PCF vs. RSP
PCF (High Income Securities Fund) and RSP (Invesco S&P 500 Equal Weight ETF) are both funds - PCF is a Convertible Bonds fund actively managed by Putnam, while RSP is a S&P 500 fund tracking the S&P 500 Equal Weight Index. PCF is actively managed, while RSP is passively managed. Over the past 10 years, PCF returned 5.49%/yr vs 11.94%/yr for RSP. Their 0.35 correlation means their historical movements had little consistent relationship.
Performance
PCF vs. RSP - 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 RSP's 13.16% return. Over the past 10 years, PCF has underperformed RSP with an annualized return of 5.49%, while RSP has yielded a comparatively higher 11.94% 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%
RSP
- 1D
- -0.17%
- 1M
- 0.05%
- 6M
- 9.43%
- YTD
- 13.16%
- 1Y
- 20.39%
- 3Y*
- 13.55%
- 5Y*
- 8.88%
- 10Y*
- 11.94%
- ALL TIME*
- 11.30%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $275.34K | $274.09K | $326.49K | |
| $1.86B | $1.85B | $2.06B |
PCF vs. RSP - 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% |
RSP Invesco S&P 500 Equal Weight ETF | 13.16% | 11.21% | 12.79% | 13.70% | -11.62% | 29.41% | 12.66% | 28.91% | -7.84% | 18.52% |
Correlation
The correlation between PCF and RSP is 0.36, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.36 |
Correlation (3Y) Balances recent behavior with more history. | 0.37 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.41 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.38 |
Correlation (All Time) Calculated using the full available price history since Apr 30, 2003 | 0.35 |
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Return for Risk
PCF vs. RSP — Risk / Return Rank
PCF
RSP
PCF vs. RSP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for High Income Securities Fund (PCF) and Invesco S&P 500 Equal Weight ETF (RSP). 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 | RSP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.17 | ||
| Sortino ratioReturn per unit of downside risk | -3.07 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 1.29 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.60 | 2.43 | -3.03 |
| Martin ratioReturn relative to average drawdown | -1.26 | 9.43 | -10.69 |
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Drawdowns
PCF vs. RSP - Drawdown Comparison
The maximum PCF drawdown since its inception was -53.82%, smaller than the maximum RSP drawdown of -59.92%. Use the drawdown chart below to compare losses from any high point for PCF and RSP.
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Drawdown Indicators
| PCF | RSP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.82% | -59.92% | +6.10% |
Max Drawdown (1Y)Largest decline over 1 year | -10.73% | -7.85% | -2.88% |
Max Drawdown (3Y)Largest decline over 3 years | -13.74% | -17.81% | +4.07% |
Max Drawdown (5Y)Largest decline over 5 years | -29.06% | -21.38% | -7.68% |
Max Drawdown (10Y)Largest decline over 10 years | -45.13% | -39.04% | -6.09% |
Current DrawdownCurrent decline from peak | -9.67% | -1.23% | -8.44% |
Average DrawdownAverage peak-to-trough decline | -10.48% | -6.61% | -3.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.08% | 2.02% | +3.06% |
Volatility
PCF vs. RSP - Volatility Comparison
High Income Securities Fund (PCF) has a higher volatility of 3.77% compared to Invesco S&P 500 Equal Weight ETF (RSP) at 2.88%. This indicates that PCF's price experiences larger fluctuations and is considered to be riskier than RSP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PCF | RSP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.77% | 2.88% | +0.89% |
Volatility (6M)Calculated over the trailing 6-month period | 10.55% | 8.59% | +1.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.94% | 11.76% | +0.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.05% | 16.16% | -0.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.54% | 18.28% | -0.74% |
Dividends
PCF vs. RSP - Dividend Comparison
PCF's dividend yield for the trailing twelve months is around 13.30%, more than RSP's 1.49% 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% |
RSP Invesco S&P 500 Equal Weight ETF | 1.49% | 1.64% | 1.52% | 1.64% | 1.82% | 1.28% | 1.64% | 1.69% | 2.02% | 1.52% | 1.20% | 1.70% |
Frequently Asked Questions
PCF and RSP have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PCF has higher volatility (3.77%) compared to RSP (2.88%). In terms of maximum drawdown, PCF dropped -53.82% vs RSP's -59.92%.
RSP currently has the higher Sharpe Ratio (1.63 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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