HICSX vs. PCF

Last updated Jun 24, 2026

HICSX (Harbor Convertible Securities Fund) and PCF (High Income Securities Fund) are both Convertible Bonds funds. Over the past 10 years, HICSX returned 10.56%/yr vs 6.12%/yr for PCF. At a 0.38 correlation, their price movements are largely independent.

Performance

HICSX vs. PCF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harbor Convertible Securities Fund (HICSX) 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, HICSX achieves a 22.34% return, which is significantly higher than PCF's -6.03% return. Over the past 10 years, HICSX has outperformed PCF with an annualized return of 10.56%, while PCF has yielded a comparatively lower 6.12% annualized return.

HICSX

• 1D: 0.00%
• 1M: 3.03%
• YTD: 22.34%
• 6M: 20.54%
• 1Y: 40.12%
• 3Y*: 20.66%
• 5Y*: 8.67%
• 10Y*: 10.56%

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)

HICSX vs. PCF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HICSX Harbor Convertible Securities Fund	22.34%	19.99%	12.36%	10.37%	-15.55%	2.07%	31.41%	17.89%	-0.65%	7.93%
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 HICSX and PCF is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (10Y) Calculated over the trailing 10-year period	0.36
Correlation (All Time) Calculated using the full available price history since May 3, 2011	0.38

Return for Risk

HICSX vs. PCF — Risk / Return Rank

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

HICSX

HICSX Risk / Return Rank: 88
HICSX Sharpe Ratio Rank: 88
HICSX Sortino Ratio Rank: 79
HICSX Omega Ratio Rank: 79
HICSX Calmar Ratio Rank: 96
HICSX Martin Ratio Rank: 96

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.

HICSX vs. PCF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harbor Convertible Securities Fund (HICSX) 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.

	HICSX	PCF	Difference
Sharpe ratio: Return per unit of total volatility	2.69	-0.34	+3.03
Sortino ratio: Return per unit of downside risk	3.44	-0.41	+3.85
Omega ratio: Gain probability vs. loss probability	1.47	0.95	+0.52
Calmar ratio: Return relative to maximum drawdown	5.89	-0.35	+6.25
Martin ratio: Return relative to average drawdown	22.06	-0.87	+22.93

HICSX vs. PCF - Sharpe Ratio Comparison

The current HICSX Sharpe Ratio is 2.69, which is higher than the PCF Sharpe Ratio of -0.34. The chart below compares the historical Sharpe Ratios of HICSX 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

HICSX vs. PCF - Drawdown Comparison

The maximum HICSX drawdown since its inception was -23.68%, smaller than the maximum PCF drawdown of -53.82%. Use the drawdown chart below to compare losses from any high point for HICSX and PCF.

Drawdown Indicators

	HICSX	PCF	Difference
Max Drawdown Largest peak-to-trough decline	-23.68%	-53.82%	+30.14%
Max Drawdown (1Y) Largest decline over 1 year	-6.92%	-10.73%	+3.81%
Max Drawdown (3Y) Largest decline over 3 years	-11.24%	-13.74%	+2.50%
Max Drawdown (5Y) Largest decline over 5 years	-22.03%	-29.06%	+7.03%
Max Drawdown (10Y) Largest decline over 10 years	-23.68%	-45.13%	+21.45%
Current Drawdown Current decline from peak	-1.27%	-7.93%	+6.66%
Average Drawdown Average peak-to-trough decline	-4.77%	-10.49%	+5.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.85%	4.35%	-2.50%

Volatility

HICSX vs. PCF - Volatility Comparison

Harbor Convertible Securities Fund (HICSX) has a higher volatility of 6.13% compared to High Income Securities Fund (PCF) at 4.27%. This indicates that HICSX's price experiences larger fluctuations and is considered to be riskier than PCF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HICSX	PCF	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.13%	4.27%	+1.86%
Volatility (6M) Calculated over the trailing 6-month period	12.49%	9.59%	+2.90%
Volatility (1Y) Calculated over the trailing 1-year period	15.21%	11.08%	+4.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.59%	16.03%	-4.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.96%	17.52%	-6.56%

Dividends

HICSX vs. PCF - Dividend Comparison

HICSX's dividend yield for the trailing twelve months is around 1.48%, less than PCF's 12.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HICSX Harbor Convertible Securities Fund	1.48%	1.95%	3.22%	2.91%	0.44%	14.09%	9.57%	3.61%	6.45%	10.65%	0.98%	3.95%
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 HICSX and PCF in my portfolio?

HICSX and PCF have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HICSX or PCF?

HICSX has higher volatility (6.13%) compared to PCF (4.27%). In terms of maximum drawdown, HICSX dropped -23.68% vs PCF's -53.82%.

Which has better risk-adjusted returns?

HICSX currently has the higher Sharpe Ratio (2.69 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.