PHYSX vs. PCEF
Compare and contrast key facts about PIA High Yield Fund (PHYSX) and Invesco CEF Income Composite ETF (PCEF).
PHYSX is managed by PIA Mutual Funds. It was launched on Dec 31, 2010. 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.
Performance
PHYSX vs. PCEF - Performance Comparison
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PHYSX vs. PCEF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PHYSX PIA High Yield Fund | -1.98% | 1.82% | 10.33% | 16.17% | -11.70% | 7.36% | 8.03% | 11.06% | -2.77% | 8.04% |
PCEF Invesco CEF Income Composite ETF | -2.05% | 12.59% | 16.70% | 9.39% | -18.66% | 15.38% | 4.61% | 24.08% | -8.88% | 14.48% |
Returns By Period
The year-to-date returns for both stocks are quite close, with PHYSX having a -1.98% return and PCEF slightly lower at -2.05%. Over the past 10 years, PHYSX has underperformed PCEF with an annualized return of 5.46%, while PCEF has yielded a comparatively higher 6.99% annualized return.
PHYSX
- 1D
- 0.37%
- 1M
- -1.79%
- YTD
- -1.98%
- 6M
- -2.76%
- 1Y
- 1.32%
- 3Y*
- 6.87%
- 5Y*
- 3.32%
- 10Y*
- 5.46%
PCEF
- 1D
- 1.43%
- 1M
- -4.03%
- YTD
- -2.05%
- 6M
- -0.98%
- 1Y
- 9.59%
- 3Y*
- 10.98%
- 5Y*
- 4.51%
- 10Y*
- 6.99%
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PHYSX vs. PCEF - Expense Ratio Comparison
PHYSX has a 0.86% expense ratio, which is lower than PCEF's 2.71% expense ratio.
Return for Risk
PHYSX vs. PCEF — Risk / Return Rank
PHYSX
PCEF
PHYSX vs. PCEF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIA High Yield Fund (PHYSX) 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.
| PHYSX | PCEF | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.30 | 0.71 | -0.41 |
Sortino ratioReturn per unit of downside risk | 0.41 | 1.02 | -0.60 |
Omega ratioGain probability vs. loss probability | 1.07 | 1.18 | -0.11 |
Calmar ratioReturn relative to maximum drawdown | 0.27 | 0.89 | -0.62 |
Martin ratioReturn relative to average drawdown | 0.79 | 4.22 | -3.43 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PHYSX | PCEF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.30 | 0.71 | -0.41 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.83 | 0.40 | +0.43 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.34 | 0.53 | +0.81 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.62 | 0.54 | +1.08 |
Correlation
The correlation between PHYSX and PCEF is 0.45, 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
PHYSX vs. PCEF - Dividend Comparison
PHYSX's dividend yield for the trailing twelve months is around 7.95%, less than PCEF's 8.20% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PHYSX PIA High Yield Fund | 7.95% | 8.44% | 7.66% | 7.12% | 7.60% | 6.14% | 6.31% | 6.76% | 6.51% | 6.37% | 6.10% | 6.40% |
PCEF Invesco CEF Income Composite ETF | 8.20% | 7.96% | 8.79% | 9.86% | 8.93% | 6.67% | 7.54% | 7.12% | 8.21% | 6.96% | 7.72% | 9.18% |
Drawdowns
PHYSX vs. PCEF - Drawdown Comparison
The maximum PHYSX drawdown since its inception was -24.10%, smaller than the maximum PCEF drawdown of -38.64%. Use the drawdown chart below to compare losses from any high point for PHYSX and PCEF.
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Drawdown Indicators
| PHYSX | PCEF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.10% | -38.64% | +14.54% |
Max Drawdown (1Y)Largest decline over 1 year | -4.00% | -10.94% | +6.94% |
Max Drawdown (5Y)Largest decline over 5 years | -13.99% | -24.25% | +10.26% |
Max Drawdown (10Y)Largest decline over 10 years | -19.86% | -38.64% | +18.78% |
Current DrawdownCurrent decline from peak | -3.23% | -4.65% | +1.42% |
Average DrawdownAverage peak-to-trough decline | -1.89% | -4.51% | +2.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.37% | 2.32% | -0.95% |
Volatility
PHYSX vs. PCEF - Volatility Comparison
The current volatility for PIA High Yield Fund (PHYSX) is 1.84%, while Invesco CEF Income Composite ETF (PCEF) has a volatility of 5.24%. This indicates that PHYSX 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.
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Volatility by Period
| PHYSX | PCEF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.84% | 5.24% | -3.40% |
Volatility (6M)Calculated over the trailing 6-month period | 2.56% | 7.18% | -4.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.34% | 13.56% | -9.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.02% | 11.44% | -7.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.09% | 13.25% | -9.16% |