TAUSX vs. PCGTX

Last updated Jul 17, 2026

TAUSX (John Hancock Investment Grade Bond Fund) and PCGTX (PACE Mortgage-Backed Securities Fixed Income Investments) are both Intermediate Core Bond funds. Over the past 10 years, TAUSX returned 1.41%/yr vs 1.51%/yr for PCGTX. Their correlation of 0.80 suggests significant overlap in exposure. TAUSX charges 0.74%/yr vs 0.73%/yr for PCGTX.

Performance

TAUSX vs. PCGTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in John Hancock Investment Grade Bond Fund (TAUSX) 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, TAUSX achieves a -0.13% return, which is significantly lower than PCGTX's 3.01% return. Over the past 10 years, TAUSX has underperformed PCGTX with an annualized return of 1.41%, while PCGTX has yielded a comparatively higher 1.51% annualized return.

TAUSX

• 1D: 0.22%
• 1M: -0.44%
• 6M: -0.34%
• YTD: -0.13%
• 1Y: 4.34%
• 3Y*: 3.38%
• 5Y*: -0.82%
• 10Y*: 1.41%

PCGTX

• 1D: 0.29%
• 1M: -0.48%
• 6M: 2.52%
• YTD: 3.01%
• 1Y: 8.29%
• 3Y*: 4.86%
• 5Y*: 0.28%
• 10Y*: 1.51%

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

TAUSX vs. PCGTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TAUSX John Hancock Investment Grade Bond Fund	-0.13%	7.38%	0.94%	4.76%	-14.69%	-1.49%	9.52%	8.71%	-0.38%	3.88%
PCGTX PACE Mortgage-Backed Securities Fixed Income Investments	3.01%	7.84%	0.98%	5.12%	-13.48%	-0.61%	5.75%	6.55%	0.17%	2.83%

Correlation

The correlation between TAUSX and PCGTX is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Aug 18, 1995	0.80

The correlation between TAUSX and PCGTX has been stable across timeframes, ranging from 0.80 to 0.90 - a consistent structural relationship.

Return for Risk

TAUSX vs. PCGTX — Risk / Return Rank

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

TAUSX

TAUSX Risk / Return Rank: 23
TAUSX Sharpe Ratio Rank: 25
TAUSX Sortino Ratio Rank: 25
TAUSX Omega Ratio Rank: 24
TAUSX Calmar Ratio Rank: 23
TAUSX Martin Ratio Rank: 19

PCGTX

PCGTX Risk / Return Rank: 68
PCGTX Sharpe Ratio Rank: 53
PCGTX Sortino Ratio Rank: 76
PCGTX Omega Ratio Rank: 72
PCGTX Calmar Ratio Rank: 80
PCGTX Martin Ratio Rank: 59

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.

TAUSX vs. PCGTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for John Hancock Investment Grade Bond Fund (TAUSX) 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.

	TAUSX	PCGTX	Difference
Sharpe ratio: Return per unit of total volatility	1.12	1.65	-0.53
Sortino ratio: Return per unit of downside risk	1.64	2.85	-1.21
Omega ratio: Gain probability vs. loss probability	1.20	1.36	-0.16
Calmar ratio: Return relative to maximum drawdown	1.38	3.00	-1.62
Martin ratio: Return relative to average drawdown	3.67	9.42	-5.75

TAUSX vs. PCGTX - Sharpe Ratio Comparison

The current TAUSX Sharpe Ratio is 1.12, which is lower than the PCGTX Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of TAUSX 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

TAUSX vs. PCGTX - Drawdown Comparison

The maximum TAUSX drawdown since its inception was -19.90%, roughly equal to the maximum PCGTX drawdown of -19.34%. Use the drawdown chart below to compare losses from any high point for TAUSX and PCGTX.

Drawdown Indicators

	TAUSX	PCGTX	Difference
Max Drawdown Largest peak-to-trough decline	-19.90%	-19.34%	-0.56%
Max Drawdown (1Y) Largest decline over 1 year	-3.23%	-3.09%	-0.14%
Max Drawdown (3Y) Largest decline over 3 years	-7.29%	-7.85%	+0.56%
Max Drawdown (5Y) Largest decline over 5 years	-19.90%	-19.20%	-0.70%
Max Drawdown (10Y) Largest decline over 10 years	-19.90%	-19.34%	-0.56%
Current Drawdown Current decline from peak	-4.72%	-1.31%	-3.41%
Average Drawdown Average peak-to-trough decline	-2.38%	-1.85%	-0.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.21%	0.97%	+0.24%

Volatility

TAUSX vs. PCGTX - Volatility Comparison

The current volatility for John Hancock Investment Grade Bond Fund (TAUSX) is 1.11%, while PACE Mortgage-Backed Securities Fixed Income Investments (PCGTX) has a volatility of 1.53%. This indicates that TAUSX 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

	TAUSX	PCGTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.11%	1.53%	-0.42%
Volatility (6M) Calculated over the trailing 6-month period	3.17%	4.66%	-1.49%
Volatility (1Y) Calculated over the trailing 1-year period	4.02%	5.64%	-1.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.08%	7.20%	-1.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.01%	5.42%	-0.41%

TAUSX vs. PCGTX - Expense Ratio Comparison

TAUSX has a 0.74% expense ratio, which is higher than PCGTX's 0.73% expense ratio.

Dividends

TAUSX vs. PCGTX - Dividend Comparison

TAUSX's dividend yield for the trailing twelve months is around 4.08%, less than PCGTX's 4.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PCGTX PACE Mortgage-Backed Securities Fixed Income Investments	4.46%	3.78%	5.36%	5.02%	3.67%	2.87%	3.23%	3.53%	3.34%	2.96%	2.71%	2.21%
TAUSX John Hancock Investment Grade Bond Fund	4.08%	3.99%	3.40%	2.64%	2.50%	2.25%	4.49%	2.83%	2.83%	2.65%	2.66%	2.88%

Frequently Asked Questions

Can I hold both TAUSX and PCGTX in my portfolio?

TAUSX and PCGTX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TAUSX or PCGTX?

PCGTX has higher volatility (1.53%) compared to TAUSX (1.11%). In terms of maximum drawdown, TAUSX dropped -19.90% vs PCGTX's -19.34%.

Which has better risk-adjusted returns?

PCGTX currently has the higher Sharpe Ratio (1.65 vs 1.12), 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.