PCIFX vs. VBIIX

Last updated Jun 23, 2026

PCIFX (PACE Intermediate Fixed Income Investments) and VBIIX (Vanguard Intermediate-Term Bond Index Fund) are both Intermediate Core Bond funds. Over the past 10 years, PCIFX returned 2.07%/yr vs 1.73%/yr for VBIIX. Their correlation of 0.87 suggests significant overlap in exposure. PCIFX charges 0.61%/yr vs 0.15%/yr for VBIIX.

Performance

PCIFX vs. VBIIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PACE Intermediate Fixed Income Investments (PCIFX) and Vanguard Intermediate-Term Bond Index Fund (VBIIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PCIFX achieves a 0.94% return, which is significantly higher than VBIIX's -0.28% return. Over the past 10 years, PCIFX has outperformed VBIIX with an annualized return of 2.07%, while VBIIX has yielded a comparatively lower 1.73% annualized return.

PCIFX

• 1D: 0.19%
• 1M: 1.16%
• YTD: 0.94%
• 6M: 1.13%
• 1Y: 5.16%
• 3Y*: 5.64%
• 5Y*: 0.91%
• 10Y*: 2.07%

VBIIX

• 1D: 0.29%
• 1M: 0.75%
• YTD: -0.28%
• 6M: 0.07%
• 1Y: 4.26%
• 3Y*: 4.16%
• 5Y*: -0.04%
• 10Y*: 1.73%

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

PCIFX vs. VBIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PCIFX PACE Intermediate Fixed Income Investments	0.94%	7.03%	3.84%	7.82%	-13.38%	-1.83%	8.04%	8.66%	-0.86%	3.27%
VBIIX Vanguard Intermediate-Term Bond Index Fund	-0.28%	8.12%	1.44%	5.67%	-13.34%	-2.73%	9.72%	10.11%	-0.24%	3.78%

Correlation

The correlation between PCIFX and VBIIX is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Aug 18, 1995	0.87

The correlation between PCIFX and VBIIX shifts across timeframes, from 0.82 (1 year) to 0.93 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

PCIFX vs. VBIIX — Risk / Return Rank

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

PCIFX

PCIFX Risk / Return Rank: 37
PCIFX Sharpe Ratio Rank: 33
PCIFX Sortino Ratio Rank: 38
PCIFX Omega Ratio Rank: 34
PCIFX Calmar Ratio Rank: 47
PCIFX Martin Ratio Rank: 36

VBIIX

VBIIX Risk / Return Rank: 15
VBIIX Sharpe Ratio Rank: 16
VBIIX Sortino Ratio Rank: 17
VBIIX Omega Ratio Rank: 14
VBIIX Calmar Ratio Rank: 15
VBIIX Martin Ratio Rank: 13

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.

PCIFX vs. VBIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PACE Intermediate Fixed Income Investments (PCIFX) and Vanguard Intermediate-Term Bond Index Fund (VBIIX). 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.

	PCIFX	VBIIX	Difference
Sharpe ratio: Return per unit of total volatility	1.53	1.06	+0.48
Sortino ratio: Return per unit of downside risk	2.37	1.59	+0.78
Omega ratio: Gain probability vs. loss probability	1.29	1.18	+0.10
Calmar ratio: Return relative to maximum drawdown	2.52	1.27	+1.24
Martin ratio: Return relative to average drawdown	7.51	3.56	+3.95

PCIFX vs. VBIIX - Sharpe Ratio Comparison

The current PCIFX Sharpe Ratio is 1.53, which is higher than the VBIIX Sharpe Ratio of 1.06. The chart below compares the historical Sharpe Ratios of PCIFX and VBIIX, 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

PCIFX vs. VBIIX - Drawdown Comparison

The maximum PCIFX drawdown since its inception was -18.54%, roughly equal to the maximum VBIIX drawdown of -19.32%. Use the drawdown chart below to compare losses from any high point for PCIFX and VBIIX.

Drawdown Indicators

	PCIFX	VBIIX	Difference
Max Drawdown Largest peak-to-trough decline	-18.54%	-19.32%	+0.78%
Max Drawdown (1Y) Largest decline over 1 year	-2.30%	-3.44%	+1.14%
Max Drawdown (3Y) Largest decline over 3 years	-5.34%	-6.07%	+0.73%
Max Drawdown (5Y) Largest decline over 5 years	-18.16%	-18.93%	+0.77%
Max Drawdown (10Y) Largest decline over 10 years	-18.54%	-19.32%	+0.78%
Current Drawdown Current decline from peak	-0.57%	-2.58%	+2.01%
Average Drawdown Average peak-to-trough decline	-1.90%	-2.98%	+1.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.75%	1.23%	-0.48%

Volatility

PCIFX vs. VBIIX - Volatility Comparison

The current volatility for PACE Intermediate Fixed Income Investments (PCIFX) is 1.07%, while Vanguard Intermediate-Term Bond Index Fund (VBIIX) has a volatility of 1.40%. This indicates that PCIFX experiences smaller price fluctuations and is considered to be less risky than VBIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PCIFX	VBIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.07%	1.40%	-0.33%
Volatility (6M) Calculated over the trailing 6-month period	2.64%	3.12%	-0.48%
Volatility (1Y) Calculated over the trailing 1-year period	3.77%	4.15%	-0.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.79%	6.38%	-0.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.71%	5.36%	-0.65%

PCIFX vs. VBIIX - Expense Ratio Comparison

PCIFX has a 0.61% expense ratio, which is higher than VBIIX's 0.15% expense ratio.

Dividends

PCIFX vs. VBIIX - Dividend Comparison

PCIFX's dividend yield for the trailing twelve months is around 5.47%, more than VBIIX's 4.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PCIFX PACE Intermediate Fixed Income Investments	5.47%	5.04%	6.03%	5.50%	2.79%	2.93%	4.46%	2.61%	2.70%	1.99%	1.86%	2.20%
VBIIX Vanguard Intermediate-Term Bond Index Fund	4.13%	3.61%	3.71%	2.72%	2.30%	2.99%	2.85%	2.66%	2.78%	2.66%	2.98%	3.02%

Frequently Asked Questions

Can I hold both PCIFX and VBIIX in my portfolio?

PCIFX and VBIIX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PCIFX or VBIIX?

VBIIX has higher volatility (1.40%) compared to PCIFX (1.07%). In terms of maximum drawdown, PCIFX dropped -18.54% vs VBIIX's -19.32%.

Which has better risk-adjusted returns?

PCIFX currently has the higher Sharpe Ratio (1.53 vs 1.06), 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.