ARP vs. CEFZ
ARP (PMV Adaptive Risk Parity ETF) and CEFZ (RiverNorth Active Income ETF) are both Tactical Allocation funds. Both are actively managed. Their 0.55 correlation means they have sometimes moved together and sometimes differently. ARP charges 1.42%/yr vs 3.36%/yr for CEFZ.
Performance
ARP vs. CEFZ - Performance Comparison
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Returns By Period
In the year-to-date period, ARP achieves a 8.24% return, which is significantly higher than CEFZ's 4.53% return.
ARP
- 1D
- 0.13%
- 1M
- 1.65%
- 6M
- 2.24%
- YTD
- 8.24%
- 1Y
- 22.60%
- 3Y*
- 13.08%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 11.87%
CEFZ
- 1D
- 0.31%
- 1M
- -1.16%
- 6M
- 2.29%
- YTD
- 4.53%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $115.46K | $121.20K | $189.42K | |
| $177.45K | $117.53K | $123.01K |
ARP vs. CEFZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ARP PMV Adaptive Risk Parity ETF | 8.24% | 13.26% |
CEFZ RiverNorth Active Income ETF | 4.53% | 7.41% |
Correlation
The correlation between ARP and CEFZ is 0.55, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Aug 4, 2025 | 0.55 |
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Return for Risk
ARP vs. CEFZ — Risk / Return Rank
ARP
CEFZ
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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.
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.
| ARP | CEFZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.29 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.23 | — | — |
| Martin ratioReturn relative to average drawdown | 7.39 | — | — |
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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.
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Drawdown Indicators
| ARP | CEFZ | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -3.29% | -1.78% | -1.51% |
Average DrawdownAverage peak-to-trough decline | -1.90% | -1.22% | -0.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.05% | — | — |
Volatility
ARP vs. CEFZ - Volatility Comparison
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Volatility by Period
| ARP | CEFZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.87% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 13.00% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 15.06% | 10.23% | +4.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.51% | 10.23% | +0.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.51% | 10.23% | +0.28% |
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 6.04%, less than CEFZ's 10.13% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
ARP PMV Adaptive Risk Parity ETF | 6.04% | 6.54% | 5.29% | 2.67% | 0.06% |
CEFZ RiverNorth Active Income ETF | 10.13% | 4.17% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ARP and CEFZ have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
ARP is cheaper with a 1.42% expense ratio, compared with 3.36% for CEFZ.
CEFZ has the higher dividend yield at 10.13%, compared with 6.04% for ARP.
They also come from different issuers: PMV and RiverNorth. Their fees differ too: 1.42% for ARP and 3.36% for CEFZ.
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