PBXIX vs. PCF
PBXIX (Rational/Pier 88 Convertible Securities Fund) and PCF (High Income Securities Fund) are both Convertible Bonds funds. Over the past 5 years, PBXIX returned 3.24%/yr vs -0.14%/yr for PCF. At a 0.39 correlation, their price movements are largely independent.
Performance
PBXIX vs. PCF - Performance Comparison
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Returns By Period
In the year-to-date period, PBXIX achieves a 9.51% return, which is significantly higher than PCF's -6.89% return.
PBXIX
- 1D
- -0.34%
- 1M
- 2.54%
- YTD
- 9.51%
- 6M
- 8.82%
- 1Y
- 11.89%
- 3Y*
- 8.83%
- 5Y*
- 3.24%
- 10Y*
- —
PCF
- 1D
- -0.92%
- 1M
- -2.22%
- YTD
- -6.89%
- 6M
- -6.13%
- 1Y
- -4.59%
- 3Y*
- 7.46%
- 5Y*
- -0.14%
- 10Y*
- 6.02%
PBXIX vs. PCF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
PBXIX Rational/Pier 88 Convertible Securities Fund | 9.51% | 2.12% | 8.23% | 3.28% | -10.82% | 10.23% | 17.09% | 1.70% |
PCF High Income Securities Fund | -6.89% | 5.31% | 16.66% | 10.45% | -15.56% | 11.44% | 8.13% | 6.42% |
Correlation
The correlation between PBXIX 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 | 0.37 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.41 |
Correlation (All Time) Calculated using the full available price history since Dec 6, 2019 | 0.39 |
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Return for Risk
PBXIX vs. PCF — Risk / Return Rank
PBXIX
PCF
PBXIX vs. PCF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Rational/Pier 88 Convertible Securities Fund (PBXIX) 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.
| PBXIX | PCF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.23 | ||
| Sortino ratioReturn per unit of downside risk | +3.12 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 0.94 | +0.39 |
| Calmar ratioReturn relative to maximum drawdown | 2.55 | -0.43 | +2.98 |
| Martin ratioReturn relative to average drawdown | 9.76 | -1.05 | +10.81 |
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Drawdowns
PBXIX vs. PCF - Drawdown Comparison
The maximum PBXIX drawdown since its inception was -24.03%, smaller than the maximum PCF drawdown of -53.82%. Use the drawdown chart below to compare losses from any high point for PBXIX and PCF.
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Drawdown Indicators
| PBXIX | PCF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.03% | -53.82% | +29.79% |
Max Drawdown (1Y)Largest decline over 1 year | -5.16% | -10.73% | +5.57% |
Max Drawdown (3Y)Largest decline over 3 years | -10.71% | -13.74% | +3.03% |
Max Drawdown (5Y)Largest decline over 5 years | -15.57% | -29.06% | +13.49% |
Max Drawdown (10Y)Largest decline over 10 years | — | -45.13% | — |
Current DrawdownCurrent decline from peak | -0.68% | -8.77% | +8.09% |
Average DrawdownAverage peak-to-trough decline | -5.47% | -10.49% | +5.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.35% | 4.38% | -3.03% |
Volatility
PBXIX vs. PCF - Volatility Comparison
The current volatility for Rational/Pier 88 Convertible Securities Fund (PBXIX) is 2.59%, while High Income Securities Fund (PCF) has a volatility of 4.28%. This indicates that PBXIX experiences smaller price fluctuations and is considered to be less risky 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
| PBXIX | PCF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.59% | 4.28% | -1.69% |
Volatility (6M)Calculated over the trailing 6-month period | 5.46% | 9.60% | -4.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.26% | 11.11% | -3.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.65% | 16.03% | -7.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.48% | 17.52% | -6.04% |
Dividends
PBXIX vs. PCF - Dividend Comparison
PBXIX's dividend yield for the trailing twelve months is around 5.36%, less than PCF's 13.06% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PBXIX Rational/Pier 88 Convertible Securities Fund | 5.36% | 3.48% | 2.14% | 2.22% | 2.25% | 7.56% | 1.77% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PCF High Income Securities Fund | 13.06% | 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
PBXIX 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.
PCF has higher volatility (4.28%) compared to PBXIX (2.59%). In terms of maximum drawdown, PBXIX dropped -24.03% vs PCF's -53.82%.
PBXIX currently has the higher Sharpe Ratio (1.82 vs -0.41), 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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