PTIAX vs. MACMX
PTIAX (Performance Trust Strategic Bond Fund) and MACMX (BlackRock California Municipal Opportunities Fund) are both mutual funds - PTIAX is a Intermediate Core-Plus Bond fund managed by Performance Trust Asset Management, while MACMX is a Municipal Bonds fund managed by BlackRock. Over the past 10 years, PTIAX returned 2.88%/yr vs 2.45%/yr for MACMX. At a 0.30 correlation, their price movements are largely independent. PTIAX charges 0.76%/yr vs 0.44%/yr for MACMX.
Performance
PTIAX vs. MACMX - Performance Comparison
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Returns By Period
In the year-to-date period, PTIAX achieves a 1.06% return, which is significantly lower than MACMX's 1.79% return. Over the past 10 years, PTIAX has outperformed MACMX with an annualized return of 2.88%, while MACMX has yielded a comparatively lower 2.45% annualized return.
PTIAX
- 1D
- 0.56%
- 1M
- 0.66%
- YTD
- 1.06%
- 6M
- 1.54%
- 1Y
- 5.92%
- 3Y*
- 5.36%
- 5Y*
- 0.93%
- 10Y*
- 2.88%
MACMX
- 1D
- 0.00%
- 1M
- 1.00%
- YTD
- 1.79%
- 6M
- 2.20%
- 1Y
- 6.19%
- 3Y*
- 4.45%
- 5Y*
- 1.27%
- 10Y*
- 2.45%
PTIAX vs. MACMX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PTIAX Performance Trust Strategic Bond Fund | 1.06% | 6.92% | 3.52% | 7.48% | -12.84% | 1.15% | 5.73% | 7.36% | 2.01% | 7.08% |
MACMX BlackRock California Municipal Opportunities Fund | 1.79% | 4.41% | 3.91% | 4.96% | -8.76% | 4.70% | 1.45% | 6.81% | 1.26% | 7.25% |
Correlation
The correlation between PTIAX and MACMX is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.49 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.32 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.23 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 2011 | 0.30 |
Over the past year, PTIAX and MACMX have become more correlated (0.55) than their long-term average of 0.30, meaning their price movements have been converging.
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Return for Risk
PTIAX vs. MACMX — Risk / Return Rank
PTIAX
MACMX
PTIAX vs. MACMX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Performance Trust Strategic Bond Fund (PTIAX) and BlackRock California Municipal Opportunities Fund (MACMX). 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.
| PTIAX | MACMX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.69 | ||
| Sortino ratioReturn per unit of downside risk | -1.19 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.50 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | 1.99 | 2.53 | -0.54 |
| Martin ratioReturn relative to average drawdown | 5.53 | 8.37 | -2.84 |
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Drawdowns
PTIAX vs. MACMX - Drawdown Comparison
The maximum PTIAX drawdown since its inception was -16.90%, which is greater than MACMX's maximum drawdown of -13.65%. Use the drawdown chart below to compare losses from any high point for PTIAX and MACMX.
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Drawdown Indicators
| PTIAX | MACMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.90% | -13.65% | -3.25% |
Max Drawdown (1Y)Largest decline over 1 year | -2.99% | -2.50% | -0.49% |
Max Drawdown (3Y)Largest decline over 3 years | -4.96% | -5.24% | +0.28% |
Max Drawdown (5Y)Largest decline over 5 years | -16.90% | -13.65% | -3.25% |
Max Drawdown (10Y)Largest decline over 10 years | -16.90% | -13.65% | -3.25% |
Current DrawdownCurrent decline from peak | -1.19% | -0.17% | -1.02% |
Average DrawdownAverage peak-to-trough decline | -2.44% | -1.94% | -0.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.07% | 0.75% | +0.32% |
Volatility
PTIAX vs. MACMX - Volatility Comparison
Performance Trust Strategic Bond Fund (PTIAX) has a higher volatility of 1.38% compared to BlackRock California Municipal Opportunities Fund (MACMX) at 1.08%. This indicates that PTIAX's price experiences larger fluctuations and is considered to be riskier than MACMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PTIAX | MACMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.38% | 1.08% | +0.30% |
Volatility (6M)Calculated over the trailing 6-month period | 2.85% | 2.06% | +0.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.99% | 2.89% | +1.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.98% | 4.20% | +0.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.05% | 4.07% | -0.02% |
PTIAX vs. MACMX - Expense Ratio Comparison
PTIAX has a 0.76% expense ratio, which is higher than MACMX's 0.44% expense ratio.
Dividends
PTIAX vs. MACMX - Dividend Comparison
PTIAX's dividend yield for the trailing twelve months is around 4.75%, more than MACMX's 3.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MACMX BlackRock California Municipal Opportunities Fund | 3.68% | 4.77% | 3.93% | 2.68% | 1.90% | 1.80% | 2.02% | 2.74% | 4.60% | 3.19% | 2.82% | 3.43% |
PTIAX Performance Trust Strategic Bond Fund | 4.75% | 4.68% | 4.44% | 4.03% | 3.96% | 3.01% | 3.86% | 4.11% | 4.47% | 5.51% | 5.49% | 4.87% |
Frequently Asked Questions
PTIAX and MACMX have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PTIAX has higher volatility (1.38%) compared to MACMX (1.08%). In terms of maximum drawdown, PTIAX dropped -16.90% vs MACMX's -13.65%.
MACMX currently has the higher Sharpe Ratio (2.18 vs 1.49), 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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