Invesco CEF Income Composite ETF (PCEF) Performance
PCEF total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +1.6% since Dec 31, 2025
- 1 year
- +3.4% total return
- 5 years
- +3.6% a year
- 10 years
- +6.5% a year
- Since first price
- +6.5% a year since 2010
PCEF trailing returns vs AGG, TLT, SPY
| Period | PCEF total return | Price only | U.S. bonds (AGG) | 20+ yr Treasuries (TLT) | S&P 500 (SPY) |
|---|---|---|---|---|---|
| 1 month | −2.1% | −2.7% | +0.9% | +1.5% | −1.0% |
| 3 months | −3.0% | −4.7% | −0.4% | −1.0% | +3.2% |
| 6 months | −0.2% | −3.7% | −1.5% | −3.8% | +7.8% |
| YTD | +1.6% | −4.5% | −1.0% | −3.4% | +12.3% |
| 1 year | +3.4% | −4.1% | −1.1% | −6.9% | +14.4% |
| 3 years | +50.4%+14.6%/yr | +17.3% | +16.6%+5.2%/yr | +9.7%+3.1%/yr | +87.4%+23.3%/yr |
| 5 years | +19.4%+3.6%/yr | −21.9% | −0.8%−0.2%/yr | −32.5%−7.6%/yr | +79.3%+12.4%/yr |
| 10 years | +88.5%+6.5%/yr | −15.1% | +14.0%+1.3%/yr | −18.7%−2.0%/yr | +315.9%+15.3%/yr |
| 15 years | +168.9%+6.8%/yr | −19.4% | +32.2%+1.9%/yr | +9.9%+0.6%/yr | +696.0%+14.8%/yr |
| Since inceptionFeb 19, 2010 | +187.6%+6.5%/yr | −24.8% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: PCEF vs AGG
From Feb 19, 2010: PCEF grew to $28,759, AGG to $14,745.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
PCEF returns by calendar year
12 of 15 full years positive. Best 2019 (+24.1%), worst 2022 (−18.7%). 2026 is year to date.
PCEF annual returns table
| Year | PCEF | Largest drop | AGG | TLT | SPY |
|---|---|---|---|---|---|
| 2026YTD | +1.6% | −8.3% | −1.0% | −3.4% | +12.3% |
| 2025 | +12.6% | −14.1% | +7.2% | +4.3% | +17.7% |
| 2024 | +16.7% | −5.3% | +1.3% | −8.1% | +24.9% |
| 2023 | +9.4% | −13.0% | +5.7% | +2.8% | +26.2% |
| 2022 | −18.7% | −23.9% | −13.0% | −31.2% | −18.2% |
| 2021 | +15.4% | −3.9% | −1.8% | −4.6% | +28.7% |
| 2020 | +4.6% | −38.6% | +7.5% | +18.2% | +18.3% |
| 2019 | +24.1% | −3.0% | +8.5% | +14.1% | +31.2% |
| 2018 | −8.9% | −13.7% | +0.1% | −1.6% | −4.6% |
| 2017 | +14.5% | −3.1% | +3.6% | +9.2% | +21.7% |
| 2016 | +13.8% | −7.7% | +2.4% | +1.2% | +12.0% |
| 2015 | −1.4% | −10.8% | +0.5% | −1.8% | +1.2% |
| 2014 | +4.7% | −6.8% | +6.0% | +27.3% | +13.5% |
| 2013 | +4.8% | −10.5% | −2.0% | −13.4% | +32.3% |
| 2012 | +15.3% | −7.3% | +3.8% | +2.6% | +16.0% |
| 2011 | +0.8% | −14.9% | +7.7% | +34.0% | +1.9% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
PCEF largest drawdowns
Now 6.1% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Feb 20, 2020 | −38.6% | Mar 23, 2020 | Dec 16, 2020 | 32 days | 10 months |
| Nov 8, 2021 | −24.2% | Oct 14, 2022 | Aug 21, 2024 | 11 months | 2.8 years |
| Jul 7, 2011 | −14.9% | Oct 4, 2011 | Feb 7, 2012 | 3 months | 7 months |
| Feb 19, 2025 | −14.1% | Apr 7, 2025 | Jun 12, 2025 | 47 days | 4 months |
| Aug 29, 2018 | −13.7% | Dec 21, 2018 | Mar 15, 2019 | 4 months | 7 months |
| Apr 28, 2015 | −13.6% | Jan 20, 2016 | May 27, 2016 | 9 months | 1.1 years |
Declines from a closing high (distributions reinvested) of 5% or more. Underwater = time from the peak until the old high was regained.
PCEF risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2010 |
|---|---|---|---|---|
| Annualized return | +13.3% | +4.3% | +6.5% | +6.6% |
| Volatility (annualized) | 10.5% | 13.2% | 13.2% | 11.6% |
| Sharpe ratio | 0.84 | 0.11 | 0.38 | 0.49 |
| Sortino ratio | 1.38 | 0.16 | 0.52 | 0.71 |
| Best month | +9.0% | +9.0% | +10.6% | +10.6% |
| Worst month | −5.5% | −10.3% | −17.6% | −17.6% |
| Best 12 months | +29.5% | +29.5% | +43.9% | +43.9% |
| Worst 12 months | +4.5% | −21.4% | −21.4% | −21.4% |
| Positive months | 72% | 58% | 62% | 62% |
| Beta vs S&P 500 | 0.76 | 0.77 | 0.77 | — |
| Correlation with S&P 500 | 0.90 | 0.92 | 0.90 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
PCEF rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 189 | −21.4% | +7.1% | +43.9% | 78% |
| 3-year (a year) | 165 | −1.9% | +6.7% | +14.6% | 96% |
| 5-year (a year) | 141 | +1.1% | +5.8% | +10.4% | 100% |
| 10-year (a year) | 81 | +3.9% | +6.1% | +8.6% | 100% |
Every holding period starting at a month-end since 2010. Returns for 3 years and longer are annualized.
PCEF performance overview
Invesco CEF Income Composite ETF (PCEF) returned +3.4% over the past year and +6.5% a year over ten years, with distributions reinvested. Since its first recorded price in 2010 it has returned +6.5% a year, turning $10,000 into about $28,759. Over the same year U.S. bonds (AGG) returned −1.1%.
The deepest decline was −38.6%, from Feb 20, 2020 to Mar 23, 2020, and it took 9 months to get back to the old high. PCEF finished 12 of its 15 full calendar years with a gain; the best year was 2019 (+24.1%) and the worst 2022 (−18.7%). Volatility has been 11.6% a year.
Related: PCEF chart, PCEF holdings, PCEF dividends, PCEF bond profile. See the PCEF overview for the latest quote and fund facts.
PCEF performance FAQ
What is the PCEF return over the past year?
PCEF returned +3.4% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 4.1%.
What is the average annual return of PCEF?
PCEF has returned +3.6% a year over 5 years, +6.5% a year over 10 years, +6.5% a year since February 19, 2010 (total return, distributions reinvested).
How much would $10,000 invested in PCEF be worth?
$10,000 invested in PCEF at its first recorded close on February 19, 2010 would be worth about $28,759 on October 23, 2026 with distributions reinvested.
What was the worst year for PCEF?
The worst calendar year was 2022, with a total return of −18.7%. The best was 2019 at +24.1%.
What is the biggest drawdown of PCEF?
The largest peak-to-trough decline was −38.6% between February 20, 2020 and March 23, 2020. It recovered to the old high on December 16, 2020, 9 months after the bottom.
How volatile is PCEF?
Over the past 3 years PCEF had an annualized volatility of 10.5% and a Sharpe ratio of 0.84 (excess return over 1–3 month T-bills per unit of risk).