PCEF vs. SPHD

Last updated Jun 4, 2026

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 7.33%/yr vs 7.08%/yr for SPHD. A 0.57 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

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco CEF Income Composite ETF (PCEF) and Invesco S&P 500® High Dividend Low Volatility ETF (SPHD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PCEF achieves a 4.88% return, which is significantly higher than SPHD's 4.38% return. Both investments have delivered pretty close results over the past 10 years, with PCEF having a 7.33% annualized return and SPHD not far behind at 7.08%.

PCEF

• 1D: -0.74%
• 1M: 2.15%
• YTD: 4.88%
• 6M: 5.42%
• 1Y: 14.12%
• 3Y*: 13.61%
• 5Y*: 4.82%
• 10Y*: 7.33%

SPHD

• 1D: -0.89%
• 1M: -0.82%
• YTD: 4.38%
• 6M: 4.63%
• 1Y: 8.12%
• 3Y*: 11.42%
• 5Y*: 5.48%
• 10Y*: 7.08%

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

PCEF vs. SPHD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PCEF Invesco CEF Income Composite ETF	4.88%	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	4.38%	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 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (10Y) Calculated over the trailing 10-year period	0.53
Correlation (All Time) Calculated using the full available price history since Oct 31, 2012	0.57

Over the past year, the correlation between PCEF and SPHD has dropped to 0.29 - well below their long-term average of 0.57, suggesting their price drivers have been diverging.

PCEF vs. SPHD - Sectors Allocation Comparison

Sectors	PCEF	SPHD
Financial Services	37.2%	15.6%
Technology	22.0%	1.5%
Communication Services	7.0%	8.6%
Healthcare	6.7%	5.1%
Industrials	6.5%	0.0%
Consumer Cyclical	6.0%	3.4%
Energy	4.2%	14.1%
Utilities	3.5%	13.7%
Consumer Defensive	3.2%	17.8%
Basic Materials	2.8%	-
Real Estate	0.9%	20.1%

Return for Risk

PCEF vs. SPHD — Risk / Return Rank

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

PCEF

PCEF Risk / Return Rank: 45
PCEF Sharpe Ratio Rank: 47
PCEF Sortino Ratio Rank: 47
PCEF Omega Ratio Rank: 49
PCEF Calmar Ratio Rank: 34
PCEF Martin Ratio Rank: 48

SPHD

SPHD Risk / Return Rank: 21
SPHD Sharpe Ratio Rank: 21
SPHD Sortino Ratio Rank: 21
SPHD Omega Ratio Rank: 19
SPHD Calmar Ratio Rank: 23
SPHD Martin Ratio Rank: 22

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. 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.

	PCEF	SPHD	Difference
Sharpe ratio: Return per unit of total volatility	1.65	0.74	+0.91
Sortino ratio: Return per unit of downside risk	2.36	1.15	+1.21
Omega ratio: Gain probability vs. loss probability	1.31	1.13	+0.19
Calmar ratio: Return relative to maximum drawdown	1.71	1.11	+0.60
Martin ratio: Return relative to average drawdown	8.00	2.78	+5.22
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. SPHD - Sharpe Ratio Comparison

The current PCEF Sharpe Ratio is 1.65, which is higher than the SPHD Sharpe Ratio of 0.74. The chart below compares the historical Sharpe Ratios of PCEF and SPHD, 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	SPHD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.65	0.74	+0.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.42	0.39	+0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.40	+0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	0.58	-0.01

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.

Drawdown Indicators

	PCEF	SPHD	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	-0.74%	-5.37%	+4.63%
Average Drawdown Average peak-to-trough decline	-4.47%	-4.70%	+0.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.77%	2.93%	-1.16%

Volatility

PCEF vs. SPHD - Volatility Comparison

The current volatility for Invesco CEF Income Composite ETF (PCEF) is 2.50%, while Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) has a volatility of 2.99%. 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.

Volatility by Period

	PCEF	SPHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.50%	2.99%	-0.49%
Volatility (6M) Calculated over the trailing 6-month period	7.30%	7.55%	-0.25%
Volatility (1Y) Calculated over the trailing 1-year period	8.61%	11.04%	-2.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.48%	14.16%	-2.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.29%	17.64%	-4.35%

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 7.73%, more than SPHD's 4.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PCEF Invesco CEF Income Composite ETF	7.73%	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	4.62%	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

Can I hold both PCEF and SPHD in my portfolio?

PCEF and SPHD have a correlation of 0.29, 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 SPHD?

SPHD has higher volatility (2.99%) compared to PCEF (2.50%). In terms of maximum drawdown, PCEF dropped -38.64% vs SPHD's -41.39%.

Which ETF is better, PCEF or SPHD?

On 10-year performance, PCEF leads with 7.33% vs 7.08% for SPHD. On fees, SPHD is cheaper at 0.30% per year. On volatility, PCEF has been the lower-risk option at 2.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PCEF or SPHD?

Over the 10-year period, PCEF has performed better with a 7.33% return vs 7.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PCEF or SPHD?

SPHD is cheaper with a 0.30% expense ratio, compared with 2.71% for PCEF.

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

PCEF has the higher dividend yield at 7.73%, compared with 4.62% for SPHD.

What is the main difference between PCEF and 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.

Which has better risk-adjusted returns?

PCEF currently has the higher Sharpe Ratio (1.65 vs 0.74), 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.