PCGTX vs. MCDWX

Last updated Aug 4, 2026

PCGTX (PACE Mortgage-Backed Securities Fixed Income Investments) and MCDWX (Manning & Napier Credit Series) are both Intermediate Core Bond funds. Over the past 5 years, PCGTX returned -0.08%/yr vs 1.21%/yr for MCDWX. Their correlation of 0.83 means they have usually moved in the same direction. PCGTX charges 0.73%/yr vs 0.10%/yr for MCDWX.

Performance

PCGTX vs. MCDWX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PACE Mortgage-Backed Securities Fixed Income Investments (PCGTX) and Manning & Napier Credit Series (MCDWX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PCGTX achieves a 1.44% return, which is significantly higher than MCDWX's 0.35% return.

PCGTX

• 1D: -0.67%
• 1M: -1.44%
• 6M: 1.27%
• YTD: 1.44%
• 1Y: 6.13%
• 3Y*: 4.69%
• 5Y*: -0.08%
• 10Y*: 1.32%
• ALL TIME*: 3.95%

MCDWX

• 1D: -0.22%
• 1M: -0.43%
• 6M: 0.06%
• YTD: 0.35%
• 1Y: 3.09%
• 3Y*: 5.53%
• 5Y*: 1.21%
• 10Y*: —
• ALL TIME*: 2.47%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MCDWX Manning & Napier Credit Series	$0.00	$0.00	$0.00
PCGTX PACE Mortgage-Backed Securities Fixed Income Investments	$0.00	$0.00	$0.00

PCGTX vs. MCDWX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
PCGTX PACE Mortgage-Backed Securities Fixed Income Investments	1.44%	7.84%	0.98%	5.12%	-13.48%	-0.61%	3.61%
MCDWX Manning & Napier Credit Series	0.35%	7.57%	4.13%	7.31%	-11.13%	0.01%	8.77%

Correlation

The correlation between PCGTX and MCDWX is 0.87, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.87
Correlation (3Y) Balances recent behavior with more history.	0.89
Correlation (5Y) Shows whether the relationship held over a longer period.	0.88
Correlation (All Time) Calculated using the full available price history since Apr 14, 2020	0.83

The correlation between PCGTX and MCDWX has been stable across timeframes, ranging from 0.83 to 0.89 - a consistent structural relationship.

Return for Risk

PCGTX vs. MCDWX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PCGTX

PCGTX Risk / Return Rank: 42
PCGTX Sharpe Ratio Rank: 33
PCGTX Sortino Ratio Rank: 43
PCGTX Omega Ratio Rank: 41
PCGTX Calmar Ratio Rank: 55
PCGTX Martin Ratio Rank: 37

MCDWX

MCDWX Risk / Return Rank: 39
MCDWX Sharpe Ratio Rank: 41
MCDWX Sortino Ratio Rank: 40
MCDWX Omega Ratio Rank: 43
MCDWX Calmar Ratio Rank: 39
MCDWX Martin Ratio Rank: 32

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PCGTX vs. MCDWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PACE Mortgage-Backed Securities Fixed Income Investments (PCGTX) and Manning & Napier Credit Series (MCDWX). 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	MCDWX	Difference
Sharpe ratio: Return per unit of total volatility	1.15	1.32	-0.17
Sortino ratio: Return per unit of downside risk	1.97	1.89	+0.07
Omega ratio: Gain probability vs. loss probability	1.24	1.25	-0.01
Calmar ratio: Return relative to maximum drawdown	2.11	1.75	+0.37
Martin ratio: Return relative to average drawdown	5.78	5.07	+0.71

PCGTX vs. MCDWX - Sharpe Ratio Comparison

The current PCGTX Sharpe Ratio is 1.15, which is comparable to the MCDWX Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of PCGTX and MCDWX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PCGTX vs. MCDWX - Drawdown Comparison

The maximum PCGTX drawdown since its inception was -19.34%, which is greater than MCDWX's maximum drawdown of -15.96%. Use the drawdown chart below to compare losses from any high point for PCGTX and MCDWX.

Drawdown Indicators

	PCGTX	MCDWX	Difference
Max Drawdown Largest peak-to-trough decline	-19.34%	-15.96%	-3.38%
Max Drawdown (1Y) Largest decline over 1 year	-3.09%	-2.17%	-0.92%
Max Drawdown (3Y) Largest decline over 3 years	-6.80%	-3.68%	-3.12%
Max Drawdown (5Y) Largest decline over 5 years	-19.19%	-15.95%	-3.24%
Max Drawdown (10Y) Largest decline over 10 years	-19.34%	—	—
Current Drawdown Current decline from peak	-2.82%	-1.16%	-1.66%
Average Drawdown Average peak-to-trough decline	-1.85%	-4.06%	+2.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.10%	0.75%	+0.35%

Volatility

PCGTX vs. MCDWX - Volatility Comparison

PACE Mortgage-Backed Securities Fixed Income Investments (PCGTX) has a higher volatility of 1.53% compared to Manning & Napier Credit Series (MCDWX) at 0.71%. This indicates that PCGTX's price experiences larger fluctuations and is considered to be riskier than MCDWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PCGTX	MCDWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.53%	0.71%	+0.82%
Volatility (6M) Calculated over the trailing 6-month period	4.76%	2.34%	+2.42%
Volatility (1Y) Calculated over the trailing 1-year period	5.66%	2.87%	+2.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.22%	4.63%	+2.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.43%	4.34%	+1.09%

PCGTX vs. MCDWX - Expense Ratio Comparison

PCGTX has a 0.73% expense ratio, which is higher than MCDWX's 0.10% expense ratio.

Dividends

PCGTX vs. MCDWX - Dividend Comparison

PCGTX's dividend yield for the trailing twelve months is around 4.25%, less than MCDWX's 4.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MCDWX Manning & Napier Credit Series	4.56%	4.83%	4.41%	4.48%	3.25%	4.45%	2.57%	0.00%	0.00%	0.00%	0.00%	0.00%
PCGTX PACE Mortgage-Backed Securities Fixed Income Investments	4.25%	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

Can I hold both PCGTX and MCDWX in my portfolio?

PCGTX and MCDWX 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.

Which is riskier, PCGTX or MCDWX?

PCGTX has higher volatility (1.53%) compared to MCDWX (0.71%). In terms of maximum drawdown, PCGTX dropped -19.34% vs MCDWX's -15.96%.

Which has better risk-adjusted returns?

MCDWX currently has the higher Sharpe Ratio (1.32 vs 1.15), 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.