PCM vs. BLW
PCM (PCM Fund Inc.) is Mortgage Backed Securities fund actively managed by PIMCO, while BLW (BlackRock Limited Duration Income Trust) is a stock. Over the past 10 years, PCM returned 5.30%/yr vs 6.43%/yr for BLW. At a 0.22 correlation, their price movements are largely independent.
Performance
PCM vs. BLW - Performance Comparison
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Returns By Period
In the year-to-date period, PCM achieves a -2.68% return, which is significantly higher than BLW's -5.79% return. Over the past 10 years, PCM has underperformed BLW with an annualized return of 5.30%, while BLW has yielded a comparatively higher 6.43% annualized return.
PCM
- 1D
- -0.35%
- 1M
- -2.02%
- YTD
- -2.68%
- 6M
- -2.78%
- 1Y
- 2.32%
- 3Y*
- -4.26%
- 5Y*
- -3.71%
- 10Y*
- 5.30%
BLW
- 1D
- -0.72%
- 1M
- -1.94%
- YTD
- -5.79%
- 6M
- -5.77%
- 1Y
- -2.44%
- 3Y*
- 8.66%
- 5Y*
- 2.77%
- 10Y*
- 6.43%
PCM vs. BLW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PCM PCM Fund Inc. | -2.68% | -10.10% | 8.81% | 12.44% | -18.96% | 8.57% | 3.05% | 23.05% | -4.47% | 26.46% |
BLW BlackRock Limited Duration Income Trust | -5.79% | 7.17% | 11.06% | 17.29% | -15.92% | 13.52% | 5.36% | 31.08% | -10.22% | 11.53% |
Correlation
The correlation between PCM and BLW is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.22 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.23 |
Correlation (All Time) Calculated using the full available price history since Jul 30, 2003 | 0.22 |
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Return for Risk
PCM vs. BLW — Risk / Return Rank
PCM
BLW
PCM vs. BLW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PCM Fund Inc. (PCM) and BlackRock Limited Duration Income Trust (BLW). 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.
| PCM | BLW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.51 | ||
| Sortino ratioReturn per unit of downside risk | +0.71 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 0.95 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 0.18 | -0.22 | +0.40 |
| Martin ratioReturn relative to average drawdown | 0.39 | -0.71 | +1.10 |
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
| PCM | BLW | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.20 | -0.31 | +0.51 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.18 | 0.23 | -0.41 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.23 | 0.44 | -0.21 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.25 | 0.40 | -0.15 |
Drawdowns
PCM vs. BLW - Drawdown Comparison
The maximum PCM drawdown since its inception was -64.88%, which is greater than BLW's maximum drawdown of -44.13%. Use the drawdown chart below to compare losses from any high point for PCM and BLW.
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Drawdown Indicators
| PCM | BLW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.88% | -44.13% | -20.75% |
Max Drawdown (1Y)Largest decline over 1 year | -12.81% | -11.19% | -1.62% |
Max Drawdown (3Y)Largest decline over 3 years | -29.62% | -11.19% | -18.43% |
Max Drawdown (5Y)Largest decline over 5 years | -29.62% | -26.30% | -3.32% |
Max Drawdown (10Y)Largest decline over 10 years | -47.69% | -41.85% | -5.84% |
Current DrawdownCurrent decline from peak | -21.62% | -7.80% | -13.82% |
Average DrawdownAverage peak-to-trough decline | -9.72% | -6.04% | -3.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.96% | 3.43% | +2.53% |
Volatility
PCM vs. BLW - Volatility Comparison
PCM Fund Inc. (PCM) has a higher volatility of 3.38% compared to BlackRock Limited Duration Income Trust (BLW) at 2.34%. This indicates that PCM's price experiences larger fluctuations and is considered to be riskier than BLW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PCM | BLW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.38% | 2.34% | +1.04% |
Volatility (6M)Calculated over the trailing 6-month period | 7.79% | 6.92% | +0.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.46% | 7.93% | +3.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.34% | 12.32% | +8.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.72% | 14.59% | +8.13% |
Dividends
PCM vs. BLW - Dividend Comparison
PCM's dividend yield for the trailing twelve months is around 13.62%, more than BLW's 10.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BLW BlackRock Limited Duration Income Trust | 10.95% | 9.89% | 9.39% | 8.63% | 8.26% | 6.99% | 7.39% | 6.27% | 7.14% | 6.24% | 9.68% | 8.26% |
PCM PCM Fund Inc. | 13.62% | 12.56% | 12.47% | 12.06% | 12.20% | 8.96% | 8.95% | 8.38% | 9.46% | 8.47% | 14.60% | 10.39% |
Frequently Asked Questions
PCM and BLW have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PCM has higher volatility (3.38%) compared to BLW (2.34%). In terms of maximum drawdown, PCM dropped -64.88% vs BLW's -44.13%.
PCM currently has the higher Sharpe Ratio (0.20 vs -0.31), 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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