PCF vs. PBXIX
PCF (High Income Securities Fund) and PBXIX (Rational/Pier 88 Convertible Securities Fund) are both Convertible Bonds funds. Over the past 5 years, PCF returned -0.46%/yr vs 3.30%/yr for PBXIX. At a 0.39 correlation, their price movements are largely independent.
Performance
PCF vs. PBXIX - Performance Comparison
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Returns By Period
In the year-to-date period, PCF achieves a -7.07% return, which is significantly lower than PBXIX's 10.58% 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%
PBXIX
- 1D
- -0.17%
- 1M
- 1.50%
- 6M
- 8.79%
- YTD
- 10.58%
- 1Y
- 11.73%
- 3Y*
- 8.66%
- 5Y*
- 3.30%
- 10Y*
- —
PCF vs. PBXIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
PCF High Income Securities Fund | -7.07% | 5.31% | 16.66% | 10.45% | -15.56% | 11.44% | 8.13% | 6.42% |
PBXIX Rational/Pier 88 Convertible Securities Fund | 10.58% | 2.12% | 8.23% | 3.28% | -10.82% | 10.23% | 17.09% | 1.70% |
Correlation
The correlation between PCF and PBXIX is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.40 |
Correlation (All Time) Calculated using the full available price history since Dec 6, 2019 | 0.39 |
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Return for Risk
PCF vs. PBXIX — Risk / Return Rank
PCF
PBXIX
PCF vs. PBXIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for High Income Securities Fund (PCF) and Rational/Pier 88 Convertible Securities Fund (PBXIX). 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 | PBXIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.07 | ||
| Sortino ratioReturn per unit of downside risk | -2.89 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 1.28 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | -0.53 | 2.20 | -2.73 |
| Martin ratioReturn relative to average drawdown | -1.21 | 8.44 | -9.64 |
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Drawdowns
PCF vs. PBXIX - Drawdown Comparison
The maximum PCF drawdown since its inception was -53.82%, which is greater than PBXIX's maximum drawdown of -24.03%. Use the drawdown chart below to compare losses from any high point for PCF and PBXIX.
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Drawdown Indicators
| PCF | PBXIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.82% | -24.03% | -29.79% |
Max Drawdown (1Y)Largest decline over 1 year | -10.73% | -5.16% | -5.57% |
Max Drawdown (3Y)Largest decline over 3 years | -13.74% | -10.71% | -3.03% |
Max Drawdown (5Y)Largest decline over 5 years | -29.06% | -15.57% | -13.49% |
Max Drawdown (10Y)Largest decline over 10 years | -45.13% | — | — |
Current DrawdownCurrent decline from peak | -8.94% | -0.26% | -8.68% |
Average DrawdownAverage peak-to-trough decline | -10.49% | -5.43% | -5.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.68% | 1.35% | +3.33% |
Volatility
PCF vs. PBXIX - Volatility Comparison
High Income Securities Fund (PCF) has a higher volatility of 4.46% compared to Rational/Pier 88 Convertible Securities Fund (PBXIX) at 2.13%. This indicates that PCF's price experiences larger fluctuations and is considered to be riskier than PBXIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PCF | PBXIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.46% | 2.13% | +2.33% |
Volatility (6M)Calculated over the trailing 6-month period | 10.25% | 5.37% | +4.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.66% | 7.18% | +4.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.08% | 8.65% | +7.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.54% | 11.45% | +6.09% |
Dividends
PCF vs. PBXIX - Dividend Comparison
PCF's dividend yield for the trailing twelve months is around 13.08%, more than PBXIX's 4.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PBXIX Rational/Pier 88 Convertible Securities Fund | 4.95% | 3.48% | 2.14% | 2.22% | 2.25% | 7.56% | 1.77% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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
PCF and PBXIX have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PCF has higher volatility (4.46%) compared to PBXIX (2.13%). In terms of maximum drawdown, PCF dropped -53.82% vs PBXIX's -24.03%.
PBXIX currently has the higher Sharpe Ratio (1.58 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.
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