PCF vs. HICSX

Last updated Jul 14, 2026

PCF (High Income Securities Fund) and HICSX (Harbor Convertible Securities Fund) are both Convertible Bonds funds. Over the past 10 years, PCF returned 5.57%/yr vs 9.85%/yr for HICSX. At a 0.38 correlation, their price movements are largely independent.

Performance

PCF vs. HICSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in High Income Securities Fund (PCF) and Harbor Convertible Securities Fund (HICSX). 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 HICSX's 18.04% return. Over the past 10 years, PCF has underperformed HICSX with an annualized return of 5.57%, while HICSX has yielded a comparatively higher 9.85% annualized return.

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

• 1D: -0.70%
• 1M: -1.40%
• 6M: 13.04%
• YTD: 18.04%
• 1Y: 30.88%
• 3Y*: 18.34%
• 5Y*: 7.86%
• 10Y*: 9.85%

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

PCF vs. HICSX - 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%
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%

Correlation

The correlation between PCF and HICSX 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

Return for Risk

PCF vs. HICSX — 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

HICSX

HICSX Risk / Return Rank: 80
HICSX Sharpe Ratio Rank: 76
HICSX Sortino Ratio Rank: 68
HICSX Omega Ratio Rank: 68
HICSX Calmar Ratio Rank: 94
HICSX Martin Ratio Rank: 93

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. HICSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for High Income Securities Fund (PCF) and Harbor Convertible Securities Fund (HICSX). 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	HICSX	Difference
Sharpe ratio: Return per unit of total volatility	-0.49	1.97	-2.45
Sortino ratio: Return per unit of downside risk	-0.62	2.60	-3.22
Omega ratio: Gain probability vs. loss probability	0.92	1.34	-0.41
Calmar ratio: Return relative to maximum drawdown	-0.53	4.42	-4.95
Martin ratio: Return relative to average drawdown	-1.21	14.85	-16.06

PCF vs. HICSX - Sharpe Ratio Comparison

The current PCF Sharpe Ratio is -0.49, which is lower than the HICSX Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of PCF and HICSX, 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. HICSX - Drawdown Comparison

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

Drawdown Indicators

	PCF	HICSX	Difference
Max Drawdown Largest peak-to-trough decline	-53.82%	-23.68%	-30.14%
Max Drawdown (1Y) Largest decline over 1 year	-10.73%	-6.92%	-3.81%
Max Drawdown (3Y) Largest decline over 3 years	-13.74%	-11.24%	-2.50%
Max Drawdown (5Y) Largest decline over 5 years	-29.06%	-22.03%	-7.03%
Max Drawdown (10Y) Largest decline over 10 years	-45.13%	-23.68%	-21.45%
Current Drawdown Current decline from peak	-8.94%	-4.75%	-4.19%
Average Drawdown Average peak-to-trough decline	-10.49%	-4.76%	-5.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.68%	2.06%	+2.62%

Volatility

PCF vs. HICSX - Volatility Comparison

The current volatility for High Income Securities Fund (PCF) is 4.46%, while Harbor Convertible Securities Fund (HICSX) has a volatility of 5.21%. This indicates that PCF experiences smaller price fluctuations and is considered to be less risky than HICSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PCF	HICSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.46%	5.21%	-0.75%
Volatility (6M) Calculated over the trailing 6-month period	10.25%	12.64%	-2.39%
Volatility (1Y) Calculated over the trailing 1-year period	11.66%	15.57%	-3.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.08%	11.69%	+4.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.54%	10.99%	+6.55%

Dividends

PCF vs. HICSX - Dividend Comparison

PCF's dividend yield for the trailing twelve months is around 13.08%, more than HICSX's 1.46% 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

Can I hold both PCF and HICSX in my portfolio?

PCF and HICSX 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.

Which is riskier, PCF or HICSX?

HICSX has higher volatility (5.21%) compared to PCF (4.46%). In terms of maximum drawdown, PCF dropped -53.82% vs HICSX's -23.68%.

Which has better risk-adjusted returns?

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.