ARP vs. CEFZ

Last updated Jun 4, 2026

ARP (Pmv Adaptive Risk Parity ETF) and CEFZ (RiverNorth Active Income ETF) are both Tactical Allocation funds. Both are actively managed. A 0.54 correlation means they provide meaningful diversification when combined. ARP charges 1.42%/yr vs 3.36%/yr for CEFZ.

Performance

ARP vs. CEFZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pmv Adaptive Risk Parity ETF (ARP) and RiverNorth Active Income ETF (CEFZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ARP achieves a 11.60% return, which is significantly higher than CEFZ's 5.16% return.

ARP

• 1D: -0.29%
• 1M: 2.94%
• YTD: 11.60%
• 6M: 12.32%
• 1Y: 27.77%
• 3Y*: 15.46%
• 5Y*: —
• 10Y*: —

CEFZ

• 1D: -0.73%
• 1M: 0.70%
• YTD: 5.16%
• 6M: 5.91%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ARP vs. CEFZ - Yearly Performance Comparison

	2026 (YTD)	2025
ARP Pmv Adaptive Risk Parity ETF	11.60%	12.18%
CEFZ RiverNorth Active Income ETF	5.16%	7.67%

Correlation

The correlation between ARP and CEFZ 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 Aug 5, 2025	0.54

Return for Risk

ARP vs. CEFZ — Risk / Return Rank

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

ARP

ARP Risk / Return Rank: 60
ARP Sharpe Ratio Rank: 61
ARP Sortino Ratio Rank: 53
ARP Omega Ratio Rank: 71
ARP Calmar Ratio Rank: 56
ARP Martin Ratio Rank: 59

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.

ARP vs. CEFZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pmv Adaptive Risk Parity ETF (ARP) and RiverNorth Active Income ETF (CEFZ). 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.

	ARP	CEFZ	Difference
Sharpe ratio: Return per unit of total volatility	2.06	—	—
Sortino ratio: Return per unit of downside risk	2.57	—	—
Omega ratio: Gain probability vs. loss probability	1.43	—	—
Calmar ratio: Return relative to maximum drawdown	2.76	—	—
Martin ratio: Return relative to average drawdown	10.44	—	—
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

	ARP	CEFZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.06	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.36	1.56	-0.20

Drawdowns

ARP vs. CEFZ - Drawdown Comparison

The maximum ARP drawdown since its inception was -10.13%, which is greater than CEFZ's maximum drawdown of -6.66%. Use the drawdown chart below to compare losses from any high point for ARP and CEFZ.

Drawdown Indicators

	ARP	CEFZ	Difference
Max Drawdown Largest peak-to-trough decline	-10.13%	-6.66%	-3.47%
Max Drawdown (1Y) Largest decline over 1 year	-10.13%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-10.13%	—	—
Current Drawdown Current decline from peak	-0.29%	-0.73%	+0.44%
Average Drawdown Average peak-to-trough decline	-1.81%	-1.20%	-0.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.67%	—	—

Volatility

Volatility by Period

	ARP	CEFZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.95%	—	—
Volatility (6M) Calculated over the trailing 6-month period	11.70%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	13.53%	10.39%	+3.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.06%	10.39%	-0.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.06%	10.39%	-0.33%

ARP vs. CEFZ - Expense Ratio Comparison

ARP has a 1.42% expense ratio, which is lower than CEFZ's 3.36% expense ratio.

Dividends

ARP vs. CEFZ - Dividend Comparison

ARP's dividend yield for the trailing twelve months is around 5.86%, less than CEFZ's 8.27% yield.

Position	TTM	2025	2024	2023	2022
ARP Pmv Adaptive Risk Parity ETF	5.86%	6.54%	5.29%	2.67%	0.06%
CEFZ RiverNorth Active Income ETF	8.27%	4.17%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ARP and CEFZ in my portfolio?

ARP and CEFZ 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, ARP or CEFZ?

On fees, ARP is cheaper at 1.42% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ARP or CEFZ?

ARP is cheaper with a 1.42% expense ratio, compared with 3.36% for CEFZ.

Which ETF pays a higher dividend yield, ARP or CEFZ?

CEFZ has the higher dividend yield at 8.27%, compared with 5.86% for ARP.

What is the main difference between ARP and CEFZ?

They also come from different issuers: PMV and RiverNorth. Their fees differ too: 1.42% for ARP and 3.36% for CEFZ.