SVBAX vs. PCEF

Last updated Jun 23, 2026

SVBAX (John Hancock Balanced Fund) and PCEF (Invesco CEF Income Composite ETF) are both Diversified Portfolio funds. Over the past 10 years, SVBAX returned 10.14%/yr vs 7.33%/yr for PCEF. A 0.76 correlation means they provide meaningful diversification when combined. SVBAX charges 1.03%/yr vs 2.71%/yr for PCEF.

Performance

SVBAX vs. PCEF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in John Hancock Balanced Fund (SVBAX) 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, SVBAX achieves a 10.51% return, which is significantly higher than PCEF's 5.15% return. Over the past 10 years, SVBAX has outperformed PCEF with an annualized return of 10.14%, while PCEF has yielded a comparatively lower 7.33% annualized return.

SVBAX

• 1D: 0.90%
• 1M: 2.21%
• YTD: 10.51%
• 6M: 10.51%
• 1Y: 23.58%
• 3Y*: 16.02%
• 5Y*: 9.17%
• 10Y*: 10.14%

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)

SVBAX vs. PCEF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SVBAX John Hancock Balanced Fund	10.51%	15.69%	13.31%	18.22%	-15.79%	14.49%	15.97%	21.28%	-5.02%	13.40%
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 SVBAX and PCEF is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since Feb 19, 2010	0.76

The correlation between SVBAX and PCEF has been stable across timeframes, ranging from 0.75 to 0.79 - a consistent structural relationship.

Return for Risk

SVBAX vs. PCEF — Risk / Return Rank

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

SVBAX

SVBAX Risk / Return Rank: 88
SVBAX Sharpe Ratio Rank: 88
SVBAX Sortino Ratio Rank: 86
SVBAX Omega Ratio Rank: 82
SVBAX Calmar Ratio Rank: 89
SVBAX Martin Ratio Rank: 95

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.

SVBAX vs. PCEF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for John Hancock Balanced Fund (SVBAX) 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.

	SVBAX	PCEF	Difference
Sharpe ratio: Return per unit of total volatility	2.68	1.57	+1.11
Sortino ratio: Return per unit of downside risk	3.83	2.25	+1.58
Omega ratio: Gain probability vs. loss probability	1.50	1.30	+0.20
Calmar ratio: Return relative to maximum drawdown	4.19	1.69	+2.50
Martin ratio: Return relative to average drawdown	20.06	7.79	+12.28

SVBAX vs. PCEF - Sharpe Ratio Comparison

The current SVBAX Sharpe Ratio is 2.68, which is higher than the PCEF Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of SVBAX 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

SVBAX vs. PCEF - Drawdown Comparison

The maximum SVBAX drawdown since its inception was -40.81%, which is greater than PCEF's maximum drawdown of -38.64%. Use the drawdown chart below to compare losses from any high point for SVBAX and PCEF.

Drawdown Indicators

	SVBAX	PCEF	Difference
Max Drawdown Largest peak-to-trough decline	-40.81%	-38.64%	-2.17%
Max Drawdown (1Y) Largest decline over 1 year	-5.57%	-8.30%	+2.73%
Max Drawdown (3Y) Largest decline over 3 years	-12.06%	-14.09%	+2.03%
Max Drawdown (5Y) Largest decline over 5 years	-20.53%	-24.25%	+3.72%
Max Drawdown (10Y) Largest decline over 10 years	-21.00%	-38.64%	+17.64%
Current Drawdown Current decline from peak	-0.06%	-0.58%	+0.52%
Average Drawdown Average peak-to-trough decline	-5.23%	-4.46%	-0.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.16%	1.79%	-0.63%

Volatility

SVBAX vs. PCEF - Volatility Comparison

John Hancock Balanced Fund (SVBAX) has a higher volatility of 3.50% compared to Invesco CEF Income Composite ETF (PCEF) at 2.86%. This indicates that SVBAX's price experiences larger fluctuations and is considered to be riskier than PCEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SVBAX	PCEF	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.50%	2.86%	+0.64%
Volatility (6M) Calculated over the trailing 6-month period	7.05%	7.55%	-0.50%
Volatility (1Y) Calculated over the trailing 1-year period	8.69%	8.92%	-0.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.86%	11.52%	-0.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.83%	13.31%	-2.48%

SVBAX vs. PCEF - Expense Ratio Comparison

SVBAX has a 1.03% expense ratio, which is lower than PCEF's 2.71% expense ratio.

Dividends

SVBAX vs. PCEF - Dividend Comparison

SVBAX's dividend yield for the trailing twelve months is around 11.30%, more 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%
SVBAX John Hancock Balanced Fund	11.30%	12.45%	3.72%	1.48%	1.60%	2.73%	1.60%	2.19%	8.06%	3.51%	1.70%	4.57%

Frequently Asked Questions

Can I hold both SVBAX and PCEF in my portfolio?

SVBAX and PCEF have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SVBAX or PCEF?

SVBAX has higher volatility (3.50%) compared to PCEF (2.86%). In terms of maximum drawdown, SVBAX dropped -40.81% vs PCEF's -38.64%.

Which has better risk-adjusted returns?

SVBAX currently has the higher Sharpe Ratio (2.68 vs 1.57), 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.