PCEF vs. IEO

Last updated Jun 3, 2026

PCEF (Invesco CEF Income Composite ETF) and IEO (iShares U.S. Oil & Gas Exploration & Production ETF) are both exchange-traded funds - PCEF is a Diversified Portfolio fund tracking the S-Network Composite Closed-End Fund Index, while IEO is a Energy Equities fund tracking the Dow Jones U.S. Select Oil Exploration & Production Index. Both are passively managed. Over the past 10 years, PCEF returned 7.41%/yr vs 10.24%/yr for IEO. At a 0.47 correlation, their price movements are largely independent. PCEF charges 2.71%/yr vs 0.42%/yr for IEO.

Performance

PCEF vs. IEO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco CEF Income Composite ETF (PCEF) and iShares U.S. Oil & Gas Exploration & Production ETF (IEO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PCEF achieves a 5.66% return, which is significantly lower than IEO's 32.40% return. Over the past 10 years, PCEF has underperformed IEO with an annualized return of 7.41%, while IEO has yielded a comparatively higher 10.24% annualized return.

PCEF

• 1D: 0.25%
• 1M: 2.45%
• YTD: 5.66%
• 6M: 6.32%
• 1Y: 15.27%
• 3Y*: 13.89%
• 5Y*: 5.03%
• 10Y*: 7.41%

IEO

• 1D: 0.81%
• 1M: -2.99%
• YTD: 32.40%
• 6M: 27.24%
• 1Y: 40.19%
• 3Y*: 15.37%
• 5Y*: 18.79%
• 10Y*: 10.24%

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

PCEF vs. IEO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PCEF Invesco CEF Income Composite ETF	5.66%	12.59%	16.70%	9.39%	-18.66%	15.38%	4.61%	24.08%	-8.88%	14.48%
IEO iShares U.S. Oil & Gas Exploration & Production ETF	32.40%	2.15%	-1.45%	3.57%	57.82%	75.57%	-32.77%	9.63%	-19.44%	0.33%

Correlation

The correlation between PCEF and IEO is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.09
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (5Y) Calculated over the trailing 5-year period	0.30
Correlation (10Y) Calculated over the trailing 10-year period	0.38
Correlation (All Time) Calculated using the full available price history since Feb 22, 2010	0.47

The correlation between PCEF and IEO shifts across timeframes, from -0.09 (1 year) to 0.47 (all time), reflecting how their relationship changes across market environments.

PCEF vs. IEO - Sectors Allocation Comparison

Sectors	PCEF	IEO
Financial Services	37.2%	-
Technology	22.0%	-
Communication Services	7.0%	-
Healthcare	6.7%	-
Industrials	6.5%	-
Consumer Cyclical	6.0%	-
Energy	4.2%	99.3%
Utilities	3.5%	-
Consumer Defensive	3.2%	-
Basic Materials	2.8%	0.7%
Real Estate	0.9%	-

Return for Risk

PCEF vs. IEO — Risk / Return Rank

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

PCEF

PCEF Risk / Return Rank: 49
PCEF Sharpe Ratio Rank: 51
PCEF Sortino Ratio Rank: 52
PCEF Omega Ratio Rank: 55
PCEF Calmar Ratio Rank: 37
PCEF Martin Ratio Rank: 51

IEO

IEO Risk / Return Rank: 47
IEO Sharpe Ratio Rank: 46
IEO Sortino Ratio Rank: 41
IEO Omega Ratio Rank: 40
IEO Calmar Ratio Rank: 59
IEO Martin Ratio Rank: 48

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. IEO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco CEF Income Composite ETF (PCEF) and iShares U.S. Oil & Gas Exploration & Production ETF (IEO). 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	IEO	Difference
Sharpe ratio Return per unit of total volatility	1.79	1.61	+0.18
Sortino ratio Return per unit of downside risk	2.55	2.12	+0.43
Omega ratio Gain probability vs. loss probability	1.34	1.26	+0.08
Calmar ratio Return relative to maximum drawdown	1.86	2.95	-1.09
Martin ratio Return relative to average drawdown	8.74	8.02	+0.72
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PCEF vs. IEO - Sharpe Ratio Comparison

The current PCEF Sharpe Ratio is 1.79, which is comparable to the IEO Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of PCEF and IEO, 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	IEO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.79	1.61	+0.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.44	0.62	-0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	0.29	+0.27
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.17	+0.41

Drawdowns

PCEF vs. IEO - Drawdown Comparison

The maximum PCEF drawdown since its inception was -38.64%, smaller than the maximum IEO drawdown of -79.17%. Use the drawdown chart below to compare losses from any high point for PCEF and IEO.

Drawdown Indicators

	PCEF	IEO	Difference
Max Drawdown Largest peak-to-trough decline	-38.64%	-79.17%	+40.53%
Max Drawdown (1Y) Largest decline over 1 year	-8.30%	-14.30%	+6.00%
Max Drawdown (3Y) Largest decline over 3 years	-14.09%	-31.46%	+17.37%
Max Drawdown (5Y) Largest decline over 5 years	-24.25%	-31.46%	+7.21%
Max Drawdown (10Y) Largest decline over 10 years	-38.64%	-75.00%	+36.36%
Current Drawdown Current decline from peak	0.00%	-8.81%	+8.81%
Average Drawdown Average peak-to-trough decline	-4.48%	-26.28%	+21.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.77%	5.26%	-3.49%

Volatility

PCEF vs. IEO - Volatility Comparison

The current volatility for Invesco CEF Income Composite ETF (PCEF) is 2.41%, while iShares U.S. Oil & Gas Exploration & Production ETF (IEO) has a volatility of 9.37%. This indicates that PCEF experiences smaller price fluctuations and is considered to be less risky than IEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PCEF	IEO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.41%	9.37%	-6.96%
Volatility (6M) Calculated over the trailing 6-month period	7.26%	19.82%	-12.56%
Volatility (1Y) Calculated over the trailing 1-year period	8.57%	25.14%	-16.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.47%	30.53%	-19.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.29%	35.00%	-21.71%

PCEF vs. IEO - Expense Ratio Comparison

PCEF has a 2.71% expense ratio, which is higher than IEO's 0.42% expense ratio.

Dividends

PCEF vs. IEO - Dividend Comparison

PCEF's dividend yield for the trailing twelve months is around 7.67%, more than IEO's 2.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IEO iShares U.S. Oil & Gas Exploration & Production ETF	2.00%	2.61%	2.63%	3.00%	3.77%	2.62%	3.17%	1.85%	1.67%	0.94%	0.98%	2.03%
PCEF Invesco CEF Income Composite ETF	7.67%	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 IEO in my portfolio?

PCEF and IEO have a correlation of -0.09, 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 IEO?

IEO has higher volatility (9.37%) compared to PCEF (2.41%). In terms of maximum drawdown, PCEF dropped -38.64% vs IEO's -79.17%.

Which ETF is better, PCEF or IEO?

On 10-year performance, IEO leads with 10.24% vs 7.41% for PCEF. On fees, IEO is cheaper at 0.42% per year. On volatility, PCEF has been the lower-risk option at 2.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PCEF or IEO?

Over the 10-year period, IEO has performed better with a 10.24% return vs 7.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PCEF or IEO?

IEO is cheaper with a 0.42% expense ratio, compared with 2.71% for PCEF.

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

PCEF has the higher dividend yield at 7.67%, compared with 2.00% for IEO.

What is the main difference between PCEF and IEO?

PCEF is categorized as Diversified Portfolio, while IEO is Energy Equities. PCEF tracks S-Network Composite Closed-End Fund Index, while IEO tracks Dow Jones U.S. Select Oil Exploration & Production Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 2.71% for PCEF and 0.42% for IEO.

Which has better risk-adjusted returns?

PCEF currently has the higher Sharpe Ratio (1.79 vs 1.61), 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.