PCSIX vs. PCMNX
PCSIX (PACE Strategic Fixed Income Investments) and PCMNX (PACE Municipal Fixed Income Investments) are both mutual funds - PCSIX is a Intermediate Core-Plus Bond fund managed by UBS, while PCMNX is a Municipal Bonds fund managed by UBS. Over the past 10 years, PCSIX returned 2.55%/yr vs 1.80%/yr for PCMNX. A 0.54 correlation means they provide meaningful diversification when combined. PCSIX charges 0.66%/yr vs 0.57%/yr for PCMNX.
Performance
PCSIX vs. PCMNX - Performance Comparison
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Returns By Period
In the year-to-date period, PCSIX achieves a 0.57% return, which is significantly lower than PCMNX's 1.36% return. Over the past 10 years, PCSIX has outperformed PCMNX with an annualized return of 2.55%, while PCMNX has yielded a comparatively lower 1.80% annualized return.
PCSIX
- 1D
- -0.34%
- 1M
- 0.69%
- YTD
- 0.57%
- 6M
- 0.73%
- 1Y
- 4.72%
- 3Y*
- 5.44%
- 5Y*
- 0.91%
- 10Y*
- 2.55%
PCMNX
- 1D
- -0.08%
- 1M
- 1.23%
- YTD
- 1.36%
- 6M
- 1.53%
- 1Y
- 6.06%
- 3Y*
- 3.36%
- 5Y*
- 0.90%
- 10Y*
- 1.80%
PCSIX vs. PCMNX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PCSIX PACE Strategic Fixed Income Investments | 0.57% | 7.36% | 3.62% | 8.02% | -13.84% | -0.71% | 9.38% | 10.37% | -1.17% | 5.46% |
PCMNX PACE Municipal Fixed Income Investments | 1.36% | 4.52% | 0.85% | 5.54% | -7.30% | 0.70% | 4.63% | 7.32% | 0.85% | 4.71% |
Correlation
The correlation between PCSIX and PCMNX is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.62 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.55 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.51 |
Correlation (All Time) Calculated using the full available price history since Aug 18, 1995 | 0.54 |
The correlation between PCSIX and PCMNX shifts across timeframes, from 0.51 (10 years) to 0.62 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
PCSIX vs. PCMNX — Risk / Return Rank
PCSIX
PCMNX
PCSIX vs. PCMNX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PACE Strategic Fixed Income Investments (PCSIX) and PACE Municipal Fixed Income Investments (PCMNX). 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.
| PCSIX | PCMNX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.56 | ||
| Sortino ratioReturn per unit of downside risk | -2.37 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.81 | -0.55 |
| Calmar ratioReturn relative to maximum drawdown | 2.09 | 2.50 | -0.41 |
| Martin ratioReturn relative to average drawdown | 6.20 | 7.55 | -1.34 |
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Drawdowns
PCSIX vs. PCMNX - Drawdown Comparison
The maximum PCSIX drawdown since its inception was -18.54%, which is greater than PCMNX's maximum drawdown of -11.62%. Use the drawdown chart below to compare losses from any high point for PCSIX and PCMNX.
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Drawdown Indicators
| PCSIX | PCMNX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.54% | -11.62% | -6.92% |
Max Drawdown (1Y)Largest decline over 1 year | -2.57% | -2.69% | +0.12% |
Max Drawdown (3Y)Largest decline over 3 years | -5.39% | -4.41% | -0.98% |
Max Drawdown (5Y)Largest decline over 5 years | -18.54% | -11.62% | -6.92% |
Max Drawdown (10Y)Largest decline over 10 years | -18.54% | -11.62% | -6.92% |
Current DrawdownCurrent decline from peak | -1.07% | -0.78% | -0.29% |
Average DrawdownAverage peak-to-trough decline | -2.47% | -1.39% | -1.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.84% | 0.86% | -0.02% |
Volatility
PCSIX vs. PCMNX - Volatility Comparison
PACE Strategic Fixed Income Investments (PCSIX) has a higher volatility of 1.08% compared to PACE Municipal Fixed Income Investments (PCMNX) at 0.54%. This indicates that PCSIX's price experiences larger fluctuations and is considered to be riskier than PCMNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PCSIX | PCMNX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.08% | 0.54% | +0.54% |
Volatility (6M)Calculated over the trailing 6-month period | 2.70% | 1.67% | +1.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.76% | 2.26% | +1.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.48% | 3.07% | +2.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.85% | 3.35% | +1.50% |
PCSIX vs. PCMNX - Expense Ratio Comparison
PCSIX has a 0.66% expense ratio, which is higher than PCMNX's 0.57% expense ratio.
Dividends
PCSIX vs. PCMNX - Dividend Comparison
PCSIX's dividend yield for the trailing twelve months is around 5.18%, more than PCMNX's 2.82% yield.
| Position | 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% |
PCSIX PACE Strategic Fixed Income Investments | 5.18% | 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
PCSIX and PCMNX have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PCSIX has higher volatility (1.08%) compared to PCMNX (0.54%). In terms of maximum drawdown, PCSIX dropped -18.54% vs PCMNX's -11.62%.
PCMNX currently has the higher Sharpe Ratio (2.99 vs 1.43), 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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