AVK vs. PBXIX

Last updated Jun 23, 2026

AVK (Advent Convertible and Income Fund) and PBXIX (Rational/Pier 88 Convertible Securities Fund) are both Convertible Bonds funds. Over the past 5 years, AVK returned 5.13%/yr vs 3.59%/yr for PBXIX. A 0.62 correlation means they provide meaningful diversification when combined. AVK charges 0.75%/yr vs 0.99%/yr for PBXIX.

Performance

AVK vs. PBXIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Advent Convertible and Income Fund (AVK) and Rational/Pier 88 Convertible Securities Fund (PBXIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AVK achieves a 8.96% return, which is significantly lower than PBXIX's 9.88% return.

AVK

• 1D: 0.00%
• 1M: 2.67%
• YTD: 8.96%
• 6M: 8.96%
• 1Y: 24.35%
• 3Y*: 18.80%
• 5Y*: 5.13%
• 10Y*: 11.03%

PBXIX

• 1D: 0.34%
• 1M: 2.89%
• YTD: 9.88%
• 6M: 9.09%
• 1Y: 14.01%
• 3Y*: 8.67%
• 5Y*: 3.59%
• 10Y*: —

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

AVK vs. PBXIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
AVK Advent Convertible and Income Fund	8.96%	19.66%	19.42%	18.16%	-34.45%	30.18%	17.62%	2.08%
PBXIX Rational/Pier 88 Convertible Securities Fund	9.88%	2.12%	8.23%	3.28%	-10.82%	10.23%	17.09%	1.70%

Correlation

The correlation between AVK and PBXIX is 0.58, 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	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (All Time) Calculated using the full available price history since Dec 6, 2019	0.62

The correlation between AVK and PBXIX has been stable across timeframes, ranging from 0.58 to 0.62 - a consistent structural relationship.

Return for Risk

AVK vs. PBXIX — Risk / Return Rank

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

AVK

AVK Risk / Return Rank: 36
AVK Sharpe Ratio Rank: 40
AVK Sortino Ratio Rank: 35
AVK Omega Ratio Rank: 40
AVK Calmar Ratio Rank: 25
AVK Martin Ratio Rank: 40

PBXIX

PBXIX Risk / Return Rank: 52
PBXIX Sharpe Ratio Rank: 51
PBXIX Sortino Ratio Rank: 52
PBXIX Omega Ratio Rank: 48
PBXIX Calmar Ratio Rank: 55
PBXIX Martin Ratio Rank: 55

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.

AVK vs. PBXIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Advent Convertible and Income Fund (AVK) and Rational/Pier 88 Convertible Securities Fund (PBXIX). 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.

	AVK	PBXIX	Difference
Sharpe ratio: Return per unit of total volatility	1.71	1.94	-0.23
Sortino ratio: Return per unit of downside risk	2.31	2.78	-0.48
Omega ratio: Gain probability vs. loss probability	1.31	1.35	-0.03
Calmar ratio: Return relative to maximum drawdown	1.72	2.73	-1.01
Martin ratio: Return relative to average drawdown	8.29	10.45	-2.16

AVK vs. PBXIX - Sharpe Ratio Comparison

The current AVK Sharpe Ratio is 1.71, which is comparable to the PBXIX Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of AVK and PBXIX, 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

AVK vs. PBXIX - Drawdown Comparison

The maximum AVK drawdown since its inception was -67.49%, which is greater than PBXIX's maximum drawdown of -24.03%. Use the drawdown chart below to compare losses from any high point for AVK and PBXIX.

Drawdown Indicators

	AVK	PBXIX	Difference
Max Drawdown Largest peak-to-trough decline	-67.49%	-24.03%	-43.46%
Max Drawdown (1Y) Largest decline over 1 year	-14.25%	-5.16%	-9.09%
Max Drawdown (3Y) Largest decline over 3 years	-19.98%	-10.71%	-9.27%
Max Drawdown (5Y) Largest decline over 5 years	-38.50%	-15.57%	-22.93%
Max Drawdown (10Y) Largest decline over 10 years	-49.82%	—	—
Current Drawdown Current decline from peak	-1.29%	-0.34%	-0.95%
Average Drawdown Average peak-to-trough decline	-11.68%	-5.48%	-6.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.95%	1.34%	+1.61%

Volatility

AVK vs. PBXIX - Volatility Comparison

Advent Convertible and Income Fund (AVK) has a higher volatility of 4.81% compared to Rational/Pier 88 Convertible Securities Fund (PBXIX) at 2.58%. This indicates that AVK's price experiences larger fluctuations and is considered to be riskier than PBXIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVK	PBXIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.81%	2.58%	+2.23%
Volatility (6M) Calculated over the trailing 6-month period	12.11%	5.46%	+6.65%
Volatility (1Y) Calculated over the trailing 1-year period	14.29%	7.25%	+7.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.75%	8.66%	+11.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.63%	11.49%	+11.14%

AVK vs. PBXIX - Expense Ratio Comparison

AVK has a 0.75% expense ratio, which is lower than PBXIX's 0.99% expense ratio.

Dividends

AVK vs. PBXIX - Dividend Comparison

AVK's dividend yield for the trailing twelve months is around 10.89%, more than PBXIX's 5.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVK Advent Convertible and Income Fund	10.89%	11.22%	11.71%	12.36%	12.90%	15.13%	8.51%	9.04%	11.21%	8.10%	7.68%	8.33%
PBXIX Rational/Pier 88 Convertible Securities Fund	5.34%	3.48%	2.14%	2.22%	2.25%	7.56%	1.77%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AVK and PBXIX in my portfolio?

AVK and PBXIX have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AVK or PBXIX?

AVK has higher volatility (4.81%) compared to PBXIX (2.58%). In terms of maximum drawdown, AVK dropped -67.49% vs PBXIX's -24.03%.

Which has better risk-adjusted returns?

PBXIX currently has the higher Sharpe Ratio (1.94 vs 1.71), 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.