PCBAX vs. PAAIX
PCBAX (BlackRock Tactical Opportunities Fund) and PAAIX (PIMCO All Asset Fund) are both mutual funds - PCBAX is a Multistrategy fund managed by BlackRock, while PAAIX is a Tactical Allocation fund managed by PIMCO. Over the past 10 years, PCBAX returned 5.79%/yr vs 6.67%/yr for PAAIX. Their 0.36 correlation means their historical movements had little consistent relationship. PCBAX charges 1.08%/yr vs 1.40%/yr for PAAIX.
Performance
PCBAX vs. PAAIX - Performance Comparison
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Returns By Period
In the year-to-date period, PCBAX achieves a 10.12% return, which is significantly higher than PAAIX's 9.59% return. Over the past 10 years, PCBAX has underperformed PAAIX with an annualized return of 5.79%, while PAAIX has yielded a comparatively higher 6.67% annualized return.
PCBAX
- 1D
- 0.95%
- 1M
- 0.95%
- 6M
- 9.41%
- YTD
- 10.12%
- 1Y
- 11.12%
- 3Y*
- 9.06%
- 5Y*
- 7.47%
- 10Y*
- 5.79%
- ALL TIME*
- 6.30%
PAAIX
- 1D
- 0.00%
- 1M
- 0.58%
- 6M
- 6.06%
- YTD
- 9.59%
- 1Y
- 17.71%
- 3Y*
- 9.30%
- 5Y*
- 4.78%
- 10Y*
- 6.67%
- ALL TIME*
- 6.75%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
PAAIX PIMCO All Asset Fund | $0.00 | $0.00 | $0.00 |
| $0.00 | $0.00 | $0.00 |
PCBAX vs. PAAIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PCBAX BlackRock Tactical Opportunities Fund | 10.12% | 6.16% | 11.77% | 2.37% | 5.77% | 0.29% | 6.50% | 1.41% | 4.32% | 7.71% |
PAAIX PIMCO All Asset Fund | 9.59% | 13.20% | 4.12% | 8.19% | -11.52% | 15.61% | 8.38% | 12.21% | -4.97% | 13.99% |
Correlation
The correlation between PCBAX and PAAIX is -0.14, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.14 |
Correlation (3Y) Balances recent behavior with more history. | 0.07 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.04 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.11 |
Correlation (All Time) Calculated using the full available price history since Aug 1, 2002 | 0.36 |
The correlation between PCBAX and PAAIX shifts across timeframes, from -0.14 (1 year) to 0.36 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PCBAX vs. PAAIX — Risk / Return Rank
PCBAX
PAAIX
PCBAX vs. PAAIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BlackRock Tactical Opportunities Fund (PCBAX) and PIMCO All Asset Fund (PAAIX). 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 | PAAIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.96 | ||
| Sortino ratioReturn per unit of downside risk | -1.24 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.55 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 3.75 | 3.58 | +0.16 |
| Martin ratioReturn relative to average drawdown | 8.93 | 14.30 | -5.37 |
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Drawdowns
PCBAX vs. PAAIX - Drawdown Comparison
The maximum PCBAX drawdown since its inception was -39.55%, which is greater than PAAIX's maximum drawdown of -27.59%. Use the drawdown chart below to compare losses from any high point for PCBAX and PAAIX.
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Drawdown Indicators
| PCBAX | PAAIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.55% | -27.59% | -11.96% |
Max Drawdown (1Y)Largest decline over 1 year | -3.04% | -4.87% | +1.83% |
Max Drawdown (3Y)Largest decline over 3 years | -6.75% | -7.52% | +0.77% |
Max Drawdown (5Y)Largest decline over 5 years | -6.75% | -19.83% | +13.08% |
Max Drawdown (10Y)Largest decline over 10 years | -9.00% | -22.64% | +13.64% |
Current DrawdownCurrent decline from peak | -0.06% | -0.25% | +0.19% |
Average DrawdownAverage peak-to-trough decline | -4.35% | -3.75% | -0.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.27% | 1.22% | +0.05% |
Volatility
PCBAX vs. PAAIX - Volatility Comparison
BlackRock Tactical Opportunities Fund (PCBAX) has a higher volatility of 1.63% compared to PIMCO All Asset Fund (PAAIX) at 1.11%. This indicates that PCBAX's price experiences larger fluctuations and is considered to be riskier than PAAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PCBAX | PAAIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.63% | 1.11% | +0.52% |
Volatility (6M)Calculated over the trailing 6-month period | 4.73% | 4.74% | -0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.78% | 5.98% | -0.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.47% | 7.76% | -1.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.10% | 7.74% | -1.64% |
PCBAX vs. PAAIX - Expense Ratio Comparison
PCBAX has a 1.08% expense ratio, which is lower than PAAIX's 1.40% expense ratio.
Dividends
PCBAX vs. PAAIX - Dividend Comparison
PCBAX has not paid dividends to shareholders, while PAAIX's dividend yield for the trailing twelve months is around 8.03%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PAAIX PIMCO All Asset Fund | 8.03% | 7.12% | 5.92% | 3.20% | 7.68% | 11.90% | 3.56% | 3.33% | 5.50% | 4.48% | 3.60% | 3.93% |
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 PAAIX have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PCBAX has higher volatility (1.63%) compared to PAAIX (1.11%). In terms of maximum drawdown, PCBAX dropped -39.55% vs PAAIX's -27.59%.
PAAIX currently has the higher Sharpe Ratio (2.93 vs 1.97), 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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