PCF vs VOO
Putnam High Income Securities Fund vs Vanguard S&P 500 ETF
Quick Verdict
VOO has a lower expense ratio. VOO delivered stronger 1-year returns. VOO offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | PCF | VOO | Winner |
|---|---|---|---|
| Expense Ratio | 4.77% | 0.03% | |
| AUM | $117M | $979.0B | |
| Dividend Yield | 10.91% | 1.09% | |
| Holdings | 135 | 509 | |
| YTD Return | -6.46% | +13.80% | |
| 1Y Return | -5.03% | +23.71% | |
| 3Y Return (annualized) | +4.93% | +21.50% | |
| 5Y Return (annualized) | -1.01% | +13.44% | |
| Volatility (annualized) | 15.4% | 14.1% | |
| Max Drawdown | -67.3% | -34.3% | |
| Fund Family | Putnam Investments | Vanguard (US) | |
| Category | Allocation/Balanced | Equity | |
| Inception | Jul 9, 1987 | Sep 7, 2010 |
PCF vs VOO Performance
Putnam High Income Securities Fund (PCF) is a ETF from Putnam Investments and Vanguard S&P 500 ETF (VOO) is a ETF from Vanguard (US). Over the past year PCF returned -5.03% while VOO returned +23.71%. Year to date, PCF is down 6.46% versus a gain of 13.80% for VOO.
Over three years, PCF compounded at +4.93% per year against +21.50% for VOO; over five years the annualized figures are -1.01% and +13.44% respectively. Across the full 16-year window we track, VOO has the edge at +13.58% annualized vs -0.04%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
PCF has been the more volatile fund, with annualized monthly volatility of 15.4% compared with 14.1% for VOO. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -67.3% for PCF and -34.3% for VOO. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.72. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
PCF charges 4.77% per year while VOO charges 0.03%. On a $10,000 position that is $477 vs $3 annually, a gap of $474 per year that compounds over a long holding period. On income, PCF currently yields 10.91% against 1.09% for VOO.
Holdings Overlap
PCF and VOO share 0 holdings out of 604 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, PCF or VOO?
PCF has an expense ratio of 4.77% while VOO charges 0.03%. VOO is the cheaper option. On a $10,000 investment, that is $474 per year of difference.
Which performed better, PCF or VOO?
Over the past year PCF returned -5.03% vs +23.71% for VOO, so VOO leads on 1-year performance. Over the longest common window we track (16 years), PCF annualized -0.04% vs +13.58% for VOO. Past performance does not guarantee future results.
Which is riskier, PCF or VOO?
PCF has been the more volatile fund at 15.4% annualized versus 14.1% for VOO. Worst drawdown: PCF -67.3% vs VOO -34.3%.
Should I hold both PCF and VOO?
PCF and VOO have a monthly-return correlation of 0.72, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between PCF and VOO?
PCF and VOO share 0 common holdings with a 0.0% weight overlap. Combined, they hold 604 unique securities.
Which pays a higher dividend, PCF or VOO?
PCF yields 10.91% while VOO yields 1.09%, so PCF currently pays the higher dividend yield.
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