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PCEF vs. CTAP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PCEF vs. CTAP

Last updated Jun 4, 2026

PCEF (Invesco CEF Income Composite ETF) and CTAP (Simplify US Equity PLUS Managed Futures Strategy ETF) are both Diversified Portfolio funds. PCEF is passively managed, while CTAP is actively managed. At a 0.19 correlation, their price movements are largely independent. PCEF charges 2.71%/yr vs 0.10%/yr for CTAP.

Performance

PCEF vs. CTAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco CEF Income Composite ETF (PCEF) and Simplify US Equity PLUS Managed Futures Strategy ETF (CTAP). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, PCEF achieves a 4.88% return, which is significantly lower than CTAP's 21.95% 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%

CTAP

1D
-0.32%
1M
-3.24%
YTD
21.95%
6M
—
1Y
—
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

PCEF vs. CTAP - Yearly Performance Comparison

2026 (YTD)2025
PCEF
Invesco CEF Income Composite ETF		4.88%0.89%
CTAP
Simplify US Equity PLUS Managed Futures Strategy ETF		21.95%2.44%

Correlation

The correlation between PCEF and CTAP is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (All Time)
Calculated using the full available price history since Dec 10, 2025

0.19

PCEF vs. CTAP - Sectors Allocation Comparison

Sectors
PCEF
CTAP

Financial Services

37.2%
49.3%

Technology

22.0%

-

Communication Services

7.0%

-

Healthcare

6.7%

-

Industrials

6.5%

-

Consumer Cyclical

6.0%

-

Energy

4.2%

-

Utilities

3.5%

-

Consumer Defensive

3.2%

-

Basic Materials

2.8%

-

Real Estate

0.9%

-

Financial Services

PCEF
37.2%
CTAP
49.3%

Technology

PCEF
22.0%
CTAP

-

Communication Services

PCEF
7.0%
CTAP

-

Healthcare

PCEF
6.7%
CTAP

-

Industrials

PCEF
6.5%
CTAP

-

Consumer Cyclical

PCEF
6.0%
CTAP

-

Energy

PCEF
4.2%
CTAP

-

Utilities

PCEF
3.5%
CTAP

-

Consumer Defensive

PCEF
3.2%
CTAP

-

Basic Materials

PCEF
2.8%
CTAP

-

Real Estate

PCEF
0.9%
CTAP

-

Compare stocks, funds, or ETFs

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Invesco CEF Income Composite ETF

Simplify US Equity PLUS Managed Futures Strategy ETF

Often compared with PCEF:
PCEF vs. YYYPCEF vs. UTFPCEF vs. PFFAPCEF vs. PGXPCEF vs. IEOPCEF vs. MDIVPCEF vs. SPY
Often compared with CTAP:
CTAP vs. RSSTCTAP vs. CTACTAP vs. TSPXCTAP vs. RAACTAP vs. RSSBCTAP vs. VOOCTAP vs. ESBG

Return for Risk

PCEF vs. CTAP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PCEF
PCEF Risk / Return Rank: 4545
Overall Rank
PCEF Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
PCEF Sortino Ratio Rank: 4747
Sortino Ratio Rank
PCEF Omega Ratio Rank: 4949
Omega Ratio Rank
PCEF Calmar Ratio Rank: 3434
Calmar Ratio Rank
PCEF Martin Ratio Rank: 4848
Martin Ratio Rank
CTAP
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. CTAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco CEF Income Composite ETF (PCEF) and Simplify US Equity PLUS Managed Futures Strategy ETF (CTAP). 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.

PCEFCTAPDifference
Sharpe ratioReturn per unit of total volatility
1.65

—

—

Sortino ratioReturn per unit of downside risk
2.36

—

—

Omega ratioGain probability vs. loss probability

1.31

—

—

Calmar ratioReturn relative to maximum drawdown

1.71

—

—

Martin ratioReturn relative to average drawdown

8.00

—

—

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PCEF vs. CTAP - Sharpe Ratio Comparison

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Sharpe Ratios by Period

PCEFCTAPDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.65

—

—

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.42

—

—

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

2.50

-1.93

Drawdowns

PCEF vs. CTAP - Drawdown Comparison

The maximum PCEF drawdown since its inception was -38.64%, which is greater than CTAP's maximum drawdown of -9.02%. Use the drawdown chart below to compare losses from any high point for PCEF and CTAP.

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Drawdown Indicators

PCEFCTAPDifference

Max Drawdown

Largest peak-to-trough decline

-38.64%

-9.02%

-29.62%

Max Drawdown (1Y)

Largest decline over 1 year

-8.30%

—

—

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

-0.74%

-4.47%

+3.73%

Average Drawdown

Average peak-to-trough decline

-4.47%

-2.18%

-2.29%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.77%

—

—

Volatility

PCEF vs. CTAP - Volatility Comparison

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Volatility by Period

PCEFCTAPDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.50%

—

—

Volatility (6M)

Calculated over the trailing 6-month period

7.30%

—

—

Volatility (1Y)

Calculated over the trailing 1-year period

8.61%

23.94%

-15.33%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.48%

23.94%

-12.46%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

13.29%

23.94%

-10.65%

PCEF vs. CTAP - Expense Ratio Comparison

PCEF has a 2.71% expense ratio, which is higher than CTAP's 0.10% expense ratio.

Dividends

PCEF vs. CTAP - Dividend Comparison

PCEF's dividend yield for the trailing twelve months is around 7.73%, more than CTAP's 0.65% yield.

PositionTTM20252024202320222021202020192018201720162015
CTAP
Simplify US Equity PLUS Managed Futures Strategy ETF		0.65%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
PCEF
Invesco CEF Income Composite ETF		7.73%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 CTAP have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, CTAP is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

CTAP is cheaper with a 0.10% expense ratio, compared with 2.71% for PCEF.

PCEF has the higher dividend yield at 7.73%, compared with 0.65% for CTAP.

They also come from different issuers: Invesco and Simplify. Their fees differ too: 2.71% for PCEF and 0.10% for CTAP.

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