CEFD vs. AIPI

Last updated Apr 1, 2026

Compare and contrast key facts about ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN (CEFD) and REX AI Equity Premium Income ETF (AIPI).

CEFD and AIPI are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CEFD is a passively managed fund by UBS that tracks the performance of the S-Network Composite Closed-End Fund Index (150%). It was launched on Jun 2, 2020. AIPI is an actively managed fund by REX. It was launched on Jun 3, 2024.

Performance

CEFD vs. AIPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN (CEFD) and REX AI Equity Premium Income ETF (AIPI). The values are adjusted to include any dividend payments, if applicable.

CEFD vs. AIPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CEFD ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN	-5.27%	14.15%	10.49%
AIPI REX AI Equity Premium Income ETF	-8.25%	16.38%	15.36%

Returns By Period

In the year-to-date period, CEFD achieves a -5.27% return, which is significantly higher than AIPI's -8.25% return.

CEFD

• 1D: 4.24%
• 1M: -8.24%
• YTD: -5.27%
• 6M: -4.15%
• 1Y: 8.28%
• 3Y*: 11.04%
• 5Y*: 2.39%
• 10Y*: —

AIPI

• 1D: 3.68%
• 1M: -1.99%
• YTD: -8.25%
• 6M: -4.55%
• 1Y: 19.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CEFD vs. AIPI - Expense Ratio Comparison

CEFD has a 0.95% expense ratio, which is higher than AIPI's 0.65% expense ratio.

CEFD

ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN

AIPI

REX AI Equity Premium Income ETF

Return for Risk

CEFD vs. AIPI — Risk / Return Rank

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

CEFD

CEFD Risk / Return Rank: 27
CEFD Sharpe Ratio Rank: 25
CEFD Sortino Ratio Rank: 24
CEFD Omega Ratio Rank: 32
CEFD Calmar Ratio Rank: 24
CEFD Martin Ratio Rank: 30

AIPI

AIPI Risk / Return Rank: 52
AIPI Sharpe Ratio Rank: 52
AIPI Sortino Ratio Rank: 53
AIPI Omega Ratio Rank: 56
AIPI Calmar Ratio Rank: 55
AIPI Martin Ratio Rank: 45

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.

CEFD vs. AIPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN (CEFD) and REX AI Equity Premium Income ETF (AIPI). 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.

	CEFD	AIPI	Difference
Sharpe ratio Return per unit of total volatility	0.40	0.87	-0.47
Sortino ratio Return per unit of downside risk	0.68	1.31	-0.64
Omega ratio Gain probability vs. loss probability	1.12	1.20	-0.08
Calmar ratio Return relative to maximum drawdown	0.51	1.28	-0.77
Martin ratio Return relative to average drawdown	2.32	4.07	-1.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CEFD vs. AIPI - Sharpe Ratio Comparison

The current CEFD Sharpe Ratio is 0.40, which is lower than the AIPI Sharpe Ratio of 0.87. The chart below compares the historical Sharpe Ratios of CEFD and AIPI, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CEFD	AIPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.40	0.87	-0.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.13	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.56	-0.15

Correlation

The correlation between CEFD and AIPI is 0.66, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

CEFD vs. AIPI - Dividend Comparison

CEFD's dividend yield for the trailing twelve months is around 16.09%, less than AIPI's 42.49% yield.

	TTM	2025	2024	2023	2022	2021	2020
CEFD ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN	16.09%	14.88%	13.90%	14.76%	16.56%	10.31%	5.37%
AIPI REX AI Equity Premium Income ETF	42.49%	37.84%	18.13%	0.00%	0.00%	0.00%	0.00%

Drawdowns

CEFD vs. AIPI - Drawdown Comparison

The maximum CEFD drawdown since its inception was -36.95%, which is greater than AIPI's maximum drawdown of -25.25%. Use the drawdown chart below to compare losses from any high point for CEFD and AIPI.

Drawdown Indicators

	CEFD	AIPI	Difference
Max Drawdown Largest peak-to-trough decline	-36.95%	-25.25%	-11.70%
Max Drawdown (1Y) Largest decline over 1 year	-16.13%	-14.40%	-1.73%
Max Drawdown (5Y) Largest decline over 5 years	-36.95%	—	—
Current Drawdown Current decline from peak	-8.80%	-11.25%	+2.45%
Average Drawdown Average peak-to-trough decline	-12.02%	-4.79%	-7.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.56%	4.53%	-0.97%

Volatility

CEFD vs. AIPI - Volatility Comparison

ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN (CEFD) has a higher volatility of 8.66% compared to REX AI Equity Premium Income ETF (AIPI) at 7.38%. This indicates that CEFD's price experiences larger fluctuations and is considered to be riskier than AIPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CEFD	AIPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.66%	7.38%	+1.28%
Volatility (6M) Calculated over the trailing 6-month period	10.82%	13.60%	-2.78%
Volatility (1Y) Calculated over the trailing 1-year period	20.62%	21.91%	-1.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.83%	21.98%	-4.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.40%	21.98%	-4.58%