ASGM vs. CEFZ

Last updated Jul 17, 2026

ASGM (Virtus AlphaSimplex Global Macro ETF) and CEFZ (RiverNorth Active Income ETF) are both Tactical Allocation funds. Both are actively managed. A 0.64 correlation means they provide meaningful diversification when combined. ASGM charges 0.86%/yr vs 3.36%/yr for CEFZ.

Performance

ASGM vs. CEFZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus AlphaSimplex Global Macro ETF (ASGM) 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, ASGM achieves a 16.52% return, which is significantly higher than CEFZ's 6.00% return.

ASGM

• 1D: -1.07%
• 1M: -2.78%
• 6M: 11.31%
• YTD: 16.52%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CEFZ

• 1D: 0.02%
• 1M: 0.48%
• 6M: 3.59%
• YTD: 6.00%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ASGM vs. CEFZ - Yearly Performance Comparison

	2026 (YTD)	2025
ASGM Virtus AlphaSimplex Global Macro ETF	16.52%	11.08%
CEFZ RiverNorth Active Income ETF	6.00%	7.67%

Correlation

The correlation between ASGM and CEFZ is 0.64, 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	0.64

Return for Risk

ASGM vs. CEFZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus AlphaSimplex Global Macro ETF (ASGM) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Drawdowns

ASGM vs. CEFZ - Drawdown Comparison

The maximum ASGM drawdown since its inception was -6.62%, roughly equal to the maximum CEFZ drawdown of -6.66%. Use the drawdown chart below to compare losses from any high point for ASGM and CEFZ.

Drawdown Indicators

	ASGM	CEFZ	Difference
Max Drawdown Largest peak-to-trough decline	-6.62%	-6.66%	+0.04%
Current Drawdown Current decline from peak	-5.40%	-0.40%	-5.00%
Average Drawdown Average peak-to-trough decline	-1.60%	-1.19%	-0.41%

Volatility

Volatility by Period

	ASGM	CEFZ	Difference
Volatility (1Y) Calculated over the trailing 1-year period	16.81%	10.32%	+6.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.81%	10.32%	+6.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.81%	10.32%	+6.49%

ASGM vs. CEFZ - Expense Ratio Comparison

ASGM has a 0.86% expense ratio, which is lower than CEFZ's 3.36% expense ratio.

Dividends

ASGM vs. CEFZ - Dividend Comparison

ASGM's dividend yield for the trailing twelve months is around 3.88%, less than CEFZ's 9.10% yield.

Position	TTM	2025
ASGM Virtus AlphaSimplex Global Macro ETF	3.88%	4.52%
CEFZ RiverNorth Active Income ETF	9.10%	4.17%

Frequently Asked Questions

Can I hold both ASGM and CEFZ in my portfolio?

ASGM and CEFZ have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ASGM or CEFZ?

On fees, ASGM is cheaper at 0.86% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ASGM or CEFZ?

ASGM is cheaper with a 0.86% expense ratio, compared with 3.36% for CEFZ.

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

CEFZ has the higher dividend yield at 9.10%, compared with 3.88% for ASGM.

What is the main difference between ASGM and CEFZ?

They also come from different issuers: Virtus and RiverNorth. Their fees differ too: 0.86% for ASGM and 3.36% for CEFZ.