DBIRX vs. PCGTX

Last updated Jun 3, 2026

DBIRX (BNY Mellon Bond Market Index Fund) and PCGTX (PACE Mortgage-Backed Securities Fixed Income Investments) are both Intermediate Core Bond funds. Over the past 10 years, DBIRX returned 1.26%/yr vs 1.55%/yr for PCGTX. Their correlation of 0.82 suggests significant overlap in exposure. DBIRX charges 0.15%/yr vs 0.73%/yr for PCGTX.

Performance

DBIRX vs. PCGTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BNY Mellon Bond Market Index Fund (DBIRX) and PACE Mortgage-Backed Securities Fixed Income Investments (PCGTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DBIRX achieves a 0.25% return, which is significantly lower than PCGTX's 3.02% return. Over the past 10 years, DBIRX has underperformed PCGTX with an annualized return of 1.26%, while PCGTX has yielded a comparatively higher 1.55% annualized return.

DBIRX

• 1D: -0.11%
• 1M: 0.11%
• YTD: 0.25%
• 6M: 0.38%
• 1Y: 5.17%
• 3Y*: 3.46%
• 5Y*: -0.35%
• 10Y*: 1.26%

PCGTX

• 1D: 0.00%
• 1M: 0.49%
• YTD: 3.02%
• 6M: 3.30%
• 1Y: 9.62%
• 3Y*: 4.98%
• 5Y*: 0.34%
• 10Y*: 1.55%

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

DBIRX vs. PCGTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBIRX BNY Mellon Bond Market Index Fund	0.25%	7.06%	0.58%	4.77%	-13.66%	-2.09%	7.54%	8.50%	-0.15%	3.36%
PCGTX PACE Mortgage-Backed Securities Fixed Income Investments	3.02%	7.84%	0.98%	5.12%	-13.48%	-0.61%	5.75%	6.55%	0.17%	2.83%

Correlation

The correlation between DBIRX and PCGTX is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Aug 21, 1995	0.82

The correlation between DBIRX and PCGTX has been stable across timeframes, ranging from 0.82 to 0.89 - a consistent structural relationship.

Return for Risk

DBIRX vs. PCGTX — Risk / Return Rank

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

DBIRX

DBIRX Risk / Return Rank: 19
DBIRX Sharpe Ratio Rank: 18
DBIRX Sortino Ratio Rank: 19
DBIRX Omega Ratio Rank: 17
DBIRX Calmar Ratio Rank: 22
DBIRX Martin Ratio Rank: 20

PCGTX

PCGTX Risk / Return Rank: 55
PCGTX Sharpe Ratio Rank: 39
PCGTX Sortino Ratio Rank: 56
PCGTX Omega Ratio Rank: 52
PCGTX Calmar Ratio Rank: 73
PCGTX Martin Ratio Rank: 57

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.

DBIRX vs. PCGTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BNY Mellon Bond Market Index Fund (DBIRX) and PACE Mortgage-Backed Securities Fixed Income Investments (PCGTX). 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.

	DBIRX	PCGTX	Difference
Sharpe ratio Return per unit of total volatility	1.22	1.81	-0.60
Sortino ratio Return per unit of downside risk	1.82	3.16	-1.34
Omega ratio Gain probability vs. loss probability	1.21	1.40	-0.18
Calmar ratio Return relative to maximum drawdown	1.76	3.33	-1.57
Martin ratio Return relative to average drawdown	5.36	11.48	-6.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DBIRX vs. PCGTX - Sharpe Ratio Comparison

The current DBIRX Sharpe Ratio is 1.22, which is lower than the PCGTX Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of DBIRX and PCGTX, 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

	DBIRX	PCGTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.22	1.81	-0.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.06	0.05	-0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.25	0.29	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.88	0.96	-0.08

Drawdowns

DBIRX vs. PCGTX - Drawdown Comparison

The maximum DBIRX drawdown since its inception was -19.60%, roughly equal to the maximum PCGTX drawdown of -19.34%. Use the drawdown chart below to compare losses from any high point for DBIRX and PCGTX.

Drawdown Indicators

	DBIRX	PCGTX	Difference
Max Drawdown Largest peak-to-trough decline	-19.60%	-19.34%	-0.26%
Max Drawdown (1Y) Largest decline over 1 year	-3.07%	-3.09%	+0.02%
Max Drawdown (3Y) Largest decline over 3 years	-6.35%	-7.94%	+1.59%
Max Drawdown (5Y) Largest decline over 5 years	-18.67%	-19.20%	+0.53%
Max Drawdown (10Y) Largest decline over 10 years	-19.60%	-19.34%	-0.26%
Current Drawdown Current decline from peak	-4.87%	-1.31%	-3.56%
Average Drawdown Average peak-to-trough decline	-2.62%	-1.85%	-0.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.01%	0.92%	+0.09%

Volatility

DBIRX vs. PCGTX - Volatility Comparison

The current volatility for BNY Mellon Bond Market Index Fund (DBIRX) is 1.33%, while PACE Mortgage-Backed Securities Fixed Income Investments (PCGTX) has a volatility of 1.85%. This indicates that DBIRX experiences smaller price fluctuations and is considered to be less risky than PCGTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBIRX	PCGTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.33%	1.85%	-0.52%
Volatility (6M) Calculated over the trailing 6-month period	2.86%	4.40%	-1.54%
Volatility (1Y) Calculated over the trailing 1-year period	3.98%	5.67%	-1.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.02%	7.16%	-1.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.98%	5.39%	-0.41%

DBIRX vs. PCGTX - Expense Ratio Comparison

DBIRX has a 0.15% expense ratio, which is lower than PCGTX's 0.73% expense ratio.

Dividends

DBIRX vs. PCGTX - Dividend Comparison

DBIRX's dividend yield for the trailing twelve months is around 3.84%, less than PCGTX's 4.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBIRX BNY Mellon Bond Market Index Fund	3.84%	3.78%	3.17%	2.73%	2.17%	2.54%	2.72%	2.77%	2.79%	2.52%	2.96%	2.95%
PCGTX PACE Mortgage-Backed Securities Fixed Income Investments	4.48%	3.78%	5.36%	5.02%	3.67%	2.87%	3.23%	3.53%	3.34%	2.96%	2.71%	2.21%

Frequently Asked Questions

Can I hold both DBIRX and PCGTX in my portfolio?

DBIRX and PCGTX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DBIRX or PCGTX?

PCGTX has higher volatility (1.85%) compared to DBIRX (1.33%). In terms of maximum drawdown, DBIRX dropped -19.60% vs PCGTX's -19.34%.

Which has better risk-adjusted returns?

PCGTX currently has the higher Sharpe Ratio (1.81 vs 1.22), 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.