PWTYX vs. PCGLX

Last updated Jun 4, 2026

PWTYX (UBS U.S. Allocation Fund) and PCGLX (PACE Global Fixed Income Investments) are both mutual funds - PWTYX is a Diversified Portfolio fund managed by UBS, while PCGLX is a Global Bonds fund managed by UBS. Over the past 10 years, PWTYX returned 9.98%/yr vs 0.01%/yr for PCGLX. At a 0.08 correlation, their price movements are largely independent. PWTYX charges 0.70%/yr vs 0.84%/yr for PCGLX.

Performance

PWTYX vs. PCGLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in UBS U.S. Allocation Fund (PWTYX) and PACE Global Fixed Income Investments (PCGLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PWTYX achieves a 8.36% return, which is significantly higher than PCGLX's -0.07% return. Over the past 10 years, PWTYX has outperformed PCGLX with an annualized return of 9.98%, while PCGLX has yielded a comparatively lower 0.01% annualized return.

PWTYX

• 1D: 0.30%
• 1M: 4.19%
• YTD: 8.36%
• 6M: 8.57%
• 1Y: 22.84%
• 3Y*: 15.26%
• 5Y*: 8.06%
• 10Y*: 9.98%

PCGLX

• 1D: 0.13%
• 1M: 0.70%
• YTD: -0.07%
• 6M: 0.24%
• 1Y: 2.90%
• 3Y*: 3.14%
• 5Y*: -1.86%
• 10Y*: 0.01%

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

PWTYX vs. PCGLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PWTYX UBS U.S. Allocation Fund	8.36%	13.28%	14.01%	17.73%	-17.04%	16.19%	17.66%	23.75%	-7.80%	15.77%
PCGLX PACE Global Fixed Income Investments	-0.07%	7.59%	-1.98%	4.34%	-15.58%	-3.99%	10.23%	6.93%	-3.17%	6.80%

Correlation

The correlation between PWTYX and PCGLX is 0.57, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (10Y) Calculated over the trailing 10-year period	0.23
Correlation (All Time) Calculated using the full available price history since Aug 21, 1995	0.08

Over the past year, PWTYX and PCGLX have become more correlated (0.57) than their long-term average of 0.08, meaning their price movements have been converging.

Return for Risk

PWTYX vs. PCGLX — Risk / Return Rank

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

PWTYX

PWTYX Risk / Return Rank: 75
PWTYX Sharpe Ratio Rank: 79
PWTYX Sortino Ratio Rank: 79
PWTYX Omega Ratio Rank: 71
PWTYX Calmar Ratio Rank: 70
PWTYX Martin Ratio Rank: 75

PCGLX

PCGLX Risk / Return Rank: 7
PCGLX Sharpe Ratio Rank: 6
PCGLX Sortino Ratio Rank: 6
PCGLX Omega Ratio Rank: 6
PCGLX Calmar Ratio Rank: 7
PCGLX Martin Ratio Rank: 7

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.

PWTYX vs. PCGLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for UBS U.S. Allocation Fund (PWTYX) and PACE Global Fixed Income Investments (PCGLX). 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.

	PWTYX	PCGLX	Difference
Sharpe ratio: Return per unit of total volatility	2.58	0.52	+2.06
Sortino ratio: Return per unit of downside risk	3.74	0.80	+2.93
Omega ratio: Gain probability vs. loss probability	1.47	1.10	+0.38
Calmar ratio: Return relative to maximum drawdown	3.23	0.63	+2.60
Martin ratio: Return relative to average drawdown	14.14	1.77	+12.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PWTYX vs. PCGLX - Sharpe Ratio Comparison

The current PWTYX Sharpe Ratio is 2.58, which is higher than the PCGLX Sharpe Ratio of 0.52. The chart below compares the historical Sharpe Ratios of PWTYX and PCGLX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PWTYX	PCGLX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.58	0.52	+2.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.62	-0.30	+0.92
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.78	0.00	+0.78
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.42	+0.11

Drawdowns

PWTYX vs. PCGLX - Drawdown Comparison

The maximum PWTYX drawdown since its inception was -51.86%, which is greater than PCGLX's maximum drawdown of -24.81%. Use the drawdown chart below to compare losses from any high point for PWTYX and PCGLX.

Drawdown Indicators

	PWTYX	PCGLX	Difference
Max Drawdown Largest peak-to-trough decline	-51.86%	-24.81%	-27.05%
Max Drawdown (1Y) Largest decline over 1 year	-7.87%	-4.52%	-3.35%
Max Drawdown (3Y) Largest decline over 3 years	-19.40%	-7.41%	-11.99%
Max Drawdown (5Y) Largest decline over 5 years	-21.84%	-23.63%	+1.79%
Max Drawdown (10Y) Largest decline over 10 years	-25.34%	-24.81%	-0.53%
Current Drawdown Current decline from peak	0.00%	-11.11%	+11.11%
Average Drawdown Average peak-to-trough decline	-7.61%	-6.50%	-1.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.75%	1.57%	+0.18%

Volatility

PWTYX vs. PCGLX - Volatility Comparison

UBS U.S. Allocation Fund (PWTYX) has a higher volatility of 2.99% compared to PACE Global Fixed Income Investments (PCGLX) at 1.79%. This indicates that PWTYX's price experiences larger fluctuations and is considered to be riskier than PCGLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PWTYX	PCGLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.99%	1.79%	+1.20%
Volatility (6M) Calculated over the trailing 6-month period	8.14%	4.03%	+4.11%
Volatility (1Y) Calculated over the trailing 1-year period	9.86%	5.51%	+4.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.19%	6.35%	+6.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.94%	5.72%	+7.22%

PWTYX vs. PCGLX - Expense Ratio Comparison

PWTYX has a 0.70% expense ratio, which is lower than PCGLX's 0.84% expense ratio.

Dividends

PWTYX vs. PCGLX - Dividend Comparison

PWTYX's dividend yield for the trailing twelve months is around 8.66%, more than PCGLX's 3.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PCGLX PACE Global Fixed Income Investments	3.79%	3.37%	3.74%	3.31%	1.82%	4.74%	3.41%	1.89%	1.81%	1.46%	3.14%	3.30%
PWTYX UBS U.S. Allocation Fund	8.66%	9.38%	8.32%	1.61%	9.95%	16.86%	5.85%	2.22%	11.82%	2.53%	0.68%	0.00%

Frequently Asked Questions

Can I hold both PWTYX and PCGLX in my portfolio?

PWTYX and PCGLX have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PWTYX or PCGLX?

PWTYX has higher volatility (2.99%) compared to PCGLX (1.79%). In terms of maximum drawdown, PWTYX dropped -51.86% vs PCGLX's -24.81%.

Which has better risk-adjusted returns?

PWTYX currently has the higher Sharpe Ratio (2.58 vs 0.52), 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.