PHB vs. PCEF
Compare and contrast key facts about Invesco Fundamental High Yield® Corporate Bond ETF (PHB) and Invesco CEF Income Composite ETF (PCEF).
PHB and PCEF are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PHB is a passively managed fund by Invesco that tracks the performance of the RAFI Bonds US High Yield 1-10 Index. It was launched on Nov 15, 2007. 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. Both PHB and PCEF are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: PHB or PCEF.
Key characteristics
| PHB | PCEF | |
|---|---|---|
| YTD Return | 5.60% | 12.95% |
| 1Y Return | 12.32% | 17.85% |
| 3Y Return (Ann) | 2.32% | 0.30% |
| 5Y Return (Ann) | 3.52% | 5.15% |
| 10Y Return (Ann) | 3.90% | 5.46% |
| Sharpe Ratio | 2.62 | 1.87 |
| Daily Std Dev | 4.89% | 9.42% |
| Max Drawdown | -44.79% | -38.64% |
| Current Drawdown | -0.05% | -1.14% |
Correlation
The correlation between PHB and PCEF is 0.63, 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.
Performance
PHB vs. PCEF - Performance Comparison
In the year-to-date period, PHB achieves a 5.60% return, which is significantly lower than PCEF's 12.95% return. Over the past 10 years, PHB has underperformed PCEF with an annualized return of 3.90%, while PCEF has yielded a comparatively higher 5.46% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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PHB vs. PCEF - Expense Ratio Comparison
PHB has a 0.50% expense ratio, which is lower than PCEF's 2.34% expense ratio.
Risk-Adjusted Performance
PHB vs. PCEF - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Fundamental High Yield® Corporate Bond ETF (PHB) and Invesco CEF Income Composite ETF (PCEF). 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.
Dividends
PHB vs. PCEF - Dividend Comparison
PHB's dividend yield for the trailing twelve months is around 5.46%, less than PCEF's 8.77% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PHB Invesco Fundamental High Yield® Corporate Bond ETF | 5.46% | 4.68% | 3.52% | 3.37% | 3.90% | 4.03% | 4.44% | 4.14% | 4.58% | 4.69% | 4.48% | 4.63% |
PCEF Invesco CEF Income Composite ETF | 8.77% | 9.86% | 8.93% | 6.67% | 7.54% | 7.12% | 8.21% | 6.96% | 7.11% | 9.18% | 8.02% | 8.13% |
Drawdowns
PHB vs. PCEF - Drawdown Comparison
The maximum PHB drawdown since its inception was -44.79%, which is greater than PCEF's maximum drawdown of -38.64%. Use the drawdown chart below to compare losses from any high point for PHB and PCEF. For additional features, visit the drawdowns tool.
Volatility
PHB vs. PCEF - Volatility Comparison
The current volatility for Invesco Fundamental High Yield® Corporate Bond ETF (PHB) is 0.90%, while Invesco CEF Income Composite ETF (PCEF) has a volatility of 1.99%. This indicates that PHB experiences smaller price fluctuations and is considered to be less risky than PCEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.