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PDC.TO vs. CCEF
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PDC.TO vs. CCEF

Last updated Jun 25, 2026

PDC.TO (Invesco Canadian Dividend Index ETF) and CCEF (Calamos CEF Income & Arbitrage ETF) are both Dividend funds. Over the past year, PDC.TO returned 38.31% vs 17.11% for CCEF. A 0.54 correlation means they provide meaningful diversification when combined. PDC.TO charges 0.58%/yr vs 2.74%/yr for CCEF.

Performance

PDC.TO vs. CCEF - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Invesco Canadian Dividend Index ETF (PDC.TO) and Calamos CEF Income & Arbitrage ETF (CCEF). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

PDC.TO is traded in CAD, while CCEF is traded in USD. To make them comparable, the CCEF values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, PDC.TO achieves a 21.92% return, which is significantly higher than CCEF's 8.87% return.

PDC.TO

1D
-0.48%
1M
2.22%
YTD
21.92%
6M
18.03%
1Y
38.31%
3Y*
23.00%
5Y*
13.76%
10Y*
11.48%

CCEF

1D
-0.05%
1M
2.97%
YTD
8.87%
6M
9.17%
1Y
17.11%
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

PDC.TO vs. CCEF - Yearly Performance Comparison

2026 (YTD)20252024
PDC.TO
Invesco Canadian Dividend Index ETF		21.92%21.80%15.96%
CCEF
Calamos CEF Income & Arbitrage ETF		8.87%8.29%25.81%

Correlation

The correlation between PDC.TO and CCEF is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.48

Correlation (All Time)
Calculated using the full available price history since Jan 16, 2024

0.54

The correlation between PDC.TO and CCEF has been stable across timeframes, ranging from 0.48 to 0.54 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco Canadian Dividend Index ETF

Calamos CEF Income & Arbitrage ETF

Often compared with PDC.TO:
PDC.TO vs. XDIV.TOPDC.TO vs. RCD.TOPDC.TO vs. VDY.TOPDC.TO vs. PDIV.TOPDC.TO vs. RBNK.TOPDC.TO vs. XDV.TOPDC.TO vs. DFND
Often compared with CCEF:
CCEF vs. CEFSCCEF vs. CVRTCCEF vs. PCEFCCEF vs. RDFICCEF vs. PAPICCEF vs. HYMBCCEF vs. PG

Return for Risk

PDC.TO vs. CCEF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PDC.TO
PDC.TO Risk / Return Rank: 9797
Overall Rank
PDC.TO Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
PDC.TO Sortino Ratio Rank: 9797
Sortino Ratio Rank
PDC.TO Omega Ratio Rank: 9797
Omega Ratio Rank
PDC.TO Calmar Ratio Rank: 9797
Calmar Ratio Rank
PDC.TO Martin Ratio Rank: 9797
Martin Ratio Rank
CCEF
CCEF Risk / Return Rank: 4949
Overall Rank
CCEF Sharpe Ratio Rank: 5353
Sharpe Ratio Rank
CCEF Sortino Ratio Rank: 5151
Sortino Ratio Rank
CCEF Omega Ratio Rank: 5454
Omega Ratio Rank
CCEF Calmar Ratio Rank: 3737
Calmar Ratio Rank
CCEF Martin Ratio Rank: 4848
Martin Ratio Rank
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.

PDC.TO vs. CCEF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Canadian Dividend Index ETF (PDC.TO) and Calamos CEF Income & Arbitrage ETF (CCEF). 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.

PDC.TOCCEFDifference
Sharpe ratioReturn per unit of total volatility
4.60
1.92

+2.68

Sortino ratioReturn per unit of downside risk
5.96
2.75

+3.21

Omega ratioGain probability vs. loss probability

1.94

1.34

+0.59

Calmar ratioReturn relative to maximum drawdown

9.96

2.63

+7.33

Martin ratioReturn relative to average drawdown

36.92

9.95

+26.97

PDC.TO vs. CCEF - Sharpe Ratio Comparison

The current PDC.TO Sharpe Ratio is 4.60, which is higher than the CCEF Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of PDC.TO and CCEF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

PDC.TO vs. CCEF - Drawdown Comparison

The maximum PDC.TO drawdown since its inception was -41.93%, which is greater than CCEF's maximum drawdown of -14.99%. Use the drawdown chart below to compare losses from any high point for PDC.TO and CCEF.

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Drawdown Indicators

PDC.TOCCEFDifference

Max Drawdown

Largest peak-to-trough decline

-41.93%

-14.99%

-26.94%

Max Drawdown (1Y)

Largest decline over 1 year

-3.86%

-6.54%

+2.68%

Max Drawdown (3Y)

Largest decline over 3 years

-10.85%

—

—

Max Drawdown (5Y)

Largest decline over 5 years

-17.98%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-41.93%

—

—

Current Drawdown

Current decline from peak

-0.48%

-0.81%

+0.33%

Average Drawdown

Average peak-to-trough decline

-4.50%

-1.96%

-2.54%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.04%

1.72%

-0.68%

Volatility

PDC.TO vs. CCEF - Volatility Comparison

The current volatility for Invesco Canadian Dividend Index ETF (PDC.TO) is 2.34%, while Calamos CEF Income & Arbitrage ETF (CCEF) has a volatility of 3.06%. This indicates that PDC.TO experiences smaller price fluctuations and is considered to be less risky than CCEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PDC.TOCCEFDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.34%

3.06%

-0.72%

Volatility (6M)

Calculated over the trailing 6-month period

7.29%

7.50%

-0.21%

Volatility (1Y)

Calculated over the trailing 1-year period

8.37%

8.98%

-0.61%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.84%

11.58%

-0.74%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.27%

11.58%

+3.69%

PDC.TO vs. CCEF - Expense Ratio Comparison

PDC.TO has a 0.58% expense ratio, which is lower than CCEF's 2.74% expense ratio.

Dividends

PDC.TO vs. CCEF - Dividend Comparison

PDC.TO's dividend yield for the trailing twelve months is around 3.24%, less than CCEF's 8.05% yield.

PositionTTM20252024202320222021202020192018201720162015
CCEF
Calamos CEF Income & Arbitrage ETF		8.05%8.08%6.55%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
PDC.TO
Invesco Canadian Dividend Index ETF		3.24%3.96%4.48%4.77%4.24%3.65%5.07%4.33%5.12%4.23%3.77%4.39%

Frequently Asked Questions

PDC.TO and CCEF have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, PDC.TO is cheaper at 0.58% per year. The better choice depends on whether you care most about return, fees, risk, or income.

PDC.TO is cheaper with a 0.58% expense ratio, compared with 2.74% for CCEF.

They also come from different issuers: Invesco and Calamos. Their fees differ too: 0.58% for PDC.TO and 2.74% for CCEF.

Portfolio Optimizer

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