PCBAX vs. FAMRX

Last updated Jun 24, 2026

PCBAX (BlackRock Tactical Opportunities Fund) and FAMRX (Fidelity Asset Manager 85% Fund) are both mutual funds - PCBAX is a Macro Trading fund managed by BlackRock, while FAMRX is a Diversified Portfolio fund managed by BlackRock. Over the past 10 years, PCBAX returned 5.88%/yr vs 12.13%/yr for FAMRX. A 0.70 correlation means they provide meaningful diversification when combined. PCBAX charges 1.08%/yr vs 0.70%/yr for FAMRX.

Performance

PCBAX vs. FAMRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Tactical Opportunities Fund (PCBAX) and Fidelity Asset Manager 85% Fund (FAMRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PCBAX achieves a 9.60% return, which is significantly lower than FAMRX's 14.17% return. Over the past 10 years, PCBAX has underperformed FAMRX with an annualized return of 5.88%, while FAMRX has yielded a comparatively higher 12.13% annualized 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%

FAMRX

• 1D: -0.06%
• 1M: 2.43%
• YTD: 14.17%
• 6M: 13.73%
• 1Y: 29.75%
• 3Y*: 18.98%
• 5Y*: 9.75%
• 10Y*: 12.13%

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

PCBAX vs. FAMRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PCBAX BlackRock Tactical Opportunities Fund	9.60%	6.16%	11.77%	2.37%	5.77%	0.29%	6.50%	1.41%	4.32%	7.71%
FAMRX Fidelity Asset Manager 85% Fund	14.17%	20.87%	12.60%	18.98%	-18.55%	17.10%	19.37%	26.26%	-9.21%	21.08%

Correlation

The correlation between PCBAX and FAMRX 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	0.26
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 Sep 24, 1999	0.70

Over the past year, the correlation between PCBAX and FAMRX has dropped to 0.01 - well below their long-term average of 0.70, suggesting their price drivers have been diverging.

Return for Risk

PCBAX vs. FAMRX — Risk / Return Rank

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

PCBAX

PCBAX Risk / Return Rank: 79
PCBAX Sharpe Ratio Rank: 80
PCBAX Sortino Ratio Rank: 84
PCBAX Omega Ratio Rank: 80
PCBAX Calmar Ratio Rank: 91
PCBAX Martin Ratio Rank: 59

FAMRX

FAMRX Risk / Return Rank: 77
FAMRX Sharpe Ratio Rank: 77
FAMRX Sortino Ratio Rank: 71
FAMRX Omega Ratio Rank: 74
FAMRX Calmar Ratio Rank: 77
FAMRX Martin Ratio Rank: 83

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. FAMRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Tactical Opportunities Fund (PCBAX) and Fidelity Asset Manager 85% Fund (FAMRX). 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.

	PCBAX	FAMRX	Difference
Sharpe ratio: Return per unit of total volatility	2.42	2.36	+0.07
Sortino ratio: Return per unit of downside risk	3.65	3.20	+0.45
Omega ratio: Gain probability vs. loss probability	1.48	1.44	+0.04
Calmar ratio: Return relative to maximum drawdown	4.55	3.31	+1.24
Martin ratio: Return relative to average drawdown	11.01	14.35	-3.35

PCBAX vs. FAMRX - Sharpe Ratio Comparison

The current PCBAX Sharpe Ratio is 2.42, which is comparable to the FAMRX Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of PCBAX and FAMRX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PCBAX vs. FAMRX - Drawdown Comparison

The maximum PCBAX drawdown since its inception was -39.55%, smaller than the maximum FAMRX drawdown of -58.65%. Use the drawdown chart below to compare losses from any high point for PCBAX and FAMRX.

Drawdown Indicators

	PCBAX	FAMRX	Difference
Max Drawdown Largest peak-to-trough decline	-39.55%	-58.65%	+19.10%
Max Drawdown (1Y) Largest decline over 1 year	-3.04%	-9.33%	+6.29%
Max Drawdown (3Y) Largest decline over 3 years	-6.75%	-15.35%	+8.60%
Max Drawdown (5Y) Largest decline over 5 years	-6.75%	-26.00%	+19.25%
Max Drawdown (10Y) Largest decline over 10 years	-9.00%	-30.96%	+21.96%
Current Drawdown Current decline from peak	-0.53%	-0.06%	-0.47%
Average Drawdown Average peak-to-trough decline	-4.36%	-12.30%	+7.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.25%	2.15%	-0.90%

Volatility

PCBAX vs. FAMRX - Volatility Comparison

The current volatility for BlackRock Tactical Opportunities Fund (PCBAX) is 1.12%, while Fidelity Asset Manager 85% Fund (FAMRX) has a volatility of 5.36%. This indicates that PCBAX experiences smaller price fluctuations and is considered to be less risky than FAMRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PCBAX	FAMRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.12%	5.36%	-4.24%
Volatility (6M) Calculated over the trailing 6-month period	4.71%	10.97%	-6.26%
Volatility (1Y) Calculated over the trailing 1-year period	5.72%	13.13%	-7.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.46%	14.78%	-8.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.13%	15.33%	-9.20%

PCBAX vs. FAMRX - Expense Ratio Comparison

PCBAX has a 1.08% expense ratio, which is higher than FAMRX's 0.70% expense ratio.

Dividends

PCBAX vs. FAMRX - Dividend Comparison

PCBAX has not paid dividends to shareholders, while FAMRX's dividend yield for the trailing twelve months is around 4.87%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FAMRX Fidelity Asset Manager 85% Fund	4.87%	5.56%	3.44%	1.33%	5.07%	3.15%	1.99%	5.52%	5.62%	2.31%	0.28%	4.83%
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 FAMRX in my portfolio?

PCBAX and FAMRX 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 FAMRX?

FAMRX has higher volatility (5.36%) compared to PCBAX (1.12%). In terms of maximum drawdown, PCBAX dropped -39.55% vs FAMRX's -58.65%.

Which has better risk-adjusted returns?

PCBAX currently has the higher Sharpe Ratio (2.42 vs 2.36), 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.