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 5.07%/yr vs 6.32%/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 -3.64% return, which is significantly higher than BLW's -5.92% return. Over the past 10 years, PCM has underperformed BLW with an annualized return of 5.07%, while BLW has yielded a comparatively higher 6.32% annualized return.
PCM
- 1D
- 0.73%
- 1M
- -0.99%
- YTD
- -3.64%
- 6M
- -2.29%
- 1Y
- -0.12%
- 3Y*
- -5.76%
- 5Y*
- -4.21%
- 10Y*
- 5.07%
BLW
- 1D
- 0.33%
- 1M
- -0.53%
- YTD
- -5.92%
- 6M
- -6.05%
- 1Y
- -3.21%
- 3Y*
- 8.67%
- 5Y*
- 2.65%
- 10Y*
- 6.32%
PCM vs. BLW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PCM PCM Fund Inc. | -3.64% | -10.10% | 8.81% | 12.44% | -18.96% | 8.57% | 3.05% | 23.05% | -4.47% | 26.46% |
BLW BlackRock Limited Duration Income Trust | -5.92% | 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 | 0.18 |
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 29, 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.
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.
| PCM | BLW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.39 | ||
| Sortino ratioReturn per unit of downside risk | +0.56 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 0.93 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | -0.01 | -0.29 | +0.28 |
| Martin ratioReturn relative to average drawdown | -0.02 | -0.82 | +0.80 |
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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 | -22.39% | -7.92% | -14.47% |
Average DrawdownAverage peak-to-trough decline | -9.73% | -6.04% | -3.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.31% | 3.92% | +2.39% |
Volatility
PCM vs. BLW - Volatility Comparison
PCM Fund Inc. (PCM) and BlackRock Limited Duration Income Trust (BLW) have volatilities of 2.18% and 2.09%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. 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 | 2.18% | 2.09% | +0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 7.95% | 7.06% | +0.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.36% | 8.03% | +3.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.33% | 12.32% | +8.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.71% | 14.60% | +8.11% |
Dividends
PCM vs. BLW - Dividend Comparison
PCM's dividend yield for the trailing twelve months is around 13.91%, more than BLW's 11.07% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BLW BlackRock Limited Duration Income Trust | 11.07% | 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. | 13.91% | 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 (2.18%) compared to BLW (2.09%). In terms of maximum drawdown, PCM dropped -64.88% vs BLW's -44.13%.
PCM currently has the higher Sharpe Ratio (-0.01 vs -0.40), 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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