PCF vs. PSP
PCF (High Income Securities Fund) and PSP (Invesco Global Listed Private Equity ETF) are both funds - PCF is a Convertible Bonds fund actively managed by Putnam, while PSP is a Global Equities fund tracking the Red Rocks Global Listed Private Equity Index. PCF is actively managed, while PSP is passively managed. Over the past 10 years, PCF returned 5.49%/yr vs 8.10%/yr for PSP. Their 0.38 correlation means their historical movements had little consistent relationship.
Performance
PCF vs. PSP - Performance Comparison
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Returns By Period
In the year-to-date period, PCF achieves a -7.81% return, which is significantly higher than PSP's -9.07% return. Over the past 10 years, PCF has underperformed PSP with an annualized return of 5.49%, while PSP has yielded a comparatively higher 8.10% 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%
PSP
- 1D
- -0.43%
- 1M
- 4.54%
- 6M
- -9.78%
- YTD
- -9.07%
- 1Y
- -8.31%
- 3Y*
- 9.22%
- 5Y*
- 0.04%
- 10Y*
- 8.10%
- ALL TIME*
- 2.48%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $275.34K | $274.09K | $326.49K | |
| $1.20M | $1.24M | $2.68M |
PCF vs. PSP - 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% |
PSP Invesco Global Listed Private Equity ETF | -9.07% | 6.49% | 17.42% | 37.72% | -37.37% | 27.30% | 12.47% | 35.73% | -15.12% | 24.13% |
Correlation
The correlation between PCF and PSP is 0.45, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.45 |
Correlation (3Y) Balances recent behavior with more history. | 0.40 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.41 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.39 |
Correlation (All Time) Calculated using the full available price history since Oct 24, 2006 | 0.38 |
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Return for Risk
PCF vs. PSP — Risk / Return Rank
PCF
PSP
PCF vs. PSP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for High Income Securities Fund (PCF) and Invesco Global Listed Private Equity ETF (PSP). 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 | PSP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.07 | ||
| Sortino ratioReturn per unit of downside risk | -0.18 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 0.94 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.60 | -0.43 | -0.17 |
| Martin ratioReturn relative to average drawdown | -1.26 | -0.81 | -0.45 |
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Drawdowns
PCF vs. PSP - Drawdown Comparison
The maximum PCF drawdown since its inception was -53.82%, smaller than the maximum PSP drawdown of -85.40%. Use the drawdown chart below to compare losses from any high point for PCF and PSP.
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Drawdown Indicators
| PCF | PSP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.82% | -85.40% | +31.58% |
Max Drawdown (1Y)Largest decline over 1 year | -10.73% | -22.27% | +11.54% |
Max Drawdown (3Y)Largest decline over 3 years | -13.74% | -22.94% | +9.20% |
Max Drawdown (5Y)Largest decline over 5 years | -29.06% | -47.16% | +18.10% |
Max Drawdown (10Y)Largest decline over 10 years | -45.13% | -47.16% | +2.03% |
Current DrawdownCurrent decline from peak | -9.67% | -13.51% | +3.84% |
Average DrawdownAverage peak-to-trough decline | -10.48% | -30.58% | +20.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.08% | 11.63% | -6.55% |
Volatility
PCF vs. PSP - Volatility Comparison
The current volatility for High Income Securities Fund (PCF) is 3.77%, while Invesco Global Listed Private Equity ETF (PSP) has a volatility of 4.92%. This indicates that PCF experiences smaller price fluctuations and is considered to be less risky than PSP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PCF | PSP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.77% | 4.92% | -1.15% |
Volatility (6M)Calculated over the trailing 6-month period | 10.55% | 16.69% | -6.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.94% | 20.19% | -8.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.05% | 23.88% | -7.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.54% | 22.30% | -4.76% |
Dividends
PCF vs. PSP - Dividend Comparison
PCF's dividend yield for the trailing twelve months is around 13.30%, more than PSP's 5.99% 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% |
PSP Invesco Global Listed Private Equity ETF | 5.99% | 5.87% | 8.62% | 3.96% | 2.88% | 10.34% | 4.66% | 5.87% | 6.81% | 10.18% | 4.12% | 6.23% |
Frequently Asked Questions
PCF and PSP have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PSP has higher volatility (4.92%) compared to PCF (3.77%). In terms of maximum drawdown, PCF dropped -53.82% vs PSP's -85.40%.
PSP currently has the higher Sharpe Ratio (-0.47 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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