PCF vs. ACP

Last updated Jul 14, 2026

PCF (High Income Securities Fund) and ACP (abrdn Income Credit Strategies Fund) are both mutual funds - PCF is a Convertible Bonds fund actively managed by Putnam Investments, while ACP is a Multisector Bonds fund actively managed by abrdn. Both are actively managed. Over the past 10 years, PCF returned 5.57%/yr vs 5.75%/yr for ACP. At a 0.30 correlation, their price movements are largely independent.

Performance

PCF vs. ACP - Performance Comparison

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

Returns By Period

In the year-to-date period, PCF achieves a -7.07% return, which is significantly lower than ACP's 4.57% return. Both investments have delivered pretty close results over the past 10 years, with PCF having a 5.57% annualized return and ACP not far ahead at 5.75%.

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%

ACP

• 1D: -0.57%
• 1M: 0.15%
• 6M: 1.02%
• YTD: 4.57%
• 1Y: 3.25%
• 3Y*: 7.96%
• 5Y*: 0.64%
• 10Y*: 5.75%

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

PCF vs. ACP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
ACP abrdn Income Credit Strategies Fund	4.57%	6.48%	4.81%	19.27%	-22.87%	6.65%	7.51%	26.93%	-17.64%	15.60%

Correlation

The correlation between PCF and ACP is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (10Y) Calculated over the trailing 10-year period	0.32
Correlation (All Time) Calculated using the full available price history since Jan 27, 2011	0.30

Return for Risk

PCF vs. ACP — Risk / Return Rank

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

PCF

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

ACP

ACP Risk / Return Rank: 6
ACP Sharpe Ratio Rank: 6
ACP Sortino Ratio Rank: 6
ACP Omega Ratio Rank: 6
ACP Calmar Ratio Rank: 6
ACP Martin Ratio Rank: 6

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.

PCF vs. ACP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for High Income Securities Fund (PCF) and abrdn Income Credit Strategies Fund (ACP). 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.

	PCF	ACP	Difference
Sharpe ratio: Return per unit of total volatility	-0.49	0.28	-0.76
Sortino ratio: Return per unit of downside risk	-0.62	0.47	-1.09
Omega ratio: Gain probability vs. loss probability	0.92	1.06	-0.13
Calmar ratio: Return relative to maximum drawdown	-0.53	0.31	-0.84
Martin ratio: Return relative to average drawdown	-1.21	0.86	-2.07

PCF vs. ACP - Sharpe Ratio Comparison

The current PCF Sharpe Ratio is -0.49, which is lower than the ACP Sharpe Ratio of 0.28. The chart below compares the historical Sharpe Ratios of PCF and ACP, 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

PCF vs. ACP - Drawdown Comparison

The maximum PCF drawdown since its inception was -53.82%, which is greater than ACP's maximum drawdown of -51.03%. Use the drawdown chart below to compare losses from any high point for PCF and ACP.

Drawdown Indicators

	PCF	ACP	Difference
Max Drawdown Largest peak-to-trough decline	-53.82%	-51.03%	-2.79%
Max Drawdown (1Y) Largest decline over 1 year	-10.73%	-10.51%	-0.22%
Max Drawdown (3Y) Largest decline over 3 years	-13.74%	-18.97%	+5.23%
Max Drawdown (5Y) Largest decline over 5 years	-29.06%	-38.83%	+9.77%
Max Drawdown (10Y) Largest decline over 10 years	-45.13%	-51.03%	+5.90%
Current Drawdown Current decline from peak	-8.94%	-6.15%	-2.79%
Average Drawdown Average peak-to-trough decline	-10.49%	-11.08%	+0.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.68%	3.77%	+0.91%

Volatility

PCF vs. ACP - Volatility Comparison

High Income Securities Fund (PCF) has a higher volatility of 4.46% compared to abrdn Income Credit Strategies Fund (ACP) at 3.69%. This indicates that PCF's price experiences larger fluctuations and is considered to be riskier than ACP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PCF	ACP	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.46%	3.69%	+0.77%
Volatility (6M) Calculated over the trailing 6-month period	10.25%	9.70%	+0.55%
Volatility (1Y) Calculated over the trailing 1-year period	11.66%	11.85%	-0.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.08%	16.96%	-0.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.54%	21.07%	-3.53%

Dividends

PCF vs. ACP - Dividend Comparison

PCF's dividend yield for the trailing twelve months is around 13.08%, less than ACP's 17.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ACP abrdn Income Credit Strategies Fund	17.92%	17.19%	19.72%	17.65%	17.70%	11.76%	12.73%	12.27%	12.60%	10.26%	10.72%	12.69%
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

Can I hold both PCF and ACP in my portfolio?

PCF and ACP have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PCF or ACP?

PCF has higher volatility (4.46%) compared to ACP (3.69%). In terms of maximum drawdown, PCF dropped -53.82% vs ACP's -51.03%.

Which has better risk-adjusted returns?

ACP currently has the higher Sharpe Ratio (0.28 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.