PCF vs. NCV
PCF (High Income Securities Fund) and NCV (Virtus Convertible and Income Fund) are both Convertible Bonds funds. Over the past 10 years, PCF returned 5.49%/yr vs 6.96%/yr for NCV. Their 0.35 correlation means their historical movements had little consistent relationship.
Performance
PCF vs. NCV - 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 NCV's 17.13% return. Over the past 10 years, PCF has underperformed NCV with an annualized return of 5.49%, while NCV has yielded a comparatively higher 6.96% 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%
NCV
- 1D
- -0.30%
- 1M
- -2.87%
- 6M
- 10.02%
- YTD
- 17.13%
- 1Y
- 30.67%
- 3Y*
- 18.74%
- 5Y*
- 4.63%
- 10Y*
- 6.96%
- ALL TIME*
- 6.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.13M | $1.62M | $1.40M | |
| $275.34K | $274.09K | $326.49K |
PCF vs. NCV - 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% |
NCV Virtus Convertible and Income Fund | 17.13% | 22.57% | 16.18% | 12.66% | -34.02% | 10.68% | 11.64% | 24.12% | -17.25% | 23.24% |
Correlation
The correlation between PCF and NCV is 0.33, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.33 |
Correlation (3Y) Balances recent behavior with more history. | 0.37 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.40 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.37 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2003 | 0.35 |
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Return for Risk
PCF vs. NCV — Risk / Return Rank
PCF
NCV
PCF vs. NCV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for High Income Securities Fund (PCF) and Virtus Convertible and Income Fund (NCV). 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 | NCV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.38 | ||
| Sortino ratioReturn per unit of downside risk | -3.17 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 1.32 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | -0.60 | 2.59 | -3.19 |
| Martin ratioReturn relative to average drawdown | -1.26 | 9.70 | -10.96 |
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Drawdowns
PCF vs. NCV - Drawdown Comparison
The maximum PCF drawdown since its inception was -53.82%, smaller than the maximum NCV drawdown of -78.94%. Use the drawdown chart below to compare losses from any high point for PCF and NCV.
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Drawdown Indicators
| PCF | NCV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.82% | -78.94% | +25.12% |
Max Drawdown (1Y)Largest decline over 1 year | -10.73% | -11.38% | +0.65% |
Max Drawdown (3Y)Largest decline over 3 years | -13.74% | -17.80% | +4.06% |
Max Drawdown (5Y)Largest decline over 5 years | -29.06% | -44.60% | +15.54% |
Max Drawdown (10Y)Largest decline over 10 years | -45.13% | -56.18% | +11.05% |
Current DrawdownCurrent decline from peak | -9.67% | -4.03% | -5.64% |
Average DrawdownAverage peak-to-trough decline | -10.48% | -13.81% | +3.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.08% | 3.04% | +2.04% |
Volatility
PCF vs. NCV - Volatility Comparison
The current volatility for High Income Securities Fund (PCF) is 3.77%, while Virtus Convertible and Income Fund (NCV) has a volatility of 5.96%. This indicates that PCF experiences smaller price fluctuations and is considered to be less risky than NCV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PCF | NCV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.77% | 5.96% | -2.19% |
Volatility (6M)Calculated over the trailing 6-month period | 10.55% | 13.62% | -3.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.94% | 16.05% | -4.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.05% | 20.65% | -4.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.54% | 24.86% | -7.32% |
Dividends
PCF vs. NCV - Dividend Comparison
PCF's dividend yield for the trailing twelve months is around 13.30%, more than NCV's 9.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NCV Virtus Convertible and Income Fund | 9.74% | 10.77% | 11.76% | 12.86% | 15.00% | 8.75% | 9.41% | 11.61% | 15.03% | 11.10% | 12.23% | 17.69% |
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 NCV have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NCV has higher volatility (5.96%) compared to PCF (3.77%). In terms of maximum drawdown, PCF dropped -53.82% vs NCV's -78.94%.
NCV currently has the higher Sharpe Ratio (1.84 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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