PCF vs. POGAX
PCF (High Income Securities Fund) and POGAX (Putnam Growth Opportunities Fund) are both mutual funds - PCF is a Convertible Bonds fund actively managed by Putnam, while POGAX is a Large Cap Growth Equities fund managed by Putnam. Over the past 10 years, PCF returned 5.49%/yr vs 16.94%/yr for POGAX. Their 0.26 correlation means their historical movements had little consistent relationship.
Performance
PCF vs. POGAX - 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 POGAX's -0.65% return. Over the past 10 years, PCF has underperformed POGAX with an annualized return of 5.49%, while POGAX has yielded a comparatively higher 16.94% 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%
POGAX
- 1D
- 2.87%
- 1M
- -3.98%
- 6M
- 0.47%
- YTD
- -0.65%
- 1Y
- 7.08%
- 3Y*
- 17.64%
- 5Y*
- 10.12%
- 10Y*
- 16.94%
- ALL TIME*
- 9.57%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $275.34K | $274.09K | $326.49K | |
| $0.00 | $0.00 | $0.00 |
PCF vs. POGAX - 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% |
POGAX Putnam Growth Opportunities Fund | -0.65% | 14.28% | 33.22% | 44.22% | -30.43% | 22.64% | 38.44% | 36.44% | 2.29% | 30.97% |
Correlation
The correlation between PCF and POGAX is 0.47, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.47 |
Correlation (3Y) Balances recent behavior with more history. | 0.36 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.39 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.35 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 1996 | 0.26 |
Over the past year, PCF and POGAX have become more correlated (0.47) than their long-term average of 0.26, meaning their price movements have been converging.
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Return for Risk
PCF vs. POGAX — Risk / Return Rank
PCF
POGAX
PCF vs. POGAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for High Income Securities Fund (PCF) and Putnam Growth Opportunities Fund (POGAX). 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 | POGAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.82 | ||
| Sortino ratioReturn per unit of downside risk | -1.21 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 1.06 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | -0.60 | 0.31 | -0.91 |
| Martin ratioReturn relative to average drawdown | -1.26 | 0.93 | -2.19 |
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Drawdowns
PCF vs. POGAX - Drawdown Comparison
The maximum PCF drawdown since its inception was -53.82%, smaller than the maximum POGAX drawdown of -76.55%. Use the drawdown chart below to compare losses from any high point for PCF and POGAX.
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Drawdown Indicators
| PCF | POGAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.82% | -76.55% | +22.73% |
Max Drawdown (1Y)Largest decline over 1 year | -10.73% | -16.42% | +5.69% |
Max Drawdown (3Y)Largest decline over 3 years | -13.74% | -23.66% | +9.92% |
Max Drawdown (5Y)Largest decline over 5 years | -29.06% | -34.15% | +5.09% |
Max Drawdown (10Y)Largest decline over 10 years | -45.13% | -34.15% | -10.98% |
Current DrawdownCurrent decline from peak | -9.67% | -9.41% | -0.26% |
Average DrawdownAverage peak-to-trough decline | -10.48% | -28.91% | +18.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.08% | 5.47% | -0.39% |
Volatility
PCF vs. POGAX - Volatility Comparison
The current volatility for High Income Securities Fund (PCF) is 3.77%, while Putnam Growth Opportunities Fund (POGAX) has a volatility of 6.34%. This indicates that PCF experiences smaller price fluctuations and is considered to be less risky than POGAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PCF | POGAX | 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% | 14.44% | -3.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.94% | 18.03% | -6.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.05% | 21.97% | -5.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.54% | 21.32% | -3.78% |
Dividends
PCF vs. POGAX - Dividend Comparison
PCF's dividend yield for the trailing twelve months is around 13.30%, more than POGAX's 5.72% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
POGAX Putnam Growth Opportunities Fund | 5.72% | 5.68% | 4.58% | 0.49% | 7.80% | 9.08% | 3.29% | 3.83% | 7.98% | 1.89% | 0.01% | 5.70% |
Frequently Asked Questions
PCF and POGAX have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
POGAX has higher volatility (6.34%) compared to PCF (3.77%). In terms of maximum drawdown, PCF dropped -53.82% vs POGAX's -76.55%.
POGAX currently has the higher Sharpe Ratio (0.28 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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