PHD vs. ^GSPC

Last updated Jun 4, 2026

PHD (Pioneer Floating Rate Fund, Inc.) is a stock, while ^GSPC (S&P 500 Index) is an index. Over the past 10 years, PHD returned -22.88%/yr vs 13.66%/yr for ^GSPC. At a 0.33 correlation, their price movements are largely independent.

Performance

PHD vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pioneer Floating Rate Fund, Inc. (PHD) and S&P 500 Index (^GSPC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

Over the past 10 years, PHD has underperformed ^GSPC with an annualized return of -22.88%, while ^GSPC has yielded a comparatively higher 13.66% annualized return.

PHD

• 1D: -95.98%
• 1M: -95.98%
• YTD: -0.00%
• 6M: -0.00%
• 1Y: -95.85%
• 3Y*: -60.81%
• 5Y*: -44.55%
• 10Y*: -22.88%

^GSPC

• 1D: -0.74%
• 1M: 4.90%
• YTD: 10.35%
• 6M: 10.28%
• 1Y: 26.52%
• 3Y*: 20.83%
• 5Y*: 12.30%
• 10Y*: 13.66%

*Multi-year figures are annualized to reflect compound growth (CAGR)

PHD vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PHD Pioneer Floating Rate Fund, Inc.	-0.00%	-95.64%	16.93%	18.20%	-17.24%	21.32%	-0.22%	20.28%	-8.94%	2.66%
^GSPC S&P 500 Index	10.35%	16.39%	23.31%	24.23%	-19.44%	26.89%	16.26%	28.88%	-6.24%	19.42%

Correlation

The correlation between PHD and ^GSPC is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.09
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (10Y) Calculated over the trailing 10-year period	0.35
Correlation (All Time) Calculated using the full available price history since Dec 27, 2004	0.33

Over the past year, the correlation between PHD and ^GSPC has dropped to 0.09 - well below their long-term average of 0.33, suggesting their price drivers have been diverging.

Return for Risk

PHD vs. ^GSPC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PHD

PHD Risk / Return Rank: 48
PHD Sharpe Ratio Rank: 39
PHD Sortino Ratio Rank: 100
PHD Omega Ratio Rank: 100
PHD Calmar Ratio Rank: 0
PHD Martin Ratio Rank: 0

^GSPC

^GSPC Risk / Return Rank: 73
^GSPC Sharpe Ratio Rank: 71
^GSPC Sortino Ratio Rank: 71
^GSPC Omega Ratio Rank: 72
^GSPC Calmar Ratio Rank: 67
^GSPC Martin Ratio Rank: 81

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.

PHD vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pioneer Floating Rate Fund, Inc. (PHD) and S&P 500 Index (^GSPC). 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.

	PHD	^GSPC	Difference
Sharpe ratio Return per unit of total volatility	-0.02	2.24	-2.27
Sortino ratio Return per unit of downside risk	32.69	3.07	+29.62
Omega ratio Gain probability vs. loss probability	16.19	1.41	+14.79
Calmar ratio Return relative to maximum drawdown	-1.03	2.93	-3.96
Martin ratio Return relative to average drawdown	-3.03	13.52	-16.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PHD vs. ^GSPC - Sharpe Ratio Comparison

The current PHD Sharpe Ratio is -0.02, which is lower than the ^GSPC Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of PHD and ^GSPC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PHD	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.02	2.24	-2.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.03	0.73	-0.76
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.02	0.76	-0.78
Sharpe Ratio (All Time) Calculated using the full available price history	-0.01	0.47	-0.49

Drawdowns

PHD vs. ^GSPC - Drawdown Comparison

The maximum PHD drawdown since its inception was -96.00%, which is greater than ^GSPC's maximum drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for PHD and ^GSPC.

Drawdown Indicators

	PHD	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-96.00%	-56.78%	-39.22%
Max Drawdown (1Y) Largest decline over 1 year	-96.00%	-9.10%	-86.90%
Max Drawdown (3Y) Largest decline over 3 years	-96.00%	-18.90%	-77.10%
Max Drawdown (5Y) Largest decline over 5 years	-96.00%	-25.43%	-70.57%
Max Drawdown (10Y) Largest decline over 10 years	-96.00%	-33.92%	-62.08%
Current Drawdown Current decline from peak	-96.00%	-0.74%	-95.26%
Average Drawdown Average peak-to-trough decline	-9.52%	-10.72%	+1.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	27.10%	1.97%	+25.13%

Volatility

PHD vs. ^GSPC - Volatility Comparison

Pioneer Floating Rate Fund, Inc. (PHD) has a higher volatility of 565.86% compared to S&P 500 Index (^GSPC) at 2.93%. This indicates that PHD's price experiences larger fluctuations and is considered to be riskier than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PHD	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	565.86%	2.93%	+562.93%
Volatility (6M) Calculated over the trailing 6-month period	720.94%	8.99%	+711.95%
Volatility (1Y) Calculated over the trailing 1-year period	4,070.94%	11.89%	+4,059.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1,564.39%	16.90%	+1,547.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1,087.64%	18.06%	+1,069.58%

Frequently Asked Questions

Can I hold both PHD and ^GSPC in my portfolio?

PHD and ^GSPC have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PHD or ^GSPC?

PHD has higher volatility (565.86%) compared to ^GSPC (2.93%). In terms of maximum drawdown, PHD dropped -96.00% vs ^GSPC's -56.78%.

Which has better risk-adjusted returns?

^GSPC currently has the higher Sharpe Ratio (2.24 vs -0.02), 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.