TFIF.L vs. PCM

Last updated Jun 5, 2026

TFIF.L (TwentyFour Income Fund Limited) and PCM (PCM Fund Inc.) are both Mortgage Backed Securities funds. Over the past 10 years, TFIF.L returned 0.07%/yr vs 6.08%/yr for PCM. At a 0.08 correlation, their price movements are largely independent.

Performance

TFIF.L vs. PCM - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in TwentyFour Income Fund Limited (TFIF.L) and PCM Fund Inc. (PCM). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

TFIF.L is traded in GBP, while PCM is traded in USD. To make them comparable, the PCM values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, TFIF.L achieves a -3.82% return, which is significantly lower than PCM's -1.60% return. Over the past 10 years, TFIF.L has underperformed PCM with an annualized return of 0.07%, while PCM has yielded a comparatively higher 6.08% annualized return.

TFIF.L

• 1D: -0.37%
• 1M: 1.68%
• YTD: -3.82%
• 6M: -3.82%
• 1Y: -2.06%
• 3Y*: 2.61%
• 5Y*: 0.32%
• 10Y*: 0.07%

PCM

• 1D: 0.71%
• 1M: -1.44%
• YTD: -1.60%
• 6M: -2.30%
• 1Y: 3.96%
• 3Y*: -7.25%
• 5Y*: -2.54%
• 10Y*: 6.08%

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

TFIF.L vs. PCM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TFIF.L TwentyFour Income Fund Limited	-3.82%	5.10%	2.76%	6.58%	-13.84%	8.32%	-4.87%	-0.61%	-6.60%	6.48%
PCM PCM Fund Inc.	-1.60%	-16.51%	10.71%	6.82%	-9.32%	9.59%	0.03%	18.37%	1.20%	15.52%

Correlation

The correlation between TFIF.L and PCM is -0.00, 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	-0.00
Correlation (3Y) Calculated over the trailing 3-year period	0.07
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (10Y) Calculated over the trailing 10-year period	0.09
Correlation (All Time) Calculated using the full available price history since Mar 7, 2013	0.08

The correlation between TFIF.L and PCM shifts across timeframes, from -0.00 (1 year) to 0.11 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

TFIF.L vs. PCM — Risk / Return Rank

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

TFIF.L

TFIF.L Risk / Return Rank: 2
TFIF.L Sharpe Ratio Rank: 2
TFIF.L Sortino Ratio Rank: 2
TFIF.L Omega Ratio Rank: 2
TFIF.L Calmar Ratio Rank: 2
TFIF.L Martin Ratio Rank: 2

PCM

PCM Risk / Return Rank: 4
PCM Sharpe Ratio Rank: 5
PCM Sortino Ratio Rank: 4
PCM Omega Ratio Rank: 5
PCM Calmar Ratio Rank: 4
PCM Martin Ratio Rank: 4

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.

TFIF.L vs. PCM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TwentyFour Income Fund Limited (TFIF.L) and PCM Fund Inc. (PCM). 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.

	TFIF.L	PCM	Difference
Sharpe ratio: Return per unit of total volatility	-0.19	0.33	-0.52
Sortino ratio: Return per unit of downside risk	-0.17	0.50	-0.67
Omega ratio: Gain probability vs. loss probability	0.97	1.07	-0.10
Calmar ratio: Return relative to maximum drawdown	-0.23	0.32	-0.55
Martin ratio: Return relative to average drawdown	-0.67	0.62	-1.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TFIF.L vs. PCM - Sharpe Ratio Comparison

The current TFIF.L Sharpe Ratio is -0.19, which is lower than the PCM Sharpe Ratio of 0.33. The chart below compares the historical Sharpe Ratios of TFIF.L and PCM, 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

	TFIF.L	PCM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.19	0.33	-0.52
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.03	-0.12	+0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.01	0.26	-0.26
Sharpe Ratio (All Time) Calculated using the full available price history	0.04	0.39	-0.35

Drawdowns

TFIF.L vs. PCM - Drawdown Comparison

The maximum TFIF.L drawdown since its inception was -37.49%, smaller than the maximum PCM drawdown of -42.90%. Use the drawdown chart below to compare losses from any high point for TFIF.L and PCM.

Drawdown Indicators

	TFIF.L	PCM	Difference
Max Drawdown Largest peak-to-trough decline	-37.49%	-42.90%	+5.41%
Max Drawdown (1Y) Largest decline over 1 year	-8.87%	-12.35%	+3.48%
Max Drawdown (3Y) Largest decline over 3 years	-8.87%	-31.38%	+22.51%
Max Drawdown (5Y) Largest decline over 5 years	-19.27%	-31.38%	+12.11%
Max Drawdown (10Y) Largest decline over 10 years	-35.12%	-41.26%	+6.14%
Current Drawdown Current decline from peak	-15.44%	-25.03%	+9.59%
Average Drawdown Average peak-to-trough decline	-12.76%	-8.25%	-4.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.07%	6.42%	-3.35%

Volatility

TFIF.L vs. PCM - Volatility Comparison

The current volatility for TwentyFour Income Fund Limited (TFIF.L) is 2.13%, while PCM Fund Inc. (PCM) has a volatility of 2.46%. This indicates that TFIF.L experiences smaller price fluctuations and is considered to be less risky than PCM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TFIF.L	PCM	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.13%	2.46%	-0.33%
Volatility (6M) Calculated over the trailing 6-month period	10.11%	7.95%	+2.16%
Volatility (1Y) Calculated over the trailing 1-year period	10.95%	12.08%	-1.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.94%	20.64%	-8.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.22%	23.09%	-9.87%

Dividends

TFIF.L vs. PCM - Dividend Comparison

TFIF.L's dividend yield for the trailing twelve months is around 0.10%, less than PCM's 13.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PCM PCM Fund Inc.	13.52%	12.56%	12.47%	12.06%	12.20%	8.96%	8.95%	8.38%	9.46%	8.47%	14.60%	10.39%
TFIF.L TwentyFour Income Fund Limited	0.10%	0.10%	0.09%	0.10%	0.07%	0.06%	0.06%	0.06%	0.06%	0.06%	0.06%	0.06%

Frequently Asked Questions

Can I hold both TFIF.L and PCM in my portfolio?

TFIF.L and PCM have a correlation of -0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.