PCF vs. NCZ
PCF (High Income Securities Fund) and NCZ (Virtus Convertible and Income Fund II) are both Convertible Bonds funds. Over the past 10 years, PCF returned 5.49%/yr vs 8.08%/yr for NCZ. Their 0.34 correlation means their historical movements had little consistent relationship.
Performance
PCF vs. NCZ - 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 NCZ's 18.68% return. Over the past 10 years, PCF has underperformed NCZ with an annualized return of 5.49%, while NCZ has yielded a comparatively higher 8.08% 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%
NCZ
- 1D
- 1.31%
- 1M
- -0.78%
- 6M
- 12.08%
- YTD
- 18.68%
- 1Y
- 31.06%
- 3Y*
- 20.00%
- 5Y*
- 5.43%
- 10Y*
- 8.08%
- ALL TIME*
- 6.05%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $719.42K | $1.21M | $1.17M | |
| $275.34K | $274.09K | $326.49K |
PCF vs. NCZ - 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% |
NCZ Virtus Convertible and Income Fund II | 18.68% | 23.23% | 18.40% | 17.75% | -35.93% | 9.24% | 11.04% | 27.19% | -18.66% | 24.89% |
Correlation
The correlation between PCF and NCZ is 0.35, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.35 |
Correlation (3Y) Balances recent behavior with more history. | 0.38 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.41 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.37 |
Correlation (All Time) Calculated using the full available price history since Jul 29, 2003 | 0.34 |
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Return for Risk
PCF vs. NCZ — Risk / Return Rank
PCF
NCZ
PCF vs. NCZ - 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 II (NCZ). 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 | NCZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.26 | ||
| Sortino ratioReturn per unit of downside risk | -3.05 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 1.29 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.60 | 2.51 | -3.11 |
| Martin ratioReturn relative to average drawdown | -1.26 | 10.42 | -11.68 |
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Drawdowns
PCF vs. NCZ - Drawdown Comparison
The maximum PCF drawdown since its inception was -53.82%, smaller than the maximum NCZ drawdown of -79.48%. Use the drawdown chart below to compare losses from any high point for PCF and NCZ.
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Drawdown Indicators
| PCF | NCZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.82% | -79.48% | +25.66% |
Max Drawdown (1Y)Largest decline over 1 year | -10.73% | -11.94% | +1.21% |
Max Drawdown (3Y)Largest decline over 3 years | -13.74% | -19.54% | +5.80% |
Max Drawdown (5Y)Largest decline over 5 years | -29.06% | -43.93% | +14.87% |
Max Drawdown (10Y)Largest decline over 10 years | -45.13% | -56.08% | +10.95% |
Current DrawdownCurrent decline from peak | -9.67% | -2.15% | -7.52% |
Average DrawdownAverage peak-to-trough decline | -10.48% | -14.26% | +3.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.08% | 2.87% | +2.21% |
Volatility
PCF vs. NCZ - Volatility Comparison
The current volatility for High Income Securities Fund (PCF) is 3.77%, while Virtus Convertible and Income Fund II (NCZ) has a volatility of 6.34%. This indicates that PCF experiences smaller price fluctuations and is considered to be less risky than NCZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PCF | NCZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.77% | 6.34% | -2.57% |
Volatility (6M)Calculated over the trailing 6-month period | 10.55% | 14.21% | -3.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.94% | 17.45% | -5.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.05% | 21.47% | -5.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.54% | 24.32% | -6.78% |
Dividends
PCF vs. NCZ - Dividend Comparison
PCF's dividend yield for the trailing twelve months is around 13.30%, more than NCZ's 9.31% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NCZ Virtus Convertible and Income Fund II | 9.31% | 10.45% | 11.50% | 12.84% | 15.62% | 8.82% | 9.28% | 11.28% | 15.33% | 13.80% | 12.08% | 18.02% |
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 NCZ 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.
NCZ has higher volatility (6.34%) compared to PCF (3.77%). In terms of maximum drawdown, PCF dropped -53.82% vs NCZ's -79.48%.
NCZ currently has the higher Sharpe Ratio (1.72 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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