PSFE.DE vs. ECMA.DE

Last updated Jun 5, 2026

PSFE.DE (Invesco Euro Corporate Bond UCITS ETF Dist) and ECMA.DE (Invesco EUR Corporate Bond ESG Multi-Factor UCITS ETF Acc) are both European Corporate Bonds funds from Invesco - PSFE.DE tracks the Bloomberg Euro Corporate Bond while ECMA.DE tracks the Invesco EUR Corporate Bond ESG Multi-Factor. Both are passively managed. Over the past 3 years, PSFE.DE returned 4.54%/yr vs 4.49%/yr for ECMA.DE. With a 0.97 correlation, they move nearly in lockstep. PSFE.DE charges 0.10%/yr vs 0.19%/yr for ECMA.DE.

Performance

PSFE.DE vs. ECMA.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Invesco Euro Corporate Bond UCITS ETF Dist (PSFE.DE) and Invesco EUR Corporate Bond ESG Multi-Factor UCITS ETF Acc (ECMA.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PSFE.DE achieves a 0.57% return, which is significantly higher than ECMA.DE's 0.50% return.

PSFE.DE

• 1D: 0.11%
• 1M: 0.29%
• YTD: 0.57%
• 6M: 0.52%
• 1Y: 2.18%
• 3Y*: 4.54%
• 5Y*: 0.02%
• 10Y*: —

ECMA.DE

• 1D: 0.10%
• 1M: 0.29%
• YTD: 0.50%
• 6M: 0.46%
• 1Y: 2.04%
• 3Y*: 4.49%
• 5Y*: —
• 10Y*: —

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

PSFE.DE vs. ECMA.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
PSFE.DE Invesco Euro Corporate Bond UCITS ETF Dist	0.57%	3.04%	4.16%	7.18%	-1.31%
ECMA.DE Invesco EUR Corporate Bond ESG Multi-Factor UCITS ETF Acc	0.50%	2.90%	4.30%	7.06%	-1.21%

Correlation

The correlation between PSFE.DE and ECMA.DE is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jun 28, 2022	0.97

The correlation between PSFE.DE and ECMA.DE has been stable across timeframes, ranging from 0.97 to 0.97 - a consistent structural relationship.

Return for Risk

PSFE.DE vs. ECMA.DE — Risk / Return Rank

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

PSFE.DE

PSFE.DE Risk / Return Rank: 19
PSFE.DE Sharpe Ratio Rank: 19
PSFE.DE Sortino Ratio Rank: 18
PSFE.DE Omega Ratio Rank: 19
PSFE.DE Calmar Ratio Rank: 18
PSFE.DE Martin Ratio Rank: 20

ECMA.DE

ECMA.DE Risk / Return Rank: 18
ECMA.DE Sharpe Ratio Rank: 18
ECMA.DE Sortino Ratio Rank: 17
ECMA.DE Omega Ratio Rank: 17
ECMA.DE Calmar Ratio Rank: 17
ECMA.DE Martin Ratio Rank: 19

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.

PSFE.DE vs. ECMA.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Euro Corporate Bond UCITS ETF Dist (PSFE.DE) and Invesco EUR Corporate Bond ESG Multi-Factor UCITS ETF Acc (ECMA.DE). 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.

	PSFE.DE	ECMA.DE	Difference
Sharpe ratio: Return per unit of total volatility	0.59	0.53	+0.06
Sortino ratio: Return per unit of downside risk	0.89	0.80	+0.08
Omega ratio: Gain probability vs. loss probability	1.11	1.10	+0.01
Calmar ratio: Return relative to maximum drawdown	0.68	0.62	+0.06
Martin ratio: Return relative to average drawdown	2.30	2.07	+0.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PSFE.DE vs. ECMA.DE - Sharpe Ratio Comparison

The current PSFE.DE Sharpe Ratio is 0.59, which is comparable to the ECMA.DE Sharpe Ratio of 0.53. The chart below compares the historical Sharpe Ratios of PSFE.DE and ECMA.DE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PSFE.DE	ECMA.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.59	0.53	+0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.00	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.15	0.81	-0.66

Drawdowns

PSFE.DE vs. ECMA.DE - Drawdown Comparison

The maximum PSFE.DE drawdown since its inception was -17.18%, which is greater than ECMA.DE's maximum drawdown of -8.91%. Use the drawdown chart below to compare losses from any high point for PSFE.DE and ECMA.DE.

Drawdown Indicators

	PSFE.DE	ECMA.DE	Difference
Max Drawdown Largest peak-to-trough decline	-17.18%	-8.91%	-8.27%
Max Drawdown (1Y) Largest decline over 1 year	-2.71%	-2.68%	-0.03%
Max Drawdown (3Y) Largest decline over 3 years	-2.71%	-2.68%	-0.03%
Max Drawdown (5Y) Largest decline over 5 years	-17.18%	—	—
Current Drawdown Current decline from peak	-1.40%	-0.76%	-0.64%
Average Drawdown Average peak-to-trough decline	-4.73%	-2.10%	-2.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.80%	0.80%	0.00%

Volatility

PSFE.DE vs. ECMA.DE - Volatility Comparison

The current volatility for Invesco Euro Corporate Bond UCITS ETF Dist (PSFE.DE) is 1.19%, while Invesco EUR Corporate Bond ESG Multi-Factor UCITS ETF Acc (ECMA.DE) has a volatility of 1.28%. This indicates that PSFE.DE experiences smaller price fluctuations and is considered to be less risky than ECMA.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSFE.DE	ECMA.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.19%	1.28%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	2.76%	2.76%	0.00%
Volatility (1Y) Calculated over the trailing 1-year period	3.14%	3.13%	+0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.38%	4.16%	+0.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.65%	4.16%	+0.49%

PSFE.DE vs. ECMA.DE - Expense Ratio Comparison

PSFE.DE has a 0.10% expense ratio, which is lower than ECMA.DE's 0.19% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

PSFE.DE vs. ECMA.DE - Dividend Comparison

PSFE.DE's dividend yield for the trailing twelve months is around 3.29%, while ECMA.DE has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
ECMA.DE Invesco EUR Corporate Bond ESG Multi-Factor UCITS ETF Acc	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PSFE.DE Invesco Euro Corporate Bond UCITS ETF Dist	3.29%	3.32%	3.50%	2.97%	1.00%	0.54%	0.77%	0.71%	0.58%

Frequently Asked Questions

Can I hold both PSFE.DE and ECMA.DE in my portfolio?

With a correlation of 0.97, PSFE.DE and ECMA.DE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, PSFE.DE or ECMA.DE?

On fees, PSFE.DE is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PSFE.DE or ECMA.DE?

PSFE.DE is cheaper with a 0.10% expense ratio, compared with 0.19% for ECMA.DE.

What is the main difference between PSFE.DE and ECMA.DE?

PSFE.DE tracks Bloomberg Euro Corporate Bond, while ECMA.DE tracks Invesco EUR Corporate Bond ESG Multi-Factor. Their fees differ too: 0.10% for PSFE.DE and 0.19% for ECMA.DE.