There are no true equivalencies other than what the market decides. The only market measure (on a consistent basis) is the going rate for exchanging miles through AA to HHonors.

Now I would VALUE them differently but that is not what a PC point to Hilton point conversion is all about. If you want to trade value for value, whatever the two traders come up with is fine.

It is always best to leave the points in the existing program--that is where you get maximum $ benefit. However, if PC doesn't have properties that you want to stay at then the points aren't much value to you so a trade might be worth the apparent $ loss. You may even get an HHonors member that would rather stay at an IC property and give you more than the market has valued them at.