PCSVX vs. PCEMX

Last updated Aug 1, 2026

PCSVX (PACE Small/Medium Co Value Equity Investments) and PCEMX (PACE International Emerging Markets Equity Investments) are both mutual funds - PCSVX is a Small Cap Value Equities fund managed by UBS, while PCEMX is a Emerging Markets Equities fund managed by UBS. Over the past 10 years, PCSVX returned 8.92%/yr vs 8.97%/yr for PCEMX. Their 0.54 correlation means they have sometimes moved together and sometimes differently. PCSVX charges 1.02%/yr vs 1.20%/yr for PCEMX.

Performance

PCSVX vs. PCEMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PACE Small/Medium Co Value Equity Investments (PCSVX) and PACE International Emerging Markets Equity Investments (PCEMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PCSVX achieves a 19.06% return, which is significantly lower than PCEMX's 22.93% return. Both investments have delivered pretty close results over the past 10 years, with PCSVX having a 8.92% annualized return and PCEMX not far ahead at 8.97%.

PCSVX

• 1D: -0.10%
• 1M: 1.03%
• 6M: 12.45%
• YTD: 19.06%
• 1Y: 26.86%
• 3Y*: 11.12%
• 5Y*: 5.88%
• 10Y*: 8.92%
• ALL TIME*: 8.30%

PCEMX

• 1D: 3.34%
• 1M: 0.14%
• 6M: 11.62%
• YTD: 22.93%
• 1Y: 43.05%
• 3Y*: 19.46%
• 5Y*: 8.64%
• 10Y*: 8.97%
• ALL TIME*: 5.30%

*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)
PCEMX PACE International Emerging Markets Equity Investments	$0.00	$0.00	$0.00
PCSVX PACE Small/Medium Co Value Equity Investments	$0.00	$0.00	$0.00

PCSVX vs. PCEMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PCSVX PACE Small/Medium Co Value Equity Investments	19.06%	4.33%	6.24%	12.57%	-13.44%	25.68%	12.13%	25.80%	-16.67%	9.48%
PCEMX PACE International Emerging Markets Equity Investments	22.93%	36.75%	4.15%	10.33%	-18.97%	-1.79%	20.13%	19.01%	-16.42%	34.14%

Correlation

The correlation between PCSVX and PCEMX is 0.35, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.35
Correlation (3Y) Balances recent behavior with more history.	0.40
Correlation (5Y) Shows whether the relationship held over a longer period.	0.48
Correlation (10Y) Provides a long-term view across more market conditions.	0.50
Correlation (All Time) Calculated using the full available price history since Aug 18, 1995	0.54

The correlation between PCSVX and PCEMX shifts across timeframes, from 0.35 (1 year) to 0.54 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PCSVX vs. PCEMX — Risk / Return Rank

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

PCSVX

PCSVX Risk / Return Rank: 74
PCSVX Sharpe Ratio Rank: 72
PCSVX Sortino Ratio Rank: 77
PCSVX Omega Ratio Rank: 68
PCSVX Calmar Ratio Rank: 83
PCSVX Martin Ratio Rank: 71

PCEMX

PCEMX Risk / Return Rank: 83
PCEMX Sharpe Ratio Rank: 87
PCEMX Sortino Ratio Rank: 78
PCEMX Omega Ratio Rank: 81
PCEMX Calmar Ratio Rank: 87
PCEMX Martin Ratio Rank: 83

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.

PCSVX vs. PCEMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PACE Small/Medium Co Value Equity Investments (PCSVX) and PACE International Emerging Markets Equity Investments (PCEMX). 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.

	PCSVX	PCEMX	Difference
Sharpe ratio: Return per unit of total volatility	1.69	2.17	-0.48
Sortino ratio: Return per unit of downside risk	2.62	2.74	-0.12
Omega ratio: Gain probability vs. loss probability	1.30	1.39	-0.09
Calmar ratio: Return relative to maximum drawdown	2.81	3.09	-0.28
Martin ratio: Return relative to average drawdown	8.70	10.40	-1.70

PCSVX vs. PCEMX - Sharpe Ratio Comparison

The current PCSVX Sharpe Ratio is 1.69, which is comparable to the PCEMX Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of PCSVX and PCEMX, 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

PCSVX vs. PCEMX - Drawdown Comparison

The maximum PCSVX drawdown since its inception was -62.95%, roughly equal to the maximum PCEMX drawdown of -65.32%. Use the drawdown chart below to compare losses from any high point for PCSVX and PCEMX.

Drawdown Indicators

	PCSVX	PCEMX	Difference
Max Drawdown Largest peak-to-trough decline	-62.95%	-65.32%	+2.37%
Max Drawdown (1Y) Largest decline over 1 year	-9.67%	-14.42%	+4.75%
Max Drawdown (3Y) Largest decline over 3 years	-34.96%	-18.18%	-16.78%
Max Drawdown (5Y) Largest decline over 5 years	-34.96%	-34.55%	-0.41%
Max Drawdown (10Y) Largest decline over 10 years	-46.65%	-39.17%	-7.48%
Current Drawdown Current decline from peak	-1.29%	-5.47%	+4.18%
Average Drawdown Average peak-to-trough decline	-10.54%	-20.79%	+10.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.10%	4.16%	-1.06%

Volatility

PCSVX vs. PCEMX - Volatility Comparison

The current volatility for PACE Small/Medium Co Value Equity Investments (PCSVX) is 3.56%, while PACE International Emerging Markets Equity Investments (PCEMX) has a volatility of 6.37%. This indicates that PCSVX experiences smaller price fluctuations and is considered to be less risky than PCEMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PCSVX	PCEMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.56%	6.37%	-2.81%
Volatility (6M) Calculated over the trailing 6-month period	10.92%	18.25%	-7.33%
Volatility (1Y) Calculated over the trailing 1-year period	16.14%	20.53%	-4.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.26%	17.94%	+4.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.89%	17.69%	+5.20%

PCSVX vs. PCEMX - Expense Ratio Comparison

PCSVX has a 1.02% expense ratio, which is lower than PCEMX's 1.20% expense ratio.

Dividends

PCSVX vs. PCEMX - Dividend Comparison

PCSVX's dividend yield for the trailing twelve months is around 2.98%, less than PCEMX's 3.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PCEMX PACE International Emerging Markets Equity Investments	3.99%	4.91%	1.22%	1.44%	2.52%	11.70%	1.10%	1.04%	1.84%	1.16%	1.09%	1.09%
PCSVX PACE Small/Medium Co Value Equity Investments	2.98%	3.54%	18.45%	0.69%	22.49%	16.23%	0.61%	0.83%	7.14%	11.82%	2.62%	11.87%

Frequently Asked Questions

Can I hold both PCSVX and PCEMX in my portfolio?

PCSVX and PCEMX have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PCSVX or PCEMX?

PCEMX has higher volatility (6.37%) compared to PCSVX (3.56%). In terms of maximum drawdown, PCSVX dropped -62.95% vs PCEMX's -65.32%.

Which has better risk-adjusted returns?

PCEMX currently has the higher Sharpe Ratio (2.17 vs 1.69), 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.