PHYSX vs. PCEF

Last updated Jun 23, 2026

PHYSX (PIA High Yield Fund) and PCEF (Invesco CEF Income Composite ETF) are both funds - PHYSX is a High Yield Bonds fund managed by PIA Mutual Funds, while PCEF is a Diversified Portfolio fund tracking the S-Network Composite Closed-End Fund Index. Over the past 10 years, PHYSX returned 5.36%/yr vs 7.33%/yr for PCEF. At a 0.45 correlation, their price movements are largely independent. PHYSX charges 0.86%/yr vs 2.71%/yr for PCEF.

Performance

PHYSX vs. PCEF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIA High Yield Fund (PHYSX) and Invesco CEF Income Composite ETF (PCEF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PHYSX achieves a 1.34% return, which is significantly lower than PCEF's 5.15% return. Over the past 10 years, PHYSX has underperformed PCEF with an annualized return of 5.36%, while PCEF has yielded a comparatively higher 7.33% annualized return.

PHYSX

• 1D: 0.00%
• 1M: 1.15%
• YTD: 1.34%
• 6M: 1.65%
• 1Y: 3.16%
• 3Y*: 6.83%
• 5Y*: 3.62%
• 10Y*: 5.36%

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%

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

PHYSX vs. PCEF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PHYSX PIA High Yield Fund	1.34%	1.82%	10.33%	16.17%	-11.70%	7.36%	8.03%	11.06%	-2.77%	8.04%
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%

Correlation

The correlation between PHYSX and PCEF is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.54
Correlation (10Y) Calculated over the trailing 10-year period	0.48
Correlation (All Time) Calculated using the full available price history since Feb 19, 2010	0.45

The correlation between PHYSX and PCEF shifts across timeframes, from 0.45 (all time) to 0.58 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PHYSX vs. PCEF — Risk / Return Rank

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

PHYSX

PHYSX Risk / Return Rank: 13
PHYSX Sharpe Ratio Rank: 16
PHYSX Sortino Ratio Rank: 14
PHYSX Omega Ratio Rank: 18
PHYSX Calmar Ratio Rank: 10
PHYSX Martin Ratio Rank: 10

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

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.

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.

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.

	PHYSX	PCEF	Difference
Sharpe ratio: Return per unit of total volatility	1.06	1.57	-0.52
Sortino ratio: Return per unit of downside risk	1.46	2.25	-0.80
Omega ratio: Gain probability vs. loss probability	1.21	1.30	-0.09
Calmar ratio: Return relative to maximum drawdown	0.89	1.69	-0.80
Martin ratio: Return relative to average drawdown	2.63	7.79	-5.16

PHYSX vs. PCEF - Sharpe Ratio Comparison

The current PHYSX Sharpe Ratio is 1.06, which is lower than the PCEF Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of PHYSX and PCEF, 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

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.

Drawdown Indicators

	PHYSX	PCEF	Difference
Max Drawdown Largest peak-to-trough decline	-24.10%	-38.64%	+14.54%
Max Drawdown (1Y) Largest decline over 1 year	-3.82%	-8.30%	+4.48%
Max Drawdown (3Y) Largest decline over 3 years	-6.11%	-14.09%	+7.98%
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 Drawdown Current decline from peak	0.00%	-0.58%	+0.58%
Average Drawdown Average peak-to-trough decline	-1.88%	-4.46%	+2.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.29%	1.79%	-0.50%

Volatility

PHYSX vs. PCEF - Volatility Comparison

The current volatility for PIA High Yield Fund (PHYSX) is 0.69%, while Invesco CEF Income Composite ETF (PCEF) has a volatility of 2.86%. 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.

Volatility by Period

	PHYSX	PCEF	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.69%	2.86%	-2.17%
Volatility (6M) Calculated over the trailing 6-month period	2.56%	7.55%	-4.99%
Volatility (1Y) Calculated over the trailing 1-year period	3.23%	8.92%	-5.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.06%	11.52%	-7.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.09%	13.31%	-9.22%

PHYSX vs. PCEF - Expense Ratio Comparison

PHYSX has a 0.86% expense ratio, which is lower than PCEF's 2.71% expense ratio.

Dividends

PHYSX vs. PCEF - Dividend Comparison

PHYSX's dividend yield for the trailing twelve months is around 7.36%, less than PCEF's 8.36% 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%
PHYSX PIA High Yield Fund	7.36%	8.44%	7.66%	7.12%	7.60%	6.14%	6.31%	6.76%	6.51%	6.37%	6.10%	6.40%

Frequently Asked Questions

Can I hold both PHYSX and PCEF in my portfolio?

PHYSX and PCEF have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PHYSX or PCEF?

PCEF has higher volatility (2.86%) compared to PHYSX (0.69%). In terms of maximum drawdown, PHYSX dropped -24.10% vs PCEF's -38.64%.

Which has better risk-adjusted returns?

PCEF currently has the higher Sharpe Ratio (1.57 vs 1.06), 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.