TGCFX vs. PCGTX

Last updated Apr 1, 2026

Compare and contrast key facts about TCW Core Fixed Income Fund (TGCFX) and PACE Mortgage-Backed Securities Fixed Income Investments (PCGTX).

TGCFX is managed by TCW. It was launched on Feb 26, 1993. PCGTX is managed by UBS. It was launched on Aug 24, 1995.

Performance

TGCFX vs. PCGTX - Performance Comparison

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

TGCFX vs. PCGTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TGCFX TCW Core Fixed Income Fund	-0.21%	7.51%	0.75%	5.61%	-14.25%	-1.27%	8.79%	8.75%	0.09%	3.23%
PCGTX PACE Mortgage-Backed Securities Fixed Income Investments	2.45%	7.84%	0.98%	5.12%	-13.48%	-0.61%	5.75%	6.55%	0.17%	2.83%

Returns By Period

In the year-to-date period, TGCFX achieves a -0.21% return, which is significantly lower than PCGTX's 2.45% return. Both investments have delivered pretty close results over the past 10 years, with TGCFX having a 1.66% annualized return and PCGTX not far behind at 1.61%.

TGCFX

• 1D: 0.62%
• 1M: -2.13%
• YTD: -0.21%
• 6M: 0.86%
• 1Y: 3.95%
• 3Y*: 3.30%
• 5Y*: -0.09%
• 10Y*: 1.66%

PCGTX

• 1D: 0.76%
• 1M: -1.85%
• YTD: 2.45%
• 6M: 4.22%
• 1Y: 7.91%
• 3Y*: 4.61%
• 5Y*: 0.31%
• 10Y*: 1.61%

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

TGCFX vs. PCGTX - Expense Ratio Comparison

TGCFX has a 0.49% expense ratio, which is lower than PCGTX's 0.73% expense ratio.

PCGTX

PACE Mortgage-Backed Securities Fixed Income Investments

TGCFX

TCW Core Fixed Income Fund

Return for Risk

TGCFX vs. PCGTX — Risk / Return Rank

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

TGCFX

TGCFX Risk / Return Rank: 49
TGCFX Sharpe Ratio Rank: 46
TGCFX Sortino Ratio Rank: 44
TGCFX Omega Ratio Rank: 32
TGCFX Calmar Ratio Rank: 75
TGCFX Martin Ratio Rank: 46

PCGTX

PCGTX Risk / Return Rank: 80
PCGTX Sharpe Ratio Rank: 77
PCGTX Sortino Ratio Rank: 85
PCGTX Omega Ratio Rank: 75
PCGTX Calmar Ratio Rank: 89
PCGTX Martin Ratio Rank: 73

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.

TGCFX vs. PCGTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TCW Core Fixed Income Fund (TGCFX) 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.

	TGCFX	PCGTX	Difference
Sharpe ratio Return per unit of total volatility	0.92	1.39	-0.48
Sortino ratio Return per unit of downside risk	1.32	2.24	-0.92
Omega ratio Gain probability vs. loss probability	1.16	1.29	-0.13
Calmar ratio Return relative to maximum drawdown	1.75	2.45	-0.70
Martin ratio Return relative to average drawdown	4.63	7.00	-2.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TGCFX vs. PCGTX - Sharpe Ratio Comparison

The current TGCFX Sharpe Ratio is 0.92, which is lower than the PCGTX Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of TGCFX and PCGTX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TGCFX	PCGTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.92	1.39	-0.48
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.01	0.04	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.32	0.30	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.97	-0.63

Correlation

The correlation between TGCFX and PCGTX is 0.77, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

TGCFX vs. PCGTX - Dividend Comparison

TGCFX's dividend yield for the trailing twelve months is around 4.11%, less than PCGTX's 4.44% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TGCFX TCW Core Fixed Income Fund	4.11%	4.51%	4.34%	3.66%	2.22%	1.56%	4.14%	2.63%	2.57%	2.17%	2.95%	2.59%
PCGTX PACE Mortgage-Backed Securities Fixed Income Investments	4.44%	3.78%	5.36%	5.02%	3.67%	2.87%	3.23%	3.53%	3.34%	2.96%	2.71%	2.21%

Drawdowns

TGCFX vs. PCGTX - Drawdown Comparison

The maximum TGCFX drawdown since its inception was -19.37%, roughly equal to the maximum PCGTX drawdown of -19.34%. Use the drawdown chart below to compare losses from any high point for TGCFX and PCGTX.

Drawdown Indicators

	TGCFX	PCGTX	Difference
Max Drawdown Largest peak-to-trough decline	-19.37%	-19.34%	-0.03%
Max Drawdown (1Y) Largest decline over 1 year	-2.79%	-3.10%	+0.31%
Max Drawdown (5Y) Largest decline over 5 years	-19.37%	-19.20%	-0.17%
Max Drawdown (10Y) Largest decline over 10 years	-19.37%	-19.34%	-0.03%
Current Drawdown Current decline from peak	-3.41%	-1.85%	-1.56%
Average Drawdown Average peak-to-trough decline	-3.61%	-1.86%	-1.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.06%	1.09%	-0.03%

Volatility

TGCFX vs. PCGTX - Volatility Comparison

The current volatility for TCW Core Fixed Income Fund (TGCFX) is 1.81%, while PACE Mortgage-Backed Securities Fixed Income Investments (PCGTX) has a volatility of 2.13%. This indicates that TGCFX 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

	TGCFX	PCGTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.81%	2.13%	-0.32%
Volatility (6M) Calculated over the trailing 6-month period	2.81%	4.13%	-1.32%
Volatility (1Y) Calculated over the trailing 1-year period	4.66%	6.23%	-1.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.52%	7.10%	-0.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.20%	5.35%	-0.15%