PCMNX vs. PCSIX
PCMNX (PACE Municipal Fixed Income Investments) and PCSIX (PACE Strategic Fixed Income Investments) are both mutual funds - PCMNX is a Municipal Bonds fund managed by UBS, while PCSIX is a Intermediate Core-Plus Bond fund managed by UBS. Over the past 10 years, PCMNX returned 1.65%/yr vs 2.26%/yr for PCSIX. Their 0.54 correlation means they have sometimes moved together and sometimes differently. PCMNX charges 0.57%/yr vs 0.66%/yr for PCSIX.
Performance
PCMNX vs. PCSIX - Performance Comparison
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Returns By Period
In the year-to-date period, PCMNX achieves a -0.20% return, which is significantly higher than PCSIX's -0.46% return. Over the past 10 years, PCMNX has underperformed PCSIX with an annualized return of 1.65%, while PCSIX has yielded a comparatively higher 2.26% annualized return.
PCMNX
- 1D
- -0.16%
- 1M
- -1.54%
- 6M
- -1.23%
- YTD
- -0.20%
- 1Y
- 4.27%
- 3Y*
- 2.76%
- 5Y*
- 0.45%
- 10Y*
- 1.65%
- ALL TIME*
- 3.44%
PCSIX
- 1D
- -0.09%
- 1M
- -0.94%
- 6M
- -0.80%
- YTD
- -0.46%
- 1Y
- 2.93%
- 3Y*
- 4.92%
- 5Y*
- 0.42%
- 10Y*
- 2.26%
- ALL TIME*
- 5.00%
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 |
PCMNX vs. PCSIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PCMNX PACE Municipal Fixed Income Investments | -0.20% | 4.52% | 0.85% | 5.54% | -7.30% | 0.70% | 4.63% | 7.32% | 0.85% | 4.71% |
PCSIX PACE Strategic Fixed Income Investments | -0.46% | 7.36% | 3.62% | 8.02% | -13.84% | -0.71% | 9.38% | 10.37% | -1.17% | 5.46% |
Correlation
The correlation between PCMNX and PCSIX is 0.60, 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. | 0.60 |
Correlation (3Y) Balances recent behavior with more history. | 0.63 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.56 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.51 |
Correlation (All Time) Calculated using the full available price history since Aug 18, 1995 | 0.54 |
The correlation between PCMNX and PCSIX shifts across timeframes, from 0.51 (10 years) to 0.63 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
PCMNX vs. PCSIX — Risk / Return Rank
PCMNX
PCSIX
PCMNX vs. PCSIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PACE Municipal Fixed Income Investments (PCMNX) and PACE Strategic Fixed Income Investments (PCSIX). 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.
| PCMNX | PCSIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.10 | ||
| Sortino ratioReturn per unit of downside risk | +1.51 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.15 | +0.34 |
| Calmar ratioReturn relative to maximum drawdown | 1.76 | 1.25 | +0.51 |
| Martin ratioReturn relative to average drawdown | 4.68 | 3.20 | +1.49 |
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Drawdowns
PCMNX vs. PCSIX - Drawdown Comparison
The maximum PCMNX drawdown since its inception was -11.62%, smaller than the maximum PCSIX drawdown of -18.54%. Use the drawdown chart below to compare losses from any high point for PCMNX and PCSIX.
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Drawdown Indicators
| PCMNX | PCSIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.62% | -18.54% | +6.92% |
Max Drawdown (1Y)Largest decline over 1 year | -2.69% | -2.57% | -0.12% |
Max Drawdown (3Y)Largest decline over 3 years | -4.41% | -4.51% | +0.10% |
Max Drawdown (5Y)Largest decline over 5 years | -11.62% | -18.54% | +6.92% |
Max Drawdown (10Y)Largest decline over 10 years | -11.62% | -18.54% | +6.92% |
Current DrawdownCurrent decline from peak | -2.31% | -2.08% | -0.23% |
Average DrawdownAverage peak-to-trough decline | -1.39% | -2.47% | +1.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.99% | 0.98% | +0.01% |
Volatility
PCMNX vs. PCSIX - Volatility Comparison
PACE Municipal Fixed Income Investments (PCMNX) and PACE Strategic Fixed Income Investments (PCSIX) have volatilities of 0.86% and 0.85%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PCMNX | PCSIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.86% | 0.85% | +0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 1.87% | 2.77% | -0.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.39% | 3.67% | -1.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.10% | 5.48% | -2.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.35% | 4.85% | -1.50% |
PCMNX vs. PCSIX - Expense Ratio Comparison
PCMNX has a 0.57% expense ratio, which is lower than PCSIX's 0.66% expense ratio.
Dividends
PCMNX vs. PCSIX - Dividend Comparison
PCMNX's dividend yield for the trailing twelve months is around 2.64%, less than PCSIX's 4.81% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PCMNX PACE Municipal Fixed Income Investments | 2.64% | 2.49% | 2.58% | 2.37% | 2.30% | 2.38% | 2.47% | 3.41% | 3.11% | 2.89% | 3.33% | 3.23% |
PCSIX PACE Strategic Fixed Income Investments | 4.81% | 4.76% | 5.66% | 5.03% | 3.47% | 3.71% | 5.62% | 3.50% | 3.39% | 2.66% | 4.23% | 3.55% |
Frequently Asked Questions
PCMNX and PCSIX have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PCMNX has higher volatility (0.86%) compared to PCSIX (0.85%). In terms of maximum drawdown, PCMNX dropped -11.62% vs PCSIX's -18.54%.
PCMNX currently has the higher Sharpe Ratio (1.98 vs 0.88), 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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