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PCM vs. TFIF.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PCM vs. TFIF.L

Last updated Jun 4, 2026

PCM (PCM Fund Inc.) and TFIF.L (TwentyFour Income Fund Limited) are both Mortgage Backed Securities funds. Over the past 10 years, PCM returned 5.30%/yr vs -0.67%/yr for TFIF.L. At a 0.12 correlation, their price movements are largely independent.

Performance

PCM vs. TFIF.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PCM Fund Inc. (PCM) and TwentyFour Income Fund Limited (TFIF.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

PCM is traded in USD, while TFIF.L is traded in GBP. To make them comparable, the TFIF.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, PCM achieves a -2.68% return, which is significantly higher than TFIF.L's -3.70% return. Over the past 10 years, PCM has outperformed TFIF.L with an annualized return of 5.30%, while TFIF.L has yielded a comparatively lower -0.67% 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%

TFIF.L

1D
-0.45%
1M
1.55%
YTD
-3.70%
6M
-2.95%
1Y
-1.47%
3Y*
5.28%
5Y*
-0.66%
10Y*
-0.67%
*Multi-year figures are annualized to reflect compound growth (CAGR)

PCM vs. TFIF.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
PCM
PCM Fund Inc.		-2.68%-10.10%8.81%12.44%-18.96%8.57%3.05%23.05%-4.47%26.46%
TFIF.L
TwentyFour Income Fund Limited		-3.70%13.03%1.05%12.21%-23.05%7.34%-1.96%3.38%-11.89%16.61%

Correlation

The correlation between PCM and TFIF.L is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.13

Correlation (3Y)
Calculated over the trailing 3-year period

0.14

Correlation (5Y)
Calculated over the trailing 5-year period

0.16

Correlation (10Y)
Calculated over the trailing 10-year period

0.13

Correlation (All Time)
Calculated using the full available price history since Mar 7, 2013

0.12

Compare stocks, funds, or ETFs

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PCM Fund Inc.

TwentyFour Income Fund Limited

Often compared with PCM:
PCM vs. JLSPCM vs. VWTAXPCM vs. PMJIXPCM vs. PRXAXPCM vs. FMYPCM vs. PIMIXPCM vs. PONAX
Often compared with TFIF.L:
TFIF.L vs. VWTAXTFIF.L vs. AEFTFIF.L vs. JLSTFIF.L vs. FMYTFIF.L vs. PRXAXTFIF.L vs. HFEL.LTFIF.L vs. VUSSX

Return for Risk

PCM vs. TFIF.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PCM
PCM Risk / Return Rank: 44
Overall Rank
PCM Sharpe Ratio Rank: 44
Sharpe Ratio Rank
PCM Sortino Ratio Rank: 44
Sortino Ratio Rank
PCM Omega Ratio Rank: 44
Omega Ratio Rank
PCM Calmar Ratio Rank: 44
Calmar Ratio Rank
PCM Martin Ratio Rank: 33
Martin Ratio Rank
TFIF.L
TFIF.L Risk / Return Rank: 22
Overall Rank
TFIF.L Sharpe Ratio Rank: 22
Sharpe Ratio Rank
TFIF.L Sortino Ratio Rank: 22
Sortino Ratio Rank
TFIF.L Omega Ratio Rank: 22
Omega Ratio Rank
TFIF.L Calmar Ratio Rank: 22
Calmar Ratio Rank
TFIF.L Martin Ratio Rank: 22
Martin Ratio Rank
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.

PCM vs. TFIF.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PCM Fund Inc. (PCM) and TwentyFour Income Fund Limited (TFIF.L). 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.

PCMTFIF.LDifference
Sharpe ratioReturn per unit of total volatility
0.20
-0.12

+0.32

Sortino ratioReturn per unit of downside risk
0.33
-0.07

+0.40

Omega ratioGain probability vs. loss probability

1.05

0.99

+0.06

Calmar ratioReturn relative to maximum drawdown

0.18

-0.13

+0.31

Martin ratioReturn relative to average drawdown

0.39

-0.37

+0.76

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PCM vs. TFIF.L - Sharpe Ratio Comparison

The current PCM Sharpe Ratio is 0.20, which is higher than the TFIF.L Sharpe Ratio of -0.12. The chart below compares the historical Sharpe Ratios of PCM and TFIF.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

PCMTFIF.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.20

-0.12

+0.32

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.18

-0.04

-0.14

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.23

-0.04

+0.27

Sharpe Ratio (All Time)

Calculated using the full available price history

0.25

-0.02

+0.27

Drawdowns

PCM vs. TFIF.L - Drawdown Comparison

The maximum PCM drawdown since its inception was -64.88%, which is greater than TFIF.L's maximum drawdown of -56.54%. Use the drawdown chart below to compare losses from any high point for PCM and TFIF.L.

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Drawdown Indicators

PCMTFIF.LDifference

Max Drawdown

Largest peak-to-trough decline

-64.88%

-56.54%

-8.34%

Max Drawdown (1Y)

Largest decline over 1 year

-12.81%

-11.51%

-1.30%

Max Drawdown (3Y)

Largest decline over 3 years

-29.62%

-11.51%

-18.11%

Max Drawdown (5Y)

Largest decline over 5 years

-29.62%

-34.86%

+5.24%

Max Drawdown (10Y)

Largest decline over 10 years

-47.69%

-47.53%

-0.16%

Current Drawdown

Current decline from peak

-21.62%

-31.03%

+9.41%

Average Drawdown

Average peak-to-trough decline

-9.72%

-27.47%

+17.75%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.96%

3.96%

+2.00%

Volatility

PCM vs. TFIF.L - Volatility Comparison

PCM Fund Inc. (PCM) has a higher volatility of 3.38% compared to TwentyFour Income Fund Limited (TFIF.L) at 2.46%. This indicates that PCM's price experiences larger fluctuations and is considered to be riskier than TFIF.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PCMTFIF.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.38%

2.46%

+0.92%

Volatility (6M)

Calculated over the trailing 6-month period

7.79%

10.89%

-3.10%

Volatility (1Y)

Calculated over the trailing 1-year period

11.46%

12.71%

-1.25%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.34%

14.89%

+5.45%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.72%

16.72%

+6.00%

Dividends

PCM vs. TFIF.L - Dividend Comparison

PCM's dividend yield for the trailing twelve months is around 13.62%, more than TFIF.L's 0.10% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
TFIF.L
TwentyFour Income Fund Limited		0.10%0.10%0.09%0.10%0.07%0.06%0.06%0.06%0.06%0.06%0.06%0.06%

Frequently Asked Questions

PCM and TFIF.L have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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