PCBIX vs. PTEAX
PCBIX (Principal MidCap Fund Institutional Class) and PTEAX (Principal Tax-Exempt Bond Fund) are both mutual funds - PCBIX is a Mid Cap Growth Equities fund managed by Principal, while PTEAX is a Municipal Bonds fund managed by Principal. Over the past 10 years, PCBIX returned 12.24%/yr vs 1.89%/yr for PTEAX. At a correlation of -0.07, they often move in opposite directions. PCBIX charges 0.67%/yr vs 0.73%/yr for PTEAX.
Performance
PCBIX vs. PTEAX - Performance Comparison
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Returns By Period
In the year-to-date period, PCBIX achieves a -7.10% return, which is significantly lower than PTEAX's 1.38% return. Over the past 10 years, PCBIX has outperformed PTEAX with an annualized return of 12.24%, while PTEAX has yielded a comparatively lower 1.89% annualized return.
PCBIX
- 1D
- -0.20%
- 1M
- 2.50%
- YTD
- -7.10%
- 6M
- -8.62%
- 1Y
- -9.88%
- 3Y*
- 9.58%
- 5Y*
- 4.53%
- 10Y*
- 12.24%
PTEAX
- 1D
- 0.00%
- 1M
- 1.53%
- YTD
- 1.38%
- 6M
- 1.86%
- 1Y
- 6.48%
- 3Y*
- 3.73%
- 5Y*
- 0.31%
- 10Y*
- 1.89%
PCBIX vs. PTEAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PCBIX Principal MidCap Fund Institutional Class | -7.10% | 1.62% | 23.63% | 25.92% | -23.16% | 25.22% | 18.25% | 49.40% | -6.86% | 25.32% |
PTEAX Principal Tax-Exempt Bond Fund | 1.38% | 4.68% | 2.10% | 6.35% | -12.18% | 2.71% | 4.80% | 9.05% | 0.44% | 6.44% |
Correlation
The correlation between PCBIX and PTEAX is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.14 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2001 | -0.07 |
The correlation between PCBIX and PTEAX shifts across timeframes, from -0.07 (all time) to 0.21 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
PCBIX vs. PTEAX — Risk / Return Rank
PCBIX
PTEAX
PCBIX vs. PTEAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Principal MidCap Fund Institutional Class (PCBIX) and Principal Tax-Exempt Bond Fund (PTEAX). 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.
| PCBIX | PTEAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.81 | ||
| Sortino ratioReturn per unit of downside risk | -4.35 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.57 | -0.66 |
| Calmar ratioReturn relative to maximum drawdown | -0.47 | 2.05 | -2.52 |
| Martin ratioReturn relative to average drawdown | -0.99 | 6.83 | -7.82 |
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Drawdowns
PCBIX vs. PTEAX - Drawdown Comparison
The maximum PCBIX drawdown since its inception was -50.25%, which is greater than PTEAX's maximum drawdown of -38.72%. Use the drawdown chart below to compare losses from any high point for PCBIX and PTEAX.
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Drawdown Indicators
| PCBIX | PTEAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -50.25% | -38.72% | -11.53% |
Max Drawdown (1Y)Largest decline over 1 year | -19.29% | -3.10% | -16.19% |
Max Drawdown (3Y)Largest decline over 3 years | -19.29% | -5.31% | -13.98% |
Max Drawdown (5Y)Largest decline over 5 years | -31.17% | -17.37% | -13.80% |
Max Drawdown (10Y)Largest decline over 10 years | -40.56% | -17.37% | -23.19% |
Current DrawdownCurrent decline from peak | -13.17% | -0.55% | -12.62% |
Average DrawdownAverage peak-to-trough decline | -6.57% | -5.92% | -0.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.20% | 0.93% | +8.27% |
Volatility
PCBIX vs. PTEAX - Volatility Comparison
Principal MidCap Fund Institutional Class (PCBIX) has a higher volatility of 4.42% compared to Principal Tax-Exempt Bond Fund (PTEAX) at 0.75%. This indicates that PCBIX's price experiences larger fluctuations and is considered to be riskier than PTEAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PCBIX | PTEAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.42% | 0.75% | +3.67% |
Volatility (6M)Calculated over the trailing 6-month period | 11.64% | 2.08% | +9.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.64% | 2.91% | +11.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.69% | 4.00% | +14.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.14% | 4.40% | +14.74% |
PCBIX vs. PTEAX - Expense Ratio Comparison
PCBIX has a 0.67% expense ratio, which is lower than PTEAX's 0.73% expense ratio.
Dividends
PCBIX vs. PTEAX - Dividend Comparison
PCBIX's dividend yield for the trailing twelve months is around 6.26%, more than PTEAX's 3.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PCBIX Principal MidCap Fund Institutional Class | 6.26% | 5.81% | 6.40% | 2.51% | 3.18% | 7.96% | 1.08% | 9.02% | 12.24% | 3.31% | 2.49% | 6.30% |
PTEAX Principal Tax-Exempt Bond Fund | 3.82% | 4.66% | 3.73% | 2.81% | 2.27% | 2.15% | 2.23% | 3.09% | 3.68% | 3.69% | 3.91% | 3.75% |
Frequently Asked Questions
PCBIX and PTEAX have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PCBIX has higher volatility (4.42%) compared to PTEAX (0.75%). In terms of maximum drawdown, PCBIX dropped -50.25% vs PTEAX's -38.72%.
PTEAX currently has the higher Sharpe Ratio (2.18 vs -0.63), 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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