PCIEX vs. USIAX

Last updated Jun 24, 2026

PCIEX (PACE International Equity Investments) and USIAX (UBS Ultra Short Income Fund) are both mutual funds - PCIEX is a Foreign Large Cap Equities fund managed by UBS, while USIAX is a Ultrashort Bond fund managed by UBS. At a 0.42 correlation, their price movements are largely independent. PCIEX charges 1.33%/yr vs 0.35%/yr for USIAX.

Performance

PCIEX vs. USIAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PACE International Equity Investments (PCIEX) and UBS Ultra Short Income Fund (USIAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

PCIEX

• 1D: 0.15%
• 1M: 1.37%
• YTD: 8.11%
• 6M: 7.77%
• 1Y: 23.53%
• 3Y*: 18.48%
• 5Y*: 10.26%
• 10Y*: 10.79%

USIAX

• 1D: 0.00%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PCIEX vs. USIAX - Yearly Performance Comparison

	2026 (YTD)
PCIEX PACE International Equity Investments	0.58%
USIAX UBS Ultra Short Income Fund	0.22%

Correlation

The correlation between PCIEX and USIAX is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 28, 2026	0.42

Return for Risk

PCIEX vs. USIAX — Risk / Return Rank

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

PCIEX

PCIEX Risk / Return Rank: 48
PCIEX Sharpe Ratio Rank: 49
PCIEX Sortino Ratio Rank: 48
PCIEX Omega Ratio Rank: 52
PCIEX Calmar Ratio Rank: 45
PCIEX Martin Ratio Rank: 47

USIAX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

PCIEX vs. USIAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PACE International Equity Investments (PCIEX) and UBS Ultra Short Income Fund (USIAX). 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.

	PCIEX	USIAX	Difference
Sharpe ratio: Return per unit of total volatility	1.92	—	—
Sortino ratio: Return per unit of downside risk	2.68	—	—
Omega ratio: Gain probability vs. loss probability	1.36	—	—
Calmar ratio: Return relative to maximum drawdown	2.43	—	—
Martin ratio: Return relative to average drawdown	9.28	—	—

Drawdowns

PCIEX vs. USIAX - Drawdown Comparison

The maximum PCIEX drawdown since its inception was -61.66%, which is greater than USIAX's maximum drawdown of -0.10%. Use the drawdown chart below to compare losses from any high point for PCIEX and USIAX.

Drawdown Indicators

	PCIEX	USIAX	Difference
Max Drawdown Largest peak-to-trough decline	-61.66%	-0.10%	-61.56%
Max Drawdown (1Y) Largest decline over 1 year	-10.81%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-15.32%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-28.28%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-36.04%	—	—
Current Drawdown Current decline from peak	-0.19%	-0.10%	-0.09%
Average Drawdown Average peak-to-trough decline	-16.47%	-0.02%	-16.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.75%	—	—

Volatility

Volatility by Period

	PCIEX	USIAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.46%	—	—
Volatility (6M) Calculated over the trailing 6-month period	11.10%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	13.70%	1.29%	+12.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.63%	1.29%	+15.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.55%	1.29%	+15.26%

PCIEX vs. USIAX - Expense Ratio Comparison

PCIEX has a 1.33% expense ratio, which is higher than USIAX's 0.35% expense ratio.

Dividends

PCIEX vs. USIAX - Dividend Comparison

PCIEX's dividend yield for the trailing twelve months is around 11.89%, more than USIAX's 0.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PCIEX PACE International Equity Investments	11.89%	12.85%	13.58%	4.22%	3.30%	8.10%	1.35%	2.77%	8.79%	2.13%	2.34%	1.74%
USIAX UBS Ultra Short Income Fund	0.32%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PCIEX and USIAX in my portfolio?

PCIEX and USIAX have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.