PCGTX vs. FMBPX
PCGTX (PACE Mortgage-Backed Securities Fixed Income Investments) and FMBPX (Federated Hermes Mortgage Strategy Portfolio) are both Intermediate Core Bond funds. Over the past 10 years, PCGTX returned 1.57%/yr vs 1.44%/yr for FMBPX. A 0.79 correlation means they provide meaningful diversification when combined. PCGTX charges 0.73%/yr vs 0.02%/yr for FMBPX.
Performance
PCGTX vs. FMBPX - 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 FMBPX's 0.69% return. Over the past 10 years, PCGTX has outperformed FMBPX with an annualized return of 1.57%, while FMBPX has yielded a comparatively lower 1.44% 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%
FMBPX
- 1D
- 0.24%
- 1M
- 1.02%
- YTD
- 0.69%
- 6M
- 1.33%
- 1Y
- 6.77%
- 3Y*
- 4.44%
- 5Y*
- 0.34%
- 10Y*
- 1.44%
PCGTX vs. FMBPX - 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% |
FMBPX Federated Hermes Mortgage Strategy Portfolio | 0.69% | 9.03% | 1.04% | 4.44% | -12.21% | -1.35% | 4.77% | 6.30% | 1.13% | 2.76% |
Correlation
The correlation between PCGTX and FMBPX is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.72 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.81 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.79 |
Correlation (All Time) Calculated using the full available price history since Jul 1, 2009 | 0.79 |
Over the past year, the correlation between PCGTX and FMBPX has dropped to 0.41 - well below their long-term average of 0.79, suggesting their price drivers have been diverging.
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Return for Risk
PCGTX vs. FMBPX — Risk / Return Rank
PCGTX
FMBPX
PCGTX vs. FMBPX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PACE Mortgage-Backed Securities Fixed Income Investments (PCGTX) and Federated Hermes Mortgage Strategy Portfolio (FMBPX). 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 | FMBPX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.20 | ||
| Sortino ratioReturn per unit of downside risk | +0.57 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.30 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 3.06 | 2.16 | +0.90 |
| Martin ratioReturn relative to average drawdown | 9.97 | 6.95 | +3.02 |
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Drawdowns
PCGTX vs. FMBPX - Drawdown Comparison
The maximum PCGTX drawdown since its inception was -19.34%, which is greater than FMBPX's maximum drawdown of -18.34%. Use the drawdown chart below to compare losses from any high point for PCGTX and FMBPX.
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Drawdown Indicators
| PCGTX | FMBPX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.34% | -18.34% | -1.00% |
Max Drawdown (1Y)Largest decline over 1 year | -3.09% | -3.15% | +0.06% |
Max Drawdown (3Y)Largest decline over 3 years | -7.94% | -7.69% | -0.25% |
Max Drawdown (5Y)Largest decline over 5 years | -19.20% | -18.02% | -1.18% |
Max Drawdown (10Y)Largest decline over 10 years | -19.34% | -18.34% | -1.00% |
Current DrawdownCurrent decline from peak | -1.12% | -1.35% | +0.23% |
Average DrawdownAverage peak-to-trough decline | -1.85% | -3.26% | +1.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.92% | 0.98% | -0.06% |
Volatility
PCGTX vs. FMBPX - Volatility Comparison
PACE Mortgage-Backed Securities Fixed Income Investments (PCGTX) has a higher volatility of 1.65% compared to Federated Hermes Mortgage Strategy Portfolio (FMBPX) at 1.44%. This indicates that PCGTX's price experiences larger fluctuations and is considered to be riskier than FMBPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PCGTX | FMBPX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.65% | 1.44% | +0.21% |
Volatility (6M)Calculated over the trailing 6-month period | 4.53% | 3.29% | +1.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.61% | 4.59% | +1.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.18% | 6.79% | +0.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.40% | 5.12% | +0.28% |
PCGTX vs. FMBPX - Expense Ratio Comparison
PCGTX has a 0.73% expense ratio, which is higher than FMBPX's 0.02% expense ratio.
Dividends
PCGTX vs. FMBPX - Dividend Comparison
PCGTX's dividend yield for the trailing twelve months is around 4.47%, less than FMBPX's 5.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FMBPX Federated Hermes Mortgage Strategy Portfolio | 5.03% | 4.87% | 4.29% | 3.46% | 2.29% | 1.96% | 2.68% | 3.23% | 3.14% | 2.83% | 2.72% | 2.65% |
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 FMBPX have a correlation of 0.41, 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 FMBPX (1.44%). In terms of maximum drawdown, PCGTX dropped -19.34% vs FMBPX's -18.34%.
PCGTX currently has the higher Sharpe Ratio (1.68 vs 1.49), 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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