PSP vs. PCF

Last updated Jun 4, 2026

PSP (Invesco Global Listed Private Equity ETF) and PCF (High Income Securities Fund) are both funds - PSP is a Global Equities fund tracking the Red Rocks Global Listed Private Equity Index, while PCF is a Convertible Bonds fund actively managed by Putnam Investments. PSP is passively managed, while PCF is actively managed. Over the past 10 years, PSP returned 7.53%/yr vs 6.21%/yr for PCF. At a 0.38 correlation, their price movements are largely independent.

Performance

PSP vs. PCF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Global Listed Private Equity ETF (PSP) and High Income Securities Fund (PCF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PSP achieves a -13.50% return, which is significantly lower than PCF's -3.92% return. Over the past 10 years, PSP has outperformed PCF with an annualized return of 7.53%, while PCF has yielded a comparatively lower 6.21% annualized return.

PSP

• 1D: -4.75%
• 1M: -5.00%
• YTD: -13.50%
• 6M: -10.48%
• 1Y: -7.74%
• 3Y*: 10.19%
• 5Y*: -0.12%
• 10Y*: 7.53%

PCF

• 1D: -0.71%
• 1M: 0.32%
• YTD: -3.92%
• 6M: -4.38%
• 1Y: 0.18%
• 3Y*: 9.00%
• 5Y*: 0.28%
• 10Y*: 6.21%

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

PSP vs. PCF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PSP Invesco Global Listed Private Equity ETF	-13.50%	6.49%	17.42%	37.72%	-37.37%	27.30%	12.47%	35.73%	-15.12%	24.13%
PCF High Income Securities Fund	-3.92%	5.31%	16.66%	10.45%	-15.56%	11.44%	8.13%	4.22%	5.46%	14.58%

Correlation

The correlation between PSP and PCF is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (10Y) Calculated over the trailing 10-year period	0.39
Correlation (All Time) Calculated using the full available price history since Oct 25, 2006	0.38

Return for Risk

PSP vs. PCF — Risk / Return Rank

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

PSP

PSP Risk / Return Rank: 5
PSP Sharpe Ratio Rank: 5
PSP Sortino Ratio Rank: 5
PSP Omega Ratio Rank: 5
PSP Calmar Ratio Rank: 6
PSP Martin Ratio Rank: 5

PCF

PCF Risk / Return Rank: 3
PCF Sharpe Ratio Rank: 3
PCF Sortino Ratio Rank: 3
PCF Omega Ratio Rank: 3
PCF Calmar Ratio Rank: 3
PCF Martin Ratio Rank: 3

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.

PSP vs. PCF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Global Listed Private Equity ETF (PSP) 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.

	PSP	PCF	Difference
Sharpe ratio: Return per unit of total volatility	-0.39	0.02	-0.41
Sortino ratio: Return per unit of downside risk	-0.41	0.10	-0.51
Omega ratio: Gain probability vs. loss probability	0.95	1.01	-0.06
Calmar ratio: Return relative to maximum drawdown	-0.35	0.02	-0.36
Martin ratio: Return relative to average drawdown	-0.80	0.04	-0.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PSP vs. PCF - Sharpe Ratio Comparison

The current PSP Sharpe Ratio is -0.39, which is lower than the PCF Sharpe Ratio of 0.02. The chart below compares the historical Sharpe Ratios of PSP and PCF, 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

	PSP	PCF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.39	0.02	-0.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.01	0.02	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.34	0.36	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.08	0.24	-0.15

Drawdowns

PSP vs. PCF - Drawdown Comparison

The maximum PSP drawdown since its inception was -85.40%, which is greater than PCF's maximum drawdown of -53.82%. Use the drawdown chart below to compare losses from any high point for PSP and PCF.

Drawdown Indicators

	PSP	PCF	Difference
Max Drawdown Largest peak-to-trough decline	-85.40%	-53.82%	-31.58%
Max Drawdown (1Y) Largest decline over 1 year	-22.37%	-10.73%	-11.64%
Max Drawdown (3Y) Largest decline over 3 years	-22.94%	-13.74%	-9.20%
Max Drawdown (5Y) Largest decline over 5 years	-47.16%	-29.06%	-18.10%
Max Drawdown (10Y) Largest decline over 10 years	-47.16%	-45.13%	-2.03%
Current Drawdown Current decline from peak	-17.72%	-5.86%	-11.86%
Average Drawdown Average peak-to-trough decline	-30.69%	-10.50%	-20.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.67%	4.08%	+5.59%

Volatility

PSP vs. PCF - Volatility Comparison

Invesco Global Listed Private Equity ETF (PSP) has a higher volatility of 6.89% compared to High Income Securities Fund (PCF) at 2.55%. This indicates that PSP'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.

Volatility by Period

	PSP	PCF	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.89%	2.55%	+4.34%
Volatility (6M) Calculated over the trailing 6-month period	16.20%	9.01%	+7.19%
Volatility (1Y) Calculated over the trailing 1-year period	19.91%	10.49%	+9.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.79%	15.96%	+7.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.45%	17.49%	+4.96%

Dividends

PSP vs. PCF - Dividend Comparison

PSP's dividend yield for the trailing twelve months is around 6.68%, less than PCF's 12.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PCF High Income Securities Fund	12.55%	11.57%	11.29%	11.29%	13.48%	10.82%	11.46%	3.29%	6.88%	3.97%	4.52%	5.07%
PSP Invesco Global Listed Private Equity ETF	6.68%	5.87%	8.62%	3.96%	2.88%	10.34%	4.66%	5.87%	6.81%	10.18%	4.12%	6.23%

Frequently Asked Questions

Can I hold both PSP and PCF in my portfolio?

PSP and PCF have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PSP or PCF?

PSP has higher volatility (6.89%) compared to PCF (2.55%). In terms of maximum drawdown, PSP dropped -85.40% vs PCF's -53.82%.

Which has better risk-adjusted returns?

PCF currently has the higher Sharpe Ratio (0.02 vs -0.39), 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.