PCF vs. PPT
PCF (High Income Securities Fund) and PPT (Putnam Premier Income Trust) are both mutual funds — PCF is a Convertible Bonds fund actively managed by Putnam Investments, while PPT is a Multisector Bonds fund actively managed by Putnam Investments. Both are actively managed. Over the past 10 years, PCF returned 6.56%/yr vs 4.97%/yr for PPT. At 0.15, their price movements are largely independent.
Performance
PCF vs. PPT - Performance Comparison
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Returns By Period
In the year-to-date period, PCF achieves a -6.22% return, which is significantly lower than PPT's 1.92% return. Over the past 10 years, PCF has outperformed PPT with an annualized return of 6.56%, while PPT has yielded a comparatively lower 4.97% annualized return.
PCF
- 1D
- 0.36%
- 1M
- 0.88%
- YTD
- -6.22%
- 6M
- -4.87%
- 1Y
- 2.45%
- 3Y*
- 7.61%
- 5Y*
- 2.30%
- 10Y*
- 6.56%
PPT
- 1D
- 0.00%
- 1M
- 1.03%
- YTD
- 1.92%
- 6M
- 0.46%
- 1Y
- 10.26%
- 3Y*
- 9.03%
- 5Y*
- 2.47%
- 10Y*
- 4.97%
PCF vs. PPT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PCF High Income Securities Fund | -6.22% | 5.31% | 16.66% | 10.45% | -15.56% | 11.44% | 8.13% | 4.22% | 5.46% | 14.58% |
PPT Putnam Premier Income Trust | 1.92% | 8.39% | 8.80% | 7.43% | -7.75% | -1.72% | -6.54% | 25.53% | -6.36% | 13.78% |
Correlation
The correlation between PCF and PPT is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.23 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.27 |
Correlation (All Time) Calculated using the full available price history since Feb 22, 1988 | 0.15 |
The correlation between PCF and PPT shifts across timeframes, from 0.15 (all time) to 0.27 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
PCF vs. PPT — Risk / Return Rank
PCF
PPT
PCF vs. PPT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for High Income Securities Fund (PCF) and Putnam Premier Income Trust (PPT). 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.
| PCF | PPT | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.24 | 1.03 | -0.80 |
Sortino ratioReturn per unit of downside risk | 0.41 | 1.61 | -1.20 |
Omega ratioGain probability vs. loss probability | 1.05 | 1.19 | -0.14 |
Calmar ratioReturn relative to maximum drawdown | 0.40 | 1.91 | -1.50 |
Martin ratioReturn relative to average drawdown | 1.27 | 5.37 | -4.10 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PCF | PPT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.24 | 1.03 | -0.80 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.14 | 0.21 | -0.06 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.38 | 0.34 | +0.03 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.23 | 0.16 | +0.07 |
Drawdowns
PCF vs. PPT - Drawdown Comparison
The maximum PCF drawdown since its inception was -53.82%, which is greater than PPT's maximum drawdown of -49.76%. Use the drawdown chart below to compare losses from any high point for PCF and PPT.
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Drawdown Indicators
| PCF | PPT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.82% | -49.76% | -4.06% |
Max Drawdown (1Y)Largest decline over 1 year | -10.73% | -5.05% | -5.68% |
Max Drawdown (5Y)Largest decline over 5 years | -29.06% | -18.92% | -10.14% |
Max Drawdown (10Y)Largest decline over 10 years | -45.13% | -31.79% | -13.34% |
Current DrawdownCurrent decline from peak | -8.11% | -2.57% | -5.54% |
Average DrawdownAverage peak-to-trough decline | -10.51% | -11.27% | +0.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.40% | 1.79% | +1.61% |
Volatility
PCF vs. PPT - Volatility Comparison
High Income Securities Fund (PCF) has a higher volatility of 5.36% compared to Putnam Premier Income Trust (PPT) at 4.40%. This indicates that PCF's price experiences larger fluctuations and is considered to be riskier than PPT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PCF | PPT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.36% | 4.40% | +0.96% |
Volatility (6M)Calculated over the trailing 6-month period | 8.46% | 7.56% | +0.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.00% | 10.35% | +0.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.08% | 12.03% | +4.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.47% | 14.47% | +3.00% |
Dividends
PCF vs. PPT - Dividend Comparison
PCF's dividend yield for the trailing twelve months is around 12.64%, more than PPT's 8.84% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PCF High Income Securities Fund | 12.64% | 11.57% | 11.29% | 11.29% | 13.48% | 10.82% | 11.46% | 3.29% | 6.88% | 3.97% | 4.52% | 5.07% |
PPT Putnam Premier Income Trust | 8.84% | 8.81% | 8.76% | 8.74% | 8.60% | 7.31% | 8.84% | 7.73% | 6.84% | 5.85% | 6.28% | 6.30% |