PCMNX vs. QGRPX

Last updated Aug 1, 2026

PCMNX (PACE Municipal Fixed Income Investments) and QGRPX (UBS US Quality Growth At Reasonable Price Fund) are both mutual funds - PCMNX is a Municipal Bonds fund managed by UBS, while QGRPX is a Quality Factor fund managed by UBS. Over the past 5 years, PCMNX returned 0.45%/yr vs 9.45%/yr for QGRPX. Their 0.14 correlation means their historical movements had little consistent relationship. PCMNX charges 0.57%/yr vs 0.50%/yr for QGRPX.

Performance

PCMNX vs. QGRPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PACE Municipal Fixed Income Investments (PCMNX) and UBS US Quality Growth At Reasonable Price Fund (QGRPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PCMNX achieves a -0.20% return, which is significantly higher than QGRPX's -0.43% 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%

QGRPX

• 1D: 2.14%
• 1M: -0.90%
• 6M: 1.30%
• YTD: -0.43%
• 1Y: 3.49%
• 3Y*: 16.46%
• 5Y*: 9.45%
• 10Y*: —
• ALL TIME*: 13.46%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PCMNX PACE Municipal Fixed Income Investments	$0.00	$0.00	$0.00
QGRPX UBS US Quality Growth At Reasonable Price Fund	$0.00	$0.00	$0.00

PCMNX vs. QGRPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
PCMNX PACE Municipal Fixed Income Investments	-0.20%	4.52%	0.85%	5.54%	-7.30%	0.70%	3.12%
QGRPX UBS US Quality Growth At Reasonable Price Fund	-0.43%	15.51%	25.13%	35.52%	-25.57%	29.14%	14.62%

Correlation

The correlation between PCMNX and QGRPX is 0.25, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.25
Correlation (3Y) Balances recent behavior with more history.	0.15
Correlation (5Y) Shows whether the relationship held over a longer period.	0.15
Correlation (All Time) Calculated using the full available price history since Jul 9, 2020	0.14

The correlation between PCMNX and QGRPX shifts across timeframes, from 0.14 (all time) to 0.25 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PCMNX vs. QGRPX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PCMNX

PCMNX Risk / Return Rank: 66
PCMNX Sharpe Ratio Rank: 83
PCMNX Sortino Ratio Rank: 81
PCMNX Omega Ratio Rank: 90
PCMNX Calmar Ratio Rank: 46
PCMNX Martin Ratio Rank: 32

QGRPX

QGRPX Risk / Return Rank: 8
QGRPX Sharpe Ratio Rank: 9
QGRPX Sortino Ratio Rank: 9
QGRPX Omega Ratio Rank: 9
QGRPX Calmar Ratio Rank: 8
QGRPX Martin Ratio Rank: 8

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PCMNX vs. QGRPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PACE Municipal Fixed Income Investments (PCMNX) and UBS US Quality Growth At Reasonable Price Fund (QGRPX). 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	QGRPX	Difference
Sharpe ratio: Return per unit of total volatility	1.98	0.27	+1.71
Sortino ratio: Return per unit of downside risk	2.83	0.49	+2.34
Omega ratio: Gain probability vs. loss probability	1.49	1.06	+0.43
Calmar ratio: Return relative to maximum drawdown	1.76	0.25	+1.51
Martin ratio: Return relative to average drawdown	4.68	0.75	+3.94

PCMNX vs. QGRPX - Sharpe Ratio Comparison

The current PCMNX Sharpe Ratio is 1.98, which is higher than the QGRPX Sharpe Ratio of 0.27. The chart below compares the historical Sharpe Ratios of PCMNX and QGRPX, 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

PCMNX vs. QGRPX - Drawdown Comparison

The maximum PCMNX drawdown since its inception was -11.62%, smaller than the maximum QGRPX drawdown of -30.28%. Use the drawdown chart below to compare losses from any high point for PCMNX and QGRPX.

Drawdown Indicators

	PCMNX	QGRPX	Difference
Max Drawdown Largest peak-to-trough decline	-11.62%	-30.28%	+18.66%
Max Drawdown (1Y) Largest decline over 1 year	-2.69%	-17.45%	+14.76%
Max Drawdown (3Y) Largest decline over 3 years	-4.41%	-21.03%	+16.62%
Max Drawdown (5Y) Largest decline over 5 years	-11.62%	-30.28%	+18.66%
Max Drawdown (10Y) Largest decline over 10 years	-11.62%	—	—
Current Drawdown Current decline from peak	-2.31%	-4.94%	+2.63%
Average Drawdown Average peak-to-trough decline	-1.39%	-7.47%	+6.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.99%	5.58%	-4.59%

Volatility

PCMNX vs. QGRPX - Volatility Comparison

The current volatility for PACE Municipal Fixed Income Investments (PCMNX) is 0.86%, while UBS US Quality Growth At Reasonable Price Fund (QGRPX) has a volatility of 4.45%. This indicates that PCMNX experiences smaller price fluctuations and is considered to be less risky than QGRPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PCMNX	QGRPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.86%	4.45%	-3.59%
Volatility (6M) Calculated over the trailing 6-month period	1.87%	12.45%	-10.58%
Volatility (1Y) Calculated over the trailing 1-year period	2.39%	15.74%	-13.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.10%	19.79%	-16.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.35%	19.26%	-15.91%

PCMNX vs. QGRPX - Expense Ratio Comparison

PCMNX has a 0.57% expense ratio, which is higher than QGRPX's 0.50% expense ratio.

Dividends

PCMNX vs. QGRPX - Dividend Comparison

PCMNX's dividend yield for the trailing twelve months is around 2.64%, less than QGRPX's 6.19% 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%
QGRPX UBS US Quality Growth At Reasonable Price Fund	6.19%	6.16%	3.62%	0.42%	1.00%	2.84%	0.37%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PCMNX and QGRPX in my portfolio?

PCMNX and QGRPX have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PCMNX or QGRPX?

QGRPX has higher volatility (4.45%) compared to PCMNX (0.86%). In terms of maximum drawdown, PCMNX dropped -11.62% vs QGRPX's -30.28%.

Which has better risk-adjusted returns?

PCMNX currently has the higher Sharpe Ratio (1.98 vs 0.27), 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.