PCEF vs. XMMO

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco CEF Income Composite ETF (PCEF) and Invesco S&P MidCap Momentum ETF (XMMO).

PCEF and XMMO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PCEF is a passively managed fund by Invesco that tracks the performance of the S-Network Composite Closed-End Fund Index. It was launched on Feb 19, 2010. XMMO is a passively managed fund by Invesco that tracks the performance of the S&P MidCap 400 Index. It was launched on Mar 3, 2005. Both PCEF and XMMO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

PCEF vs. XMMO - 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 MidCap Momentum ETF (XMMO). The values are adjusted to include any dividend payments, if applicable.

PCEF vs. XMMO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PCEF Invesco CEF Income Composite ETF	-3.43%	12.59%	16.70%	9.39%	-18.66%	15.38%	4.61%	24.08%	-8.88%	14.48%
XMMO Invesco S&P MidCap Momentum ETF	4.93%	13.04%	38.03%	20.39%	-16.02%	16.69%	29.17%	36.78%	6.12%	37.18%

Returns By Period

In the year-to-date period, PCEF achieves a -3.43% return, which is significantly lower than XMMO's 4.93% return. Over the past 10 years, PCEF has underperformed XMMO with an annualized return of 6.84%, while XMMO has yielded a comparatively higher 18.19% annualized return.

PCEF

• 1D: 2.51%
• 1M: -5.48%
• YTD: -3.43%
• 6M: -1.94%
• 1Y: 8.22%
• 3Y*: 10.45%
• 5Y*: 4.22%
• 10Y*: 6.84%

XMMO

• 1D: 4.31%
• 1M: -3.18%
• YTD: 4.93%
• 6M: 7.61%
• 1Y: 28.46%
• 3Y*: 25.08%
• 5Y*: 12.21%
• 10Y*: 18.19%

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

PCEF vs. XMMO - Expense Ratio Comparison

PCEF has a 2.71% expense ratio, which is higher than XMMO's 0.33% expense ratio.

PCEF

Invesco CEF Income Composite ETF

XMMO

Invesco S&P MidCap Momentum ETF

Return for Risk

PCEF vs. XMMO — Risk / Return Rank

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

PCEF

PCEF Risk / Return Rank: 37
PCEF Sharpe Ratio Rank: 35
PCEF Sortino Ratio Rank: 32
PCEF Omega Ratio Rank: 42
PCEF Calmar Ratio Rank: 33
PCEF Martin Ratio Rank: 41

XMMO

XMMO Risk / Return Rank: 80
XMMO Sharpe Ratio Rank: 75
XMMO Sortino Ratio Rank: 77
XMMO Omega Ratio Rank: 74
XMMO Calmar Ratio Rank: 84
XMMO Martin Ratio Rank: 89

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. XMMO - 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 MidCap Momentum ETF (XMMO). 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	XMMO	Difference
Sharpe ratio Return per unit of total volatility	0.61	1.30	-0.69
Sortino ratio Return per unit of downside risk	0.89	1.86	-0.97
Omega ratio Gain probability vs. loss probability	1.16	1.26	-0.10
Calmar ratio Return relative to maximum drawdown	0.77	2.28	-1.51
Martin ratio Return relative to average drawdown	3.65	10.83	-7.18
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. XMMO - Sharpe Ratio Comparison

The current PCEF Sharpe Ratio is 0.61, which is lower than the XMMO Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of PCEF and XMMO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PCEF	XMMO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.61	1.30	-0.69
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	0.58	-0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	0.83	-0.31
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.54	-0.01

Correlation

The correlation between PCEF and XMMO is 0.67, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

PCEF vs. XMMO - Dividend Comparison

PCEF's dividend yield for the trailing twelve months is around 8.32%, more than XMMO's 0.71% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PCEF Invesco CEF Income Composite ETF	8.32%	7.96%	8.79%	9.86%	8.93%	6.67%	7.54%	7.12%	8.21%	6.96%	7.72%	9.18%
XMMO Invesco S&P MidCap Momentum ETF	0.71%	0.78%	0.34%	0.80%	1.43%	0.41%	0.61%	0.60%	0.19%	0.21%	0.22%	0.64%

Drawdowns

PCEF vs. XMMO - Drawdown Comparison

The maximum PCEF drawdown since its inception was -38.64%, smaller than the maximum XMMO drawdown of -55.37%. Use the drawdown chart below to compare losses from any high point for PCEF and XMMO.

Drawdown Indicators

	PCEF	XMMO	Difference
Max Drawdown Largest peak-to-trough decline	-38.64%	-55.37%	+16.73%
Max Drawdown (1Y) Largest decline over 1 year	-10.94%	-12.81%	+1.87%
Max Drawdown (5Y) Largest decline over 5 years	-24.25%	-27.91%	+3.66%
Max Drawdown (10Y) Largest decline over 10 years	-38.64%	-36.74%	-1.90%
Current Drawdown Current decline from peak	-6.00%	-4.39%	-1.61%
Average Drawdown Average peak-to-trough decline	-4.51%	-9.52%	+5.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.30%	2.69%	-0.39%

Volatility

PCEF vs. XMMO - Volatility Comparison

The current volatility for Invesco CEF Income Composite ETF (PCEF) is 5.03%, while Invesco S&P MidCap Momentum ETF (XMMO) has a volatility of 9.07%. This indicates that PCEF experiences smaller price fluctuations and is considered to be less risky than XMMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PCEF	XMMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.03%	9.07%	-4.04%
Volatility (6M) Calculated over the trailing 6-month period	7.05%	14.28%	-7.23%
Volatility (1Y) Calculated over the trailing 1-year period	13.49%	21.97%	-8.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.42%	21.26%	-9.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.25%	22.11%	-8.86%