PCGLX vs. USIAX

Last updated Jun 3, 2026

PCGLX (PACE Global Fixed Income Investments) and USIAX (UBS Ultra Short Income Fund) are both mutual funds - PCGLX is a Global Bonds fund managed by UBS, while USIAX is a Ultrashort Bond fund managed by UBS. With a 1.00 correlation, they move nearly in lockstep. PCGLX charges 0.84%/yr vs 0.35%/yr for USIAX.

Performance

PCGLX vs. USIAX - Performance Comparison

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

Returns By Period

PCGLX

• 1D: -0.38%
• 1M: 0.32%
• YTD: -0.19%
• 6M: 0.37%
• 1Y: 2.52%
• 3Y*: 3.09%
• 5Y*: -1.96%
• 10Y*: 0.00%

USIAX

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

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

PCGLX vs. USIAX - Yearly Performance Comparison

	2026 (YTD)
PCGLX PACE Global Fixed Income Investments	-0.13%
USIAX UBS Ultra Short Income Fund	0.32%

Correlation

The correlation between PCGLX and USIAX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 29, 2026	1.00

Return for Risk

PCGLX vs. USIAX — Risk / Return Rank

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

PCGLX

PCGLX Risk / Return Rank: 6
PCGLX Sharpe Ratio Rank: 7
PCGLX Sortino Ratio Rank: 6
PCGLX Omega Ratio Rank: 6
PCGLX Calmar Ratio Rank: 7
PCGLX Martin Ratio Rank: 7

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.

PCGLX vs. USIAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PACE Global Fixed Income Investments (PCGLX) 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.

	PCGLX	USIAX	Difference
Sharpe ratio Return per unit of total volatility	0.54	—	—
Sortino ratio Return per unit of downside risk	0.84	—	—
Omega ratio Gain probability vs. loss probability	1.10	—	—
Calmar ratio Return relative to maximum drawdown	0.68	—	—
Martin ratio Return relative to average drawdown	1.97	—	—
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

	PCGLX	USIAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.54	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.31	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.00	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	19.58	-19.15

Drawdowns

PCGLX vs. USIAX - Drawdown Comparison

The maximum PCGLX drawdown since its inception was -24.81%, which is greater than USIAX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for PCGLX and USIAX.

Drawdown Indicators

	PCGLX	USIAX	Difference
Max Drawdown Largest peak-to-trough decline	-24.81%	0.00%	-24.81%
Max Drawdown (1Y) Largest decline over 1 year	-4.52%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-7.41%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-23.63%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-24.81%	—	—
Current Drawdown Current decline from peak	-11.22%	0.00%	-11.22%
Average Drawdown Average peak-to-trough decline	-6.49%	0.00%	-6.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.57%	—	—

Volatility

Volatility by Period

	PCGLX	USIAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.79%	—	—
Volatility (6M) Calculated over the trailing 6-month period	4.03%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	5.52%	3.65%	+1.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.35%	3.65%	+2.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.76%	3.65%	+2.11%

PCGLX vs. USIAX - Expense Ratio Comparison

PCGLX has a 0.84% expense ratio, which is higher than USIAX's 0.35% expense ratio.

Dividends

PCGLX vs. USIAX - Dividend Comparison

PCGLX's dividend yield for the trailing twelve months is around 3.80%, more than USIAX's 0.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PCGLX PACE Global Fixed Income Investments	3.80%	3.37%	3.74%	3.31%	1.82%	4.74%	3.41%	1.89%	1.81%	1.46%	3.14%	3.30%
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 PCGLX and USIAX in my portfolio?

With a correlation of 1.00, PCGLX and USIAX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.