DUTMX vs. PCGTX

Last updated Jun 4, 2026

DUTMX (Dupree Taxable Municipal Bond Fund) and PCGTX (PACE Mortgage-Backed Securities Fixed Income Investments) are both Intermediate Core Bond funds. Over the past 10 years, DUTMX returned 0.44%/yr vs 1.55%/yr for PCGTX. A 0.65 correlation means they provide meaningful diversification when combined. DUTMX charges 1.00%/yr vs 0.73%/yr for PCGTX.

Performance

DUTMX vs. PCGTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dupree Taxable Municipal Bond Fund (DUTMX) 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, DUTMX achieves a 0.88% return, which is significantly lower than PCGTX's 3.02% return. Over the past 10 years, DUTMX has underperformed PCGTX with an annualized return of 0.44%, while PCGTX has yielded a comparatively higher 1.55% annualized return.

DUTMX

• 1D: 0.14%
• 1M: 0.79%
• YTD: 0.88%
• 6M: 0.60%
• 1Y: 6.90%
• 3Y*: 3.30%
• 5Y*: -2.32%
• 10Y*: 0.44%

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)

DUTMX vs. PCGTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DUTMX Dupree Taxable Municipal Bond Fund	0.88%	6.44%	1.09%	6.83%	-25.27%	0.28%	6.24%	6.66%	2.04%	5.12%
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 DUTMX and PCGTX is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.66
Correlation (All Time) Calculated using the full available price history since Nov 5, 2010	0.65

The correlation between DUTMX and PCGTX shifts across timeframes, from 0.65 (all time) to 0.80 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

DUTMX vs. PCGTX — Risk / Return Rank

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

DUTMX

DUTMX Risk / Return Rank: 19
DUTMX Sharpe Ratio Rank: 18
DUTMX Sortino Ratio Rank: 19
DUTMX Omega Ratio Rank: 17
DUTMX Calmar Ratio Rank: 22
DUTMX 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.

DUTMX vs. PCGTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dupree Taxable Municipal Bond Fund (DUTMX) 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.

	DUTMX	PCGTX	Difference
Sharpe ratio: Return per unit of total volatility	1.21	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	1.22	1.40	-0.18
Calmar ratio: Return relative to maximum drawdown	1.71	3.33	-1.62
Martin ratio: Return relative to average drawdown	5.24	11.48	-6.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DUTMX vs. PCGTX - Sharpe Ratio Comparison

The current DUTMX Sharpe Ratio is 1.21, which is lower than the PCGTX Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of DUTMX 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

	DUTMX	PCGTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.21	1.81	-0.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.26	0.05	-0.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.06	0.29	-0.23
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.96	-0.60

Drawdowns

DUTMX vs. PCGTX - Drawdown Comparison

The maximum DUTMX drawdown since its inception was -30.53%, which is greater than PCGTX's maximum drawdown of -19.34%. Use the drawdown chart below to compare losses from any high point for DUTMX and PCGTX.

Drawdown Indicators

	DUTMX	PCGTX	Difference
Max Drawdown Largest peak-to-trough decline	-30.53%	-19.34%	-11.19%
Max Drawdown (1Y) Largest decline over 1 year	-4.05%	-3.09%	-0.96%
Max Drawdown (3Y) Largest decline over 3 years	-8.67%	-7.94%	-0.73%
Max Drawdown (5Y) Largest decline over 5 years	-30.53%	-19.20%	-11.33%
Max Drawdown (10Y) Largest decline over 10 years	-30.53%	-19.34%	-11.19%
Current Drawdown Current decline from peak	-14.81%	-1.31%	-13.50%
Average Drawdown Average peak-to-trough decline	-6.94%	-1.85%	-5.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.32%	0.92%	+0.40%

Volatility

DUTMX vs. PCGTX - Volatility Comparison

Dupree Taxable Municipal Bond Fund (DUTMX) and PACE Mortgage-Backed Securities Fixed Income Investments (PCGTX) have volatilities of 1.91% and 1.85%, 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.

Volatility by Period

	DUTMX	PCGTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.91%	1.85%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	3.87%	4.40%	-0.53%
Volatility (1Y) Calculated over the trailing 1-year period	5.75%	5.67%	+0.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.83%	7.16%	+1.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.08%	5.39%	+1.69%

DUTMX vs. PCGTX - Expense Ratio Comparison

DUTMX has a 1.00% expense ratio, which is higher than PCGTX's 0.73% expense ratio.

Dividends

DUTMX vs. PCGTX - Dividend Comparison

DUTMX's dividend yield for the trailing twelve months is around 4.49%, which matches PCGTX's 4.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DUTMX Dupree Taxable Municipal Bond Fund	4.49%	4.57%	4.26%	4.02%	4.28%	2.32%	4.69%	5.18%	5.04%	4.89%	4.84%	4.77%
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 DUTMX and PCGTX in my portfolio?

DUTMX and PCGTX have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DUTMX or PCGTX?

DUTMX has higher volatility (1.91%) compared to PCGTX (1.85%). In terms of maximum drawdown, DUTMX dropped -30.53% vs PCGTX's -19.34%.

Which has better risk-adjusted returns?

PCGTX currently has the higher Sharpe Ratio (1.81 vs 1.21), 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.