PCEF vs. ERNZ

Last updated Jun 4, 2026

PCEF (Invesco CEF Income Composite ETF) and ERNZ (TrueShares Active Yield ETF) are both exchange-traded funds - PCEF is a Diversified Portfolio fund tracking the S-Network Composite Closed-End Fund Index, while ERNZ is a Large Cap Blend Equities fund actively managed by TrueShares. PCEF is passively managed, while ERNZ is actively managed. Over the past year, PCEF returned 14.12% vs 2.28% for ERNZ. A 0.54 correlation means they provide meaningful diversification when combined. PCEF charges 2.71%/yr vs 0.75%/yr for ERNZ.

Performance

PCEF vs. ERNZ - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with PCEF having a 4.88% return and ERNZ slightly higher at 4.89%.

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%

ERNZ

• 1D: 0.00%
• 1M: 0.00%
• YTD: 4.89%
• 6M: 3.58%
• 1Y: 2.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PCEF vs. ERNZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PCEF Invesco CEF Income Composite ETF	4.88%	12.59%	12.16%
ERNZ TrueShares Active Yield ETF	4.89%	-6.50%	3.43%

Correlation

The correlation between PCEF and ERNZ 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 (All Time) Calculated using the full available price history since May 2, 2024	0.54

The correlation between PCEF and ERNZ shifts across timeframes, from 0.38 (1 year) to 0.54 (all time), reflecting how their relationship changes across market environments.

PCEF vs. ERNZ - Sectors Allocation Comparison

Sectors	PCEF	ERNZ
Financial Services	37.2%	24.6%
Technology	22.0%	3.3%
Communication Services	7.0%	3.5%
Healthcare	6.7%	5.8%
Industrials	6.5%	2.9%
Consumer Cyclical	6.0%	10.1%
Energy	4.2%	23.0%
Utilities	3.5%	3.5%
Consumer Defensive	3.2%	8.7%
Basic Materials	2.8%	6.1%
Real Estate	0.9%	8.7%

Return for Risk

PCEF vs. ERNZ — Risk / Return Rank

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

PCEF

PCEF Risk / Return Rank: 45
PCEF Sharpe Ratio Rank: 47
PCEF Sortino Ratio Rank: 47
PCEF Omega Ratio Rank: 49
PCEF Calmar Ratio Rank: 34
PCEF Martin Ratio Rank: 48

ERNZ

ERNZ Risk / Return Rank: 12
ERNZ Sharpe Ratio Rank: 12
ERNZ Sortino Ratio Rank: 12
ERNZ Omega Ratio Rank: 12
ERNZ Calmar Ratio Rank: 11
ERNZ Martin Ratio Rank: 11

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. ERNZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco CEF Income Composite ETF (PCEF) and TrueShares Active Yield ETF (ERNZ). 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	ERNZ	Difference
Sharpe ratio: Return per unit of total volatility	1.65	0.24	+1.41
Sortino ratio: Return per unit of downside risk	2.36	0.42	+1.94
Omega ratio: Gain probability vs. loss probability	1.31	1.05	+0.26
Calmar ratio: Return relative to maximum drawdown	1.71	0.22	+1.49
Martin ratio: Return relative to average drawdown	8.00	0.47	+7.53
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. ERNZ - Sharpe Ratio Comparison

The current PCEF Sharpe Ratio is 1.65, which is higher than the ERNZ Sharpe Ratio of 0.24. The chart below compares the historical Sharpe Ratios of PCEF and ERNZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PCEF	ERNZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.65	0.24	+1.41
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	0.06	+0.51

Drawdowns

PCEF vs. ERNZ - Drawdown Comparison

The maximum PCEF drawdown since its inception was -38.64%, which is greater than ERNZ's maximum drawdown of -14.16%. Use the drawdown chart below to compare losses from any high point for PCEF and ERNZ.

Drawdown Indicators

	PCEF	ERNZ	Difference
Max Drawdown Largest peak-to-trough decline	-38.64%	-14.16%	-24.48%
Max Drawdown (1Y) Largest decline over 1 year	-8.30%	-10.61%	+2.31%
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%	-5.59%	+4.85%
Average Drawdown Average peak-to-trough decline	-4.47%	-4.58%	+0.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.77%	4.88%	-3.11%

Volatility

PCEF vs. ERNZ - Volatility Comparison

Invesco CEF Income Composite ETF (PCEF) has a higher volatility of 2.50% compared to TrueShares Active Yield ETF (ERNZ) at 0.00%. This indicates that PCEF's price experiences larger fluctuations and is considered to be riskier than ERNZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PCEF	ERNZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.50%	0.00%	+2.50%
Volatility (6M) Calculated over the trailing 6-month period	7.30%	4.40%	+2.90%
Volatility (1Y) Calculated over the trailing 1-year period	8.61%	9.75%	-1.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.48%	11.77%	-0.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.29%	11.77%	+1.52%

PCEF vs. ERNZ - Expense Ratio Comparison

PCEF has a 2.71% expense ratio, which is higher than ERNZ's 0.75% expense ratio.

Dividends

PCEF vs. ERNZ - Dividend Comparison

PCEF's dividend yield for the trailing twelve months is around 7.73%, more than ERNZ's 6.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ERNZ TrueShares Active Yield ETF	6.37%	9.90%	5.51%	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

Can I hold both PCEF and ERNZ in my portfolio?

PCEF and ERNZ 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.

Which is riskier, PCEF or ERNZ?

PCEF has higher volatility (2.50%) compared to ERNZ (0.00%). In terms of maximum drawdown, PCEF dropped -38.64% vs ERNZ's -14.16%.

Which ETF is better, PCEF or ERNZ?

On 1-year performance, PCEF leads with 14.12% vs 2.28% for ERNZ. On fees, ERNZ is cheaper at 0.75% per year. On volatility, ERNZ has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PCEF or ERNZ?

Over the 1-year period, PCEF has performed better with a 14.12% return vs 2.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PCEF or ERNZ?

ERNZ is cheaper with a 0.75% expense ratio, compared with 2.71% for PCEF.

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

PCEF has the higher dividend yield at 7.73%, compared with 6.37% for ERNZ.

What is the main difference between PCEF and ERNZ?

PCEF is categorized as Diversified Portfolio, while ERNZ is Large Cap Blend Equities. They also come from different issuers: Invesco and TrueShares. Their fees differ too: 2.71% for PCEF and 0.75% for ERNZ.

Which has better risk-adjusted returns?

PCEF currently has the higher Sharpe Ratio (1.65 vs 0.24), 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.