PCEF vs. CEFD
PCEF (Invesco CEF Income Composite ETF) and CEFD (ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN) are both exchange-traded funds - PCEF is a Diversified Portfolio fund tracking the S-Network Composite Closed-End Fund Index, while CEFD is a fund fund tracking the S-Network Composite Closed-End Fund Index (150%). Both are passively managed. Over the past 5 years, PCEF returned 4.82%/yr vs 3.13%/yr for CEFD. Their correlation of 0.89 suggests significant overlap in exposure. PCEF charges 2.71%/yr vs 0.95%/yr for CEFD.
Performance
PCEF vs. CEFD - Performance Comparison
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Returns By Period
In the year-to-date period, PCEF achieves a 4.88% return, which is significantly lower than CEFD's 6.26% return.
PCEF
- 1D
- -0.74%
- 1M
- 2.15%
- YTD
- 4.88%
- 6M
- 5.42%
- 1Y
- 14.12%
- 3Y*
- 13.61%
- 5Y*
- 4.82%
- 10Y*
- 7.33%
CEFD
- 1D
- -0.98%
- 1M
- 2.61%
- YTD
- 6.26%
- 6M
- 6.56%
- 1Y
- 18.31%
- 3Y*
- 15.60%
- 5Y*
- 3.13%
- 10Y*
- —
PCEF vs. CEFD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
PCEF Invesco CEF Income Composite ETF | 4.88% | 12.59% | 16.70% | 9.39% | -18.66% | 15.38% | 15.44% |
CEFD ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN | 6.26% | 14.15% | 20.06% | 8.36% | -28.93% | 22.09% | 21.81% |
Correlation
The correlation between PCEF and CEFD is 0.86, 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 | 0.86 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.85 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.90 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2020 | 0.89 |
The correlation between PCEF and CEFD has been stable across timeframes, ranging from 0.85 to 0.90 - a consistent structural relationship.
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Return for Risk
PCEF vs. CEFD — Risk / Return Rank
PCEF
CEFD
PCEF vs. CEFD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CEF Income Composite ETF (PCEF) and ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN (CEFD). 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.
| PCEF | CEFD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.22 | ||
| Sortino ratioReturn per unit of downside risk | +0.33 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.29 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.71 | 1.47 | +0.24 |
| Martin ratioReturn relative to average drawdown | 8.00 | 6.84 | +1.16 |
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
| PCEF | CEFD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.65 | 1.43 | +0.22 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.42 | 0.18 | +0.25 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.55 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.57 | 0.52 | +0.06 |
Drawdowns
PCEF vs. CEFD - Drawdown Comparison
The maximum PCEF drawdown since its inception was -38.64%, roughly equal to the maximum CEFD drawdown of -36.95%. Use the drawdown chart below to compare losses from any high point for PCEF and CEFD.
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Drawdown Indicators
| PCEF | CEFD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.64% | -36.95% | -1.69% |
Max Drawdown (1Y)Largest decline over 1 year | -8.30% | -12.51% | +4.21% |
Max Drawdown (3Y)Largest decline over 3 years | -14.09% | -21.76% | +7.67% |
Max Drawdown (5Y)Largest decline over 5 years | -24.25% | -36.95% | +12.70% |
Max Drawdown (10Y)Largest decline over 10 years | -38.64% | — | — |
Current DrawdownCurrent decline from peak | -0.74% | -1.14% | +0.40% |
Average DrawdownAverage peak-to-trough decline | -4.47% | -11.72% | +7.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.77% | 2.68% | -0.91% |
Volatility
PCEF vs. CEFD - Volatility Comparison
The current volatility for Invesco CEF Income Composite ETF (PCEF) is 2.50%, while ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN (CEFD) has a volatility of 4.05%. This indicates that PCEF experiences smaller price fluctuations and is considered to be less risky than CEFD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PCEF | CEFD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.50% | 4.05% | -1.55% |
Volatility (6M)Calculated over the trailing 6-month period | 7.30% | 11.27% | -3.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.61% | 12.86% | -4.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.48% | 17.93% | -6.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.29% | 17.31% | -4.02% |
PCEF vs. CEFD - Expense Ratio Comparison
PCEF has a 2.71% expense ratio, which is higher than CEFD's 0.95% expense ratio.
Dividends
PCEF vs. CEFD - Dividend Comparison
PCEF's dividend yield for the trailing twelve months is around 7.73%, less than CEFD's 14.58% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CEFD ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN | 14.58% | 14.88% | 13.90% | 14.76% | 16.56% | 10.31% | 5.37% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PCEF Invesco CEF Income Composite ETF | 7.73% | 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
PCEF and CEFD have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CEFD has higher volatility (4.05%) compared to PCEF (2.50%). In terms of maximum drawdown, PCEF dropped -38.64% vs CEFD's -36.95%.
On 5-year performance, PCEF leads with 4.82% vs 3.13% for CEFD. On fees, CEFD is cheaper at 0.95% per year. On volatility, PCEF has been the lower-risk option at 2.50%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, PCEF has performed better with a 4.82% return vs 3.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CEFD is cheaper with a 0.95% expense ratio, compared with 2.71% for PCEF.
CEFD has the higher dividend yield at 14.58%, compared with 7.73% for PCEF.
PCEF tracks S-Network Composite Closed-End Fund Index, while CEFD tracks S-Network Composite Closed-End Fund Index (150%). They also come from different issuers: Invesco and UBS. Their fees differ too: 2.71% for PCEF and 0.95% for CEFD.
PCEF currently has the higher Sharpe Ratio (1.65 vs 1.43), 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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