PCIFX vs. VCAIX
PCIFX (PACE Intermediate Fixed Income Investments) and VCAIX (Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares) are both mutual funds - PCIFX is a Intermediate Core Bond fund managed by UBS, while VCAIX is a Municipal Bonds fund actively managed by Vanguard. Over the past 10 years, PCIFX returned 1.87%/yr vs 2.02%/yr for VCAIX. Their 0.49 correlation means their historical movements had little consistent relationship. PCIFX charges 0.61%/yr vs 0.14%/yr for VCAIX.
Performance
PCIFX vs. VCAIX - Performance Comparison
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Returns By Period
In the year-to-date period, PCIFX achieves a -0.35% return, which is significantly lower than VCAIX's -0.18% return. Over the past 10 years, PCIFX has underperformed VCAIX with an annualized return of 1.87%, while VCAIX has yielded a comparatively higher 2.02% annualized return.
PCIFX
- 1D
- -0.10%
- 1M
- -0.81%
- 6M
- -0.62%
- YTD
- -0.35%
- 1Y
- 2.89%
- 3Y*
- 5.02%
- 5Y*
- 0.44%
- 10Y*
- 1.87%
- ALL TIME*
- 3.25%
VCAIX
- 1D
- -0.26%
- 1M
- -1.73%
- 6M
- -1.11%
- YTD
- -0.18%
- 1Y
- 3.91%
- 3Y*
- 3.71%
- 5Y*
- 1.19%
- 10Y*
- 2.02%
- ALL TIME*
- 3.95%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
PCIFX vs. VCAIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PCIFX PACE Intermediate Fixed Income Investments | -0.35% | 7.03% | 3.84% | 7.82% | -13.38% | -1.83% | 8.04% | 8.66% | -0.86% | 3.27% |
VCAIX Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares | -0.18% | 5.83% | 2.15% | 5.82% | -6.69% | 0.40% | 4.53% | 6.95% | 1.19% | 4.83% |
Correlation
The correlation between PCIFX and VCAIX is 0.56, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.56 |
Correlation (3Y) Balances recent behavior with more history. | 0.62 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.54 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.49 |
Correlation (All Time) Calculated using the full available price history since Aug 18, 1995 | 0.49 |
The correlation between PCIFX and VCAIX shifts across timeframes, from 0.49 (all time) to 0.62 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
PCIFX vs. VCAIX — Risk / Return Rank
PCIFX
VCAIX
PCIFX vs. VCAIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PACE Intermediate Fixed Income Investments (PCIFX) and Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares (VCAIX). 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 | VCAIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.10 | ||
| Sortino ratioReturn per unit of downside risk | -1.54 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.47 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | 1.38 | 1.56 | -0.18 |
| Martin ratioReturn relative to average drawdown | 3.60 | 4.48 | -0.89 |
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Drawdowns
PCIFX vs. VCAIX - Drawdown Comparison
The maximum PCIFX drawdown since its inception was -18.54%, which is greater than VCAIX's maximum drawdown of -11.22%. Use the drawdown chart below to compare losses from any high point for PCIFX and VCAIX.
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Drawdown Indicators
| PCIFX | VCAIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.54% | -11.22% | -7.32% |
Max Drawdown (1Y)Largest decline over 1 year | -2.30% | -2.98% | +0.68% |
Max Drawdown (3Y)Largest decline over 3 years | -4.55% | -3.88% | -0.67% |
Max Drawdown (5Y)Largest decline over 5 years | -18.16% | -11.22% | -6.94% |
Max Drawdown (10Y)Largest decline over 10 years | -18.54% | -11.22% | -7.32% |
Current DrawdownCurrent decline from peak | -1.84% | -2.29% | +0.45% |
Average DrawdownAverage peak-to-trough decline | -1.89% | -1.36% | -0.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.86% | 1.04% | -0.18% |
Volatility
PCIFX vs. VCAIX - Volatility Comparison
The current volatility for PACE Intermediate Fixed Income Investments (PCIFX) is 0.76%, while Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares (VCAIX) has a volatility of 0.81%. This indicates that PCIFX experiences smaller price fluctuations and is considered to be less risky than VCAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PCIFX | VCAIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.76% | 0.81% | -0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 2.70% | 1.95% | +0.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.67% | 2.36% | +1.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.80% | 3.26% | +2.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.71% | 3.42% | +1.29% |
PCIFX vs. VCAIX - Expense Ratio Comparison
PCIFX has a 0.61% expense ratio, which is higher than VCAIX's 0.14% expense ratio.
Dividends
PCIFX vs. VCAIX - Dividend Comparison
PCIFX's dividend yield for the trailing twelve months is around 5.00%, more than VCAIX's 2.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PCIFX PACE Intermediate Fixed Income Investments | 5.00% | 5.04% | 6.03% | 5.50% | 2.79% | 2.93% | 4.46% | 2.61% | 2.70% | 1.99% | 1.86% | 2.20% |
VCAIX Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares | 2.90% | 3.75% | 3.27% | 2.49% | 2.28% | 1.71% | 2.19% | 2.64% | 2.63% | 2.56% | 2.65% | 2.78% |
Frequently Asked Questions
PCIFX and VCAIX have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VCAIX has higher volatility (0.81%) compared to PCIFX (0.76%). In terms of maximum drawdown, PCIFX dropped -18.54% vs VCAIX's -11.22%.
VCAIX currently has the higher Sharpe Ratio (1.97 vs 0.87), 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.
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