PCF vs. PSP

Last updated Jun 3, 2026

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 Investments, 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 6.29%/yr vs 8.05%/yr for PSP. At a 0.38 correlation, their price movements are largely independent.

Performance

PCF vs. PSP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in High Income Securities Fund (PCF) and Invesco Global Listed Private Equity ETF (PSP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PCF achieves a -3.24% return, which is significantly higher than PSP's -9.18% return. Over the past 10 years, PCF has underperformed PSP with an annualized return of 6.29%, while PSP has yielded a comparatively higher 8.05% annualized return.

PCF

• 1D: 0.53%
• 1M: -0.20%
• YTD: -3.24%
• 6M: -3.39%
• 1Y: 0.09%
• 3Y*: 9.26%
• 5Y*: 0.59%
• 10Y*: 6.29%

PSP

• 1D: 0.09%
• 1M: -0.56%
• YTD: -9.18%
• 6M: -4.61%
• 1Y: -3.17%
• 3Y*: 11.99%
• 5Y*: 0.99%
• 10Y*: 8.05%

*Multi-year figures are annualized to reflect compound growth (CAGR)

PCF vs. PSP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PCF High Income Securities Fund	-3.24%	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	-9.18%	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 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (10Y) Calculated over the trailing 10-year period	0.38
Correlation (All Time) Calculated using the full available price history since Oct 25, 2006	0.38

Return for Risk

PCF vs. PSP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PCF

PCF Risk / Return Rank: 3
PCF Sharpe Ratio Rank: 3
PCF Sortino Ratio Rank: 3
PCF Omega Ratio Rank: 3
PCF Calmar Ratio Rank: 3
PCF Martin Ratio Rank: 3

PSP

PSP Risk / Return Rank: 7
PSP Sharpe Ratio Rank: 7
PSP Sortino Ratio Rank: 7
PSP Omega Ratio Rank: 7
PSP Calmar Ratio Rank: 7
PSP Martin Ratio Rank: 7

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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.

	PCF	PSP	Difference
Sharpe ratio Return per unit of total volatility	0.01	-0.16	+0.17
Sortino ratio Return per unit of downside risk	0.09	-0.10	+0.18
Omega ratio Gain probability vs. loss probability	1.01	0.99	+0.02
Calmar ratio Return relative to maximum drawdown	0.05	-0.14	+0.20
Martin ratio Return relative to average drawdown	0.14	-0.33	+0.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PCF vs. PSP - Sharpe Ratio Comparison

The current PCF Sharpe Ratio is 0.01, which is higher than the PSP Sharpe Ratio of -0.16. The chart below compares the historical Sharpe Ratios of PCF and PSP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PCF	PSP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.01	-0.16	+0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.04	0.04	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.36	0.36	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.24	0.09	+0.15

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.

Drawdown Indicators

	PCF	PSP	Difference
Max Drawdown Largest peak-to-trough decline	-53.82%	-85.40%	+31.58%
Max Drawdown (1Y) Largest decline over 1 year	-10.73%	-22.37%	+11.64%
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 Drawdown Current decline from peak	-5.19%	-13.62%	+8.43%
Average Drawdown Average peak-to-trough decline	-10.50%	-30.70%	+20.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.06%	9.61%	-5.55%

Volatility

PCF vs. PSP - Volatility Comparison

The current volatility for High Income Securities Fund (PCF) is 2.75%, while Invesco Global Listed Private Equity ETF (PSP) has a volatility of 4.90%. 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.

Volatility by Period

	PCF	PSP	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.75%	4.90%	-2.15%
Volatility (6M) Calculated over the trailing 6-month period	8.99%	15.50%	-6.51%
Volatility (1Y) Calculated over the trailing 1-year period	10.48%	19.34%	-8.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.96%	23.70%	-7.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.49%	22.40%	-4.91%

Dividends

PCF vs. PSP - Dividend Comparison

PCF's dividend yield for the trailing twelve months is around 12.46%, more than PSP's 6.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PCF High Income Securities Fund	12.46%	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	6.36%	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

Can I hold both PCF and PSP in my portfolio?

PCF and PSP have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PCF or PSP?

PSP has higher volatility (4.90%) compared to PCF (2.75%). In terms of maximum drawdown, PCF dropped -53.82% vs PSP's -85.40%.

Which has better risk-adjusted returns?

PCF currently has the higher Sharpe Ratio (0.01 vs -0.16), 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.