PCGTX vs. VBMPX

Last updated Aug 4, 2026

PCGTX (PACE Mortgage-Backed Securities Fixed Income Investments) and VBMPX (Vanguard Total Bond Market Index Fund Institutional Plus Shares) are both mutual funds - PCGTX is a Intermediate Core Bond fund managed by UBS, while VBMPX is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Float Adjusted Index. Over the past 10 years, PCGTX returned 1.32%/yr vs 1.30%/yr for VBMPX. Their correlation of 0.80 means they have usually moved in the same direction. PCGTX charges 0.73%/yr vs 0.02%/yr for VBMPX.

Performance

PCGTX vs. VBMPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PACE Mortgage-Backed Securities Fixed Income Investments (PCGTX) and Vanguard Total Bond Market Index Fund Institutional Plus Shares (VBMPX). 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 VBMPX's -0.90% return. Both investments have delivered pretty close results over the past 10 years, with PCGTX having a 1.32% annualized return and VBMPX not far behind at 1.30%.

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%

VBMPX

• 1D: -0.21%
• 1M: -1.45%
• 6M: -0.93%
• YTD: -0.90%
• 1Y: 1.47%
• 3Y*: 3.81%
• 5Y*: -0.47%
• 10Y*: 1.30%
• ALL TIME*: 2.22%

*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)
PCGTX PACE Mortgage-Backed Securities Fixed Income Investments	$0.00	$0.00	$0.00
VBMPX Vanguard Total Bond Market Index Fund Institutional Plus Shares	$0.00	$0.00	$0.00

PCGTX vs. VBMPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PCGTX PACE Mortgage-Backed Securities Fixed Income Investments	1.44%	7.84%	0.98%	5.12%	-13.48%	-0.61%	5.75%	6.55%	0.17%	2.83%
VBMPX Vanguard Total Bond Market Index Fund Institutional Plus Shares	-0.90%	7.18%	1.27%	5.75%	-13.14%	-1.95%	7.75%	8.74%	-0.24%	3.58%

Correlation

The correlation between PCGTX and VBMPX is 0.80, 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.	0.80
Correlation (3Y) Balances recent behavior with more history.	0.88
Correlation (5Y) Shows whether the relationship held over a longer period.	0.89
Correlation (10Y) Provides a long-term view across more market conditions.	0.82
Correlation (All Time) Calculated using the full available price history since Feb 5, 2010	0.80

The correlation between PCGTX and VBMPX has been stable across timeframes, ranging from 0.80 to 0.89 - a consistent structural relationship.

Return for Risk

PCGTX vs. VBMPX — 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

VBMPX

VBMPX Risk / Return Rank: 14
VBMPX Sharpe Ratio Rank: 14
VBMPX Sortino Ratio Rank: 13
VBMPX Omega Ratio Rank: 13
VBMPX Calmar Ratio Rank: 15
VBMPX Martin Ratio Rank: 13

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. VBMPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PACE Mortgage-Backed Securities Fixed Income Investments (PCGTX) and Vanguard Total Bond Market Index Fund Institutional Plus Shares (VBMPX). 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	VBMPX	Difference
Sharpe ratio: Return per unit of total volatility	1.15	0.61	+0.54
Sortino ratio: Return per unit of downside risk	1.97	0.90	+1.06
Omega ratio: Gain probability vs. loss probability	1.24	1.11	+0.14
Calmar ratio: Return relative to maximum drawdown	2.11	0.80	+1.31
Martin ratio: Return relative to average drawdown	5.78	1.99	+3.79

PCGTX vs. VBMPX - Sharpe Ratio Comparison

The current PCGTX Sharpe Ratio is 1.15, which is higher than the VBMPX Sharpe Ratio of 0.61. The chart below compares the historical Sharpe Ratios of PCGTX and VBMPX, 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. VBMPX - Drawdown Comparison

The maximum PCGTX drawdown since its inception was -19.34%, roughly equal to the maximum VBMPX drawdown of -18.90%. Use the drawdown chart below to compare losses from any high point for PCGTX and VBMPX.

Drawdown Indicators

	PCGTX	VBMPX	Difference
Max Drawdown Largest peak-to-trough decline	-19.34%	-18.90%	-0.44%
Max Drawdown (1Y) Largest decline over 1 year	-3.09%	-2.89%	-0.20%
Max Drawdown (3Y) Largest decline over 3 years	-6.80%	-4.86%	-1.94%
Max Drawdown (5Y) Largest decline over 5 years	-19.19%	-17.97%	-1.22%
Max Drawdown (10Y) Largest decline over 10 years	-19.34%	-18.90%	-0.44%
Current Drawdown Current decline from peak	-2.82%	-3.53%	+0.71%
Average Drawdown Average peak-to-trough decline	-1.85%	-3.52%	+1.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.10%	1.16%	-0.06%

Volatility

PCGTX vs. VBMPX - Volatility Comparison

PACE Mortgage-Backed Securities Fixed Income Investments (PCGTX) has a higher volatility of 1.53% compared to Vanguard Total Bond Market Index Fund Institutional Plus Shares (VBMPX) at 0.96%. This indicates that PCGTX's price experiences larger fluctuations and is considered to be riskier than VBMPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PCGTX	VBMPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.53%	0.96%	+0.57%
Volatility (6M) Calculated over the trailing 6-month period	4.76%	2.98%	+1.78%
Volatility (1Y) Calculated over the trailing 1-year period	5.66%	3.83%	+1.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.22%	6.02%	+1.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.43%	4.98%	+0.45%

PCGTX vs. VBMPX - Expense Ratio Comparison

PCGTX has a 0.73% expense ratio, which is higher than VBMPX's 0.02% expense ratio.

Dividends

PCGTX vs. VBMPX - Dividend Comparison

PCGTX's dividend yield for the trailing twelve months is around 4.25%, more than VBMPX's 3.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VBMPX Vanguard Total Bond Market Index Fund Institutional Plus Shares	3.74%	3.88%	3.69%	3.11%	2.61%	1.81%	2.41%	2.75%	2.58%	2.58%	2.55%	2.85%

Frequently Asked Questions

Can I hold both PCGTX and VBMPX in my portfolio?

PCGTX and VBMPX have a correlation of 0.80, 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 VBMPX?

PCGTX has higher volatility (1.53%) compared to VBMPX (0.96%). In terms of maximum drawdown, PCGTX dropped -19.34% vs VBMPX's -18.90%.

Which has better risk-adjusted returns?

PCGTX currently has the higher Sharpe Ratio (1.15 vs 0.61), 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.