GDL vs PCF

Comparison between GDL Fund (GDL, ETF) and High Income Securities Fund (PCF, ETF).

5-Year PerformanceGDL has outperformed PCF, delivering a return of +4.5% compared to -0.5%

GDL vs PCF - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	GDL(ETF)	PCF(ETF)
Net Assets	$117M	$117M
Max Drawdown	71.51%	58.20%
Sharpe Ratio	0.24	-0.67
5Y Beta	0.10	0.36
5Y Dividends CAGR	-4.36%	-2.74%

Net Assets

Winner

GDL

$117M

PCF

$117M

Max Drawdown

GDL

71.51%

Winner

PCF

58.20%

Sharpe Ratio

Winner

GDL

0.24

PCF

-0.67

5Y Beta

Winner

GDL

0.10

PCF

0.36

5Y Dividends CAGR

GDL

-4.36%

Winner

PCF

-2.74%

GDL vs PCF - Historical Returns

Returns include dividend reinvestment.

Period	GDL	PCF
1 month	-0.24%	+2.98%
3 months	+0.59%	+1.00%
6 months	+0.76%	-3.64%
1 year	+5.52%	-4.82%
5 years(CAGR)	+4.49%	-0.46%
10 years(CAGR)	+3.83%	+5.41%
Max(CAGR)	+3.26%	+6.44%

GDL

-0.24%

Winner

PCF

+2.98%

GDL

+0.59%

Winner

PCF

+1.00%

Winner

GDL

+0.76%

PCF

-3.64%

Winner

GDL

+5.52%

PCF

-4.82%

5Y(CAGR)

Winner

GDL

+4.49%

PCF

-0.46%

10Y(CAGR)

GDL

+3.83%

Winner

PCF

+5.41%

Max(CAGR)

GDL

+3.26%

Winner

PCF

+6.44%

GDL vs PCF - Annual Returns (1999 - 2026)

Returns include dividend reinvestment.

Year	GDL	PCF
2026	+3.19%	-4.03%
2025	+11.53%	+5.47%
2024	+6.46%	+14.73%
2023	+8.16%	+7.19%
2022	-6.27%	-16.14%
2021	+8.15%	+10.74%
2020	-0.36%	+8.04%
2019	+6.91%	+3.71%
2018	-2.79%	+5.12%
2017	+4.29%	+15.14%
2016	+5.32%	+18.79%
2015	+4.44%	-5.23%
2014	+0.89%	+3.24%
2013	+6.69%	+8.20%
2012	+6.56%	+7.84%
2011	+5.01%	-2.75%
2010	+1.10%	+23.40%
2009	+17.35%	+43.49%
2008	-9.24%	-31.71%
2007	-13.32%	+1.07%
2006	N/A	+21.98%
2005	N/A	+1.05%
2004	N/A	+9.85%
2003	N/A	+32.05%
2002	N/A	-0.68%
2001	N/A	+9.90%
2000	N/A	+8.79%
1999	N/A	-14.97%

GDL vs PCF Drawdown Comparison

The maximum drawdown for GDL was -38.67%, occurring on Mar 18, 2020. Recovery took 261 trading sessions.

The maximum drawdown for PCF was -53.81%, occurring on Oct 10, 2008. Recovery took 662 trading sessions.

The current GDL drawdown is -1.06%. The current PCF drawdown is -6.27%.

Rank	GDL	PCF
#1	-38.67% Jan 15, 2020 - Jan 28, 2021	-53.81% May 9, 2007 - Dec 22, 2009
#2	-36.33% Jun 4, 2007 - Mar 17, 2011	-45.08% Feb 20, 2020 - Dec 8, 2020
#3	-14.35% Jun 28, 2011 - Sep 12, 2012	-29.02% Sep 17, 2021 - Feb 14, 2025
#4	-13.30% Oct 12, 2017 - Jan 8, 2020	-24.77% May 26, 2011 - Oct 25, 2013
#5	-9.51% Dec 17, 2021 - Dec 14, 2023	-22.43% Feb 28, 2001 - Mar 10, 2003
#6	-7.91% May 13, 2014 - May 13, 2015	-20.31% Nov 5, 1999 - Jan 25, 2001
#7	-7.01% Oct 5, 2012 - Jan 23, 2013	-19.27% Jul 1, 2014 - Jul 19, 2016
#8	-6.41% Jan 5, 2016 - Mar 21, 2016	-16.70% Apr 23, 2010 - Sep 13, 2010
#9	-6.00% Mar 25, 2025 - May 21, 2025	-13.32% Feb 25, 2025 - Sep 16, 2025
#10	-4.89% May 18, 2015 - Dec 22, 2015	-13.29% Feb 19, 2004 - Sep 14, 2004
#11	-4.17% May 20, 2013 - Sep 26, 2013	-10.73% Sep 16, 2025 - Mar 20, 2026
#12	-3.54% Mar 26, 2013 - May 16, 2013	-10.36% Feb 14, 2019 - Dec 18, 2019
#13	-3.34% Dec 26, 2023 - Mar 21, 2024	-9.55% Jul 11, 2003 - Dec 16, 2003
#14	-3.22% Sep 30, 2016 - Dec 20, 2016	-8.63% Jul 12, 2005 - Jan 6, 2006
#15	-3.22% Feb 2, 2026 - May 14, 2026	-8.49% Dec 21, 2004 - Jun 15, 2005

Correlation

Correlation between GDL and PCF is 0.96 which considered as a very strong positive correlation - the stocks move almost identically together.

0.96

-101

Dividend Comparison (2000 - 2026)

GDL vs PCF dividend yield comparison.

Year	GDL	PCF
2026	2.86%	8.56%
2025	5.67%	11.57%
2024	5.99%	11.43%
2023	5.97%	11.29%
2022	6.12%	13.48%
2021	5.38%	10.82%
2020	5.28%	11.46%
2019	4.30%	3.29%
2018	4.36%	6.88%
2017	5.96%	3.97%
2016	6.50%	4.52%
2015	6.39%	5.07%
2014	7.82%	4.84%
2013	11.62%	5.67%
2012	11.21%	6.56%
2011	19.85%	6.86%
2010	9.57%	6.29%
2009	8.88%	7.45%
2008	12.18%	11.08%
2007	7.50%	6.85%
2006	0.00%	6.27%
2005	0.00%	7.25%
2004	0.00%	6.94%
2003	0.00%	7.06%
2002	0.00%	9.15%
2001	0.00%	9.81%
2000	0.00%	4.98%