HIPS vs. PCEF

Last updated Apr 1, 2026

Compare and contrast key facts about GraniteShares HIPS US High Income ETF (HIPS) and Invesco CEF Income Composite ETF (PCEF).

HIPS and PCEF are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HIPS is a passively managed fund by GraniteShares that tracks the performance of the TFMS HIPS Index. It was launched on Jan 6, 2015. 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 HIPS 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.

Performance

HIPS vs. PCEF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares HIPS US High Income ETF (HIPS) and Invesco CEF Income Composite ETF (PCEF). The values are adjusted to include any dividend payments, if applicable.

HIPS vs. PCEF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HIPS GraniteShares HIPS US High Income ETF	1.64%	1.00%	13.71%	16.09%	-13.47%	22.65%	-11.74%	22.94%	-9.30%	6.30%
PCEF Invesco CEF Income Composite ETF	-3.43%	12.59%	16.70%	9.39%	-18.66%	15.38%	4.61%	24.08%	-8.88%	14.48%

Returns By Period

In the year-to-date period, HIPS achieves a 1.64% return, which is significantly higher than PCEF's -3.43% return. Over the past 10 years, HIPS has underperformed PCEF with an annualized return of 6.13%, while PCEF has yielded a comparatively higher 6.84% annualized return.

HIPS

• 1D: 1.35%
• 1M: -0.71%
• YTD: 1.64%
• 6M: 3.50%
• 1Y: 1.18%
• 3Y*: 10.32%
• 5Y*: 5.40%
• 10Y*: 6.13%

PCEF

• 1D: 2.51%
• 1M: -5.48%
• YTD: -3.43%
• 6M: -1.94%
• 1Y: 8.22%
• 3Y*: 10.45%
• 5Y*: 4.22%
• 10Y*: 6.84%

*Multi-year figures are annualized to reflect compound growth (CAGR)

HIPS vs. PCEF - Expense Ratio Comparison

HIPS has a 3.19% expense ratio, which is higher than PCEF's 2.71% expense ratio.

HIPS

GraniteShares HIPS US High Income ETF

PCEF

Invesco CEF Income Composite ETF

Return for Risk

HIPS vs. PCEF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HIPS

HIPS Risk / Return Rank: 14
HIPS Sharpe Ratio Rank: 14
HIPS Sortino Ratio Rank: 13
HIPS Omega Ratio Rank: 14
HIPS Calmar Ratio Rank: 14
HIPS Martin Ratio Rank: 15

PCEF

PCEF Risk / Return Rank: 37
PCEF Sharpe Ratio Rank: 35
PCEF Sortino Ratio Rank: 32
PCEF Omega Ratio Rank: 42
PCEF Calmar Ratio Rank: 33
PCEF Martin Ratio Rank: 41

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

HIPS vs. PCEF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares HIPS US High Income ETF (HIPS) 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.

	HIPS	PCEF	Difference
Sharpe ratio Return per unit of total volatility	0.08	0.61	-0.53
Sortino ratio Return per unit of downside risk	0.20	0.89	-0.69
Omega ratio Gain probability vs. loss probability	1.03	1.16	-0.13
Calmar ratio Return relative to maximum drawdown	0.08	0.77	-0.68
Martin ratio Return relative to average drawdown	0.31	3.65	-3.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HIPS vs. PCEF - Sharpe Ratio Comparison

The current HIPS Sharpe Ratio is 0.08, which is lower than the PCEF Sharpe Ratio of 0.61. The chart below compares the historical Sharpe Ratios of HIPS and PCEF, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	HIPS	PCEF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.08	0.61	-0.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	0.37	+0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.34	0.52	-0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	0.53	-0.31

Correlation

The correlation between HIPS and PCEF is 0.61, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

HIPS vs. PCEF - Dividend Comparison

HIPS's dividend yield for the trailing twelve months is around 11.16%, more than PCEF's 8.32% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HIPS GraniteShares HIPS US High Income ETF	11.16%	11.04%	10.04%	10.32%	10.76%	8.43%	9.50%	6.93%	8.66%	7.28%	7.20%	8.17%
PCEF Invesco CEF Income Composite ETF	8.32%	7.96%	8.79%	9.86%	8.93%	6.67%	7.54%	7.12%	8.21%	6.96%	7.72%	9.18%

Drawdowns

HIPS vs. PCEF - Drawdown Comparison

The maximum HIPS drawdown since its inception was -53.14%, which is greater than PCEF's maximum drawdown of -38.64%. Use the drawdown chart below to compare losses from any high point for HIPS and PCEF.

Drawdown Indicators

	HIPS	PCEF	Difference
Max Drawdown Largest peak-to-trough decline	-53.14%	-38.64%	-14.50%
Max Drawdown (1Y) Largest decline over 1 year	-13.02%	-10.94%	-2.08%
Max Drawdown (5Y) Largest decline over 5 years	-21.28%	-24.25%	+2.97%
Max Drawdown (10Y) Largest decline over 10 years	-53.14%	-38.64%	-14.50%
Current Drawdown Current decline from peak	-3.24%	-6.00%	+2.76%
Average Drawdown Average peak-to-trough decline	-7.48%	-4.51%	-2.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.54%	2.30%	+1.24%

Volatility

HIPS vs. PCEF - Volatility Comparison

The current volatility for GraniteShares HIPS US High Income ETF (HIPS) is 3.82%, while Invesco CEF Income Composite ETF (PCEF) has a volatility of 5.03%. This indicates that HIPS experiences smaller price fluctuations and is considered to be less risky than PCEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HIPS	PCEF	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.82%	5.03%	-1.21%
Volatility (6M) Calculated over the trailing 6-month period	7.53%	7.05%	+0.48%
Volatility (1Y) Calculated over the trailing 1-year period	15.01%	13.49%	+1.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.33%	11.42%	+1.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.13%	13.25%	+4.88%