PCM vs PFL: Correlation
Measured on weekly returns over the past three years, PCM Fund, Inc. (PCM) and PIMCO Income Strategy Fund Shares of Beneficial Interest (PFL) carry a correlation of 0.59, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PCM and PFL?
Across a 3-year window, the weekly returns of PCM and PFL correlate at 0.59, moderate. Recent behaviour matches the longer record: 0.62 over 1 year against 0.59 over 3. Stretching to 5 years gives 0.63, with an annualized covariance of 133.5 %².
PFL is one of the assets that tracks PCM most closely: it ranks #2 out of the 11 assets we track against PCM. Neither side won the trailing year by much: -2.9% against +1.1%. One caveat on sizing: PCM is 1.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
PCM vs PFL: side by side
| PCM (PCM Fund, Inc.) | PFL (PIMCO Income Strategy Fund Shares of Beneficial Interest) | |
|---|---|---|
| 1-year return | -2.9% | +1.1% |
| 5-year return | -19.9% | +1.9% |
| Volatility (ann.) | 19.0% | 12.0% |
| Beta vs S&P 500 | 0.46 | 0.39 |
| Max drawdown (3Y) | -27.1% | -11.1% |
| Market cap | – | – |
| P/E (trailing) | 9.6 | 9.6 |
| Dividend yield | 14.25% | 12.86% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PCM | PFL |
|---|---|---|
| 2022 | -19.7% | -18.0% |
| 2023 | +12.4% | +17.2% |
| 2024 | +8.8% | +11.4% |
| 2025 | -10.1% | +13.0% |
| 2026 | -4.0% | -2.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PCM and PFL good diversifiers for each other?
Somewhat, no more. With 0.59 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between PCM and PFL?
Using weekly returns as of 2026-08-27: 0.59 over 3 years, with 0.62 over the last year and 0.63 over 5 years.
Is PFL a good diversifier for PCM?
Somewhat, no more. With 0.59 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.59 mean?
On the −1 to +1 scale, 0.59 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/pcm-vs-pfl.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/pcm-vs-pfl/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: PCM correlations · PFL correlations
