PFN vs SRL: Correlation
PIMCO Income Strategy Fund II (PFN) and Scully Royalty Ltd. (SRL) show a moderate relationship: their 3-year correlation of weekly returns is 0.34.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PFN and SRL?
Over the past 3 years, PFN and SRL moved with a correlation of 0.34, which is moderate. The past 12 months show a weaker link (0.20) than the 3-year average (0.34). Over 5 years the correlation is 0.30, and the annualized covariance of weekly returns is 209.4 %².
Among the 18 assets we track against PFN, SRL sits near the bottom by co-movement, at rank #14. On 12-month performance SRL holds a 6.1-point edge, +4.1% against +10.2%. One caveat on sizing: SRL is 4.1 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.
PFN vs SRL: side by side
| PFN (PIMCO Income Strategy Fund II) | SRL (Scully Royalty Ltd.) | |
|---|---|---|
| 1-year return | +4.1% | +10.2% |
| 5-year return | +9.3% | -40.6% |
| Volatility (ann.) | 12.2% | 50.0% |
| Beta vs S&P 500 | 0.40 | 0.34 |
| Max drawdown (3Y) | -11.1% | -51.2% |
| Market cap | $0.7B | $0.1B |
| P/E (trailing) | 13.4 | – |
| Dividend yield | 12.40% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PFN | SRL |
|---|---|---|
| 2022 | -17.6% | -4.5% |
| 2023 | +15.5% | -19.1% |
| 2024 | +15.8% | +51.6% |
| 2025 | +13.1% | -4.5% |
| 2026 | +1.0% | -31.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PFN and SRL good diversifiers for each other?
A fair diversifier. At 0.34, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between PFN and SRL?
Using weekly returns as of 2026-08-27: 0.34 over 3 years, with 0.20 over the last year and 0.30 over 5 years.
Is SRL a good diversifier for PFN?
A fair diversifier. At 0.34, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.34 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: PFN correlations · SRL correlations
