PCGTX vs. PQCNX

Last updated Jun 6, 2026

PCGTX (PACE Mortgage-Backed Securities Fixed Income Investments) and PQCNX (PGIM Core Conservative Bond Fund) are both Intermediate Core Bond funds. Over the past 5 years, PCGTX returned 0.29%/yr vs -0.34%/yr for PQCNX. Their correlation of 0.83 suggests significant overlap in exposure. PCGTX charges 0.73%/yr vs 0.50%/yr for PQCNX.

Performance

PCGTX vs. PQCNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PACE Mortgage-Backed Securities Fixed Income Investments (PCGTX) and PGIM Core Conservative Bond Fund (PQCNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PCGTX achieves a 2.92% return, which is significantly higher than PQCNX's 0.36% return.

PCGTX

• 1D: 0.09%
• 1M: -0.36%
• YTD: 2.92%
• 6M: 3.50%
• 1Y: 8.97%
• 3Y*: 4.98%
• 5Y*: 0.29%
• 10Y*: 1.55%

PQCNX

• 1D: 0.12%
• 1M: -0.22%
• YTD: 0.36%
• 6M: 0.60%
• 1Y: 5.03%
• 3Y*: 3.90%
• 5Y*: -0.34%
• 10Y*: —

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

PCGTX vs. PQCNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PCGTX PACE Mortgage-Backed Securities Fixed Income Investments	2.92%	7.84%	0.98%	5.12%	-13.48%	-0.61%	5.75%	6.55%	0.17%	2.83%
PQCNX PGIM Core Conservative Bond Fund	0.36%	7.13%	1.44%	4.88%	-14.28%	-2.30%	7.01%	8.41%	-0.38%	1.89%

Correlation

The correlation between PCGTX and PQCNX is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (All Time) Calculated using the full available price history since Jan 4, 2017	0.83

The correlation between PCGTX and PQCNX has been stable across timeframes, ranging from 0.81 to 0.90 - a consistent structural relationship.

Return for Risk

PCGTX vs. PQCNX — Risk / Return Rank

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

PCGTX

PCGTX Risk / Return Rank: 50
PCGTX Sharpe Ratio Rank: 36
PCGTX Sortino Ratio Rank: 50
PCGTX Omega Ratio Rank: 48
PCGTX Calmar Ratio Rank: 66
PCGTX Martin Ratio Rank: 53

PQCNX

PQCNX Risk / Return Rank: 19
PQCNX Sharpe Ratio Rank: 19
PQCNX Sortino Ratio Rank: 19
PQCNX Omega Ratio Rank: 17
PQCNX Calmar Ratio Rank: 19
PQCNX Martin Ratio Rank: 18

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.

PCGTX vs. PQCNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PACE Mortgage-Backed Securities Fixed Income Investments (PCGTX) and PGIM Core Conservative Bond Fund (PQCNX). 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.

	PCGTX	PQCNX	Difference
Sharpe ratio: Return per unit of total volatility	1.67	1.18	+0.49
Sortino ratio: Return per unit of downside risk	2.89	1.75	+1.13
Omega ratio: Gain probability vs. loss probability	1.36	1.20	+0.16
Calmar ratio: Return relative to maximum drawdown	3.03	1.52	+1.51
Martin ratio: Return relative to average drawdown	10.35	4.52	+5.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PCGTX vs. PQCNX - Sharpe Ratio Comparison

The current PCGTX Sharpe Ratio is 1.67, which is higher than the PQCNX Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of PCGTX and PQCNX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PCGTX	PQCNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.67	1.18	+0.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.04	-0.06	+0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.29	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.96	0.25	+0.71

Drawdowns

PCGTX vs. PQCNX - Drawdown Comparison

The maximum PCGTX drawdown since its inception was -19.34%, roughly equal to the maximum PQCNX drawdown of -20.33%. Use the drawdown chart below to compare losses from any high point for PCGTX and PQCNX.

Drawdown Indicators

	PCGTX	PQCNX	Difference
Max Drawdown Largest peak-to-trough decline	-19.34%	-20.33%	+0.99%
Max Drawdown (1Y) Largest decline over 1 year	-3.09%	-3.17%	+0.08%
Max Drawdown (3Y) Largest decline over 3 years	-7.94%	-6.37%	-1.57%
Max Drawdown (5Y) Largest decline over 5 years	-19.20%	-19.42%	+0.22%
Max Drawdown (10Y) Largest decline over 10 years	-19.34%	—	—
Current Drawdown Current decline from peak	-1.40%	-4.59%	+3.19%
Average Drawdown Average peak-to-trough decline	-1.85%	-6.07%	+4.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.89%	1.06%	-0.17%

Volatility

PCGTX vs. PQCNX - Volatility Comparison

PACE Mortgage-Backed Securities Fixed Income Investments (PCGTX) has a higher volatility of 1.79% compared to PGIM Core Conservative Bond Fund (PQCNX) at 1.30%. This indicates that PCGTX's price experiences larger fluctuations and is considered to be riskier than PQCNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PCGTX	PQCNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.79%	1.30%	+0.49%
Volatility (6M) Calculated over the trailing 6-month period	4.41%	2.93%	+1.48%
Volatility (1Y) Calculated over the trailing 1-year period	5.67%	4.13%	+1.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.16%	6.11%	+1.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.39%	5.10%	+0.29%

PCGTX vs. PQCNX - Expense Ratio Comparison

PCGTX has a 0.73% expense ratio, which is higher than PQCNX's 0.50% expense ratio.

Dividends

PCGTX vs. PQCNX - Dividend Comparison

PCGTX's dividend yield for the trailing twelve months is around 4.48%, more than PQCNX's 4.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PCGTX PACE Mortgage-Backed Securities Fixed Income Investments	4.48%	3.78%	5.36%	5.02%	3.67%	2.87%	3.23%	3.53%	3.34%	2.96%	2.71%	2.21%
PQCNX PGIM Core Conservative Bond Fund	4.25%	4.17%	3.91%	2.74%	1.98%	2.13%	3.13%	2.71%	2.66%	0.97%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PCGTX and PQCNX in my portfolio?

PCGTX and PQCNX have a correlation of 0.81, 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 PQCNX?

PCGTX has higher volatility (1.79%) compared to PQCNX (1.30%). In terms of maximum drawdown, PCGTX dropped -19.34% vs PQCNX's -20.33%.

Which has better risk-adjusted returns?

PCGTX currently has the higher Sharpe Ratio (1.67 vs 1.18), 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.