VFAIX vs. PCBAX

Last updated Jun 23, 2026

VFAIX (Vanguard Financials Index Fund Admiral Shares) and PCBAX (BlackRock Tactical Opportunities Fund) are both mutual funds - VFAIX is a Financials Equities fund tracking the MSCI US Investable Market Financials 25/50 Index, while PCBAX is a Macro Trading fund managed by BlackRock. Over the past 10 years, VFAIX returned 13.16%/yr vs 5.87%/yr for PCBAX. A 0.56 correlation means they provide meaningful diversification when combined. VFAIX charges 0.09%/yr vs 1.08%/yr for PCBAX.

Performance

VFAIX vs. PCBAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Financials Index Fund Admiral Shares (VFAIX) and BlackRock Tactical Opportunities Fund (PCBAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VFAIX achieves a -1.21% return, which is significantly lower than PCBAX's 9.60% return. Over the past 10 years, VFAIX has outperformed PCBAX with an annualized return of 13.16%, while PCBAX has yielded a comparatively lower 5.87% annualized return.

VFAIX

• 1D: -0.72%
• 1M: 3.20%
• YTD: -1.21%
• 6M: -2.50%
• 1Y: 9.24%
• 3Y*: 19.62%
• 5Y*: 10.94%
• 10Y*: 13.16%

PCBAX

• 1D: 0.24%
• 1M: 0.12%
• YTD: 9.60%
• 6M: 9.04%
• 1Y: 13.78%
• 3Y*: 9.25%
• 5Y*: 7.18%
• 10Y*: 5.87%

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

VFAIX vs. PCBAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VFAIX Vanguard Financials Index Fund Admiral Shares	-1.21%	14.90%	30.46%	14.07%	-12.26%	36.27%	-2.15%	31.63%	-13.47%	20.05%
PCBAX BlackRock Tactical Opportunities Fund	9.60%	6.16%	11.77%	2.37%	5.77%	0.29%	6.50%	1.41%	4.32%	7.71%

Correlation

The correlation between VFAIX and PCBAX is 0.02, 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	0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (5Y) Calculated over the trailing 5-year period	0.20
Correlation (10Y) Calculated over the trailing 10-year period	0.23
Correlation (All Time) Calculated using the full available price history since Feb 2, 2004	0.56

Over the past year, the correlation between VFAIX and PCBAX has dropped to 0.02 - well below their long-term average of 0.56, suggesting their price drivers have been diverging.

Return for Risk

VFAIX vs. PCBAX — Risk / Return Rank

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

VFAIX

VFAIX Risk / Return Rank: 8
VFAIX Sharpe Ratio Rank: 8
VFAIX Sortino Ratio Rank: 8
VFAIX Omega Ratio Rank: 8
VFAIX Calmar Ratio Rank: 7
VFAIX Martin Ratio Rank: 7

PCBAX

PCBAX Risk / Return Rank: 72
PCBAX Sharpe Ratio Rank: 69
PCBAX Sortino Ratio Rank: 75
PCBAX Omega Ratio Rank: 72
PCBAX Calmar Ratio Rank: 89
PCBAX Martin Ratio Rank: 54

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.

VFAIX vs. PCBAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Financials Index Fund Admiral Shares (VFAIX) and BlackRock Tactical Opportunities Fund (PCBAX). 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.

	VFAIX	PCBAX	Difference
Sharpe ratio: Return per unit of total volatility	0.64	2.22	-1.58
Sortino ratio: Return per unit of downside risk	0.96	3.31	-2.35
Omega ratio: Gain probability vs. loss probability	1.12	1.43	-0.31
Calmar ratio: Return relative to maximum drawdown	0.65	4.23	-3.58
Martin ratio: Return relative to average drawdown	1.70	10.23	-8.53

VFAIX vs. PCBAX - Sharpe Ratio Comparison

The current VFAIX Sharpe Ratio is 0.64, which is lower than the PCBAX Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of VFAIX and PCBAX, 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

VFAIX vs. PCBAX - Drawdown Comparison

The maximum VFAIX drawdown since its inception was -78.64%, which is greater than PCBAX's maximum drawdown of -39.55%. Use the drawdown chart below to compare losses from any high point for VFAIX and PCBAX.

Drawdown Indicators

	VFAIX	PCBAX	Difference
Max Drawdown Largest peak-to-trough decline	-78.64%	-39.55%	-39.09%
Max Drawdown (1Y) Largest decline over 1 year	-14.72%	-3.04%	-11.68%
Max Drawdown (3Y) Largest decline over 3 years	-17.31%	-6.75%	-10.56%
Max Drawdown (5Y) Largest decline over 5 years	-25.71%	-6.75%	-18.96%
Max Drawdown (10Y) Largest decline over 10 years	-44.37%	-9.00%	-35.37%
Current Drawdown Current decline from peak	-4.22%	-0.53%	-3.69%
Average Drawdown Average peak-to-trough decline	-18.58%	-4.36%	-14.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.65%	1.26%	+4.39%

Volatility

VFAIX vs. PCBAX - Volatility Comparison

Vanguard Financials Index Fund Admiral Shares (VFAIX) has a higher volatility of 4.31% compared to BlackRock Tactical Opportunities Fund (PCBAX) at 1.27%. This indicates that VFAIX's price experiences larger fluctuations and is considered to be riskier than PCBAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VFAIX	PCBAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.31%	1.27%	+3.04%
Volatility (6M) Calculated over the trailing 6-month period	11.37%	4.72%	+6.65%
Volatility (1Y) Calculated over the trailing 1-year period	14.92%	5.78%	+9.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.32%	6.46%	+12.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.62%	6.13%	+16.49%

VFAIX vs. PCBAX - Expense Ratio Comparison

VFAIX has a 0.09% expense ratio, which is lower than PCBAX's 1.08% expense ratio.

Dividends

VFAIX vs. PCBAX - Dividend Comparison

VFAIX's dividend yield for the trailing twelve months is around 1.48%, while PCBAX has not paid dividends to shareholders.

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%
VFAIX Vanguard Financials Index Fund Admiral Shares	1.48%	1.56%	1.75%	2.08%	2.31%	2.62%	2.21%	2.17%	2.30%	1.54%	1.64%	2.00%

Frequently Asked Questions

Can I hold both VFAIX and PCBAX in my portfolio?

VFAIX and PCBAX have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VFAIX or PCBAX?

VFAIX has higher volatility (4.31%) compared to PCBAX (1.27%). In terms of maximum drawdown, VFAIX dropped -78.64% vs PCBAX's -39.55%.

Which has better risk-adjusted returns?

PCBAX currently has the higher Sharpe Ratio (2.22 vs 0.64), 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.