PCONX vs. PCF
PCONX (Putnam Convertible Securities Fund) and PCF (High Income Securities Fund) are both Convertible Bonds funds. Over the past 10 years, PCONX returned 11.99%/yr vs 6.14%/yr for PCF. At a 0.25 correlation, their price movements are largely independent.
Performance
PCONX vs. PCF - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, PCONX achieves a 23.37% return, which is significantly higher than PCF's -5.86% return. Over the past 10 years, PCONX has outperformed PCF with an annualized return of 11.99%, while PCF has yielded a comparatively lower 6.14% annualized return.
PCONX
- 1D
- 1.15%
- 1M
- 4.18%
- YTD
- 23.37%
- 6M
- 21.18%
- 1Y
- 33.55%
- 3Y*
- 17.20%
- 5Y*
- 6.98%
- 10Y*
- 11.99%
PCF
- 1D
- -1.09%
- 1M
- -1.13%
- YTD
- -5.86%
- 6M
- -3.98%
- 1Y
- -3.67%
- 3Y*
- 7.86%
- 5Y*
- 0.31%
- 10Y*
- 6.14%
PCONX vs. PCF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PCONX Putnam Convertible Securities Fund | 23.37% | 11.97% | 12.60% | 10.13% | -19.27% | 4.23% | 44.86% | 24.32% | -2.92% | 14.41% |
PCF High Income Securities Fund | -5.86% | 5.31% | 16.66% | 10.45% | -15.56% | 11.44% | 8.13% | 4.22% | 5.46% | 14.58% |
Correlation
The correlation between PCONX and PCF is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.39 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.36 |
Correlation (All Time) Calculated using the full available price history since Jul 9, 1987 | 0.25 |
The correlation between PCONX and PCF shifts across timeframes, from 0.25 (all time) to 0.39 (5 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
PCONX vs. PCF — Risk / Return Rank
PCONX
PCF
PCONX vs. PCF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Putnam Convertible Securities Fund (PCONX) and High Income Securities Fund (PCF). 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 | PCF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.56 | ||
| Sortino ratioReturn per unit of downside risk | +3.34 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 0.95 | +0.44 |
| Calmar ratioReturn relative to maximum drawdown | 4.59 | -0.34 | +4.94 |
| Martin ratioReturn relative to average drawdown | 15.33 | -0.85 | +16.18 |
Loading charts...
Drawdowns
PCONX vs. PCF - Drawdown Comparison
The maximum PCONX drawdown since its inception was -47.70%, smaller than the maximum PCF drawdown of -53.82%. Use the drawdown chart below to compare losses from any high point for PCONX and PCF.
Loading charts...
Drawdown Indicators
| PCONX | PCF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.70% | -53.82% | +6.12% |
Max Drawdown (1Y)Largest decline over 1 year | -7.35% | -10.73% | +3.38% |
Max Drawdown (3Y)Largest decline over 3 years | -13.41% | -13.74% | +0.33% |
Max Drawdown (5Y)Largest decline over 5 years | -25.48% | -29.06% | +3.58% |
Max Drawdown (10Y)Largest decline over 10 years | -26.14% | -45.13% | +18.99% |
Current DrawdownCurrent decline from peak | -0.42% | -7.76% | +7.34% |
Average DrawdownAverage peak-to-trough decline | -8.29% | -10.49% | +2.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.20% | 4.32% | -2.12% |
Volatility
PCONX vs. PCF - Volatility Comparison
Putnam Convertible Securities Fund (PCONX) has a higher volatility of 6.29% compared to High Income Securities Fund (PCF) at 4.43%. This indicates that PCONX's price experiences larger fluctuations and is considered to be riskier than PCF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| PCONX | PCF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.29% | 4.43% | +1.86% |
Volatility (6M)Calculated over the trailing 6-month period | 12.83% | 9.59% | +3.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.14% | 11.10% | +4.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.85% | 16.03% | -3.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.13% | 17.53% | -4.40% |
Dividends
PCONX vs. PCF - Dividend Comparison
PCONX's dividend yield for the trailing twelve months is around 4.45%, less than PCF's 12.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PCF High Income Securities Fund | 12.91% | 11.57% | 11.29% | 11.29% | 13.48% | 10.82% | 11.46% | 3.29% | 6.88% | 3.97% | 4.52% | 5.07% |
PCONX Putnam Convertible Securities Fund | 4.45% | 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
PCONX and PCF have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PCONX has higher volatility (6.29%) compared to PCF (4.43%). In terms of maximum drawdown, PCONX dropped -47.70% vs PCF's -53.82%.
PCONX currently has the higher Sharpe Ratio (2.23 vs -0.33), 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.
Find the right allocation for PCONX and PCF
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer