PCBAX vs. QRPIX

Last updated Aug 1, 2026

PCBAX (BlackRock Tactical Opportunities Fund) and QRPIX (AQR Alternative Risk Premia Fund - Class I) are both Multistrategy funds. Over the past 5 years, PCBAX returned 7.47%/yr vs 19.85%/yr for QRPIX. Their 0.10 correlation means their historical movements had little consistent relationship. PCBAX charges 1.08%/yr vs 1.48%/yr for QRPIX.

Performance

PCBAX vs. QRPIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Tactical Opportunities Fund (PCBAX) and AQR Alternative Risk Premia Fund - Class I (QRPIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PCBAX achieves a 10.12% return, which is significantly lower than QRPIX's 21.98% 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%

QRPIX

• 1D: 0.18%
• 1M: 5.67%
• 6M: 16.88%
• YTD: 21.98%
• 1Y: 37.27%
• 3Y*: 22.75%
• 5Y*: 19.85%
• 10Y*: —
• ALL TIME*: 8.89%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PCBAX BlackRock Tactical Opportunities Fund	$0.00	$0.00	$0.00
QRPIX AQR Alternative Risk Premia Fund - Class I	$0.00	$0.00	$0.00

PCBAX vs. QRPIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
PCBAX BlackRock Tactical Opportunities Fund	10.12%	6.16%	11.77%	2.37%	5.77%	0.29%	6.50%	1.41%	-0.27%
QRPIX AQR Alternative Risk Premia Fund - Class I	21.98%	23.39%	18.85%	7.23%	25.26%	14.27%	-21.04%	-2.98%	-4.46%

Correlation

The correlation between PCBAX and QRPIX is 0.10, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.10
Correlation (3Y) Balances recent behavior with more history.	0.12
Correlation (5Y) Shows whether the relationship held over a longer period.	0.11
Correlation (All Time) Calculated using the full available price history since May 21, 2018	0.10

Return for Risk

PCBAX vs. QRPIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PCBAX

PCBAX Risk / Return Rank: 83
PCBAX Sharpe Ratio Rank: 82
PCBAX Sortino Ratio Rank: 84
PCBAX Omega Ratio Rank: 82
PCBAX Calmar Ratio Rank: 93
PCBAX Martin Ratio Rank: 73

QRPIX

QRPIX Risk / Return Rank: 98
QRPIX Sharpe Ratio Rank: 99
QRPIX Sortino Ratio Rank: 98
QRPIX Omega Ratio Rank: 97
QRPIX Calmar Ratio Rank: 99
QRPIX Martin Ratio Rank: 98

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PCBAX vs. QRPIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Tactical Opportunities Fund (PCBAX) and AQR Alternative Risk Premia Fund - Class I (QRPIX). 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	QRPIX	Difference
Sharpe ratio: Return per unit of total volatility	1.97	3.76	-1.79
Sortino ratio: Return per unit of downside risk	2.99	5.42	-2.43
Omega ratio: Gain probability vs. loss probability	1.38	1.67	-0.29
Calmar ratio: Return relative to maximum drawdown	3.75	9.92	-6.17
Martin ratio: Return relative to average drawdown	8.93	26.79	-17.86

PCBAX vs. QRPIX - Sharpe Ratio Comparison

The current PCBAX Sharpe Ratio is 1.97, which is lower than the QRPIX Sharpe Ratio of 3.76. The chart below compares the historical Sharpe Ratios of PCBAX and QRPIX, 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. QRPIX - Drawdown Comparison

The maximum PCBAX drawdown since its inception was -39.55%, which is greater than QRPIX's maximum drawdown of -28.45%. Use the drawdown chart below to compare losses from any high point for PCBAX and QRPIX.

Drawdown Indicators

	PCBAX	QRPIX	Difference
Max Drawdown Largest peak-to-trough decline	-39.55%	-28.45%	-11.10%
Max Drawdown (1Y) Largest decline over 1 year	-3.04%	-3.59%	+0.55%
Max Drawdown (3Y) Largest decline over 3 years	-6.75%	-11.29%	+4.54%
Max Drawdown (5Y) Largest decline over 5 years	-6.75%	-11.29%	+4.54%
Max Drawdown (10Y) Largest decline over 10 years	-9.00%	—	—
Current Drawdown Current decline from peak	-0.06%	0.00%	-0.06%
Average Drawdown Average peak-to-trough decline	-4.35%	-7.52%	+3.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.27%	1.33%	-0.06%

Volatility

PCBAX vs. QRPIX - Volatility Comparison

The current volatility for BlackRock Tactical Opportunities Fund (PCBAX) is 1.63%, while AQR Alternative Risk Premia Fund - Class I (QRPIX) has a volatility of 2.50%. This indicates that PCBAX experiences smaller price fluctuations and is considered to be less risky than QRPIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PCBAX	QRPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.63%	2.50%	-0.87%
Volatility (6M) Calculated over the trailing 6-month period	4.73%	6.87%	-2.14%
Volatility (1Y) Calculated over the trailing 1-year period	5.78%	9.46%	-3.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.47%	11.86%	-5.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.10%	10.34%	-4.24%

PCBAX vs. QRPIX - Expense Ratio Comparison

PCBAX has a 1.08% expense ratio, which is lower than QRPIX's 1.48% expense ratio.

Dividends

PCBAX vs. QRPIX - Dividend Comparison

PCBAX has not paid dividends to shareholders, while QRPIX's dividend yield for the trailing twelve months is around 1.19%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
QRPIX AQR Alternative Risk Premia Fund - Class I	1.19%	1.45%	2.24%	4.52%	0.00%	4.08%	1.98%	0.85%	0.09%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PCBAX and QRPIX in my portfolio?

PCBAX and QRPIX have a correlation of 0.10, 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 QRPIX?

QRPIX has higher volatility (2.50%) compared to PCBAX (1.63%). In terms of maximum drawdown, PCBAX dropped -39.55% vs QRPIX's -28.45%.

Which has better risk-adjusted returns?

QRPIX currently has the higher Sharpe Ratio (3.76 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.