PHD vs. VLT

Last updated Jun 3, 2026

PHD (Pioneer Floating Rate Fund, Inc.) and VLT (Invesco High Income Trust II) are both stocks. Both operate in the Asset Management industry within the Financial Services sector. Over the past 10 years, PHD returned -22.88%/yr vs 6.50%/yr for VLT. At a 0.33 correlation, their price movements are largely independent.

Performance

PHD vs. VLT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pioneer Floating Rate Fund, Inc. (PHD) and Invesco High Income Trust II (VLT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

Over the past 10 years, PHD has underperformed VLT with an annualized return of -22.88%, while VLT has yielded a comparatively higher 6.50% annualized return.

PHD

• 1D: -95.98%
• 1M: -95.98%
• YTD: -0.00%
• 6M: -0.00%
• 1Y: -95.84%
• 3Y*: -60.81%
• 5Y*: -44.55%
• 10Y*: -22.88%

VLT

• 1D: 0.14%
• 1M: 1.27%
• YTD: -1.93%
• 6M: -0.91%
• 1Y: 9.31%
• 3Y*: 12.02%
• 5Y*: 4.03%
• 10Y*: 6.50%

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

PHD vs. VLT - 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%
VLT Invesco High Income Trust II	-1.93%	13.22%	17.38%	13.12%	-20.82%	14.53%	4.46%	23.60%	-7.97%	10.68%

Correlation

The correlation between PHD and VLT is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (10Y) Calculated over the trailing 10-year period	0.38
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 VLT has dropped to 0.10 - well below their long-term average of 0.33, suggesting their price drivers have been diverging.

Fundamentals

Market Cap PHD : $4.95M VLT : $68.30M
PB Ratio PHD : 0.04 VLT : 0.95
Total Revenue (TTM) PHD : $36.22M VLT : $16.55M
Gross Profit (TTM) PHD : $36.22M VLT : $13.85M
EBITDA (TTM) PHD : $1.67M VLT : $16.82M

Return for Risk

PHD vs. VLT — 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: 40
PHD Sortino Ratio Rank: 100
PHD Omega Ratio Rank: 100
PHD Calmar Ratio Rank: 1
PHD Martin Ratio Rank: 0

VLT

VLT Risk / Return Rank: 68
VLT Sharpe Ratio Rank: 75
VLT Sortino Ratio Rank: 70
VLT Omega Ratio Rank: 70
VLT Calmar Ratio Rank: 60
VLT Martin Ratio Rank: 68

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. VLT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pioneer Floating Rate Fund, Inc. (PHD) and Invesco High Income Trust II (VLT). 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	VLT	Difference
Sharpe ratio Return per unit of total volatility	-0.02	1.16	-1.19
Sortino ratio Return per unit of downside risk	32.69	1.75	+30.95
Omega ratio Gain probability vs. loss probability	16.19	1.23	+14.96
Calmar ratio Return relative to maximum drawdown	-1.00	0.93	-1.93
Martin ratio Return relative to average drawdown	-3.53	3.34	-6.87
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. VLT - Sharpe Ratio Comparison

The current PHD Sharpe Ratio is -0.02, which is lower than the VLT Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of PHD and VLT, 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	VLT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.02	1.16	-1.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.03	0.35	-0.38
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.02	0.47	-0.49
Sharpe Ratio (All Time) Calculated using the full available price history	-0.01	0.14	-0.16

Drawdowns

PHD vs. VLT - Drawdown Comparison

The maximum PHD drawdown since its inception was -96.00%, which is greater than VLT's maximum drawdown of -75.78%. Use the drawdown chart below to compare losses from any high point for PHD and VLT.

Drawdown Indicators

	PHD	VLT	Difference
Max Drawdown Largest peak-to-trough decline	-96.00%	-75.78%	-20.22%
Max Drawdown (1Y) Largest decline over 1 year	-96.00%	-10.55%	-85.45%
Max Drawdown (3Y) Largest decline over 3 years	-96.00%	-13.41%	-82.59%
Max Drawdown (5Y) Largest decline over 5 years	-96.00%	-30.46%	-65.54%
Max Drawdown (10Y) Largest decline over 10 years	-96.00%	-42.02%	-53.98%
Current Drawdown Current decline from peak	-96.00%	-3.14%	-92.86%
Average Drawdown Average peak-to-trough decline	-9.52%	-16.95%	+7.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	27.10%	2.94%	+24.16%

Volatility

PHD vs. VLT - Volatility Comparison

Pioneer Floating Rate Fund, Inc. (PHD) has a higher volatility of 565.86% compared to Invesco High Income Trust II (VLT) at 3.41%. This indicates that PHD's price experiences larger fluctuations and is considered to be riskier than VLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PHD	VLT	Difference
Volatility (1M) Calculated over the trailing 1-month period	565.86%	3.41%	+562.45%
Volatility (6M) Calculated over the trailing 6-month period	720.94%	6.58%	+714.36%
Volatility (1Y) Calculated over the trailing 1-year period	4,070.93%	8.05%	+4,062.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1,564.39%	11.72%	+1,552.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1,087.87%	13.93%	+1,073.94%

Dividends

PHD vs. VLT - Dividend Comparison

PHD's dividend yield for the trailing twelve months is around 37.50%, more than VLT's 10.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PHD Pioneer Floating Rate Fund, Inc.	37.50%	131.25%	10.36%	11.91%	9.75%	6.24%	6.67%	7.29%	6.71%	6.28%	6.13%	6.50%
VLT Invesco High Income Trust II	10.75%	10.27%	10.55%	11.13%	11.27%	8.06%	8.51%	8.10%	8.44%	7.00%	8.06%	9.71%

Financials

PHD vs. VLT - Profitability Comparison

The chart below illustrates the profitability comparison between Pioneer Floating Rate Fund, Inc. and Invesco High Income Trust II over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

PHD - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Pioneer Floating Rate Fund, Inc. reported a gross profit of 7.84M and revenue of 7.84M. Therefore, the gross margin over that period was 100.0%.

VLT - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Invesco High Income Trust II reported a gross profit of 3.93M and revenue of 4.35M. Therefore, the gross margin over that period was 90.4%.

PHD - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Pioneer Floating Rate Fund, Inc. reported an operating income of 6.99M and revenue of 7.84M, resulting in an operating margin of 89.2%.

VLT - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Invesco High Income Trust II reported an operating income of 3.15M and revenue of 4.35M, resulting in an operating margin of 72.5%.

PHD - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Pioneer Floating Rate Fund, Inc. reported a net income of 1.95M and revenue of 7.84M, resulting in a net margin of 24.9%.

VLT - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Invesco High Income Trust II reported a net income of 2.38M and revenue of 4.35M, resulting in a net margin of 54.7%.

Frequently Asked Questions

Can I hold both PHD and VLT in my portfolio?

PHD and VLT have a correlation of 0.10, 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 VLT?

PHD has higher volatility (565.86%) compared to VLT (3.41%). In terms of maximum drawdown, PHD dropped -96.00% vs VLT's -75.78%.

Which has better risk-adjusted returns?

VLT currently has the higher Sharpe Ratio (1.16 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.