AVK vs. PCF

Last updated Jun 24, 2026

AVK (Advent Convertible and Income Fund) and PCF (High Income Securities Fund) are both Convertible Bonds funds. Both are actively managed. Over the past 10 years, AVK returned 10.95%/yr vs 6.12%/yr for PCF. At a 0.39 correlation, their price movements are largely independent.

Performance

AVK vs. PCF - Performance Comparison

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

Returns By Period

In the year-to-date period, AVK achieves a 8.20% return, which is significantly higher than PCF's -6.03% return. Over the past 10 years, AVK has outperformed PCF with an annualized return of 10.95%, while PCF has yielded a comparatively lower 6.12% annualized return.

AVK

• 1D: -0.70%
• 1M: 1.95%
• YTD: 8.20%
• 6M: 7.68%
• 1Y: 22.95%
• 3Y*: 18.52%
• 5Y*: 4.90%
• 10Y*: 10.95%

PCF

• 1D: -0.18%
• 1M: -1.32%
• YTD: -6.03%
• 6M: -5.10%
• 1Y: -3.77%
• 3Y*: 7.79%
• 5Y*: 0.25%
• 10Y*: 6.12%

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

AVK vs. PCF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AVK Advent Convertible and Income Fund	8.20%	19.66%	19.42%	18.16%	-34.45%	30.18%	17.62%	36.54%	-13.36%	17.28%
PCF High Income Securities Fund	-6.03%	5.31%	16.66%	10.45%	-15.56%	11.44%	8.13%	4.22%	5.46%	14.58%

Correlation

The correlation between AVK and PCF is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (10Y) Calculated over the trailing 10-year period	0.38
Correlation (All Time) Calculated using the full available price history since Apr 30, 2003	0.39

Return for Risk

AVK vs. PCF — Risk / Return Rank

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

AVK

AVK Risk / Return Rank: 33
AVK Sharpe Ratio Rank: 36
AVK Sortino Ratio Rank: 32
AVK Omega Ratio Rank: 36
AVK Calmar Ratio Rank: 22
AVK Martin Ratio Rank: 38

PCF

PCF Risk / Return Rank: 1
PCF Sharpe Ratio Rank: 2
PCF Sortino Ratio Rank: 1
PCF Omega Ratio Rank: 1
PCF Calmar Ratio Rank: 1
PCF Martin Ratio Rank: 1

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. PCF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Advent Convertible and Income Fund (AVK) and High Income Securities Fund (PCF). 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	PCF	Difference
Sharpe ratio: Return per unit of total volatility	1.61	-0.34	+1.96
Sortino ratio: Return per unit of downside risk	2.19	-0.41	+2.59
Omega ratio: Gain probability vs. loss probability	1.29	0.95	+0.34
Calmar ratio: Return relative to maximum drawdown	1.62	-0.35	+1.97
Martin ratio: Return relative to average drawdown	7.81	-0.87	+8.67

AVK vs. PCF - Sharpe Ratio Comparison

The current AVK Sharpe Ratio is 1.61, which is higher than the PCF Sharpe Ratio of -0.34. The chart below compares the historical Sharpe Ratios of AVK and PCF, 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. PCF - Drawdown Comparison

The maximum AVK drawdown since its inception was -67.49%, which is greater than PCF's maximum drawdown of -53.82%. Use the drawdown chart below to compare losses from any high point for AVK and PCF.

Drawdown Indicators

	AVK	PCF	Difference
Max Drawdown Largest peak-to-trough decline	-67.49%	-53.82%	-13.67%
Max Drawdown (1Y) Largest decline over 1 year	-14.25%	-10.73%	-3.52%
Max Drawdown (3Y) Largest decline over 3 years	-19.98%	-13.74%	-6.24%
Max Drawdown (5Y) Largest decline over 5 years	-38.50%	-29.06%	-9.44%
Max Drawdown (10Y) Largest decline over 10 years	-49.82%	-45.13%	-4.69%
Current Drawdown Current decline from peak	-1.98%	-7.93%	+5.95%
Average Drawdown Average peak-to-trough decline	-11.68%	-10.49%	-1.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.95%	4.35%	-1.40%

Volatility

AVK vs. PCF - Volatility Comparison

Advent Convertible and Income Fund (AVK) and High Income Securities Fund (PCF) have volatilities of 4.42% and 4.27%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVK	PCF	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.42%	4.27%	+0.15%
Volatility (6M) Calculated over the trailing 6-month period	12.12%	9.59%	+2.53%
Volatility (1Y) Calculated over the trailing 1-year period	14.28%	11.08%	+3.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.75%	16.03%	+3.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.62%	17.52%	+5.10%

Dividends

AVK vs. PCF - Dividend Comparison

AVK's dividend yield for the trailing twelve months is around 10.96%, less than PCF's 12.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVK Advent Convertible and Income Fund	10.96%	11.22%	11.71%	12.36%	12.90%	15.13%	8.51%	9.04%	11.21%	8.10%	7.68%	8.33%
PCF High Income Securities Fund	12.94%	11.57%	11.29%	11.29%	13.48%	10.82%	11.46%	3.29%	6.88%	3.97%	4.52%	5.07%

Frequently Asked Questions

Can I hold both AVK and PCF in my portfolio?

AVK and PCF have a correlation of 0.46, 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 PCF?

AVK has higher volatility (4.42%) compared to PCF (4.27%). In terms of maximum drawdown, AVK dropped -67.49% vs PCF's -53.82%.

Which has better risk-adjusted returns?

AVK currently has the higher Sharpe Ratio (1.61 vs -0.34), 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.