PCEF vs. FCEF
Compare and contrast key facts about Invesco CEF Income Composite ETF (PCEF) and First Trust CEF Income Opportunity ETF (FCEF).
PCEF and FCEF are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. 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. FCEF is an actively managed fund by First Trust. It was launched on Sep 27, 2016.
Performance
PCEF vs. FCEF - Performance Comparison
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PCEF vs. FCEF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PCEF Invesco CEF Income Composite ETF | -3.43% | 12.59% | 16.70% | 9.39% | -18.66% | 15.38% | 4.61% | 24.08% | -8.88% | 14.48% |
FCEF First Trust CEF Income Opportunity ETF | -0.30% | 14.39% | 17.51% | 10.27% | -19.51% | 19.50% | 3.80% | 28.28% | -9.65% | 15.72% |
Returns By Period
In the year-to-date period, PCEF achieves a -3.43% return, which is significantly lower than FCEF's -0.30% return.
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%
FCEF
- 1D
- 2.15%
- 1M
- -4.71%
- YTD
- -0.30%
- 6M
- 1.89%
- 1Y
- 11.54%
- 3Y*
- 13.19%
- 5Y*
- 5.66%
- 10Y*
- —
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PCEF vs. FCEF - Expense Ratio Comparison
PCEF has a 2.71% expense ratio, which is lower than FCEF's 2.91% expense ratio.
Return for Risk
PCEF vs. FCEF — Risk / Return Rank
PCEF
FCEF
PCEF vs. FCEF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CEF Income Composite ETF (PCEF) and First Trust CEF Income Opportunity ETF (FCEF). 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 | FCEF | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.61 | 0.92 | -0.31 |
Sortino ratioReturn per unit of downside risk | 0.89 | 1.26 | -0.37 |
Omega ratioGain probability vs. loss probability | 1.16 | 1.22 | -0.07 |
Calmar ratioReturn relative to maximum drawdown | 0.77 | 1.11 | -0.34 |
Martin ratioReturn relative to average drawdown | 3.65 | 5.37 | -1.72 |
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 | FCEF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.61 | 0.92 | -0.31 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.37 | 0.47 | -0.10 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.52 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.53 | 0.49 | +0.04 |
Correlation
The correlation between PCEF and FCEF is 0.80, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
PCEF vs. FCEF - Dividend Comparison
PCEF's dividend yield for the trailing twelve months is around 8.32%, more than FCEF's 7.21% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
FCEF First Trust CEF Income Opportunity ETF | 7.21% | 7.05% | 7.13% | 7.17% | 7.26% | 4.74% | 5.03% | 5.07% | 5.96% | 4.90% | 1.51% | 0.00% |
Drawdowns
PCEF vs. FCEF - Drawdown Comparison
The maximum PCEF drawdown since its inception was -38.64%, smaller than the maximum FCEF drawdown of -44.81%. Use the drawdown chart below to compare losses from any high point for PCEF and FCEF.
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Drawdown Indicators
| PCEF | FCEF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.64% | -44.81% | +6.17% |
Max Drawdown (1Y)Largest decline over 1 year | -10.94% | -10.61% | -0.33% |
Max Drawdown (5Y)Largest decline over 5 years | -24.25% | -25.32% | +1.07% |
Max Drawdown (10Y)Largest decline over 10 years | -38.64% | — | — |
Current DrawdownCurrent decline from peak | -6.00% | -5.03% | -0.97% |
Average DrawdownAverage peak-to-trough decline | -4.51% | -6.38% | +1.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.30% | 2.19% | +0.11% |
Volatility
PCEF vs. FCEF - Volatility Comparison
Invesco CEF Income Composite ETF (PCEF) has a higher volatility of 5.03% compared to First Trust CEF Income Opportunity ETF (FCEF) at 4.35%. This indicates that PCEF's price experiences larger fluctuations and is considered to be riskier than FCEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PCEF | FCEF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.03% | 4.35% | +0.68% |
Volatility (6M)Calculated over the trailing 6-month period | 7.05% | 6.29% | +0.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.49% | 12.54% | +0.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.42% | 12.21% | -0.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.25% | 15.52% | -2.27% |