PCEF vs. MDIV
Compare and contrast key facts about Invesco CEF Income Composite ETF (PCEF) and First Trust Multi-Asset Diversified Income Index Fund (MDIV).
PCEF and MDIV 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. MDIV is a passively managed fund by First Trust that tracks the performance of the NASDAQ US Multi-Asset Diversified Income Index. It was launched on Aug 14, 2012. Both PCEF and MDIV are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: PCEF or MDIV.
Key characteristics
| PCEF | MDIV | |
|---|---|---|
| YTD Return | 18.60% | 12.04% |
| 1Y Return | 28.66% | 21.47% |
| 3Y Return (Ann) | 1.67% | 6.48% |
| 5Y Return (Ann) | 5.70% | 4.08% |
| 10Y Return (Ann) | 6.05% | 3.47% |
| Sharpe Ratio | 3.25 | 2.55 |
| Sortino Ratio | 4.42 | 3.80 |
| Omega Ratio | 1.66 | 1.50 |
| Calmar Ratio | 1.48 | 3.99 |
| Martin Ratio | 20.86 | 21.02 |
| Ulcer Index | 1.30% | 0.99% |
| Daily Std Dev | 8.35% | 8.15% |
| Max Drawdown | -38.64% | -48.51% |
| Current Drawdown | 0.00% | 0.00% |
Correlation
The correlation between PCEF and MDIV is 0.66, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Performance
PCEF vs. MDIV - Performance Comparison
In the year-to-date period, PCEF achieves a 18.60% return, which is significantly higher than MDIV's 12.04% return. Over the past 10 years, PCEF has outperformed MDIV with an annualized return of 6.05%, while MDIV has yielded a comparatively lower 3.47% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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PCEF vs. MDIV - Expense Ratio Comparison
PCEF has a 2.34% expense ratio, which is higher than MDIV's 0.73% expense ratio.
Risk-Adjusted Performance
PCEF vs. MDIV - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CEF Income Composite ETF (PCEF) and First Trust Multi-Asset Diversified Income Index Fund (MDIV). 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.
Dividends
PCEF vs. MDIV - Dividend Comparison
PCEF's dividend yield for the trailing twelve months is around 8.51%, more than MDIV's 6.32% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PCEF Invesco CEF Income Composite ETF | 8.51% | 9.85% | 8.93% | 6.67% | 7.55% | 7.12% | 8.21% | 6.96% | 7.12% | 9.18% | 8.03% | 8.13% |
MDIV First Trust Multi-Asset Diversified Income Index Fund | 6.32% | 6.47% | 6.70% | 5.31% | 6.01% | 5.91% | 6.76% | 6.05% | 6.36% | 6.16% | 5.74% | 5.68% |
Drawdowns
PCEF vs. MDIV - Drawdown Comparison
The maximum PCEF drawdown since its inception was -38.64%, smaller than the maximum MDIV drawdown of -48.51%. Use the drawdown chart below to compare losses from any high point for PCEF and MDIV. For additional features, visit the drawdowns tool.
Volatility
PCEF vs. MDIV - Volatility Comparison
The current volatility for Invesco CEF Income Composite ETF (PCEF) is 2.01%, while First Trust Multi-Asset Diversified Income Index Fund (MDIV) has a volatility of 2.26%. This indicates that PCEF experiences smaller price fluctuations and is considered to be less risky than MDIV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.