PCBAX vs. OTRFX
PCBAX (BlackRock Tactical Opportunities Fund) and OTRFX (OnTrack Core Fund) are both Macro Trading funds. Over the past 10 years, PCBAX returned 5.87%/yr vs 5.30%/yr for OTRFX. At a 0.16 correlation, their price movements are largely independent. PCBAX charges 1.08%/yr vs 2.58%/yr for OTRFX.
Performance
PCBAX vs. OTRFX - 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 OTRFX's 5.21% return. Over the past 10 years, PCBAX has outperformed OTRFX with an annualized return of 5.87%, while OTRFX has yielded a comparatively lower 5.30% 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%
OTRFX
- 1D
- 0.06%
- 1M
- 0.93%
- YTD
- 5.21%
- 6M
- 5.21%
- 1Y
- 11.69%
- 3Y*
- 6.21%
- 5Y*
- 1.99%
- 10Y*
- 5.30%
PCBAX vs. OTRFX - 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% |
OTRFX OnTrack Core Fund | 5.21% | 6.12% | -0.12% | 5.37% | -5.82% | 3.94% | 29.03% | 6.86% | -4.70% | 6.49% |
Correlation
The correlation between PCBAX and OTRFX 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 | 0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Jan 16, 2013 | 0.16 |
The correlation between PCBAX and OTRFX shifts across timeframes, from -0.01 (1 year) to 0.16 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PCBAX vs. OTRFX — Risk / Return Rank
PCBAX
OTRFX
PCBAX vs. OTRFX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BlackRock Tactical Opportunities Fund (PCBAX) and OnTrack Core Fund (OTRFX). 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 | OTRFX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.63 | ||
| Sortino ratioReturn per unit of downside risk | -0.55 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.73 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | 4.23 | 3.91 | +0.32 |
| Martin ratioReturn relative to average drawdown | 10.23 | 8.50 | +1.72 |
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Drawdowns
PCBAX vs. OTRFX - Drawdown Comparison
The maximum PCBAX drawdown since its inception was -39.55%, which is greater than OTRFX's maximum drawdown of -9.73%. Use the drawdown chart below to compare losses from any high point for PCBAX and OTRFX.
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Drawdown Indicators
| PCBAX | OTRFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.55% | -9.73% | -29.82% |
Max Drawdown (1Y)Largest decline over 1 year | -3.04% | -3.02% | -0.02% |
Max Drawdown (3Y)Largest decline over 3 years | -6.75% | -5.76% | -0.99% |
Max Drawdown (5Y)Largest decline over 5 years | -6.75% | -9.51% | +2.76% |
Max Drawdown (10Y)Largest decline over 10 years | -9.00% | -9.51% | +0.51% |
Current DrawdownCurrent decline from peak | -0.53% | -0.95% | +0.42% |
Average DrawdownAverage peak-to-trough decline | -4.36% | -2.97% | -1.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.26% | 1.39% | -0.13% |
Volatility
PCBAX vs. OTRFX - Volatility Comparison
BlackRock Tactical Opportunities Fund (PCBAX) has a higher volatility of 1.27% compared to OnTrack Core Fund (OTRFX) at 0.53%. This indicates that PCBAX's price experiences larger fluctuations and is considered to be riskier than OTRFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PCBAX | OTRFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.27% | 0.53% | +0.74% |
Volatility (6M)Calculated over the trailing 6-month period | 4.72% | 2.85% | +1.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.78% | 4.15% | +1.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.46% | 3.07% | +3.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.13% | 3.60% | +2.53% |
PCBAX vs. OTRFX - Expense Ratio Comparison
PCBAX has a 1.08% expense ratio, which is lower than OTRFX's 2.58% expense ratio.
Dividends
PCBAX vs. OTRFX - Dividend Comparison
PCBAX has not paid dividends to shareholders, while OTRFX's dividend yield for the trailing twelve months is around 12.40%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
OTRFX OnTrack Core Fund | 12.40% | 13.04% | 8.01% | 0.14% | 1.39% | 7.10% | 2.36% | 1.38% | 7.15% | 2.69% | 7.05% | 6.15% |
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 OTRFX 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.
PCBAX has higher volatility (1.27%) compared to OTRFX (0.53%). In terms of maximum drawdown, PCBAX dropped -39.55% vs OTRFX's -9.73%.
OTRFX currently has the higher Sharpe Ratio (2.85 vs 2.22), 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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