UPGD vs. CTEF

Last updated Jun 5, 2026

UPGD (Invesco Bloomberg Analyst Rating Improvers ETF) and CTEF (Castellan Targeted Equity ETF) are both Mid Cap Blend Equities funds. UPGD is passively managed, while CTEF is actively managed. A 0.54 correlation means they provide meaningful diversification when combined. UPGD charges 0.40%/yr vs 0.45%/yr for CTEF.

Performance

UPGD vs. CTEF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Bloomberg Analyst Rating Improvers ETF (UPGD) and Castellan Targeted Equity ETF (CTEF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UPGD achieves a 11.28% return, which is significantly lower than CTEF's 29.80% return.

UPGD

• 1D: 0.28%
• 1M: 6.09%
• YTD: 11.28%
• 6M: 11.94%
• 1Y: 18.15%
• 3Y*: 15.88%
• 5Y*: 7.21%
• 10Y*: 10.20%

CTEF

• 1D: 0.35%
• 1M: 8.48%
• YTD: 29.80%
• 6M: 30.96%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UPGD vs. CTEF - Yearly Performance Comparison

	2026 (YTD)	2025
UPGD Invesco Bloomberg Analyst Rating Improvers ETF	11.28%	8.63%
CTEF Castellan Targeted Equity ETF	29.80%	33.22%

Correlation

The correlation between UPGD and CTEF is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 20, 2025	0.54

Return for Risk

UPGD vs. CTEF — Risk / Return Rank

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

UPGD

UPGD Risk / Return Rank: 38
UPGD Sharpe Ratio Rank: 38
UPGD Sortino Ratio Rank: 41
UPGD Omega Ratio Rank: 35
UPGD Calmar Ratio Rank: 38
UPGD Martin Ratio Rank: 40

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.

UPGD vs. CTEF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Bloomberg Analyst Rating Improvers ETF (UPGD) and Castellan Targeted Equity ETF (CTEF). 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.

	UPGD	CTEF	Difference
Sharpe ratio: Return per unit of total volatility	1.34	—	—
Sortino ratio: Return per unit of downside risk	2.05	—	—
Omega ratio: Gain probability vs. loss probability	1.23	—	—
Calmar ratio: Return relative to maximum drawdown	1.82	—	—
Martin ratio: Return relative to average drawdown	6.24	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	UPGD	CTEF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.34	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	3.56	-3.22

Drawdowns

UPGD vs. CTEF - Drawdown Comparison

The maximum UPGD drawdown since its inception was -60.74%, which is greater than CTEF's maximum drawdown of -15.00%. Use the drawdown chart below to compare losses from any high point for UPGD and CTEF.

Drawdown Indicators

	UPGD	CTEF	Difference
Max Drawdown Largest peak-to-trough decline	-60.74%	-15.00%	-45.74%
Max Drawdown (1Y) Largest decline over 1 year	-10.01%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-16.90%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.31%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-50.20%	—	—
Current Drawdown Current decline from peak	0.00%	-0.06%	+0.06%
Average Drawdown Average peak-to-trough decline	-10.26%	-1.79%	-8.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.92%	—	—

Volatility

Volatility by Period

	UPGD	CTEF	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.00%	—	—
Volatility (6M) Calculated over the trailing 6-month period	9.96%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	13.61%	21.76%	-8.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.65%	21.76%	-3.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.64%	21.76%	-0.12%

UPGD vs. CTEF - Expense Ratio Comparison

UPGD has a 0.40% expense ratio, which is lower than CTEF's 0.45% expense ratio.

Dividends

UPGD vs. CTEF - Dividend Comparison

UPGD's dividend yield for the trailing twelve months is around 1.57%, more than CTEF's 0.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CTEF Castellan Targeted Equity ETF	0.06%	0.08%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
UPGD Invesco Bloomberg Analyst Rating Improvers ETF	1.57%	1.75%	1.28%	1.39%	0.72%	0.52%	0.28%	0.20%	1.43%	0.00%	1.55%	0.93%

Frequently Asked Questions

Can I hold both UPGD and CTEF in my portfolio?

UPGD and CTEF have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, UPGD or CTEF?

On fees, UPGD is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, UPGD or CTEF?

UPGD is cheaper with a 0.40% expense ratio, compared with 0.45% for CTEF.

Which ETF pays a higher dividend yield, UPGD or CTEF?

UPGD has the higher dividend yield at 1.57%, compared with 0.06% for CTEF.

What is the main difference between UPGD and CTEF?

They also come from different issuers: Invesco and Castellan. Their fees differ too: 0.40% for UPGD and 0.45% for CTEF.