PCEF vs. MDIV

Last updated Apr 1, 2026

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.

Performance

PCEF vs. MDIV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco CEF Income Composite ETF (PCEF) and First Trust Multi-Asset Diversified Income Index Fund (MDIV). The values are adjusted to include any dividend payments, if applicable.

PCEF vs. MDIV - 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%
MDIV First Trust Multi-Asset Diversified Income Index Fund	4.59%	3.77%	10.05%	11.50%	-3.86%	16.51%	-14.84%	18.59%	-5.78%	5.61%

Returns By Period

In the year-to-date period, PCEF achieves a -3.43% return, which is significantly lower than MDIV's 4.59% return. Over the past 10 years, PCEF has outperformed MDIV with an annualized return of 6.84%, while MDIV has yielded a comparatively lower 5.01% annualized 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%

MDIV

• 1D: 0.56%
• 1M: -1.47%
• YTD: 4.59%
• 6M: 4.22%
• 1Y: 5.41%
• 3Y*: 10.12%
• 5Y*: 6.28%
• 10Y*: 5.01%

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

PCEF vs. MDIV - Expense Ratio Comparison

PCEF has a 2.71% expense ratio, which is higher than MDIV's 0.73% expense ratio.

PCEF

Invesco CEF Income Composite ETF

MDIV

First Trust Multi-Asset Diversified Income Index Fund

Return for Risk

PCEF vs. MDIV — Risk / Return Rank

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

PCEF

PCEF Risk / Return Rank: 37
PCEF Sharpe Ratio Rank: 35
PCEF Sortino Ratio Rank: 32
PCEF Omega Ratio Rank: 42
PCEF Calmar Ratio Rank: 33
PCEF Martin Ratio Rank: 41

MDIV

MDIV Risk / Return Rank: 30
MDIV Sharpe Ratio Rank: 31
MDIV Sortino Ratio Rank: 29
MDIV Omega Ratio Rank: 30
MDIV Calmar Ratio Rank: 28
MDIV Martin Ratio Rank: 31

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. MDIV - Risk-Adjusted Trends 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.

	PCEF	MDIV	Difference
Sharpe ratio Return per unit of total volatility	0.61	0.56	+0.05
Sortino ratio Return per unit of downside risk	0.89	0.80	+0.09
Omega ratio Gain probability vs. loss probability	1.16	1.12	+0.04
Calmar ratio Return relative to maximum drawdown	0.77	0.64	+0.12
Martin ratio Return relative to average drawdown	3.65	2.58	+1.07
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. MDIV - Sharpe Ratio Comparison

The current PCEF Sharpe Ratio is 0.61, which is comparable to the MDIV Sharpe Ratio of 0.56. The chart below compares the historical Sharpe Ratios of PCEF and MDIV, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PCEF	MDIV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.61	0.56	+0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	0.57	-0.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	0.33	+0.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.33	+0.20

Correlation

The correlation between PCEF and MDIV is 0.64, 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.

Dividends

PCEF vs. MDIV - Dividend Comparison

PCEF's dividend yield for the trailing twelve months is around 8.32%, more than MDIV's 6.30% 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%
MDIV First Trust Multi-Asset Diversified Income Index Fund	6.30%	6.51%	6.40%	6.08%	6.71%	5.30%	6.00%	5.90%	6.76%	6.04%	6.35%	7.38%

Drawdowns

PCEF vs. MDIV - Drawdown Comparison

The maximum PCEF drawdown since its inception was -38.64%, smaller than the maximum MDIV drawdown of -48.50%. Use the drawdown chart below to compare losses from any high point for PCEF and MDIV.

Drawdown Indicators

	PCEF	MDIV	Difference
Max Drawdown Largest peak-to-trough decline	-38.64%	-48.50%	+9.86%
Max Drawdown (1Y) Largest decline over 1 year	-10.94%	-8.84%	-2.10%
Max Drawdown (5Y) Largest decline over 5 years	-24.25%	-13.02%	-11.23%
Max Drawdown (10Y) Largest decline over 10 years	-38.64%	-48.50%	+9.86%
Current Drawdown Current decline from peak	-6.00%	-2.25%	-3.75%
Average Drawdown Average peak-to-trough decline	-4.51%	-4.64%	+0.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.30%	2.20%	+0.10%

Volatility

PCEF vs. MDIV - Volatility Comparison

Invesco CEF Income Composite ETF (PCEF) has a higher volatility of 5.03% compared to First Trust Multi-Asset Diversified Income Index Fund (MDIV) at 2.11%. This indicates that PCEF's price experiences larger fluctuations and is considered to be riskier than MDIV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PCEF	MDIV	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.03%	2.11%	+2.92%
Volatility (6M) Calculated over the trailing 6-month period	7.05%	4.82%	+2.23%
Volatility (1Y) Calculated over the trailing 1-year period	13.49%	9.73%	+3.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.42%	11.02%	+0.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.25%	15.27%	-2.02%