OVB vs. PCEF
Compare and contrast key facts about Overlay Shares Core Bond ETF (OVB) and Invesco CEF Income Composite ETF (PCEF).
OVB and PCEF are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. OVB is an actively managed fund by Liquid Strategies. It was launched on Sep 30, 2019. 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.
Performance
OVB vs. PCEF - Performance Comparison
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OVB vs. PCEF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
OVB Overlay Shares Core Bond ETF | 1.53% | 7.72% | 4.03% | 6.89% | -16.96% | 0.71% | 9.40% | 1.22% |
PCEF Invesco CEF Income Composite ETF | -3.43% | 12.59% | 16.70% | 9.39% | -18.66% | 15.38% | 4.61% | 5.26% |
Returns By Period
In the year-to-date period, OVB achieves a 1.53% return, which is significantly higher than PCEF's -3.43% return.
OVB
- 1D
- 0.72%
- 1M
- -1.39%
- YTD
- 1.53%
- 6M
- 3.08%
- 1Y
- 7.93%
- 3Y*
- 5.42%
- 5Y*
- 0.90%
- 10Y*
- —
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%
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OVB vs. PCEF - Expense Ratio Comparison
OVB has a 0.79% expense ratio, which is lower than PCEF's 2.71% expense ratio.
Return for Risk
OVB vs. PCEF — Risk / Return Rank
OVB
PCEF
OVB vs. PCEF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Core Bond ETF (OVB) 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.
| OVB | PCEF | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.26 | 0.61 | +0.64 |
Sortino ratioReturn per unit of downside risk | 1.81 | 0.89 | +0.92 |
Omega ratioGain probability vs. loss probability | 1.24 | 1.16 | +0.09 |
Calmar ratioReturn relative to maximum drawdown | 3.01 | 0.77 | +2.24 |
Martin ratioReturn relative to average drawdown | 8.76 | 3.65 | +5.11 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| OVB | PCEF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.26 | 0.61 | +0.64 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.12 | 0.37 | -0.25 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.52 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.24 | 0.53 | -0.29 |
Correlation
The correlation between OVB and PCEF is 0.41, 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
OVB vs. PCEF - Dividend Comparison
OVB's dividend yield for the trailing twelve months is around 7.37%, less than PCEF's 8.32% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
OVB Overlay Shares Core Bond ETF | 7.37% | 6.00% | 5.81% | 5.20% | 4.67% | 4.59% | 3.88% | 0.58% | 0.00% | 0.00% | 0.00% | 0.00% |
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
OVB vs. PCEF - Drawdown Comparison
The maximum OVB drawdown since its inception was -21.69%, smaller than the maximum PCEF drawdown of -38.64%. Use the drawdown chart below to compare losses from any high point for OVB and PCEF.
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Drawdown Indicators
| OVB | PCEF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.69% | -38.64% | +16.95% |
Max Drawdown (1Y)Largest decline over 1 year | -2.67% | -10.94% | +8.27% |
Max Drawdown (5Y)Largest decline over 5 years | -21.69% | -24.25% | +2.56% |
Max Drawdown (10Y)Largest decline over 10 years | — | -38.64% | — |
Current DrawdownCurrent decline from peak | -1.39% | -6.00% | +4.61% |
Average DrawdownAverage peak-to-trough decline | -7.21% | -4.51% | -2.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.92% | 2.30% | -1.38% |
Volatility
OVB vs. PCEF - Volatility Comparison
The current volatility for Overlay Shares Core Bond ETF (OVB) is 2.44%, while Invesco CEF Income Composite ETF (PCEF) has a volatility of 5.03%. This indicates that OVB 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
| OVB | PCEF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.44% | 5.03% | -2.59% |
Volatility (6M)Calculated over the trailing 6-month period | 4.67% | 7.05% | -2.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.34% | 13.49% | -7.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.30% | 11.42% | -4.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.65% | 13.25% | -5.60% |