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PCMNX vs. BATVX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PCMNX vs. BATVX

Last updated Jun 3, 2026

PCMNX (PACE Municipal Fixed Income Investments) and BATVX (BlackRock Allocation Target Shares) are both Municipal Bonds funds. Over the past 5 years, PCMNX returned 0.86%/yr vs 1.51%/yr for BATVX. At a 0.05 correlation, their price movements are largely independent. PCMNX charges 0.57%/yr vs 0.00%/yr for BATVX.

Performance

PCMNX vs. BATVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PACE Municipal Fixed Income Investments (PCMNX) and BlackRock Allocation Target Shares (BATVX). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, PCMNX achieves a 1.04% return, which is significantly higher than BATVX's 0.97% return.

PCMNX

1D
0.00%
1M
0.32%
YTD
1.04%
6M
1.44%
1Y
6.42%
3Y*
3.43%
5Y*
0.86%
10Y*
1.89%

BATVX

1D
0.00%
1M
0.20%
YTD
0.97%
6M
1.22%
1Y
2.58%
3Y*
2.47%
5Y*
1.51%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

PCMNX vs. BATVX - Yearly Performance Comparison

2026 (YTD)20252024202320222021
PCMNX
PACE Municipal Fixed Income Investments		1.04%4.52%0.85%5.54%-7.30%0.24%
BATVX
BlackRock Allocation Target Shares		0.97%2.80%2.48%1.41%-0.10%0.00%

Correlation

The correlation between PCMNX and BATVX is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.14

Correlation (3Y)
Calculated over the trailing 3-year period

0.05

Correlation (5Y)
Calculated over the trailing 5-year period

0.05

Correlation (All Time)
Calculated using the full available price history since May 26, 2021

0.05

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PACE Municipal Fixed Income Investments

BlackRock Allocation Target Shares

Often compared with PCMNX:
PCMNX vs. BBBSPCMNX vs. PDIPCMNX vs. VOOPCMNX vs. BFFAXPCMNX vs. UTBPXPCMNX vs. BPGLXPCMNX vs. PCSIX
Often compared with BATVX:
BATVX vs. CBTAXBATVX vs. COLTXBATVX vs. FOHFXBATVX vs. SEPAXBATVX vs. VPALXBATVX vs. NMTRXBATVX vs. PTEAX

Return for Risk

PCMNX vs. BATVX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PCMNX
PCMNX Risk / Return Rank: 7070
Overall Rank
PCMNX Sharpe Ratio Rank: 9090
Sharpe Ratio Rank
PCMNX Sortino Ratio Rank: 9292
Sortino Ratio Rank
PCMNX Omega Ratio Rank: 9696
Omega Ratio Rank
PCMNX Calmar Ratio Rank: 3939
Calmar Ratio Rank
PCMNX Martin Ratio Rank: 3434
Martin Ratio Rank
BATVX
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.

PCMNX vs. BATVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PACE Municipal Fixed Income Investments (PCMNX) and BlackRock Allocation Target Shares (BATVX). 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.

PCMNXBATVXDifference

Sharpe ratio

Return per unit of total volatility

2.99

3.57

-0.58

Sortino ratio

Return per unit of downside risk

4.56

—

—

Omega ratio

Gain probability vs. loss probability

1.82

—

—

Calmar ratio

Return relative to maximum drawdown

2.41

—

—

Martin ratio

Return relative to average drawdown

7.77

—

—

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PCMNX vs. BATVX - Sharpe Ratio Comparison

The current PCMNX Sharpe Ratio is 2.99, which is comparable to the BATVX Sharpe Ratio of 3.57. The chart below compares the historical Sharpe Ratios of PCMNX and BATVX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

PCMNXBATVXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.99

3.57

-0.58

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.28

2.39

-2.10

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.57

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

1.26

2.38

-1.12

Drawdowns

PCMNX vs. BATVX - Drawdown Comparison

The maximum PCMNX drawdown since its inception was -11.62%, which is greater than BATVX's maximum drawdown of -0.20%. Use the drawdown chart below to compare losses from any high point for PCMNX and BATVX.

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Drawdown Indicators

PCMNXBATVXDifference

Max Drawdown

Largest peak-to-trough decline

-11.62%

-0.20%

-11.42%

Max Drawdown (1Y)

Largest decline over 1 year

-2.69%

0.00%

-2.69%

Max Drawdown (3Y)

Largest decline over 3 years

-4.41%

-0.10%

-4.31%

Max Drawdown (5Y)

Largest decline over 5 years

-11.62%

-0.20%

-11.42%

Max Drawdown (10Y)

Largest decline over 10 years

-11.62%

—

—

Current Drawdown

Current decline from peak

-1.10%

0.00%

-1.10%

Average Drawdown

Average peak-to-trough decline

-1.39%

-0.03%

-1.36%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.83%

0.00%

+0.83%

Volatility

PCMNX vs. BATVX - Volatility Comparison

PACE Municipal Fixed Income Investments (PCMNX) has a higher volatility of 0.79% compared to BlackRock Allocation Target Shares (BATVX) at 0.20%. This indicates that PCMNX's price experiences larger fluctuations and is considered to be riskier than BATVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PCMNXBATVXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.79%

0.20%

+0.59%

Volatility (6M)

Calculated over the trailing 6-month period

1.66%

0.54%

+1.12%

Volatility (1Y)

Calculated over the trailing 1-year period

2.26%

0.73%

+1.53%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

3.07%

0.64%

+2.43%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

3.35%

0.63%

+2.72%

PCMNX vs. BATVX - Expense Ratio Comparison

PCMNX has a 0.57% expense ratio, which is higher than BATVX's 0.00% expense ratio.

Dividends

PCMNX vs. BATVX - Dividend Comparison

PCMNX's dividend yield for the trailing twelve months is around 2.83%, more than BATVX's 2.55% yield.

PositionTTM20252024202320222021202020192018201720162015
BATVX
BlackRock Allocation Target Shares		2.55%2.76%2.44%1.40%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
PCMNX
PACE Municipal Fixed Income Investments		2.83%2.49%2.58%2.37%2.30%2.38%2.47%3.41%3.11%2.89%3.33%3.23%

Frequently Asked Questions

PCMNX and BATVX have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

PCMNX has higher volatility (0.79%) compared to BATVX (0.20%). In terms of maximum drawdown, PCMNX dropped -11.62% vs BATVX's -0.20%.

BATVX currently has the higher Sharpe Ratio (3.57 vs 2.99), 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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