PCBAX vs. FTBFX
PCBAX (BlackRock Tactical Opportunities Fund) and FTBFX (Fidelity Total Bond Fund) are both mutual funds - PCBAX is a Macro Trading fund managed by BlackRock, while FTBFX is a Intermediate Core-Plus Bond fund actively managed by Fidelity. Over the past 10 years, PCBAX returned 5.87%/yr vs 2.46%/yr for FTBFX. At a correlation of -0.14, they often move in opposite directions. PCBAX charges 1.08%/yr vs 0.45%/yr for FTBFX.
Performance
PCBAX vs. FTBFX - Performance Comparison
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Returns By Period
In the year-to-date period, PCBAX achieves a 9.60% return, which is significantly higher than FTBFX's 0.57% return. Over the past 10 years, PCBAX has outperformed FTBFX with an annualized return of 5.87%, while FTBFX has yielded a comparatively lower 2.46% annualized return.
PCBAX
- 1D
- 0.24%
- 1M
- 0.12%
- YTD
- 9.60%
- 6M
- 9.04%
- 1Y
- 13.78%
- 3Y*
- 9.25%
- 5Y*
- 7.18%
- 10Y*
- 5.87%
FTBFX
- 1D
- 0.21%
- 1M
- 0.89%
- YTD
- 0.57%
- 6M
- 0.92%
- 1Y
- 5.08%
- 3Y*
- 4.76%
- 5Y*
- 0.58%
- 10Y*
- 2.46%
PCBAX vs. FTBFX - 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% |
FTBFX Fidelity Total Bond Fund | 0.57% | 7.50% | 2.13% | 7.25% | -13.58% | -0.44% | 9.34% | 9.89% | -0.66% | 4.19% |
Correlation
The correlation between PCBAX and FTBFX is -0.29, 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 | -0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.20 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.18 |
Correlation (All Time) Calculated using the full available price history since Oct 16, 2002 | -0.14 |
The correlation between PCBAX and FTBFX shifts across timeframes, from -0.29 (1 year) to -0.14 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PCBAX vs. FTBFX — Risk / Return Rank
PCBAX
FTBFX
PCBAX vs. FTBFX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BlackRock Tactical Opportunities Fund (PCBAX) and Fidelity Total Bond Fund (FTBFX). 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 | FTBFX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.88 | ||
| Sortino ratioReturn per unit of downside risk | +1.30 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.24 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 4.23 | 1.76 | +2.47 |
| Martin ratioReturn relative to average drawdown | 10.23 | 5.10 | +5.12 |
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Drawdowns
PCBAX vs. FTBFX - Drawdown Comparison
The maximum PCBAX drawdown since its inception was -39.55%, which is greater than FTBFX's maximum drawdown of -18.25%. Use the drawdown chart below to compare losses from any high point for PCBAX and FTBFX.
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Drawdown Indicators
| PCBAX | FTBFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.55% | -18.25% | -21.30% |
Max Drawdown (1Y)Largest decline over 1 year | -3.04% | -2.89% | -0.15% |
Max Drawdown (3Y)Largest decline over 3 years | -6.75% | -5.82% | -0.93% |
Max Drawdown (5Y)Largest decline over 5 years | -6.75% | -18.25% | +11.50% |
Max Drawdown (10Y)Largest decline over 10 years | -9.00% | -18.25% | +9.25% |
Current DrawdownCurrent decline from peak | -0.53% | -1.31% | +0.78% |
Average DrawdownAverage peak-to-trough decline | -4.36% | -2.32% | -2.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.26% | 1.00% | +0.26% |
Volatility
PCBAX vs. FTBFX - Volatility Comparison
BlackRock Tactical Opportunities Fund (PCBAX) and Fidelity Total Bond Fund (FTBFX) have volatilities of 1.27% and 1.21%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PCBAX | FTBFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.27% | 1.21% | +0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 4.72% | 2.88% | +1.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.78% | 3.80% | +1.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.46% | 5.67% | +0.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.13% | 4.73% | +1.40% |
PCBAX vs. FTBFX - Expense Ratio Comparison
PCBAX has a 1.08% expense ratio, which is higher than FTBFX's 0.45% expense ratio.
Dividends
PCBAX vs. FTBFX - Dividend Comparison
PCBAX has not paid dividends to shareholders, while FTBFX's dividend yield for the trailing twelve months is around 4.36%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FTBFX Fidelity Total Bond Fund | 4.36% | 4.36% | 4.15% | 4.15% | 2.54% | 1.89% | 5.22% | 3.03% | 3.19% | 2.97% | 3.61% | 3.30% |
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 FTBFX have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PCBAX has higher volatility (1.27%) compared to FTBFX (1.21%). In terms of maximum drawdown, PCBAX dropped -39.55% vs FTBFX's -18.25%.
PCBAX currently has the higher Sharpe Ratio (2.22 vs 1.34), 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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