PCEF vs. SPY
PCEF (Invesco CEF Income Composite ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - PCEF is a Diversified Portfolio fund tracking the S-Network Composite Closed-End Fund Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, PCEF returned 7.33%/yr vs 15.70%/yr for SPY. A 0.74 correlation means they provide meaningful diversification when combined. PCEF charges 2.71%/yr vs 0.09%/yr for SPY.
Performance
PCEF vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, PCEF achieves a 5.15% return, which is significantly lower than SPY's 9.74% return. Over the past 10 years, PCEF has underperformed SPY with an annualized return of 7.33%, while SPY has yielded a comparatively higher 15.70% annualized return.
PCEF
- 1D
- -0.29%
- 1M
- 1.56%
- YTD
- 5.15%
- 6M
- 5.39%
- 1Y
- 13.93%
- 3Y*
- 13.40%
- 5Y*
- 4.85%
- 10Y*
- 7.33%
SPY
- 1D
- -0.31%
- 1M
- 0.09%
- YTD
- 9.74%
- 6M
- 9.27%
- 1Y
- 26.65%
- 3Y*
- 21.27%
- 5Y*
- 13.51%
- 10Y*
- 15.70%
PCEF vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PCEF Invesco CEF Income Composite ETF | 5.15% | 12.59% | 16.70% | 9.39% | -18.66% | 15.38% | 4.61% | 24.08% | -8.88% | 14.48% |
SPY State Street SPDR S&P 500 ETF | 9.74% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Correlation
The correlation between PCEF and SPY is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.81 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.78 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.78 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.75 |
Correlation (All Time) Calculated using the full available price history since Feb 19, 2010 | 0.74 |
The correlation between PCEF and SPY has been stable across timeframes, ranging from 0.74 to 0.81 - a consistent structural relationship.
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Return for Risk
PCEF vs. SPY — Risk / Return Rank
PCEF
SPY
PCEF vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CEF Income Composite ETF (PCEF) and State Street SPDR S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.59 | ||
| Sortino ratioReturn per unit of downside risk | -0.66 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.39 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.69 | 3.01 | -1.33 |
| Martin ratioReturn relative to average drawdown | 7.79 | 13.54 | -5.75 |
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Drawdowns
PCEF vs. SPY - Drawdown Comparison
The maximum PCEF drawdown since its inception was -38.64%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for PCEF and SPY.
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Drawdown Indicators
| PCEF | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.64% | -55.19% | +16.55% |
Max Drawdown (1Y)Largest decline over 1 year | -8.30% | -8.88% | +0.58% |
Max Drawdown (3Y)Largest decline over 3 years | -14.09% | -18.76% | +4.67% |
Max Drawdown (5Y)Largest decline over 5 years | -24.25% | -24.50% | +0.25% |
Max Drawdown (10Y)Largest decline over 10 years | -38.64% | -33.72% | -4.92% |
Current DrawdownCurrent decline from peak | -0.58% | -1.75% | +1.17% |
Average DrawdownAverage peak-to-trough decline | -4.46% | -9.04% | +4.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.79% | 1.97% | -0.18% |
Volatility
PCEF vs. SPY - Volatility Comparison
The current volatility for Invesco CEF Income Composite ETF (PCEF) is 2.86%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.64%. This indicates that PCEF experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PCEF | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.86% | 4.64% | -1.78% |
Volatility (6M)Calculated over the trailing 6-month period | 7.55% | 9.75% | -2.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.92% | 12.43% | -3.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.52% | 17.14% | -5.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.31% | 17.99% | -4.68% |
PCEF vs. SPY - Expense Ratio Comparison
PCEF has a 2.71% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
PCEF vs. SPY - Dividend Comparison
PCEF's dividend yield for the trailing twelve months is around 8.36%, more than SPY's 1.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PCEF Invesco CEF Income Composite ETF | 8.36% | 7.96% | 8.79% | 9.86% | 8.93% | 6.67% | 7.54% | 7.12% | 8.21% | 6.96% | 7.72% | 9.18% |
SPY State Street SPDR S&P 500 ETF | 1.01% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
PCEF and SPY have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPY has higher volatility (4.64%) compared to PCEF (2.86%). In terms of maximum drawdown, PCEF dropped -38.64% vs SPY's -55.19%.
On 10-year performance, SPY leads with 15.70% vs 7.33% for PCEF. On fees, SPY is cheaper at 0.09% per year. On volatility, PCEF has been the lower-risk option at 2.86%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPY has performed better with a 15.70% return vs 7.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 2.71% for PCEF.
PCEF has the higher dividend yield at 8.36%, compared with 1.01% for SPY.
PCEF is categorized as Diversified Portfolio, while SPY is S&P 500. PCEF tracks S-Network Composite Closed-End Fund Index, while SPY tracks S&P 500 Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 2.71% for PCEF and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (2.16 vs 1.57), 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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