PIM vs. PCF
PIM (Putnam Master Intermediate Income Trust) and PCF (High Income Securities Fund) are both mutual funds — PIM is a Intermediate Core-Plus Bond fund actively managed by Putnam Investments, while PCF is a Convertible Bonds fund actively managed by Putnam Investments. Both are actively managed. Over the past 10 years, PIM returned 4.81%/yr vs 6.56%/yr for PCF. At 0.13, their price movements are largely independent.
Performance
PIM vs. PCF - Performance Comparison
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Returns By Period
In the year-to-date period, PIM achieves a 0.06% return, which is significantly higher than PCF's -6.22% return. Over the past 10 years, PIM has underperformed PCF with an annualized return of 4.81%, while PCF has yielded a comparatively higher 6.56% annualized return.
PIM
- 1D
- 0.46%
- 1M
- 3.70%
- YTD
- 0.06%
- 6M
- 0.55%
- 1Y
- 10.81%
- 3Y*
- 10.15%
- 5Y*
- 2.78%
- 10Y*
- 4.81%
PCF
- 1D
- 0.36%
- 1M
- 0.88%
- YTD
- -6.22%
- 6M
- -4.87%
- 1Y
- 2.45%
- 3Y*
- 7.61%
- 5Y*
- 2.30%
- 10Y*
- 6.56%
PIM vs. PCF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PIM Putnam Master Intermediate Income Trust | 0.06% | 10.91% | 10.88% | 8.45% | -12.49% | -0.44% | -2.97% | 20.68% | -5.10% | 10.52% |
PCF High Income Securities Fund | -6.22% | 5.31% | 16.66% | 10.45% | -15.56% | 11.44% | 8.13% | 4.22% | 5.46% | 14.58% |
Correlation
The correlation between PIM and PCF is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.27 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.29 |
Correlation (All Time) Calculated using the full available price history since Apr 20, 1988 | 0.13 |
The correlation between PIM and PCF shifts across timeframes, from 0.13 (all time) to 0.29 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
PIM vs. PCF — Risk / Return Rank
PIM
PCF
PIM vs. PCF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Putnam Master Intermediate Income Trust (PIM) 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.
| PIM | PCF | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.91 | 0.24 | +0.67 |
Sortino ratioReturn per unit of downside risk | 1.53 | 0.41 | +1.12 |
Omega ratioGain probability vs. loss probability | 1.17 | 1.05 | +0.11 |
Calmar ratioReturn relative to maximum drawdown | 1.62 | 0.40 | +1.22 |
Martin ratioReturn relative to average drawdown | 4.29 | 1.27 | +3.02 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PIM | PCF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.91 | 0.24 | +0.67 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.26 | 0.14 | +0.12 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.37 | 0.38 | -0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.17 | 0.23 | -0.06 |
Drawdowns
PIM vs. PCF - Drawdown Comparison
The maximum PIM drawdown since its inception was -43.27%, smaller than the maximum PCF drawdown of -53.82%. Use the drawdown chart below to compare losses from any high point for PIM and PCF.
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Drawdown Indicators
| PIM | PCF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.27% | -53.82% | +10.55% |
Max Drawdown (1Y)Largest decline over 1 year | -6.45% | -10.73% | +4.28% |
Max Drawdown (5Y)Largest decline over 5 years | -18.39% | -29.06% | +10.67% |
Max Drawdown (10Y)Largest decline over 10 years | -28.15% | -45.13% | +16.98% |
Current DrawdownCurrent decline from peak | -1.99% | -8.11% | +6.12% |
Average DrawdownAverage peak-to-trough decline | -9.55% | -10.51% | +0.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.44% | 3.40% | -0.96% |
Volatility
PIM vs. PCF - Volatility Comparison
The current volatility for Putnam Master Intermediate Income Trust (PIM) is 4.77%, while High Income Securities Fund (PCF) has a volatility of 5.36%. This indicates that PIM experiences smaller price fluctuations and is considered to be less risky than PCF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PIM | PCF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.77% | 5.36% | -0.59% |
Volatility (6M)Calculated over the trailing 6-month period | 8.80% | 8.46% | +0.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.07% | 11.00% | +0.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.63% | 16.08% | -5.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.07% | 17.47% | -4.40% |
Dividends
PIM vs. PCF - Dividend Comparison
PIM's dividend yield for the trailing twelve months is around 8.06%, less than PCF's 12.64% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PIM Putnam Master Intermediate Income Trust | 8.06% | 7.90% | 8.10% | 8.28% | 8.25% | 6.68% | 8.32% | 7.59% | 6.82% | 6.54% | 6.77% | 6.86% |
PCF High Income Securities Fund | 12.64% | 11.57% | 11.29% | 11.29% | 13.48% | 10.82% | 11.46% | 3.29% | 6.88% | 3.97% | 4.52% | 5.07% |