PCGTX vs. APBDX
PCGTX (PACE Mortgage-Backed Securities Fixed Income Investments) and APBDX (Cavanal Hill Bond Fund) are both Intermediate Core Bond funds. Over the past 10 years, PCGTX returned 1.57%/yr vs 1.12%/yr for APBDX. A 0.76 correlation means they provide meaningful diversification when combined. PCGTX charges 0.73%/yr vs 0.72%/yr for APBDX.
Performance
PCGTX vs. APBDX - Performance Comparison
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Returns By Period
In the year-to-date period, PCGTX achieves a 3.21% return, which is significantly higher than APBDX's 0.41% return. Over the past 10 years, PCGTX has outperformed APBDX with an annualized return of 1.57%, while APBDX has yielded a comparatively lower 1.12% annualized return.
PCGTX
- 1D
- 0.38%
- 1M
- 0.95%
- YTD
- 3.21%
- 6M
- 3.31%
- 1Y
- 8.64%
- 3Y*
- 4.85%
- 5Y*
- 0.43%
- 10Y*
- 1.57%
APBDX
- 1D
- 0.12%
- 1M
- 1.04%
- YTD
- 0.41%
- 6M
- 0.85%
- 1Y
- 4.27%
- 3Y*
- 3.93%
- 5Y*
- -0.22%
- 10Y*
- 1.12%
PCGTX vs. APBDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PCGTX PACE Mortgage-Backed Securities Fixed Income Investments | 3.21% | 7.84% | 0.98% | 5.12% | -13.48% | -0.61% | 5.75% | 6.55% | 0.17% | 2.83% |
APBDX Cavanal Hill Bond Fund | 0.41% | 6.49% | 1.90% | 5.47% | -13.46% | -1.57% | 6.67% | 7.17% | 0.02% | 2.18% |
Correlation
The correlation between PCGTX and APBDX is 0.74, 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 | 0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.84 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.85 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.77 |
Correlation (All Time) Calculated using the full available price history since Aug 18, 1995 | 0.76 |
The correlation between PCGTX and APBDX shifts across timeframes, from 0.74 (1 year) to 0.85 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
PCGTX vs. APBDX — Risk / Return Rank
PCGTX
APBDX
PCGTX vs. APBDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PACE Mortgage-Backed Securities Fixed Income Investments (PCGTX) and Cavanal Hill Bond Fund (APBDX). 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.
| PCGTX | APBDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.51 | ||
| Sortino ratioReturn per unit of downside risk | +1.12 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.21 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 3.06 | 1.57 | +1.49 |
| Martin ratioReturn relative to average drawdown | 9.97 | 4.37 | +5.60 |
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Drawdowns
PCGTX vs. APBDX - Drawdown Comparison
The maximum PCGTX drawdown since its inception was -19.34%, which is greater than APBDX's maximum drawdown of -18.21%. Use the drawdown chart below to compare losses from any high point for PCGTX and APBDX.
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Drawdown Indicators
| PCGTX | APBDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.34% | -18.21% | -1.13% |
Max Drawdown (1Y)Largest decline over 1 year | -3.09% | -2.83% | -0.26% |
Max Drawdown (3Y)Largest decline over 3 years | -7.94% | -5.81% | -2.13% |
Max Drawdown (5Y)Largest decline over 5 years | -19.20% | -18.21% | -0.99% |
Max Drawdown (10Y)Largest decline over 10 years | -19.34% | -18.21% | -1.13% |
Current DrawdownCurrent decline from peak | -1.12% | -2.15% | +1.03% |
Average DrawdownAverage peak-to-trough decline | -1.85% | -2.58% | +0.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.92% | 1.01% | -0.09% |
Volatility
PCGTX vs. APBDX - Volatility Comparison
PACE Mortgage-Backed Securities Fixed Income Investments (PCGTX) has a higher volatility of 1.65% compared to Cavanal Hill Bond Fund (APBDX) at 0.97%. This indicates that PCGTX's price experiences larger fluctuations and is considered to be riskier than APBDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PCGTX | APBDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.65% | 0.97% | +0.68% |
Volatility (6M)Calculated over the trailing 6-month period | 4.53% | 2.64% | +1.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.61% | 3.79% | +1.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.18% | 5.73% | +1.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.40% | 4.73% | +0.67% |
PCGTX vs. APBDX - Expense Ratio Comparison
PCGTX has a 0.73% expense ratio, which is higher than APBDX's 0.72% expense ratio.
Dividends
PCGTX vs. APBDX - Dividend Comparison
PCGTX's dividend yield for the trailing twelve months is around 4.47%, more than APBDX's 3.73% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
APBDX Cavanal Hill Bond Fund | 3.73% | 3.54% | 3.45% | 2.65% | 2.41% | 1.85% | 1.79% | 2.24% | 2.16% | 1.62% | 1.97% | 1.79% |
PCGTX PACE Mortgage-Backed Securities Fixed Income Investments | 4.47% | 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
PCGTX and APBDX have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PCGTX has higher volatility (1.65%) compared to APBDX (0.97%). In terms of maximum drawdown, PCGTX dropped -19.34% vs APBDX's -18.21%.
PCGTX currently has the higher Sharpe Ratio (1.68 vs 1.17), 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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