PCEF vs. UTF

Last updated Jun 23, 2026

PCEF (Invesco CEF Income Composite ETF) is Diversified Portfolio fund tracking the S-Network Composite Closed-End Fund Index, while UTF (Cohen & Steers Infrastructure Fund, Inc) is a stock. Over the past 10 years, PCEF returned 7.33%/yr vs 11.48%/yr for UTF. A 0.56 correlation means they provide meaningful diversification when combined.

Performance

PCEF vs. UTF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco CEF Income Composite ETF (PCEF) and Cohen & Steers Infrastructure Fund, Inc (UTF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PCEF achieves a 5.15% return, which is significantly lower than UTF's 16.34% return. Over the past 10 years, PCEF has underperformed UTF with an annualized return of 7.33%, while UTF has yielded a comparatively higher 11.48% 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%

UTF

• 1D: 0.26%
• 1M: 0.84%
• YTD: 16.34%
• 6M: 17.80%
• 1Y: 13.65%
• 3Y*: 15.58%
• 5Y*: 7.65%
• 10Y*: 11.48%

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

PCEF vs. UTF - 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%
UTF Cohen & Steers Infrastructure Fund, Inc	16.34%	9.93%	22.37%	-3.83%	-9.60%	17.91%	6.93%	42.74%	-9.87%	34.10%

Correlation

The correlation between PCEF and UTF is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
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	0.51
Correlation (All Time) Calculated using the full available price history since Feb 19, 2010	0.56

The correlation between PCEF and UTF shifts across timeframes, from 0.37 (1 year) to 0.56 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PCEF vs. UTF — 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: 46
PCEF Omega Ratio Rank: 48
PCEF Calmar Ratio Rank: 35
PCEF Martin Ratio Rank: 48

UTF

UTF Risk / Return Rank: 69
UTF Sharpe Ratio Rank: 75
UTF Sortino Ratio Rank: 68
UTF Omega Ratio Rank: 66
UTF Calmar Ratio Rank: 67
UTF Martin Ratio Rank: 66

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. UTF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco CEF Income Composite ETF (PCEF) and Cohen & Steers Infrastructure Fund, Inc (UTF). 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	UTF	Difference
Sharpe ratio: Return per unit of total volatility	1.57	1.11	+0.47
Sortino ratio: Return per unit of downside risk	2.25	1.59	+0.66
Omega ratio: Gain probability vs. loss probability	1.30	1.19	+0.10
Calmar ratio: Return relative to maximum drawdown	1.69	1.33	+0.36
Martin ratio: Return relative to average drawdown	7.79	2.71	+5.08

PCEF vs. UTF - Sharpe Ratio Comparison

The current PCEF Sharpe Ratio is 1.57, which is higher than the UTF Sharpe Ratio of 1.11. The chart below compares the historical Sharpe Ratios of PCEF and UTF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PCEF vs. UTF - Drawdown Comparison

The maximum PCEF drawdown since its inception was -38.64%, smaller than the maximum UTF drawdown of -72.62%. Use the drawdown chart below to compare losses from any high point for PCEF and UTF.

Drawdown Indicators

	PCEF	UTF	Difference
Max Drawdown Largest peak-to-trough decline	-38.64%	-72.62%	+33.98%
Max Drawdown (1Y) Largest decline over 1 year	-8.30%	-10.33%	+2.03%
Max Drawdown (3Y) Largest decline over 3 years	-14.09%	-21.06%	+6.97%
Max Drawdown (5Y) Largest decline over 5 years	-24.25%	-30.28%	+6.03%
Max Drawdown (10Y) Largest decline over 10 years	-38.64%	-52.53%	+13.89%
Current Drawdown Current decline from peak	-0.58%	-1.31%	+0.73%
Average Drawdown Average peak-to-trough decline	-4.46%	-10.35%	+5.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.79%	5.05%	-3.26%

Volatility

PCEF vs. UTF - Volatility Comparison

Invesco CEF Income Composite ETF (PCEF) has a higher volatility of 2.86% compared to Cohen & Steers Infrastructure Fund, Inc (UTF) at 2.41%. This indicates that PCEF's price experiences larger fluctuations and is considered to be riskier than UTF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PCEF	UTF	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.86%	2.41%	+0.45%
Volatility (6M) Calculated over the trailing 6-month period	7.55%	8.37%	-0.82%
Volatility (1Y) Calculated over the trailing 1-year period	8.92%	12.42%	-3.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.52%	18.28%	-6.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.31%	23.36%	-10.05%

Dividends

PCEF vs. UTF - Dividend Comparison

PCEF's dividend yield for the trailing twelve months is around 8.36%, more than UTF's 6.96% 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%
UTF Cohen & Steers Infrastructure Fund, Inc	6.96%	7.62%	7.74%	8.76%	7.75%	6.53%	7.20%	7.10%	10.12%	7.37%	10.51%	8.39%

Frequently Asked Questions

Can I hold both PCEF and UTF in my portfolio?

PCEF and UTF have a correlation of 0.37, 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 UTF?

PCEF has higher volatility (2.86%) compared to UTF (2.41%). In terms of maximum drawdown, PCEF dropped -38.64% vs UTF's -72.62%.

Which has better risk-adjusted returns?

PCEF currently has the higher Sharpe Ratio (1.57 vs 1.11), 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.