CEFD vs. PCEF
Compare and contrast key facts about ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN (CEFD) and Invesco CEF Income Composite ETF (PCEF).
CEFD and PCEF are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CEFD is a passively managed fund by UBS that tracks the performance of the S-Network Composite Closed-End Fund Index (150%). It was launched on Jun 2, 2020. PCEF is a passively managed fund by Invesco that tracks the performance of the S-Network Composite Closed-End Fund Index. It was launched on Feb 19, 2010. Both CEFD and PCEF are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: CEFD or PCEF.
Key characteristics
| CEFD | PCEF | |
|---|---|---|
| YTD Return | 20.83% | 17.64% |
| 1Y Return | 34.26% | 26.86% |
| 3Y Return (Ann) | -2.68% | 1.39% |
| Sharpe Ratio | 2.65 | 3.25 |
| Sortino Ratio | 3.39 | 4.46 |
| Omega Ratio | 1.50 | 1.66 |
| Calmar Ratio | 1.09 | 1.50 |
| Martin Ratio | 15.75 | 20.62 |
| Ulcer Index | 2.17% | 1.30% |
| Daily Std Dev | 12.89% | 8.27% |
| Max Drawdown | -36.95% | -38.64% |
| Current Drawdown | -7.86% | -0.81% |
Correlation
The correlation between CEFD and PCEF is 0.90, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Performance
CEFD vs. PCEF - Performance Comparison
In the year-to-date period, CEFD achieves a 20.83% return, which is significantly higher than PCEF's 17.64% return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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CEFD vs. PCEF - Expense Ratio Comparison
CEFD has a 0.95% expense ratio, which is lower than PCEF's 2.34% expense ratio.
Risk-Adjusted Performance
CEFD vs. PCEF - Risk-Adjusted Performance 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.
Dividends
CEFD vs. PCEF - Dividend Comparison
CEFD's dividend yield for the trailing twelve months is around 12.15%, more than PCEF's 8.58% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CEFD ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN | 12.15% | 14.76% | 16.57% | 10.31% | 5.37% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PCEF Invesco CEF Income Composite ETF | 8.58% | 9.85% | 8.93% | 6.67% | 7.55% | 7.12% | 8.21% | 6.96% | 7.12% | 9.18% | 8.03% | 8.13% |
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. For additional features, visit the drawdowns tool.
Volatility
CEFD vs. PCEF - Volatility Comparison
ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN (CEFD) has a higher volatility of 5.15% compared to Invesco CEF Income Composite ETF (PCEF) at 2.11%. 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.