PPT vs. PCF
PPT (Putnam Premier Income Trust) and PCF (High Income Securities Fund) are both mutual funds - PPT is a Multisector Bonds 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, PPT returned 4.81%/yr vs 6.14%/yr for PCF. At a 0.15 correlation, their price movements are largely independent.
Performance
PPT vs. PCF - Performance Comparison
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Returns By Period
In the year-to-date period, PPT achieves a 1.11% return, which is significantly higher than PCF's -5.86% return. Over the past 10 years, PPT has underperformed PCF with an annualized return of 4.81%, while PCF has yielded a comparatively higher 6.14% annualized return.
PPT
- 1D
- 0.29%
- 1M
- 0.58%
- YTD
- 1.11%
- 6M
- 1.39%
- 1Y
- 2.36%
- 3Y*
- 8.25%
- 5Y*
- 2.27%
- 10Y*
- 4.81%
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%
PPT vs. PCF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PPT Putnam Premier Income Trust | 1.11% | 8.39% | 8.80% | 7.43% | -7.75% | -1.72% | -6.54% | 25.53% | -6.36% | 13.78% |
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 PPT and PCF is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.29 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.24 |
Correlation (All Time) Calculated using the full available price history since Feb 19, 1988 | 0.15 |
The correlation between PPT and PCF shifts across timeframes, from 0.15 (all time) to 0.31 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
PPT vs. PCF — Risk / Return Rank
PPT
PCF
PPT vs. PCF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Putnam Premier Income Trust (PPT) 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.
| PPT | PCF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.59 | ||
| Sortino ratioReturn per unit of downside risk | +0.83 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 0.95 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 0.47 | -0.34 | +0.81 |
| Martin ratioReturn relative to average drawdown | 1.06 | -0.85 | +1.91 |
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Drawdowns
PPT vs. PCF - Drawdown Comparison
The maximum PPT drawdown since its inception was -49.76%, smaller than the maximum PCF drawdown of -53.82%. Use the drawdown chart below to compare losses from any high point for PPT and PCF.
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Drawdown Indicators
| PPT | PCF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.76% | -53.82% | +4.06% |
Max Drawdown (1Y)Largest decline over 1 year | -5.05% | -10.73% | +5.68% |
Max Drawdown (3Y)Largest decline over 3 years | -9.10% | -13.74% | +4.64% |
Max Drawdown (5Y)Largest decline over 5 years | -18.35% | -29.06% | +10.71% |
Max Drawdown (10Y)Largest decline over 10 years | -31.79% | -45.13% | +13.34% |
Current DrawdownCurrent decline from peak | -3.34% | -7.76% | +4.42% |
Average DrawdownAverage peak-to-trough decline | -11.23% | -10.49% | -0.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.23% | 4.32% | -2.09% |
Volatility
PPT vs. PCF - Volatility Comparison
The current volatility for Putnam Premier Income Trust (PPT) is 1.90%, while High Income Securities Fund (PCF) has a volatility of 4.43%. This indicates that PPT 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
| PPT | PCF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.90% | 4.43% | -2.53% |
Volatility (6M)Calculated over the trailing 6-month period | 6.95% | 9.59% | -2.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.35% | 11.10% | -1.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.94% | 16.03% | -4.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.45% | 17.53% | -3.08% |
Dividends
PPT vs. PCF - Dividend Comparison
PPT's dividend yield for the trailing twelve months is around 8.29%, 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% |
PPT Putnam Premier Income Trust | 8.29% | 8.81% | 8.76% | 8.74% | 8.60% | 7.31% | 8.84% | 7.73% | 6.84% | 5.85% | 6.28% | 6.30% |
Frequently Asked Questions
PPT and PCF have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PCF has higher volatility (4.43%) compared to PPT (1.90%). In terms of maximum drawdown, PPT dropped -49.76% vs PCF's -53.82%.
PPT currently has the higher Sharpe Ratio (0.25 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.
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