%3.16%2.90%1.82%15.10%7.73%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

PCBAX and EBSIX have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EBSIX has higher volatility (2.00%) compared to PCBAX (1.12%). In terms of maximum drawdown, PCBAX dropped -39.55% vs EBSIX's -10.96%.

PCBAX currently has the higher Sharpe Ratio (2.42 vs 0.82), 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.

Portfolio Optimizer

Find the right allocation for PCBAX and EBSIX

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