PCF vs. CNSDX
PCF (High Income Securities Fund) and CNSDX (Invesco Convertible Securities Fund) are both Convertible Bonds funds. Over the past 10 years, PCF returned 5.49%/yr vs 10.55%/yr for CNSDX. Their 0.29 correlation means their historical movements had little consistent relationship.
Performance
PCF vs. CNSDX - Performance Comparison
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Returns By Period
In the year-to-date period, PCF achieves a -7.81% return, which is significantly lower than CNSDX's 14.61% return. Over the past 10 years, PCF has underperformed CNSDX with an annualized return of 5.49%, while CNSDX has yielded a comparatively higher 10.55% annualized return.
PCF
- 1D
- -0.38%
- 1M
- -4.01%
- 6M
- -7.56%
- YTD
- -7.81%
- 1Y
- -5.80%
- 3Y*
- 5.45%
- 5Y*
- -0.68%
- 10Y*
- 5.49%
- ALL TIME*
- 5.04%
CNSDX
- 1D
- 2.96%
- 1M
- -3.26%
- 6M
- 8.67%
- YTD
- 14.61%
- 1Y
- 23.05%
- 3Y*
- 14.50%
- 5Y*
- 6.35%
- 10Y*
- 10.55%
- ALL TIME*
- 7.89%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $275.34K | $274.09K | $326.49K |
PCF vs. CNSDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PCF High Income Securities Fund | -7.81% | 5.31% | 16.66% | 10.45% | -15.56% | 11.44% | 8.13% | 4.22% | 5.46% | 14.58% |
CNSDX Invesco Convertible Securities Fund | 14.61% | 16.24% | 9.95% | 8.18% | -15.51% | 4.69% | 44.68% | 21.25% | -1.60% | 10.68% |
Correlation
The correlation between PCF and CNSDX is 0.37, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.37 |
Correlation (3Y) Balances recent behavior with more history. | 0.35 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.39 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.36 |
Correlation (All Time) Calculated using the full available price history since Jul 28, 1997 | 0.29 |
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Return for Risk
PCF vs. CNSDX — Risk / Return Rank
PCF
CNSDX
PCF vs. CNSDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for High Income Securities Fund (PCF) and Invesco Convertible Securities Fund (CNSDX). 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 | CNSDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.74 | ||
| Sortino ratioReturn per unit of downside risk | -2.39 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 1.21 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | -0.60 | 2.09 | -2.69 |
| Martin ratioReturn relative to average drawdown | -1.26 | 7.22 | -8.48 |
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Drawdowns
PCF vs. CNSDX - Drawdown Comparison
The maximum PCF drawdown since its inception was -53.82%, which is greater than CNSDX's maximum drawdown of -39.33%. Use the drawdown chart below to compare losses from any high point for PCF and CNSDX.
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Drawdown Indicators
| PCF | CNSDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.82% | -39.33% | -14.49% |
Max Drawdown (1Y)Largest decline over 1 year | -10.73% | -10.27% | -0.46% |
Max Drawdown (3Y)Largest decline over 3 years | -13.74% | -13.32% | -0.42% |
Max Drawdown (5Y)Largest decline over 5 years | -29.06% | -22.73% | -6.33% |
Max Drawdown (10Y)Largest decline over 10 years | -45.13% | -24.19% | -20.94% |
Current DrawdownCurrent decline from peak | -9.67% | -7.61% | -2.06% |
Average DrawdownAverage peak-to-trough decline | -10.48% | -6.89% | -3.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.08% | 2.96% | +2.12% |
Volatility
PCF vs. CNSDX - Volatility Comparison
The current volatility for High Income Securities Fund (PCF) is 3.77%, while Invesco Convertible Securities Fund (CNSDX) has a volatility of 5.91%. This indicates that PCF experiences smaller price fluctuations and is considered to be less risky than CNSDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PCF | CNSDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.77% | 5.91% | -2.14% |
Volatility (6M)Calculated over the trailing 6-month period | 10.55% | 14.49% | -3.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.94% | 17.78% | -5.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.05% | 12.76% | +3.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.54% | 13.07% | +4.47% |
Dividends
PCF vs. CNSDX - Dividend Comparison
PCF's dividend yield for the trailing twelve months is around 13.30%, more than CNSDX's 10.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CNSDX Invesco Convertible Securities Fund | 10.25% | 11.77% | 3.46% | 1.46% | 3.97% | 28.36% | 10.96% | 5.21% | 12.65% | 4.57% | 3.74% | 2.74% |
PCF High Income Securities Fund | 13.30% | 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
PCF and CNSDX 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.
CNSDX has higher volatility (5.91%) compared to PCF (3.77%). In terms of maximum drawdown, PCF dropped -53.82% vs CNSDX's -39.33%.
CNSDX currently has the higher Sharpe Ratio (1.21 vs -0.54), 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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