MDIV vs. PCEF
MDIV (First Trust Multi-Asset Diversified Income Index Fund) and PCEF (Invesco CEF Income Composite ETF) are both Diversified Portfolio funds - MDIV tracks the NASDAQ US Multi-Asset Diversified Income Index while PCEF tracks the S-Network Composite Closed-End Fund Index. Both are passively managed. Over the past 10 years, MDIV returned 4.79%/yr vs 7.33%/yr for PCEF. A 0.63 correlation means they provide meaningful diversification when combined. MDIV charges 0.73%/yr vs 2.71%/yr for PCEF.
Performance
MDIV vs. PCEF - Performance Comparison
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Returns By Period
In the year-to-date period, MDIV achieves a 7.49% return, which is significantly higher than PCEF's 5.15% return. Over the past 10 years, MDIV has underperformed PCEF with an annualized return of 4.79%, while PCEF has yielded a comparatively higher 7.33% annualized return.
MDIV
- 1D
- 0.09%
- 1M
- -1.32%
- YTD
- 7.49%
- 6M
- 7.59%
- 1Y
- 10.55%
- 3Y*
- 11.96%
- 5Y*
- 5.82%
- 10Y*
- 4.79%
PCEF
- 1D
- -0.29%
- 1M
- 1.56%
- YTD
- 5.15%
- 6M
- 5.39%
- 1Y
- 13.93%
- 3Y*
- 13.40%
- 5Y*
- 4.85%
- 10Y*
- 7.33%
MDIV vs. PCEF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MDIV First Trust Multi-Asset Diversified Income Index Fund | 7.49% | 3.77% | 10.05% | 11.50% | -3.86% | 16.51% | -14.84% | 18.59% | -5.78% | 5.61% |
PCEF Invesco CEF Income Composite ETF | 5.15% | 12.59% | 16.70% | 9.39% | -18.66% | 15.38% | 4.61% | 24.08% | -8.88% | 14.48% |
Correlation
The correlation between MDIV and PCEF is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.62 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.60 |
Correlation (All Time) Calculated using the full available price history since Aug 14, 2012 | 0.63 |
Over the past year, the correlation between MDIV and PCEF has dropped to 0.38 - well below their long-term average of 0.63, suggesting their price drivers have been diverging.
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Return for Risk
MDIV vs. PCEF — Risk / Return Rank
MDIV
PCEF
MDIV vs. PCEF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Multi-Asset Diversified Income Index Fund (MDIV) 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.
| MDIV | PCEF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.30 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 3.12 | 1.69 | +1.44 |
| Martin ratioReturn relative to average drawdown | 8.65 | 7.79 | +0.87 |
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Drawdowns
MDIV vs. PCEF - Drawdown Comparison
The maximum MDIV drawdown since its inception was -48.50%, which is greater than PCEF's maximum drawdown of -38.64%. Use the drawdown chart below to compare losses from any high point for MDIV and PCEF.
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Drawdown Indicators
| MDIV | PCEF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.50% | -38.64% | -9.86% |
Max Drawdown (1Y)Largest decline over 1 year | -3.39% | -8.30% | +4.91% |
Max Drawdown (3Y)Largest decline over 3 years | -9.62% | -14.09% | +4.47% |
Max Drawdown (5Y)Largest decline over 5 years | -13.02% | -24.25% | +11.23% |
Max Drawdown (10Y)Largest decline over 10 years | -48.50% | -38.64% | -9.86% |
Current DrawdownCurrent decline from peak | -1.73% | -0.58% | -1.15% |
Average DrawdownAverage peak-to-trough decline | -4.57% | -4.46% | -0.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.22% | 1.79% | -0.57% |
Volatility
MDIV vs. PCEF - Volatility Comparison
The current volatility for First Trust Multi-Asset Diversified Income Index Fund (MDIV) is 2.03%, while Invesco CEF Income Composite ETF (PCEF) has a volatility of 2.86%. This indicates that MDIV 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.
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Volatility by Period
| MDIV | PCEF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.03% | 2.86% | -0.83% |
Volatility (6M)Calculated over the trailing 6-month period | 4.47% | 7.55% | -3.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.79% | 8.92% | -2.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.93% | 11.52% | -0.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.23% | 13.31% | +1.92% |
MDIV vs. PCEF - Expense Ratio Comparison
MDIV has a 0.73% expense ratio, which is lower than PCEF's 2.71% expense ratio.
Dividends
MDIV vs. PCEF - Dividend Comparison
MDIV's dividend yield for the trailing twelve months is around 6.40%, less than PCEF's 8.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MDIV First Trust Multi-Asset Diversified Income Index Fund | 6.40% | 6.51% | 6.40% | 6.08% | 6.71% | 5.30% | 6.00% | 5.90% | 6.76% | 6.04% | 6.35% | 7.38% |
PCEF Invesco CEF Income Composite ETF | 8.36% | 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
MDIV and PCEF have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PCEF has higher volatility (2.86%) compared to MDIV (2.03%). In terms of maximum drawdown, MDIV dropped -48.50% vs PCEF's -38.64%.
On 10-year performance, PCEF leads with 7.33% vs 4.79% for MDIV. On fees, MDIV is cheaper at 0.73% per year. On volatility, MDIV has been the lower-risk option at 2.03%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PCEF has performed better with a 7.33% return vs 4.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MDIV is cheaper with a 0.73% expense ratio, compared with 2.71% for PCEF.
PCEF has the higher dividend yield at 8.36%, compared with 6.40% for MDIV.
MDIV tracks NASDAQ US Multi-Asset Diversified Income Index, while PCEF tracks S-Network Composite Closed-End Fund Index. They also come from different issuers: First Trust and Invesco. Their fees differ too: 0.73% for MDIV and 2.71% for PCEF.
PCEF currently has the higher Sharpe Ratio (1.57 vs 1.56), 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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