PRCIX vs. PCGTX

Last updated Aug 1, 2026

PRCIX (T. Rowe Price New Income Fund) and PCGTX (PACE Mortgage-Backed Securities Fixed Income Investments) are both Intermediate Core Bond funds. Over the past 10 years, PRCIX returned 1.36%/yr vs 1.38%/yr for PCGTX. Their 0.80 correlation means they have sometimes moved together and sometimes differently. PRCIX charges 0.44%/yr vs 0.73%/yr for PCGTX.

Performance

PRCIX vs. PCGTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price New Income Fund (PRCIX) and PACE Mortgage-Backed Securities Fixed Income Investments (PCGTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PRCIX achieves a -0.68% return, which is significantly lower than PCGTX's 2.13% return. Both investments have delivered pretty close results over the past 10 years, with PRCIX having a 1.36% annualized return and PCGTX not far ahead at 1.38%.

PRCIX

• 1D: 0.00%
• 1M: -1.27%
• 6M: -0.79%
• YTD: -0.68%
• 1Y: 3.10%
• 3Y*: 4.52%
• 5Y*: -0.33%
• 10Y*: 1.36%
• ALL TIME*: 3.55%

PCGTX

• 1D: 0.10%
• 1M: -0.77%
• 6M: 1.76%
• YTD: 2.13%
• 1Y: 6.85%
• 3Y*: 4.65%
• 5Y*: 0.06%
• 10Y*: 1.38%
• ALL TIME*: 3.97%

*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)
PCGTX PACE Mortgage-Backed Securities Fixed Income Investments	$0.00	$0.00	$0.00
PRCIX T. Rowe Price New Income Fund	$0.00	$0.00	$0.00

PRCIX vs. PCGTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PRCIX T. Rowe Price New Income Fund	-0.68%	8.74%	2.50%	5.31%	-14.87%	-0.54%	5.77%	9.28%	-0.62%	4.01%
PCGTX PACE Mortgage-Backed Securities Fixed Income Investments	2.13%	7.84%	0.98%	5.12%	-13.48%	-0.61%	5.75%	6.55%	0.17%	2.83%

Correlation

The correlation between PRCIX and PCGTX is 0.80, 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.	0.80
Correlation (3Y) Balances recent behavior with more history.	0.87
Correlation (5Y) Shows whether the relationship held over a longer period.	0.88
Correlation (10Y) Provides a long-term view across more market conditions.	0.82
Correlation (All Time) Calculated using the full available price history since Aug 18, 1995	0.80

The correlation between PRCIX and PCGTX has been stable across timeframes, ranging from 0.80 to 0.88 - a consistent structural relationship.

Return for Risk

PRCIX vs. PCGTX — Risk / Return Rank

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

PRCIX

PRCIX Risk / Return Rank: 32
PRCIX Sharpe Ratio Rank: 33
PRCIX Sortino Ratio Rank: 34
PRCIX Omega Ratio Rank: 31
PRCIX Calmar Ratio Rank: 33
PRCIX Martin Ratio Rank: 27

PCGTX

PCGTX Risk / Return Rank: 58
PCGTX Sharpe Ratio Rank: 47
PCGTX Sortino Ratio Rank: 64
PCGTX Omega Ratio Rank: 61
PCGTX Calmar Ratio Rank: 72
PCGTX Martin Ratio Rank: 46

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.

PRCIX vs. PCGTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price New Income Fund (PRCIX) and PACE Mortgage-Backed Securities Fixed Income Investments (PCGTX). 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.

	PRCIX	PCGTX	Difference
Sharpe ratio: Return per unit of total volatility	1.03	1.30	-0.27
Sortino ratio: Return per unit of downside risk	1.56	2.23	-0.67
Omega ratio: Gain probability vs. loss probability	1.18	1.28	-0.09
Calmar ratio: Return relative to maximum drawdown	1.41	2.36	-0.95
Martin ratio: Return relative to average drawdown	3.84	6.55	-2.70

PRCIX vs. PCGTX - Sharpe Ratio Comparison

The current PRCIX Sharpe Ratio is 1.03, which is comparable to the PCGTX Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of PRCIX and PCGTX, 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

PRCIX vs. PCGTX - Drawdown Comparison

The maximum PRCIX drawdown since its inception was -22.34%, which is greater than PCGTX's maximum drawdown of -19.34%. Use the drawdown chart below to compare losses from any high point for PRCIX and PCGTX.

Drawdown Indicators

	PRCIX	PCGTX	Difference
Max Drawdown Largest peak-to-trough decline	-22.34%	-19.34%	-3.00%
Max Drawdown (1Y) Largest decline over 1 year	-2.96%	-3.09%	+0.13%
Max Drawdown (3Y) Largest decline over 3 years	-5.00%	-6.80%	+1.80%
Max Drawdown (5Y) Largest decline over 5 years	-19.65%	-19.20%	-0.45%
Max Drawdown (10Y) Largest decline over 10 years	-19.65%	-19.34%	-0.31%
Current Drawdown Current decline from peak	-2.22%	-2.16%	-0.06%
Average Drawdown Average peak-to-trough decline	-4.39%	-1.85%	-2.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.08%	1.09%	-0.01%

Volatility

PRCIX vs. PCGTX - Volatility Comparison

The current volatility for T. Rowe Price New Income Fund (PRCIX) is 1.05%, while PACE Mortgage-Backed Securities Fixed Income Investments (PCGTX) has a volatility of 1.40%. This indicates that PRCIX experiences smaller price fluctuations and is considered to be less risky than PCGTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PRCIX	PCGTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.05%	1.40%	-0.35%
Volatility (6M) Calculated over the trailing 6-month period	3.23%	4.71%	-1.48%
Volatility (1Y) Calculated over the trailing 1-year period	4.05%	5.63%	-1.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.98%	7.21%	-1.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.96%	5.42%	-0.46%

PRCIX vs. PCGTX - Expense Ratio Comparison

PRCIX has a 0.44% expense ratio, which is lower than PCGTX's 0.73% expense ratio.

Dividends

PRCIX vs. PCGTX - Dividend Comparison

PRCIX's dividend yield for the trailing twelve months is around 5.60%, more than PCGTX's 4.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PCGTX PACE Mortgage-Backed Securities Fixed Income Investments	4.22%	3.78%	5.36%	5.02%	3.67%	2.87%	3.23%	3.53%	3.34%	2.96%	2.71%	2.21%
PRCIX T. Rowe Price New Income Fund	5.60%	5.94%	5.65%	4.37%	1.80%	2.65%	3.33%	2.88%	3.03%	2.66%	2.56%	2.55%

Frequently Asked Questions

Can I hold both PRCIX and PCGTX in my portfolio?

PRCIX and PCGTX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PRCIX or PCGTX?

PCGTX has higher volatility (1.40%) compared to PRCIX (1.05%). In terms of maximum drawdown, PRCIX dropped -22.34% vs PCGTX's -19.34%.

Which has better risk-adjusted returns?

PCGTX currently has the higher Sharpe Ratio (1.30 vs 1.03), 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.