PCEF vs. PGX
PCEF (Invesco CEF Income Composite ETF) and PGX (Invesco Preferred ETF) are both exchange-traded funds - PCEF is a Diversified Portfolio fund tracking the S-Network Composite Closed-End Fund Index, while PGX is a Preferred Stock/Convertible Bonds fund tracking the BofA Merrill Lynch Core Fixed Rate Preferred Securities Index. Both are passively managed. Over the past 10 years, PCEF returned 7.26%/yr vs 2.33%/yr for PGX. A 0.52 correlation means they provide meaningful diversification when combined. PCEF charges 2.71%/yr vs 0.52%/yr for PGX.
Performance
PCEF vs. PGX - Performance Comparison
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Returns By Period
In the year-to-date period, PCEF achieves a 4.51% return, which is significantly higher than PGX's -0.64% return. Over the past 10 years, PCEF has outperformed PGX with an annualized return of 7.26%, while PGX has yielded a comparatively lower 2.33% annualized return.
PCEF
- 1D
- -0.61%
- 1M
- 0.94%
- YTD
- 4.51%
- 6M
- 4.88%
- 1Y
- 13.23%
- 3Y*
- 13.17%
- 5Y*
- 4.64%
- 10Y*
- 7.26%
PGX
- 1D
- -0.09%
- 1M
- -0.56%
- YTD
- -0.64%
- 6M
- -0.38%
- 1Y
- 4.18%
- 3Y*
- 5.11%
- 5Y*
- -1.01%
- 10Y*
- 2.33%
PCEF vs. PGX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PCEF Invesco CEF Income Composite ETF | 4.51% | 12.59% | 16.70% | 9.39% | -18.66% | 15.38% | 4.61% | 24.08% | -8.88% | 14.48% |
PGX Invesco Preferred ETF | -0.64% | 3.48% | 6.53% | 9.48% | -21.16% | 3.15% | 7.09% | 17.09% | -4.01% | 10.48% |
Correlation
The correlation between PCEF and PGX is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.57 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.53 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.58 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.53 |
Correlation (All Time) Calculated using the full available price history since Feb 19, 2010 | 0.52 |
The correlation between PCEF and PGX has been stable across timeframes, ranging from 0.52 to 0.58 - a consistent structural relationship.
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Return for Risk
PCEF vs. PGX — Risk / Return Rank
PCEF
PGX
PCEF vs. PGX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CEF Income Composite ETF (PCEF) and Invesco Preferred ETF (PGX). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| PCEF | PGX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.81 | ||
| Sortino ratioReturn per unit of downside risk | +1.08 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.12 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 1.60 | 0.84 | +0.76 |
| Martin ratioReturn relative to average drawdown | 7.39 | 1.76 | +5.63 |
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Drawdowns
PCEF vs. PGX - Drawdown Comparison
The maximum PCEF drawdown since its inception was -38.64%, smaller than the maximum PGX drawdown of -66.44%. Use the drawdown chart below to compare losses from any high point for PCEF and PGX.
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Drawdown Indicators
| PCEF | PGX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.64% | -66.44% | +27.80% |
Max Drawdown (1Y)Largest decline over 1 year | -8.30% | -4.98% | -3.32% |
Max Drawdown (3Y)Largest decline over 3 years | -14.09% | -11.17% | -2.92% |
Max Drawdown (5Y)Largest decline over 5 years | -24.25% | -24.67% | +0.42% |
Max Drawdown (10Y)Largest decline over 10 years | -38.64% | -34.10% | -4.54% |
Current DrawdownCurrent decline from peak | -1.19% | -5.74% | +4.55% |
Average DrawdownAverage peak-to-trough decline | -4.46% | -8.12% | +3.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.80% | 2.38% | -0.58% |
Volatility
PCEF vs. PGX - Volatility Comparison
Invesco CEF Income Composite ETF (PCEF) has a higher volatility of 2.92% compared to Invesco Preferred ETF (PGX) at 1.56%. This indicates that PCEF's price experiences larger fluctuations and is considered to be riskier than PGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PCEF | PGX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.92% | 1.56% | +1.36% |
Volatility (6M)Calculated over the trailing 6-month period | 7.56% | 4.21% | +3.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.93% | 6.19% | +2.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.52% | 11.12% | +0.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.31% | 13.03% | +0.28% |
PCEF vs. PGX - Expense Ratio Comparison
PCEF has a 2.71% expense ratio, which is higher than PGX's 0.52% expense ratio.
Dividends
PCEF vs. PGX - Dividend Comparison
PCEF's dividend yield for the trailing twelve months is around 7.75%, more than PGX's 6.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PCEF Invesco CEF Income Composite ETF | 7.75% | 7.96% | 8.79% | 9.86% | 8.93% | 6.67% | 7.54% | 7.12% | 8.21% | 6.96% | 7.72% | 9.18% |
PGX Invesco Preferred ETF | 6.27% | 6.03% | 5.95% | 6.42% | 6.29% | 4.82% | 4.89% | 4.85% | 6.09% | 5.66% | 6.02% | 5.84% |
Frequently Asked Questions
PCEF and PGX have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PCEF has higher volatility (2.92%) compared to PGX (1.56%). In terms of maximum drawdown, PCEF dropped -38.64% vs PGX's -66.44%.
On 10-year performance, PCEF leads with 7.26% vs 2.33% for PGX. On fees, PGX is cheaper at 0.52% per year. On volatility, PGX has been the lower-risk option at 1.56%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PCEF has performed better with a 7.26% return vs 2.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PGX is cheaper with a 0.52% expense ratio, compared with 2.71% for PCEF.
PCEF has the higher dividend yield at 7.75%, compared with 6.27% for PGX.
PCEF is categorized as Diversified Portfolio, while PGX is Preferred Stock/Convertible Bonds. PCEF tracks S-Network Composite Closed-End Fund Index, while PGX tracks BofA Merrill Lynch Core Fixed Rate Preferred Securities Index. Their fees differ too: 2.71% for PCEF and 0.52% for PGX.
PCEF currently has the higher Sharpe Ratio (1.49 vs 0.68), 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.
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