VTMFX vs. PBAIX
VTMFX (Vanguard Tax-Managed Balanced Fund Admiral Shares) and PBAIX (BlackRock Tactical Opportunities Fund Institutional Class) are both mutual funds - VTMFX is a Diversified Portfolio fund managed by BlackRock, while PBAIX is a Tactical Allocation fund actively managed by BlackRock. Over the past 10 years, VTMFX returned 8.70%/yr vs 6.10%/yr for PBAIX. A 0.70 correlation means they provide meaningful diversification when combined. VTMFX charges 0.09%/yr vs 0.77%/yr for PBAIX.
Performance
VTMFX vs. PBAIX - Performance Comparison
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Returns By Period
In the year-to-date period, VTMFX achieves a 6.03% return, which is significantly lower than PBAIX's 9.80% return. Over the past 10 years, VTMFX has outperformed PBAIX with an annualized return of 8.70%, while PBAIX has yielded a comparatively lower 6.10% annualized return.
VTMFX
- 1D
- 0.17%
- 1M
- 3.06%
- YTD
- 6.03%
- 6M
- 6.16%
- 1Y
- 16.91%
- 3Y*
- 12.75%
- 5Y*
- 7.33%
- 10Y*
- 8.70%
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%
VTMFX vs. PBAIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VTMFX Vanguard Tax-Managed Balanced Fund Admiral Shares | 6.03% | 11.28% | 12.17% | 15.55% | -12.69% | 13.10% | 13.31% | 18.01% | -1.40% | 12.61% |
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 VTMFX and PBAIX 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 | 0.16 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Sep 7, 1994 | 0.70 |
The correlation between VTMFX and PBAIX shifts across timeframes, from -0.02 (1 year) to 0.70 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
VTMFX vs. PBAIX — Risk / Return Rank
VTMFX
PBAIX
VTMFX vs. PBAIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX) 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.
| VTMFX | PBAIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.53 | ||
| Sortino ratioReturn per unit of downside risk | +0.64 | ||
| Omega ratioGain probability vs. loss probability | 1.55 | 1.45 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 3.22 | 4.41 | -1.19 |
| Martin ratioReturn relative to average drawdown | 15.40 | 10.85 | +4.55 |
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
| VTMFX | PBAIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.83 | 2.30 | +0.53 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.86 | 1.12 | -0.26 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.96 | 1.00 | -0.04 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.85 | 0.58 | +0.26 |
Drawdowns
VTMFX vs. PBAIX - Drawdown Comparison
The maximum VTMFX drawdown since its inception was -28.49%, smaller than the maximum PBAIX drawdown of -39.26%. Use the drawdown chart below to compare losses from any high point for VTMFX and PBAIX.
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Drawdown Indicators
| VTMFX | PBAIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.49% | -39.26% | +10.77% |
Max Drawdown (1Y)Largest decline over 1 year | -5.38% | -2.99% | -2.39% |
Max Drawdown (3Y)Largest decline over 3 years | -10.61% | -6.79% | -3.82% |
Max Drawdown (5Y)Largest decline over 5 years | -17.40% | -6.79% | -10.61% |
Max Drawdown (10Y)Largest decline over 10 years | -21.87% | -8.94% | -12.93% |
Current DrawdownCurrent decline from peak | 0.00% | -0.46% | +0.46% |
Average DrawdownAverage peak-to-trough decline | -3.55% | -4.30% | +0.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.12% | 1.21% | -0.09% |
Volatility
VTMFX vs. PBAIX - Volatility Comparison
Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX) and BlackRock Tactical Opportunities Fund Institutional Class (PBAIX) have volatilities of 1.70% and 1.71%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VTMFX | PBAIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.70% | 1.71% | -0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 4.75% | 4.79% | -0.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.13% | 5.75% | +0.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.52% | 6.44% | +2.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.12% | 6.13% | +2.99% |
VTMFX vs. PBAIX - Expense Ratio Comparison
VTMFX has a 0.09% expense ratio, which is lower than PBAIX's 0.77% expense ratio.
Dividends
VTMFX vs. PBAIX - Dividend Comparison
VTMFX's dividend yield for the trailing twelve months is around 2.10%, 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% |
VTMFX Vanguard Tax-Managed Balanced Fund Admiral Shares | 2.10% | 2.14% | 2.08% | 1.94% | 1.85% | 1.38% | 1.72% | 2.05% | 2.22% | 2.00% | 2.13% | 2.06% |
Frequently Asked Questions
VTMFX and PBAIX 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.
PBAIX has higher volatility (1.71%) compared to VTMFX (1.70%). In terms of maximum drawdown, VTMFX dropped -28.49% vs PBAIX's -39.26%.
VTMFX currently has the higher Sharpe Ratio (2.83 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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