PCEF vs. CCEF

Last updated Jun 24, 2026

PCEF (Invesco CEF Income Composite ETF) and CCEF (Calamos CEF Income & Arbitrage ETF) are both exchange-traded funds - PCEF is a Diversified Portfolio fund tracking the S-Network Composite Closed-End Fund Index, while CCEF is a Dividend fund actively managed by Calamos. PCEF is passively managed, while CCEF is actively managed. Over the past year, PCEF returned 13.23% vs 14.62% for CCEF. Their correlation of 0.82 suggests significant overlap in exposure. PCEF charges 2.71%/yr vs 2.74%/yr for CCEF.

Performance

PCEF vs. CCEF - Performance Comparison

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

Returns By Period

In the year-to-date period, PCEF achieves a 4.51% return, which is significantly lower than CCEF's 5.35% return.

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%

CCEF

• 1D: -0.65%
• 1M: 0.24%
• YTD: 5.35%
• 6M: 6.13%
• 1Y: 14.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PCEF vs. CCEF - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PCEF Invesco CEF Income Composite ETF	4.51%	12.59%	14.84%
CCEF Calamos CEF Income & Arbitrage ETF	5.35%	13.47%	17.80%

Correlation

The correlation between PCEF and CCEF is 0.84, 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	0.84
Correlation (All Time) Calculated using the full available price history since Jan 16, 2024	0.82

The correlation between PCEF and CCEF has been stable across timeframes, ranging from 0.82 to 0.84 - a consistent structural relationship.

Return for Risk

PCEF vs. CCEF — Risk / Return Rank

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

PCEF

PCEF Risk / Return Rank: 43
PCEF Sharpe Ratio Rank: 44
PCEF Sortino Ratio Rank: 45
PCEF Omega Ratio Rank: 45
PCEF Calmar Ratio Rank: 33
PCEF Martin Ratio Rank: 46

CCEF

CCEF Risk / Return Rank: 52
CCEF Sharpe Ratio Rank: 56
CCEF Sortino Ratio Rank: 55
CCEF Omega Ratio Rank: 58
CCEF Calmar Ratio Rank: 40
CCEF Martin Ratio Rank: 51

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.

PCEF vs. CCEF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco CEF Income Composite ETF (PCEF) and Calamos CEF Income & Arbitrage ETF (CCEF). 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.

	PCEF	CCEF	Difference
Sharpe ratio: Return per unit of total volatility	1.49	1.78	-0.29
Sortino ratio: Return per unit of downside risk	2.14	2.47	-0.33
Omega ratio: Gain probability vs. loss probability	1.28	1.33	-0.05
Calmar ratio: Return relative to maximum drawdown	1.60	1.89	-0.29
Martin ratio: Return relative to average drawdown	7.39	8.16	-0.77

PCEF vs. CCEF - Sharpe Ratio Comparison

The current PCEF Sharpe Ratio is 1.49, which is comparable to the CCEF Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of PCEF and CCEF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PCEF vs. CCEF - Drawdown Comparison

The maximum PCEF drawdown since its inception was -38.64%, which is greater than CCEF's maximum drawdown of -13.25%. Use the drawdown chart below to compare losses from any high point for PCEF and CCEF.

Drawdown Indicators

	PCEF	CCEF	Difference
Max Drawdown Largest peak-to-trough decline	-38.64%	-13.25%	-25.39%
Max Drawdown (1Y) Largest decline over 1 year	-8.30%	-7.75%	-0.55%
Max Drawdown (3Y) Largest decline over 3 years	-14.09%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.25%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-38.64%	—	—
Current Drawdown Current decline from peak	-1.19%	-1.15%	-0.04%
Average Drawdown Average peak-to-trough decline	-4.46%	-1.35%	-3.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.80%	1.80%	0.00%

Volatility

PCEF vs. CCEF - Volatility Comparison

Invesco CEF Income Composite ETF (PCEF) has a higher volatility of 2.92% compared to Calamos CEF Income & Arbitrage ETF (CCEF) at 2.67%. This indicates that PCEF's price experiences larger fluctuations and is considered to be riskier than CCEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PCEF	CCEF	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.92%	2.67%	+0.25%
Volatility (6M) Calculated over the trailing 6-month period	7.56%	7.01%	+0.55%
Volatility (1Y) Calculated over the trailing 1-year period	8.93%	8.25%	+0.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.52%	10.78%	+0.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.31%	10.78%	+2.53%

PCEF vs. CCEF - Expense Ratio Comparison

PCEF has a 2.71% expense ratio, which is lower than CCEF's 2.74% expense ratio.

Dividends

PCEF vs. CCEF - Dividend Comparison

PCEF's dividend yield for the trailing twelve months is around 7.75%, less than CCEF's 8.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CCEF Calamos CEF Income & Arbitrage ETF	8.01%	8.08%	6.55%	0.00%	0.00%	0.00%	0.00%	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

Can I hold both PCEF and CCEF in my portfolio?

PCEF and CCEF have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PCEF or CCEF?

PCEF has higher volatility (2.92%) compared to CCEF (2.67%). In terms of maximum drawdown, PCEF dropped -38.64% vs CCEF's -13.25%.

Which ETF is better, PCEF or CCEF?

On 1-year performance, CCEF leads with 14.62% vs 13.23% for PCEF. On fees, PCEF is cheaper at 2.71% per year. On volatility, CCEF has been the lower-risk option at 2.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PCEF or CCEF?

Over the 1-year period, CCEF has performed better with a 14.62% return vs 13.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PCEF or CCEF?

PCEF is cheaper with a 2.71% expense ratio, compared with 2.74% for CCEF.

Which ETF pays a higher dividend yield, PCEF or CCEF?

CCEF has the higher dividend yield at 8.01%, compared with 7.75% for PCEF.

What is the main difference between PCEF and CCEF?

PCEF is categorized as Diversified Portfolio, while CCEF is Dividend. They also come from different issuers: Invesco and Calamos. Their fees differ too: 2.71% for PCEF and 2.74% for CCEF.

Which has better risk-adjusted returns?

CCEF currently has the higher Sharpe Ratio (1.78 vs 1.49), 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.