HICSX vs. PCF
HICSX (Harbor Convertible Securities Fund) and PCF (High Income Securities Fund) are both Convertible Bonds funds. Over the past 10 years, HICSX returned 9.85%/yr vs 5.57%/yr for PCF. At a 0.38 correlation, their price movements are largely independent.
Performance
HICSX vs. PCF - Performance Comparison
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Returns By Period
In the year-to-date period, HICSX achieves a 18.04% return, which is significantly higher than PCF's -7.07% return. Over the past 10 years, HICSX has outperformed PCF with an annualized return of 9.85%, while PCF has yielded a comparatively lower 5.57% annualized return.
HICSX
- 1D
- -0.70%
- 1M
- -1.40%
- 6M
- 13.04%
- YTD
- 18.04%
- 1Y
- 30.88%
- 3Y*
- 18.34%
- 5Y*
- 7.86%
- 10Y*
- 9.85%
PCF
- 1D
- -1.47%
- 1M
- -2.58%
- 6M
- -6.92%
- YTD
- -7.07%
- 1Y
- -5.65%
- 3Y*
- 5.79%
- 5Y*
- -0.46%
- 10Y*
- 5.57%
HICSX vs. PCF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HICSX Harbor Convertible Securities Fund | 18.04% | 19.99% | 12.36% | 10.37% | -15.55% | 2.07% | 31.41% | 17.89% | -0.65% | 7.93% |
PCF High Income Securities Fund | -7.07% | 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 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.37 |
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 |
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Return for Risk
HICSX vs. PCF — Risk / Return Rank
HICSX
PCF
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 ratioReturn per unit of total volatility | +2.45 | ||
| Sortino ratioReturn per unit of downside risk | +3.22 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 0.92 | +0.41 |
| Calmar ratioReturn relative to maximum drawdown | 4.42 | -0.53 | +4.95 |
| Martin ratioReturn relative to average drawdown | 14.85 | -1.21 | +16.06 |
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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.
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Drawdown Indicators
| HICSX | PCF | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -4.75% | -8.94% | +4.19% |
Average DrawdownAverage peak-to-trough decline | -4.76% | -10.49% | +5.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.06% | 4.68% | -2.62% |
Volatility
HICSX vs. PCF - Volatility Comparison
Harbor Convertible Securities Fund (HICSX) has a higher volatility of 5.21% compared to High Income Securities Fund (PCF) at 4.46%. 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.
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Volatility by Period
| HICSX | PCF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.21% | 4.46% | +0.75% |
Volatility (6M)Calculated over the trailing 6-month period | 12.64% | 10.25% | +2.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.57% | 11.66% | +3.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.69% | 16.08% | -4.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.99% | 17.54% | -6.55% |
Dividends
HICSX vs. PCF - Dividend Comparison
HICSX's dividend yield for the trailing twelve months is around 1.46%, less than PCF's 13.08% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HICSX Harbor Convertible Securities Fund | 1.46% | 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 | 13.08% | 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
HICSX and PCF have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HICSX has higher volatility (5.21%) compared to PCF (4.46%). In terms of maximum drawdown, HICSX dropped -23.68% vs PCF's -53.82%.
HICSX currently has the higher Sharpe Ratio (1.97 vs -0.49), 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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