PCMNX vs. UTBPX

Last updated Apr 1, 2026

Compare and contrast key facts about PACE Municipal Fixed Income Investments (PCMNX) and UBS Multi Income Bond Fund (UTBPX).

PCMNX is managed by UBS. It was launched on Aug 23, 1995. UTBPX is managed by UBS. It was launched on Dec 19, 1972.

Performance

PCMNX vs. UTBPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PACE Municipal Fixed Income Investments (PCMNX) and UBS Multi Income Bond Fund (UTBPX). The values are adjusted to include any dividend payments, if applicable.

PCMNX vs. UTBPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PCMNX PACE Municipal Fixed Income Investments	-0.51%	4.52%	0.85%	5.54%	-7.30%	0.70%	4.63%	7.32%	0.85%	4.71%
UTBPX UBS Multi Income Bond Fund	-1.29%	6.60%	1.67%	6.67%	-11.74%	-1.49%	6.51%	10.62%	-2.08%	4.81%

Returns By Period

In the year-to-date period, PCMNX achieves a -0.51% return, which is significantly higher than UTBPX's -1.29% return.

PCMNX

• 1D: 0.08%
• 1M: -2.61%
• YTD: -0.51%
• 6M: 1.18%
• 1Y: 4.40%
• 3Y*: 2.64%
• 5Y*: 0.75%
• 10Y*: 1.82%

UTBPX

• 1D: 0.38%
• 1M: -2.61%
• YTD: -1.29%
• 6M: -0.05%
• 1Y: 3.65%
• 3Y*: 3.65%
• 5Y*: 0.50%
• 10Y*: —

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

PCMNX vs. UTBPX - Expense Ratio Comparison

PCMNX has a 0.57% expense ratio, which is lower than UTBPX's 1.72% expense ratio.

UTBPX

UBS Multi Income Bond Fund

PCMNX

PACE Municipal Fixed Income Investments

Return for Risk

PCMNX vs. UTBPX — Risk / Return Rank

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

PCMNX

PCMNX Risk / Return Rank: 54
PCMNX Sharpe Ratio Rank: 74
PCMNX Sortino Ratio Rank: 69
PCMNX Omega Ratio Rank: 88
PCMNX Calmar Ratio Rank: 20
PCMNX Martin Ratio Rank: 19

UTBPX

UTBPX Risk / Return Rank: 40
UTBPX Sharpe Ratio Rank: 42
UTBPX Sortino Ratio Rank: 37
UTBPX Omega Ratio Rank: 33
UTBPX Calmar Ratio Rank: 48
UTBPX Martin Ratio Rank: 37

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. UTBPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PACE Municipal Fixed Income Investments (PCMNX) and UBS Multi Income Bond Fund (UTBPX). 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.

	PCMNX	UTBPX	Difference
Sharpe ratio Return per unit of total volatility	1.31	0.87	+0.44
Sortino ratio Return per unit of downside risk	1.72	1.22	+0.50
Omega ratio Gain probability vs. loss probability	1.38	1.16	+0.22
Calmar ratio Return relative to maximum drawdown	0.58	1.19	-0.61
Martin ratio Return relative to average drawdown	1.91	3.98	-2.07
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. UTBPX - Sharpe Ratio Comparison

The current PCMNX Sharpe Ratio is 1.31, which is higher than the UTBPX Sharpe Ratio of 0.87. The chart below compares the historical Sharpe Ratios of PCMNX and UTBPX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PCMNX	UTBPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.31	0.87	+0.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.25	0.10	+0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.25	0.44	+0.81

Correlation

The correlation between PCMNX and UTBPX is 0.49, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

PCMNX vs. UTBPX - Dividend Comparison

PCMNX's dividend yield for the trailing twelve months is around 2.82%, less than UTBPX's 4.63% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PCMNX PACE Municipal Fixed Income Investments	2.82%	2.49%	2.58%	2.37%	2.30%	2.38%	2.47%	3.41%	3.11%	2.89%	3.33%	3.23%
UTBPX UBS Multi Income Bond Fund	4.63%	4.18%	4.53%	3.54%	2.84%	1.89%	2.11%	2.80%	3.05%	2.46%	1.68%	0.00%

Drawdowns

PCMNX vs. UTBPX - Drawdown Comparison

The maximum PCMNX drawdown since its inception was -11.62%, smaller than the maximum UTBPX drawdown of -16.84%. Use the drawdown chart below to compare losses from any high point for PCMNX and UTBPX.

Drawdown Indicators

	PCMNX	UTBPX	Difference
Max Drawdown Largest peak-to-trough decline	-11.62%	-16.84%	+5.22%
Max Drawdown (1Y) Largest decline over 1 year	-3.78%	-3.13%	-0.65%
Max Drawdown (5Y) Largest decline over 5 years	-11.62%	-16.84%	+5.22%
Max Drawdown (10Y) Largest decline over 10 years	-11.62%	—	—
Current Drawdown Current decline from peak	-2.61%	-2.61%	0.00%
Average Drawdown Average peak-to-trough decline	-1.39%	-4.09%	+2.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.32%	0.94%	+0.38%

Volatility

PCMNX vs. UTBPX - Volatility Comparison

The current volatility for PACE Municipal Fixed Income Investments (PCMNX) is 1.00%, while UBS Multi Income Bond Fund (UTBPX) has a volatility of 1.94%. This indicates that PCMNX experiences smaller price fluctuations and is considered to be less risky than UTBPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PCMNX	UTBPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.00%	1.94%	-0.94%
Volatility (6M) Calculated over the trailing 6-month period	1.46%	2.52%	-1.06%
Volatility (1Y) Calculated over the trailing 1-year period	3.85%	4.40%	-0.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.04%	4.81%	-1.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.34%	4.34%	-1.00%