PCEMX vs. USIAX

Last updated Jun 4, 2026

PCEMX (PACE International Emerging Markets Equity Investments) and USIAX (UBS Ultra Short Income Fund) are both mutual funds - PCEMX is a Emerging Markets Diversified fund managed by UBS, while USIAX is a Ultrashort Bond fund managed by UBS. At a correlation of -0.87, they often move in opposite directions. PCEMX charges 1.20%/yr vs 0.35%/yr for USIAX.

Performance

PCEMX vs. USIAX - Performance Comparison

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

Returns By Period

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%

USIAX

• 1D: 0.00%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PCEMX vs. USIAX - Yearly Performance Comparison

	2026 (YTD)
PCEMX PACE International Emerging Markets Equity Investments	3.44%
USIAX UBS Ultra Short Income Fund	0.32%

Correlation

The correlation between PCEMX and USIAX is -0.87, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 29, 2026	-0.87

Return for Risk

PCEMX vs. USIAX — 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

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. USIAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PACE International Emerging Markets Equity Investments (PCEMX) and UBS Ultra Short Income Fund (USIAX). 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	USIAX	Difference
Sharpe ratio Return per unit of total volatility	3.75	—	—
Sortino ratio Return per unit of downside risk	4.53	—	—
Omega ratio Gain probability vs. loss probability	1.68	—	—
Calmar ratio Return relative to maximum drawdown	4.65	—	—
Martin ratio Return relative to average drawdown	18.06	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	PCEMX	USIAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.75	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.48	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	12.88	-12.60

Drawdowns

PCEMX vs. USIAX - Drawdown Comparison

The maximum PCEMX drawdown since its inception was -65.32%, which is greater than USIAX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for PCEMX and USIAX.

Drawdown Indicators

	PCEMX	USIAX	Difference
Max Drawdown Largest peak-to-trough decline	-65.32%	0.00%	-65.32%
Max Drawdown (1Y) Largest decline over 1 year	-14.42%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-18.18%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-36.27%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-39.17%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-20.87%	0.00%	-20.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.58%	—	—

Volatility

Volatility by Period

	PCEMX	USIAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.64%	—	—
Volatility (6M) Calculated over the trailing 6-month period	15.44%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	17.88%	2.98%	+14.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.46%	2.98%	+14.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.50%	2.98%	+14.52%

PCEMX vs. USIAX - Expense Ratio Comparison

PCEMX has a 1.20% expense ratio, which is higher than USIAX's 0.35% expense ratio.

Dividends

PCEMX vs. USIAX - Dividend Comparison

PCEMX's dividend yield for the trailing twelve months is around 3.77%, more than USIAX's 0.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
USIAX UBS Ultra Short Income Fund	0.32%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PCEMX and USIAX in my portfolio?

PCEMX and USIAX have a correlation of -0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.