UTMAX vs. PBAIX
UTMAX (Victory Target Managed Allocation Fund) and PBAIX (BlackRock Tactical Opportunities Fund Institutional Class) are both Tactical Allocation funds. Over the past 10 years, UTMAX returned 8.63%/yr vs 6.10%/yr for PBAIX. Their 0.23 correlation means their historical movements had little consistent relationship. UTMAX charges 0.69%/yr vs 0.77%/yr for PBAIX.
Performance
UTMAX vs. PBAIX - Performance Comparison
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Returns By Period
In the year-to-date period, UTMAX achieves a 8.17% return, which is significantly lower than PBAIX's 10.31% return. Over the past 10 years, UTMAX has outperformed PBAIX with an annualized return of 8.63%, while PBAIX has yielded a comparatively lower 6.10% annualized return.
UTMAX
- 1D
- 1.63%
- 1M
- 0.24%
- 6M
- 5.78%
- YTD
- 8.17%
- 1Y
- 21.81%
- 3Y*
- 13.91%
- 5Y*
- 6.74%
- 10Y*
- 8.63%
- ALL TIME*
- 8.40%
PBAIX
- 1D
- 0.93%
- 1M
- 0.98%
- 6M
- 9.55%
- YTD
- 10.31%
- 1Y
- 11.44%
- 3Y*
- 9.38%
- 5Y*
- 7.78%
- 10Y*
- 6.10%
- ALL TIME*
- 6.50%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
UTMAX vs. PBAIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UTMAX Victory Target Managed Allocation Fund | 8.17% | 15.25% | 13.81% | 14.40% | -20.44% | 21.52% | 13.42% | 22.64% | -9.01% | 13.54% |
PBAIX BlackRock Tactical Opportunities Fund Institutional Class | 10.31% | 6.46% | 12.08% | 2.64% | 6.14% | 0.50% | 6.91% | 1.65% | 4.68% | 8.05% |
Correlation
The correlation between UTMAX and PBAIX is 0.04, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.04 |
Correlation (3Y) Balances recent behavior with more history. | 0.29 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.20 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.20 |
Correlation (All Time) Calculated using the full available price history since Sep 17, 2015 | 0.23 |
The correlation between UTMAX and PBAIX shifts across timeframes, from 0.04 (1 year) to 0.29 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
UTMAX vs. PBAIX — Risk / Return Rank
UTMAX
PBAIX
UTMAX vs. PBAIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Victory Target Managed Allocation Fund (UTMAX) 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.
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.
| UTMAX | PBAIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.56 | ||
| Sortino ratioReturn per unit of downside risk | -1.02 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.39 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 2.14 | 3.92 | -1.78 |
| Martin ratioReturn relative to average drawdown | 8.87 | 9.50 | -0.63 |
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Drawdowns
UTMAX vs. PBAIX - Drawdown Comparison
The maximum UTMAX drawdown since its inception was -40.49%, roughly equal to the maximum PBAIX drawdown of -39.26%. Use the drawdown chart below to compare losses from any high point for UTMAX and PBAIX.
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Drawdown Indicators
| UTMAX | PBAIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.49% | -39.26% | -1.23% |
Max Drawdown (1Y)Largest decline over 1 year | -9.41% | -2.99% | -6.42% |
Max Drawdown (3Y)Largest decline over 3 years | -17.43% | -6.79% | -10.64% |
Max Drawdown (5Y)Largest decline over 5 years | -40.49% | -6.79% | -33.70% |
Max Drawdown (10Y)Largest decline over 10 years | -40.49% | -8.94% | -31.55% |
Current DrawdownCurrent decline from peak | -1.19% | -0.06% | -1.13% |
Average DrawdownAverage peak-to-trough decline | -10.78% | -4.28% | -6.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.27% | 1.23% | +1.04% |
Volatility
UTMAX vs. PBAIX - Volatility Comparison
Victory Target Managed Allocation Fund (UTMAX) has a higher volatility of 3.33% compared to BlackRock Tactical Opportunities Fund Institutional Class (PBAIX) at 1.66%. This indicates that UTMAX'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
| UTMAX | PBAIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.33% | 1.66% | +1.67% |
Volatility (6M)Calculated over the trailing 6-month period | 10.89% | 4.68% | +6.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.60% | 5.74% | +7.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.47% | 6.44% | +16.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.36% | 6.10% | +13.26% |
UTMAX vs. PBAIX - Expense Ratio Comparison
UTMAX has a 0.69% expense ratio, which is lower than PBAIX's 0.77% expense ratio.
Dividends
UTMAX vs. PBAIX - Dividend Comparison
UTMAX's dividend yield for the trailing twelve months is around 6.35%, 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% |
UTMAX Victory Target Managed Allocation Fund | 6.35% | 6.87% | 1.59% | 1.41% | 4.47% | 27.44% | 5.94% | 4.84% | 11.05% | 1.13% | 1.36% | 1.23% |
Frequently Asked Questions
UTMAX and PBAIX have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UTMAX has higher volatility (3.33%) compared to PBAIX (1.66%). In terms of maximum drawdown, UTMAX dropped -40.49% vs PBAIX's -39.26%.
PBAIX currently has the higher Sharpe Ratio (2.04 vs 1.48), 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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