PCONX vs. ANNPX
PCONX (Putnam Convertible Securities Fund) and ANNPX (Virtus Convertible Fund) are both Convertible Bonds funds. Over the past 10 years, PCONX returned 10.72%/yr vs 13.45%/yr for ANNPX. Their correlation of 0.91 means they have usually moved in the same direction. PCONX charges 1.03%/yr vs 0.71%/yr for ANNPX.
Performance
PCONX vs. ANNPX - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with PCONX having a 14.11% return and ANNPX slightly lower at 13.57%. Over the past 10 years, PCONX has underperformed ANNPX with an annualized return of 10.72%, while ANNPX has yielded a comparatively higher 13.45% annualized return.
PCONX
- 1D
- 0.03%
- 1M
- -2.63%
- 6M
- 8.81%
- YTD
- 14.11%
- 1Y
- 20.09%
- 3Y*
- 13.52%
- 5Y*
- 5.04%
- 10Y*
- 10.72%
- ALL TIME*
- 7.79%
ANNPX
- 1D
- -0.32%
- 1M
- -2.91%
- 6M
- 8.04%
- YTD
- 13.57%
- 1Y
- 28.67%
- 3Y*
- 16.98%
- 5Y*
- 7.07%
- 10Y*
- 13.45%
- ALL TIME*
- 7.89%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
PCONX vs. ANNPX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PCONX Putnam Convertible Securities Fund | 14.11% | 11.97% | 12.60% | 10.13% | -19.27% | 4.23% | 44.86% | 24.32% | -2.92% | 14.41% |
ANNPX Virtus Convertible Fund | 13.57% | 22.50% | 14.13% | 8.39% | -18.65% | 4.96% | 55.99% | 26.45% | 2.76% | 15.22% |
Correlation
The correlation between PCONX and ANNPX is 0.98 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.98 |
Correlation (3Y) Balances recent behavior with more history. | 0.97 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.97 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.97 |
Correlation (All Time) Calculated using the full available price history since Apr 19, 1993 | 0.91 |
The correlation between PCONX and ANNPX has been stable across timeframes, ranging from 0.91 to 0.98 - a consistent structural relationship.
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Return for Risk
PCONX vs. ANNPX — Risk / Return Rank
PCONX
ANNPX
PCONX vs. ANNPX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Putnam Convertible Securities Fund (PCONX) and Virtus Convertible Fund (ANNPX). 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.
| PCONX | ANNPX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.61 | ||
| Sortino ratioReturn per unit of downside risk | -0.75 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.29 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 1.71 | 3.02 | -1.31 |
| Martin ratioReturn relative to average drawdown | 6.20 | 11.35 | -5.15 |
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Drawdowns
PCONX vs. ANNPX - Drawdown Comparison
The maximum PCONX drawdown since its inception was -47.70%, smaller than the maximum ANNPX drawdown of -55.61%. Use the drawdown chart below to compare losses from any high point for PCONX and ANNPX.
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Drawdown Indicators
| PCONX | ANNPX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.70% | -55.61% | +7.91% |
Max Drawdown (1Y)Largest decline over 1 year | -10.91% | -9.06% | -1.85% |
Max Drawdown (3Y)Largest decline over 3 years | -13.41% | -13.67% | +0.26% |
Max Drawdown (5Y)Largest decline over 5 years | -25.48% | -26.85% | +1.37% |
Max Drawdown (10Y)Largest decline over 10 years | -26.14% | -27.36% | +1.22% |
Current DrawdownCurrent decline from peak | -7.89% | -7.00% | -0.89% |
Average DrawdownAverage peak-to-trough decline | -8.28% | -17.38% | +9.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.00% | 2.41% | +0.59% |
Volatility
PCONX vs. ANNPX - Volatility Comparison
Putnam Convertible Securities Fund (PCONX) has a higher volatility of 6.20% compared to Virtus Convertible Fund (ANNPX) at 5.22%. This indicates that PCONX's price experiences larger fluctuations and is considered to be riskier than ANNPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PCONX | ANNPX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.20% | 5.22% | +0.98% |
Volatility (6M)Calculated over the trailing 6-month period | 14.06% | 12.95% | +1.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.60% | 15.76% | +0.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.14% | 13.19% | -0.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.26% | 13.73% | -0.47% |
PCONX vs. ANNPX - Expense Ratio Comparison
PCONX has a 1.03% expense ratio, which is higher than ANNPX's 0.71% expense ratio.
Dividends
PCONX vs. ANNPX - Dividend Comparison
PCONX's dividend yield for the trailing twelve months is around 4.22%, less than ANNPX's 9.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ANNPX Virtus Convertible Fund | 9.71% | 11.32% | 2.31% | 2.56% | 1.55% | 20.74% | 6.94% | 5.12% | 18.79% | 23.47% | 2.88% | 10.63% |
PCONX Putnam Convertible Securities Fund | 4.22% | 6.10% | 1.48% | 0.99% | 0.72% | 26.98% | 11.62% | 7.72% | 13.92% | 3.48% | 2.08% | 6.22% |
Frequently Asked Questions
With a correlation of 0.98, PCONX and ANNPX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
PCONX has higher volatility (6.20%) compared to ANNPX (5.22%). In terms of maximum drawdown, PCONX dropped -47.70% vs ANNPX's -55.61%.
ANNPX currently has the higher Sharpe Ratio (1.74 vs 1.12), 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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