SAPEX vs. PBAIX

Last updated Jun 3, 2026

SAPEX (Spectrum Active Advantage Fund) and PBAIX (BlackRock Tactical Opportunities Fund Institutional Class) are both Tactical Allocation funds. Over the past 10 years, SAPEX returned 5.11%/yr vs 6.14%/yr for PBAIX. At a 0.19 correlation, their price movements are largely independent. SAPEX charges 1.69%/yr vs 0.77%/yr for PBAIX.

Performance

SAPEX vs. PBAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Spectrum Active Advantage Fund (SAPEX) and BlackRock Tactical Opportunities Fund Institutional Class (PBAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SAPEX achieves a -0.15% return, which is significantly lower than PBAIX's 10.25% return. Over the past 10 years, SAPEX has underperformed PBAIX with an annualized return of 5.11%, while PBAIX has yielded a comparatively higher 6.14% annualized return.

SAPEX

• 1D: 0.82%
• 1M: 3.20%
• YTD: -0.15%
• 6M: 1.55%
• 1Y: 12.38%
• 3Y*: 10.32%
• 5Y*: -2.16%
• 10Y*: 5.11%

PBAIX

• 1D: 0.52%
• 1M: 2.41%
• YTD: 10.25%
• 6M: 11.16%
• 1Y: 13.55%
• 3Y*: 10.35%
• 5Y*: 7.29%
• 10Y*: 6.14%

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

SAPEX vs. PBAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SAPEX Spectrum Active Advantage Fund	-0.15%	15.25%	5.25%	12.11%	-38.08%	17.15%	13.72%	27.65%	-4.44%	15.05%
PBAIX BlackRock Tactical Opportunities Fund Institutional Class	10.25%	6.46%	12.08%	2.64%	6.14%	0.50%	6.91%	1.65%	4.68%	8.05%

Correlation

The correlation between SAPEX and PBAIX is 0.03, 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	0.03
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (5Y) Calculated over the trailing 5-year period	0.17
Correlation (10Y) Calculated over the trailing 10-year period	0.16
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.19

The correlation between SAPEX and PBAIX shifts across timeframes, from 0.03 (1 year) to 0.25 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

SAPEX vs. PBAIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SAPEX

SAPEX Risk / Return Rank: 20
SAPEX Sharpe Ratio Rank: 22
SAPEX Sortino Ratio Rank: 20
SAPEX Omega Ratio Rank: 23
SAPEX Calmar Ratio Rank: 21
SAPEX Martin Ratio Rank: 15

PBAIX

PBAIX Risk / Return Rank: 76
PBAIX Sharpe Ratio Rank: 73
PBAIX Sortino Ratio Rank: 78
PBAIX Omega Ratio Rank: 74
PBAIX Calmar Ratio Rank: 92
PBAIX Martin Ratio Rank: 61

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SAPEX vs. PBAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Spectrum Active Advantage Fund (SAPEX) 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.

	SAPEX	PBAIX	Difference
Sharpe ratio Return per unit of total volatility	1.37	2.49	-1.12
Sortino ratio Return per unit of downside risk	1.92	3.70	-1.78
Omega ratio Gain probability vs. loss probability	1.25	1.49	-0.23
Calmar ratio Return relative to maximum drawdown	1.72	4.86	-3.14
Martin ratio Return relative to average drawdown	4.43	12.00	-7.57
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SAPEX vs. PBAIX - Sharpe Ratio Comparison

The current SAPEX Sharpe Ratio is 1.37, which is lower than the PBAIX Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of SAPEX and PBAIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SAPEX	PBAIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.37	2.49	-1.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.15	1.14	-1.29
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.31	1.01	-0.70
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.58	-0.26

Drawdowns

SAPEX vs. PBAIX - Drawdown Comparison

The maximum SAPEX drawdown since its inception was -40.48%, roughly equal to the maximum PBAIX drawdown of -39.26%. Use the drawdown chart below to compare losses from any high point for SAPEX and PBAIX.

Drawdown Indicators

	SAPEX	PBAIX	Difference
Max Drawdown Largest peak-to-trough decline	-40.48%	-39.26%	-1.22%
Max Drawdown (1Y) Largest decline over 1 year	-7.62%	-2.99%	-4.63%
Max Drawdown (3Y) Largest decline over 3 years	-11.57%	-6.79%	-4.78%
Max Drawdown (5Y) Largest decline over 5 years	-40.48%	-6.79%	-33.69%
Max Drawdown (10Y) Largest decline over 10 years	-40.48%	-8.94%	-31.54%
Current Drawdown Current decline from peak	-17.66%	-0.06%	-17.60%
Average Drawdown Average peak-to-trough decline	-14.62%	-4.30%	-10.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.96%	1.21%	+1.75%

Volatility

SAPEX vs. PBAIX - Volatility Comparison

Spectrum Active Advantage Fund (SAPEX) has a higher volatility of 2.91% compared to BlackRock Tactical Opportunities Fund Institutional Class (PBAIX) at 1.69%. This indicates that SAPEX'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.

Volatility by Period

	SAPEX	PBAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.91%	1.69%	+1.22%
Volatility (6M) Calculated over the trailing 6-month period	7.37%	4.76%	+2.61%
Volatility (1Y) Calculated over the trailing 1-year period	9.51%	5.75%	+3.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.19%	6.44%	+7.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.75%	6.13%	+10.62%

SAPEX vs. PBAIX - Expense Ratio Comparison

SAPEX has a 1.69% expense ratio, which is higher than PBAIX's 0.77% expense ratio.

Dividends

SAPEX vs. PBAIX - Dividend Comparison

SAPEX's dividend yield for the trailing twelve months is around 4.35%, 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%
SAPEX Spectrum Active Advantage Fund	4.35%	4.77%	2.23%	0.88%	0.00%	33.33%	1.43%	0.74%	3.09%	4.26%	0.17%	0.00%

Frequently Asked Questions

Can I hold both SAPEX and PBAIX in my portfolio?

SAPEX and PBAIX have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SAPEX or PBAIX?

SAPEX has higher volatility (2.91%) compared to PBAIX (1.69%). In terms of maximum drawdown, SAPEX dropped -40.48% vs PBAIX's -39.26%.

Which has better risk-adjusted returns?

PBAIX currently has the higher Sharpe Ratio (2.49 vs 1.37), 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.