SAAAX vs. PBAIX
SAAAX (SEI Institutional Managed Trust Multi-Asset Accumulation Fund) and PBAIX (BlackRock Tactical Opportunities Fund Institutional Class) are both Tactical Allocation funds from BlackRock. Over the past 10 years, SAAAX returned 4.51%/yr vs 6.10%/yr for PBAIX. At a 0.14 correlation, their price movements are largely independent. SAAAX charges 1.17%/yr vs 0.77%/yr for PBAIX.
Performance
SAAAX vs. PBAIX - Performance Comparison
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Returns By Period
In the year-to-date period, SAAAX achieves a 11.79% return, which is significantly higher than PBAIX's 9.80% return. Over the past 10 years, SAAAX has underperformed PBAIX with an annualized return of 4.51%, while PBAIX has yielded a comparatively higher 6.10% annualized return.
SAAAX
- 1D
- 0.47%
- 1M
- 2.37%
- YTD
- 11.79%
- 6M
- 11.05%
- 1Y
- 23.39%
- 3Y*
- 10.25%
- 5Y*
- 1.65%
- 10Y*
- 4.51%
PBAIX
- 1D
- -0.40%
- 1M
- 0.93%
- YTD
- 9.80%
- 6M
- 10.64%
- 1Y
- 12.87%
- 3Y*
- 10.20%
- 5Y*
- 7.19%
- 10Y*
- 6.10%
SAAAX vs. PBAIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SAAAX SEI Institutional Managed Trust Multi-Asset Accumulation Fund | 11.79% | 12.09% | 3.65% | 6.58% | -20.83% | 3.18% | 6.69% | 22.11% | -7.45% | 13.09% |
PBAIX BlackRock Tactical Opportunities Fund Institutional Class | 9.80% | 6.46% | 12.08% | 2.64% | 6.14% | 0.50% | 6.91% | 1.65% | 4.68% | 8.05% |
Correlation
The correlation between SAAAX and PBAIX is -0.16, 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 | -0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.02 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 2013 | 0.14 |
The correlation between SAAAX and PBAIX shifts across timeframes, from -0.16 (1 year) to 0.14 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SAAAX vs. PBAIX — Risk / Return Rank
SAAAX
PBAIX
SAAAX vs. PBAIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SEI Institutional Managed Trust Multi-Asset Accumulation Fund (SAAAX) and BlackRock Tactical Opportunities Fund Institutional Class (PBAIX). 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.
| SAAAX | PBAIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.36 | ||
| Sortino ratioReturn per unit of downside risk | +0.21 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 1.45 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 3.34 | 4.41 | -1.07 |
| Martin ratioReturn relative to average drawdown | 13.89 | 10.85 | +3.04 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SAAAX | PBAIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.65 | 2.30 | +0.36 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.17 | 1.12 | -0.95 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.50 | 1.00 | -0.50 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.48 | 0.58 | -0.10 |
Drawdowns
SAAAX vs. PBAIX - Drawdown Comparison
The maximum SAAAX drawdown since its inception was -29.23%, smaller than the maximum PBAIX drawdown of -39.26%. Use the drawdown chart below to compare losses from any high point for SAAAX and PBAIX.
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Drawdown Indicators
| SAAAX | PBAIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.23% | -39.26% | +10.03% |
Max Drawdown (1Y)Largest decline over 1 year | -7.14% | -2.99% | -4.15% |
Max Drawdown (3Y)Largest decline over 3 years | -10.60% | -6.79% | -3.81% |
Max Drawdown (5Y)Largest decline over 5 years | -29.23% | -6.79% | -22.44% |
Max Drawdown (10Y)Largest decline over 10 years | -29.23% | -8.94% | -20.29% |
Current DrawdownCurrent decline from peak | 0.00% | -0.46% | +0.46% |
Average DrawdownAverage peak-to-trough decline | -8.44% | -4.30% | -4.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.71% | 1.21% | +0.50% |
Volatility
SAAAX vs. PBAIX - Volatility Comparison
SEI Institutional Managed Trust Multi-Asset Accumulation Fund (SAAAX) has a higher volatility of 2.82% compared to BlackRock Tactical Opportunities Fund Institutional Class (PBAIX) at 1.71%. This indicates that SAAAX's price experiences larger fluctuations and is considered to be riskier than PBAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SAAAX | PBAIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.82% | 1.71% | +1.11% |
Volatility (6M)Calculated over the trailing 6-month period | 7.38% | 4.79% | +2.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.99% | 5.75% | +3.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.87% | 6.44% | +3.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.01% | 6.13% | +2.88% |
SAAAX vs. PBAIX - Expense Ratio Comparison
SAAAX has a 1.17% expense ratio, which is higher than PBAIX's 0.77% expense ratio.
Dividends
SAAAX vs. PBAIX - Dividend Comparison
SAAAX's dividend yield for the trailing twelve months is around 2.66%, while PBAIX has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PBAIX BlackRock Tactical Opportunities Fund Institutional Class | 0.00% | 0.00% | 0.00% | 11.84% | 3.52% | 0.00% | 2.71% | 3.39% | 10.17% | 0.86% | 1.74% | 5.15% |
SAAAX SEI Institutional Managed Trust Multi-Asset Accumulation Fund | 2.66% | 2.97% | 2.21% | 2.00% | 10.43% | 8.24% | 5.25% | 12.81% | 3.30% | 4.96% | 7.41% | 2.95% |
Frequently Asked Questions
SAAAX and PBAIX have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SAAAX has higher volatility (2.82%) compared to PBAIX (1.71%). In terms of maximum drawdown, SAAAX dropped -29.23% vs PBAIX's -39.26%.
SAAAX currently has the higher Sharpe Ratio (2.65 vs 2.30), 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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