PCEF vs. SPHD
PCEF (Invesco CEF Income Composite ETF) and SPHD (Invesco S&P 500® High Dividend Low Volatility ETF) are both exchange-traded funds - PCEF is a Diversified Portfolio fund tracking the S-Network Composite Closed-End Fund Index, while SPHD is a Dividend fund tracking the S&P 500 Low Volatility High Dividend Index. Both are passively managed. Over the past 10 years, PCEF returned 7.26%/yr vs 7.55%/yr for SPHD. A 0.56 correlation means they provide meaningful diversification when combined. PCEF charges 2.71%/yr vs 0.30%/yr for SPHD.
Performance
PCEF vs. SPHD - Performance Comparison
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Returns By Period
In the year-to-date period, PCEF achieves a 4.51% return, which is significantly lower than SPHD's 8.20% return. Both investments have delivered pretty close results over the past 10 years, with PCEF having a 7.26% annualized return and SPHD not far ahead at 7.55%.
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%
SPHD
- 1D
- 1.63%
- 1M
- 0.82%
- YTD
- 8.20%
- 6M
- 8.56%
- 1Y
- 12.09%
- 3Y*
- 12.70%
- 5Y*
- 7.06%
- 10Y*
- 7.55%
PCEF vs. SPHD - 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% |
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 8.20% | 3.41% | 18.08% | 1.32% | 0.58% | 24.98% | -9.98% | 20.26% | -6.17% | 11.90% |
Correlation
The correlation between PCEF and SPHD is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.40 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.50 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2012 | 0.56 |
Over the past year, the correlation between PCEF and SPHD has dropped to 0.22 - well below their long-term average of 0.56, suggesting their price drivers have been diverging.
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Return for Risk
PCEF vs. SPHD — Risk / Return Rank
PCEF
SPHD
PCEF vs. SPHD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CEF Income Composite ETF (PCEF) and Invesco S&P 500® High Dividend Low Volatility ETF (SPHD). 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 | SPHD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.43 | ||
| Sortino ratioReturn per unit of downside risk | +0.53 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.18 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 1.60 | 1.66 | -0.05 |
| Martin ratioReturn relative to average drawdown | 7.39 | 4.06 | +3.33 |
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Drawdowns
PCEF vs. SPHD - Drawdown Comparison
The maximum PCEF drawdown since its inception was -38.64%, smaller than the maximum SPHD drawdown of -41.39%. Use the drawdown chart below to compare losses from any high point for PCEF and SPHD.
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Drawdown Indicators
| PCEF | SPHD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.64% | -41.39% | +2.75% |
Max Drawdown (1Y)Largest decline over 1 year | -8.30% | -7.33% | -0.97% |
Max Drawdown (3Y)Largest decline over 3 years | -14.09% | -13.29% | -0.80% |
Max Drawdown (5Y)Largest decline over 5 years | -24.25% | -19.50% | -4.75% |
Max Drawdown (10Y)Largest decline over 10 years | -38.64% | -41.39% | +2.75% |
Current DrawdownCurrent decline from peak | -1.19% | -1.91% | +0.72% |
Average DrawdownAverage peak-to-trough decline | -4.46% | -4.69% | +0.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.80% | 2.98% | -1.18% |
Volatility
PCEF vs. SPHD - Volatility Comparison
The current volatility for Invesco CEF Income Composite ETF (PCEF) is 2.92%, while Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) has a volatility of 4.26%. This indicates that PCEF experiences smaller price fluctuations and is considered to be less risky than SPHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PCEF | SPHD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.92% | 4.26% | -1.34% |
Volatility (6M)Calculated over the trailing 6-month period | 7.56% | 8.13% | -0.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.93% | 11.48% | -2.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.52% | 14.16% | -2.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.31% | 17.65% | -4.34% |
PCEF vs. SPHD - Expense Ratio Comparison
PCEF has a 2.71% expense ratio, which is higher than SPHD's 0.30% expense ratio.
Dividends
PCEF vs. SPHD - Dividend Comparison
PCEF's dividend yield for the trailing twelve months is around 7.75%, more than SPHD's 4.60% 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% |
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 4.60% | 4.02% | 3.41% | 4.48% | 3.89% | 3.45% | 4.89% | 4.07% | 4.40% | 3.14% | 3.83% | 3.49% |
Frequently Asked Questions
PCEF and SPHD have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPHD has higher volatility (4.26%) compared to PCEF (2.92%). In terms of maximum drawdown, PCEF dropped -38.64% vs SPHD's -41.39%.
On 10-year performance, SPHD leads with 7.55% vs 7.26% for PCEF. On fees, SPHD is cheaper at 0.30% per year. On volatility, PCEF has been the lower-risk option at 2.92%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPHD has performed better with a 7.55% return vs 7.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPHD is cheaper with a 0.30% expense ratio, compared with 2.71% for PCEF.
PCEF has the higher dividend yield at 7.75%, compared with 4.60% for SPHD.
PCEF is categorized as Diversified Portfolio, while SPHD is Dividend. PCEF tracks S-Network Composite Closed-End Fund Index, while SPHD tracks S&P 500 Low Volatility High Dividend Index. Their fees differ too: 2.71% for PCEF and 0.30% for SPHD.
PCEF currently has the higher Sharpe Ratio (1.49 vs 1.06), 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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