PCF vs GDL

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

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

PCF vs GDL - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

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

Net Assets

PCF

$117M

Winner

GDL

$117M

Max Drawdown

Winner

PCF

58.20%

GDL

71.51%

Sharpe Ratio

PCF

-0.67

Winner

GDL

0.24

5Y Beta

PCF

0.36

Winner

GDL

0.10

5Y Dividends CAGR

Winner

PCF

-2.74%

GDL

-4.36%

PCF vs GDL - Historical Returns

Returns include dividend reinvestment.

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

Winner

PCF

+2.98%

GDL

-0.24%

Winner

PCF

+1.00%

GDL

+0.59%

PCF

-3.64%

Winner

GDL

+0.76%

PCF

-4.82%

Winner

GDL

+5.52%

5Y(CAGR)

PCF

-0.46%

Winner

GDL

+4.49%

10Y(CAGR)

Winner

PCF

+5.41%

GDL

+3.83%

Max(CAGR)

Winner

PCF

+6.44%

GDL

+3.26%

PCF vs GDL - Annual Returns (1999 - 2026)

Returns include dividend reinvestment.

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

PCF vs GDL Drawdown Comparison

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

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

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

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

Correlation

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

0.96

-101

Dividend Comparison (2000 - 2026)

PCF vs GDL dividend yield comparison.

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