PCEMX vs. BPGLX

Last updated Jun 4, 2026

PCEMX (PACE International Emerging Markets Equity Investments) and BPGLX (UBS Global Allocation Fund) are both mutual funds - PCEMX is a Emerging Markets Diversified fund managed by UBS, while BPGLX is a Global Allocation fund managed by UBS. Over the past 10 years, PCEMX returned 10.42%/yr vs 7.58%/yr for BPGLX. A 0.71 correlation means they provide meaningful diversification when combined. PCEMX charges 1.20%/yr vs 0.95%/yr for BPGLX.

Performance

PCEMX vs. BPGLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PACE International Emerging Markets Equity Investments (PCEMX) and UBS Global Allocation Fund (BPGLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PCEMX achieves a 30.04% return, which is significantly higher than BPGLX's 9.08% return. Over the past 10 years, PCEMX has outperformed BPGLX with an annualized return of 10.42%, while BPGLX has yielded a comparatively lower 7.58% annualized return.

PCEMX

• 1D: 1.25%
• 1M: 10.47%
• YTD: 30.04%
• 6M: 32.30%
• 1Y: 60.94%
• 3Y*: 24.68%
• 5Y*: 8.29%
• 10Y*: 10.42%

BPGLX

• 1D: 0.40%
• 1M: 4.20%
• YTD: 9.08%
• 6M: 10.09%
• 1Y: 25.54%
• 3Y*: 14.74%
• 5Y*: 5.66%
• 10Y*: 7.58%

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

PCEMX vs. BPGLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PCEMX PACE International Emerging Markets Equity Investments	30.04%	36.75%	4.15%	10.33%	-18.97%	-1.79%	20.13%	19.01%	-16.42%	34.14%
BPGLX UBS Global Allocation Fund	9.08%	19.02%	8.56%	9.69%	-16.82%	8.09%	13.84%	19.05%	-7.56%	17.08%

Correlation

The correlation between PCEMX and BPGLX is 0.59, 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	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (10Y) Calculated over the trailing 10-year period	0.74
Correlation (All Time) Calculated using the full available price history since Jun 21, 1996	0.71

The correlation between PCEMX and BPGLX shifts across timeframes, from 0.59 (1 year) to 0.74 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

PCEMX vs. BPGLX — Risk / Return Rank

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

PCEMX

PCEMX Risk / Return Rank: 92
PCEMX Sharpe Ratio Rank: 97
PCEMX Sortino Ratio Rank: 91
PCEMX Omega Ratio Rank: 92
PCEMX Calmar Ratio Rank: 90
PCEMX Martin Ratio Rank: 90

BPGLX

BPGLX Risk / Return Rank: 74
BPGLX Sharpe Ratio Rank: 83
BPGLX Sortino Ratio Rank: 79
BPGLX Omega Ratio Rank: 79
BPGLX Calmar Ratio Rank: 64
BPGLX Martin Ratio Rank: 67

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.

PCEMX vs. BPGLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PACE International Emerging Markets Equity Investments (PCEMX) and UBS Global Allocation Fund (BPGLX). 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.

	PCEMX	BPGLX	Difference
Sharpe ratio: Return per unit of total volatility	3.75	2.69	+1.06
Sortino ratio: Return per unit of downside risk	4.53	3.75	+0.78
Omega ratio: Gain probability vs. loss probability	1.68	1.51	+0.17
Calmar ratio: Return relative to maximum drawdown	4.65	3.09	+1.56
Martin ratio: Return relative to average drawdown	18.06	13.00	+5.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PCEMX vs. BPGLX - Sharpe Ratio Comparison

The current PCEMX Sharpe Ratio is 3.75, which is higher than the BPGLX Sharpe Ratio of 2.69. The chart below compares the historical Sharpe Ratios of PCEMX and BPGLX, 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

	PCEMX	BPGLX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.75	2.69	+1.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.48	0.54	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	0.71	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.52	-0.24

Drawdowns

PCEMX vs. BPGLX - Drawdown Comparison

The maximum PCEMX drawdown since its inception was -65.32%, which is greater than BPGLX's maximum drawdown of -53.03%. Use the drawdown chart below to compare losses from any high point for PCEMX and BPGLX.

Drawdown Indicators

	PCEMX	BPGLX	Difference
Max Drawdown Largest peak-to-trough decline	-65.32%	-53.03%	-12.29%
Max Drawdown (1Y) Largest decline over 1 year	-14.42%	-8.99%	-5.43%
Max Drawdown (3Y) Largest decline over 3 years	-18.18%	-11.25%	-6.93%
Max Drawdown (5Y) Largest decline over 5 years	-36.27%	-22.24%	-14.03%
Max Drawdown (10Y) Largest decline over 10 years	-39.17%	-23.37%	-15.80%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-20.87%	-5.78%	-15.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.58%	2.06%	+1.52%

Volatility

PCEMX vs. BPGLX - Volatility Comparison

PACE International Emerging Markets Equity Investments (PCEMX) has a higher volatility of 6.64% compared to UBS Global Allocation Fund (BPGLX) at 2.77%. This indicates that PCEMX's price experiences larger fluctuations and is considered to be riskier than BPGLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PCEMX	BPGLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.64%	2.77%	+3.87%
Volatility (6M) Calculated over the trailing 6-month period	15.44%	8.55%	+6.89%
Volatility (1Y) Calculated over the trailing 1-year period	17.88%	10.33%	+7.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.46%	10.62%	+6.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.50%	10.83%	+6.67%

PCEMX vs. BPGLX - Expense Ratio Comparison

PCEMX has a 1.20% expense ratio, which is higher than BPGLX's 0.95% expense ratio.

Dividends

PCEMX vs. BPGLX - Dividend Comparison

PCEMX's dividend yield for the trailing twelve months is around 3.77%, more than BPGLX's 1.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BPGLX UBS Global Allocation Fund	1.90%	2.08%	2.02%	2.37%	4.65%	18.98%	1.78%	7.15%	0.00%	1.64%	2.42%	2.83%
PCEMX PACE International Emerging Markets Equity Investments	3.77%	4.91%	1.22%	1.44%	2.52%	11.70%	1.10%	1.04%	1.84%	1.16%	1.09%	1.09%

Frequently Asked Questions

Can I hold both PCEMX and BPGLX in my portfolio?

PCEMX and BPGLX have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PCEMX or BPGLX?

PCEMX has higher volatility (6.64%) compared to BPGLX (2.77%). In terms of maximum drawdown, PCEMX dropped -65.32% vs BPGLX's -53.03%.

Which has better risk-adjusted returns?

PCEMX currently has the higher Sharpe Ratio (3.75 vs 2.69), 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.