PCF vs. RSP

Last updated Jul 14, 2026

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 Investments, 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 5.57%/yr vs 11.82%/yr for RSP. At a 0.35 correlation, their price movements are largely independent.

Performance

PCF vs. RSP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in High Income Securities Fund (PCF) and Invesco S&P 500 Equal Weight ETF (RSP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PCF achieves a -7.07% return, which is significantly lower than RSP's 12.75% return. Over the past 10 years, PCF has underperformed RSP with an annualized return of 5.57%, while RSP has yielded a comparatively higher 11.82% annualized return.

PCF

• 1D: -1.47%
• 1M: -2.58%
• 6M: -6.92%
• YTD: -7.07%
• 1Y: -5.65%
• 3Y*: 5.79%
• 5Y*: -0.46%
• 10Y*: 5.57%

RSP

• 1D: -0.03%
• 1M: 1.61%
• 6M: 9.20%
• YTD: 12.75%
• 1Y: 18.09%
• 3Y*: 13.96%
• 5Y*: 9.07%
• 10Y*: 11.82%

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

PCF vs. RSP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PCF High Income Securities Fund	-7.07%	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	12.75%	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 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.37
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 Apr 30, 2003	0.35

Return for Risk

PCF vs. RSP — Risk / Return Rank

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

PCF

PCF Risk / Return Rank: 1
PCF Sharpe Ratio Rank: 1
PCF Sortino Ratio Rank: 1
PCF Omega Ratio Rank: 1
PCF Calmar Ratio Rank: 1
PCF Martin Ratio Rank: 1

RSP

RSP Risk / Return Rank: 58
RSP Sharpe Ratio Rank: 57
RSP Sortino Ratio Rank: 60
RSP Omega Ratio Rank: 54
RSP Calmar Ratio Rank: 58
RSP Martin Ratio Rank: 62

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. 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 ratio: Return per unit of total volatility	-0.49	1.54	-2.03
Sortino ratio: Return per unit of downside risk	-0.62	2.24	-2.86
Omega ratio: Gain probability vs. loss probability	0.92	1.27	-0.35
Calmar ratio: Return relative to maximum drawdown	-0.53	2.31	-2.84
Martin ratio: Return relative to average drawdown	-1.21	8.76	-9.97

PCF vs. RSP - Sharpe Ratio Comparison

The current PCF Sharpe Ratio is -0.49, which is lower than the RSP Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of PCF and RSP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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.

Drawdown Indicators

	PCF	RSP	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	-8.94%	-0.36%	-8.58%
Average Drawdown Average peak-to-trough decline	-10.49%	-6.62%	-3.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.68%	2.07%	+2.61%

Volatility

PCF vs. RSP - Volatility Comparison

High Income Securities Fund (PCF) has a higher volatility of 4.46% compared to Invesco S&P 500 Equal Weight ETF (RSP) at 3.42%. 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.

Volatility by Period

	PCF	RSP	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.46%	3.42%	+1.04%
Volatility (6M) Calculated over the trailing 6-month period	10.25%	8.63%	+1.62%
Volatility (1Y) Calculated over the trailing 1-year period	11.66%	11.82%	-0.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.08%	16.19%	-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 13.08%, more than RSP's 1.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PCF High Income Securities Fund	13.08%	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	1.50%	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

Can I hold both PCF and RSP in my portfolio?

PCF and RSP have a correlation of 0.34, 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 RSP?

PCF has higher volatility (4.46%) compared to RSP (3.42%). In terms of maximum drawdown, PCF dropped -53.82% vs RSP's -59.92%.

Which has better risk-adjusted returns?

RSP currently has the higher Sharpe Ratio (1.54 vs -0.49), 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.