AVK vs. PBXIX
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 4.53%/yr vs 3.06%/yr for PBXIX. Their 0.62 correlation means they have sometimes moved together and sometimes differently. AVK charges 0.75%/yr vs 0.99%/yr for PBXIX.
Performance
AVK vs. PBXIX - Performance Comparison
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Returns By Period
In the year-to-date period, AVK achieves a 5.36% return, which is significantly lower than PBXIX's 10.10% return.
AVK
- 1D
- 0.57%
- 1M
- -3.45%
- 6M
- 3.25%
- YTD
- 5.36%
- 1Y
- 13.71%
- 3Y*
- 14.79%
- 5Y*
- 4.53%
- 10Y*
- 10.05%
- ALL TIME*
- 6.90%
PBXIX
- 1D
- 0.69%
- 1M
- -0.34%
- 6M
- 8.72%
- YTD
- 10.10%
- 1Y
- 10.85%
- 3Y*
- 8.26%
- 5Y*
- 3.06%
- 10Y*
- —
- ALL TIME*
- 5.98%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.84M | $1.78M | $1.84M | |
| $0.00 | $0.00 | $0.00 |
AVK vs. PBXIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
AVK Advent Convertible and Income Fund | 5.36% | 19.66% | 19.42% | 18.16% | -34.45% | 30.18% | 17.62% | 2.08% |
PBXIX Rational/Pier 88 Convertible Securities Fund | 10.10% | 2.12% | 8.23% | 3.28% | -10.82% | 10.23% | 17.09% | 1.70% |
Correlation
The correlation between AVK and PBXIX is 0.60, 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. | 0.60 |
Correlation (3Y) Balances recent behavior with more history. | 0.58 |
Correlation (5Y) Shows whether the relationship held over a longer 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.
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Return for Risk
AVK vs. PBXIX — Risk / Return Rank
AVK
PBXIX
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 ratioReturn per unit of total volatility | -0.53 | ||
| Sortino ratioReturn per unit of downside risk | -0.74 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.24 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 0.88 | 1.90 | -1.02 |
| Martin ratioReturn relative to average drawdown | 4.02 | 7.25 | -3.23 |
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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.
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Drawdown Indicators
| AVK | PBXIX | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 | -19.70% | -10.71% | -8.99% |
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 DrawdownCurrent decline from peak | -4.63% | -0.68% | -3.95% |
Average DrawdownAverage peak-to-trough decline | -11.64% | -5.39% | -6.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.12% | 1.35% | +1.77% |
Volatility
AVK vs. PBXIX - Volatility Comparison
Advent Convertible and Income Fund (AVK) has a higher volatility of 5.06% compared to Rational/Pier 88 Convertible Securities Fund (PBXIX) at 1.55%. 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.
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Volatility by Period
| AVK | PBXIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.06% | 1.55% | +3.51% |
Volatility (6M)Calculated over the trailing 6-month period | 13.21% | 5.36% | +7.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.11% | 7.20% | +7.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.75% | 8.64% | +11.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.65% | 11.41% | +11.24% |
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 11.36%, more than PBXIX's 4.97% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AVK Advent Convertible and Income Fund | 11.36% | 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 | 4.97% | 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
AVK and PBXIX have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AVK has higher volatility (5.06%) compared to PBXIX (1.55%). In terms of maximum drawdown, AVK dropped -67.49% vs PBXIX's -24.03%.
PBXIX currently has the higher Sharpe Ratio (1.36 vs 0.83), 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.
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