NRO vs PCF: Correlation
How closely do Neuberger Real Estate Securities Income Fund Inc. (NRO) and High Income Securities Fund (PCF) trade together? Their weekly returns over three years give a correlation of 0.60, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NRO and PCF?
On 3 years of weekly data the NRO/PCF correlation comes out at 0.60, strong. The past 12 months show a weaker link (0.49) than the 3-year average (0.60). The 5-year figure is 0.60, and annualized covariance runs at 143.7 %².
By 3-year correlation, PCF places #11 of the 17 assets tracked against NRO. The trailing year gives NRO the advantage: +2.5% versus -3.9%, a 6.4-point spread.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
NRO vs PCF: side by side
| NRO (Neuberger Real Estate Securities Income Fund Inc.) | PCF (High Income Securities Fund) | |
|---|---|---|
| 1-year return | +2.5% | -3.9% |
| 5-year return | +2.7% | -2.1% |
| Volatility (ann.) | 18.9% | 12.8% |
| Beta vs S&P 500 | 0.70 | 0.49 |
| Max drawdown (3Y) | -24.8% | -13.8% |
| Market cap | $0.2B | $0.1B |
| P/E (trailing) | 8.2 | 25.8 |
| Dividend yield | 0.00% | 13.22% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NRO | PCF |
|---|---|---|
| 2022 | -35.1% | -15.6% |
| 2023 | +15.1% | +10.4% |
| 2024 | +23.8% | +13.8% |
| 2025 | +0.8% | +5.2% |
| 2026 | +5.0% | -3.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NRO and PCF good diversifiers for each other?
To a limited degree. At 0.60 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between NRO and PCF?
Using weekly returns as of 2026-08-27: 0.60 over 3 years, with 0.49 over the last year and 0.60 over 5 years.
Is PCF a good diversifier for NRO?
To a limited degree. At 0.60 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.60 mean?
On the −1 to +1 scale, 0.60 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/nro-vs-pcf.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/nro-vs-pcf/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NRO correlations · PCF correlations
