PFL vs SRL: Correlation
PIMCO Income Strategy Fund Shares of Beneficial Interest (PFL) and Scully Royalty Ltd. (SRL) show a moderate relationship: their 3-year correlation of weekly returns is 0.31.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PFL and SRL?
Over the past 3 years, PFL and SRL moved with a correlation of 0.31, which is moderate. Recent behaviour matches the longer record: 0.27 over 1 year against 0.31 over 3. Over 5 years the correlation is 0.30, and the annualized covariance of weekly returns is 188.7 %².
Out of 22 assets tracked against PFL, SRL lands near the bottom at #19. The trailing year gives SRL the advantage: +1.1% versus +10.2%, a 9.1-point spread. One caveat on sizing: SRL is 4.2 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.
PFL vs SRL: side by side
| PFL (PIMCO Income Strategy Fund Shares of Beneficial Interest) | SRL (Scully Royalty Ltd.) | |
|---|---|---|
| 1-year return | +1.1% | +10.2% |
| 5-year return | +1.9% | -40.6% |
| Volatility (ann.) | 12.0% | 50.0% |
| Beta vs S&P 500 | 0.39 | 0.34 |
| Max drawdown (3Y) | -11.1% | -51.2% |
| Market cap | – | $0.1B |
| P/E (trailing) | 9.6 | – |
| Dividend yield | 12.86% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PFL | SRL |
|---|---|---|
| 2022 | -18.0% | -4.5% |
| 2023 | +17.2% | -19.1% |
| 2024 | +11.4% | +51.6% |
| 2025 | +13.0% | -4.5% |
| 2026 | -2.2% | -31.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PFL and SRL good diversifiers for each other?
A fair diversifier. At 0.31, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between PFL and SRL?
Using weekly returns as of 2026-08-27: 0.31 over 3 years, with 0.27 over the last year and 0.30 over 5 years.
Is SRL a good diversifier for PFL?
A fair diversifier. At 0.31, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.31 mean?
On the −1 to +1 scale, 0.31 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.
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Related comparisons
Hubs: PFL correlations · SRL correlations
