CEFD vs. PCEF
CEFD (ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN) and PCEF (Invesco CEF Income Composite ETF) are both exchange-traded funds - CEFD is a fund fund tracking the S-Network Composite Closed-End Fund Index (150%), while PCEF is a Diversified Portfolio fund tracking the S-Network Composite Closed-End Fund Index. Both are passively managed. Over the past 5 years, CEFD returned 2.85%/yr vs 4.64%/yr for PCEF. Their correlation of 0.90 suggests significant overlap in exposure. CEFD charges 0.95%/yr vs 2.71%/yr for PCEF.
Performance
CEFD vs. PCEF - Performance Comparison
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Returns By Period
In the year-to-date period, CEFD achieves a 5.55% return, which is significantly higher than PCEF's 4.51% return.
CEFD
- 1D
- -0.83%
- 1M
- 0.88%
- YTD
- 5.55%
- 6M
- 5.82%
- 1Y
- 16.51%
- 3Y*
- 14.99%
- 5Y*
- 2.85%
- 10Y*
- —
PCEF
- 1D
- -0.61%
- 1M
- 0.94%
- YTD
- 4.51%
- 6M
- 4.88%
- 1Y
- 13.23%
- 3Y*
- 13.17%
- 5Y*
- 4.64%
- 10Y*
- 7.26%
CEFD vs. PCEF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
CEFD ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN | 5.55% | 14.15% | 20.06% | 8.36% | -28.93% | 22.09% | 23.01% |
PCEF Invesco CEF Income Composite ETF | 4.51% | 12.59% | 16.70% | 9.39% | -18.66% | 15.38% | 16.76% |
Correlation
The correlation between CEFD and PCEF is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.88 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.85 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.90 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2020 | 0.90 |
The correlation between CEFD and PCEF has been stable across timeframes, ranging from 0.85 to 0.90 - a consistent structural relationship.
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Return for Risk
CEFD vs. PCEF — Risk / Return Rank
CEFD
PCEF
CEFD vs. PCEF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN (CEFD) and Invesco CEF Income Composite ETF (PCEF). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| CEFD | PCEF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.24 | ||
| Sortino ratioReturn per unit of downside risk | -0.36 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.28 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.33 | 1.60 | -0.28 |
| Martin ratioReturn relative to average drawdown | 6.09 | 7.39 | -1.30 |
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Drawdowns
CEFD vs. PCEF - Drawdown Comparison
The maximum CEFD drawdown since its inception was -36.95%, roughly equal to the maximum PCEF drawdown of -38.64%. Use the drawdown chart below to compare losses from any high point for CEFD and PCEF.
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Drawdown Indicators
| CEFD | PCEF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.95% | -38.64% | +1.69% |
Max Drawdown (1Y)Largest decline over 1 year | -12.51% | -8.30% | -4.21% |
Max Drawdown (3Y)Largest decline over 3 years | -21.76% | -14.09% | -7.67% |
Max Drawdown (5Y)Largest decline over 5 years | -36.95% | -24.25% | -12.70% |
Max Drawdown (10Y)Largest decline over 10 years | — | -38.64% | — |
Current DrawdownCurrent decline from peak | -1.80% | -1.19% | -0.61% |
Average DrawdownAverage peak-to-trough decline | -11.63% | -4.46% | -7.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.72% | 1.80% | +0.92% |
Volatility
CEFD vs. PCEF - Volatility Comparison
ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN (CEFD) has a higher volatility of 4.13% compared to Invesco CEF Income Composite ETF (PCEF) at 2.92%. This indicates that CEFD's price experiences larger fluctuations and is considered to be riskier than PCEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CEFD | PCEF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.13% | 2.92% | +1.21% |
Volatility (6M)Calculated over the trailing 6-month period | 11.71% | 7.56% | +4.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.28% | 8.93% | +4.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.99% | 11.52% | +6.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.30% | 13.31% | +3.99% |
CEFD vs. PCEF - Expense Ratio Comparison
CEFD has a 0.95% expense ratio, which is lower than PCEF's 2.71% expense ratio.
Dividends
CEFD vs. PCEF - Dividend Comparison
CEFD's dividend yield for the trailing twelve months is around 14.84%, more than PCEF's 7.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CEFD ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN | 14.84% | 14.88% | 13.90% | 14.76% | 16.56% | 10.31% | 5.37% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PCEF Invesco CEF Income Composite ETF | 7.75% | 7.96% | 8.79% | 9.86% | 8.93% | 6.67% | 7.54% | 7.12% | 8.21% | 6.96% | 7.72% | 9.18% |
Frequently Asked Questions
CEFD and PCEF have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CEFD has higher volatility (4.13%) compared to PCEF (2.92%). In terms of maximum drawdown, CEFD dropped -36.95% vs PCEF's -38.64%.
On 5-year performance, PCEF leads with 4.64% vs 2.85% for CEFD. On fees, CEFD is cheaper at 0.95% per year. On volatility, PCEF has been the lower-risk option at 2.92%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, PCEF has performed better with a 4.64% return vs 2.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CEFD is cheaper with a 0.95% expense ratio, compared with 2.71% for PCEF.
CEFD has the higher dividend yield at 14.84%, compared with 7.75% for PCEF.
CEFD tracks S-Network Composite Closed-End Fund Index (150%), while PCEF tracks S-Network Composite Closed-End Fund Index. They also come from different issuers: UBS and Invesco. Their fees differ too: 0.95% for CEFD and 2.71% for PCEF.
PCEF currently has the higher Sharpe Ratio (1.49 vs 1.25), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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