CEFD vs. CEFS
CEFD (ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN) and CEFS (Saba Closed-End Funds ETF) are both exchange-traded funds - CEFD is a fund fund tracking the S-Network Composite Closed-End Fund Index (150%), while CEFS is a Event Driven fund actively managed by Exchange Traded Concepts. CEFD is passively managed, while CEFS is actively managed. Over the past 5 years, CEFD returned 2.85%/yr vs 14.29%/yr for CEFS. A 0.63 correlation means they provide meaningful diversification when combined. CEFD charges 0.95%/yr vs 2.61%/yr for CEFS.
Performance
CEFD vs. CEFS - Performance Comparison
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Returns By Period
In the year-to-date period, CEFD achieves a 5.55% return, which is significantly lower than CEFS's 15.16% return.
CEFD
- 1D
- -0.83%
- 1M
- 0.88%
- YTD
- 5.55%
- 6M
- 5.82%
- 1Y
- 16.51%
- 3Y*
- 14.99%
- 5Y*
- 2.85%
- 10Y*
- —
CEFS
- 1D
- -0.23%
- 1M
- 4.16%
- YTD
- 15.16%
- 6M
- 16.21%
- 1Y
- 26.43%
- 3Y*
- 22.09%
- 5Y*
- 14.29%
- 10Y*
- —
CEFD vs. CEFS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
CEFD ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN | 5.55% | 14.15% | 20.06% | 8.36% | -28.93% | 22.09% | 23.01% |
CEFS Saba Closed-End Funds ETF | 15.16% | 16.67% | 23.48% | 20.99% | -7.08% | 17.86% | 15.88% |
Correlation
The correlation between CEFD and CEFS is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.68 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2020 | 0.63 |
The correlation between CEFD and CEFS has been stable across timeframes, ranging from 0.63 to 0.68 - a consistent structural relationship.
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Return for Risk
CEFD vs. CEFS — Risk / Return Rank
CEFD
CEFS
CEFD vs. CEFS - 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 Saba Closed-End Funds ETF (CEFS). 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.
| CEFD | CEFS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.33 | ||
| Sortino ratioReturn per unit of downside risk | -1.92 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.49 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | 1.33 | 4.68 | -3.36 |
| Martin ratioReturn relative to average drawdown | 6.09 | 17.98 | -11.90 |
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Drawdowns
CEFD vs. CEFS - Drawdown Comparison
The maximum CEFD drawdown since its inception was -36.95%, smaller than the maximum CEFS drawdown of -38.99%. Use the drawdown chart below to compare losses from any high point for CEFD and CEFS.
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Drawdown Indicators
| CEFD | CEFS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.95% | -38.99% | +2.04% |
Max Drawdown (1Y)Largest decline over 1 year | -12.51% | -5.67% | -6.84% |
Max Drawdown (3Y)Largest decline over 3 years | -21.76% | -13.37% | -8.39% |
Max Drawdown (5Y)Largest decline over 5 years | -36.95% | -16.85% | -20.10% |
Current DrawdownCurrent decline from peak | -1.80% | -0.23% | -1.57% |
Average DrawdownAverage peak-to-trough decline | -11.63% | -3.65% | -7.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.72% | 1.47% | +1.25% |
Volatility
CEFD vs. CEFS - Volatility Comparison
ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN (CEFD) and Saba Closed-End Funds ETF (CEFS) have volatilities of 4.13% and 4.04%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CEFD | CEFS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.13% | 4.04% | +0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 11.71% | 9.01% | +2.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.28% | 10.34% | +2.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.99% | 13.16% | +4.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.30% | 15.33% | +1.97% |
CEFD vs. CEFS - Expense Ratio Comparison
CEFD has a 0.95% expense ratio, which is lower than CEFS's 2.61% expense ratio.
Dividends
CEFD vs. CEFS - Dividend Comparison
CEFD's dividend yield for the trailing twelve months is around 14.84%, more than CEFS's 7.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CEFD ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN | 14.84% | 14.88% | 13.90% | 14.76% | 16.56% | 10.31% | 5.37% | 0.00% | 0.00% | 0.00% |
CEFS Saba Closed-End Funds ETF | 7.01% | 7.84% | 8.79% | 9.20% | 11.32% | 10.73% | 8.61% | 8.10% | 10.43% | 5.02% |
Frequently Asked Questions
CEFD and CEFS have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CEFD has higher volatility (4.13%) compared to CEFS (4.04%). In terms of maximum drawdown, CEFD dropped -36.95% vs CEFS's -38.99%.
On 5-year performance, CEFS leads with 14.29% vs 2.85% for CEFD. On fees, CEFD is cheaper at 0.95% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, CEFS has performed better with a 14.29% return vs 2.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CEFD is cheaper with a 0.95% expense ratio, compared with 2.61% for CEFS.
CEFD has the higher dividend yield at 14.84%, compared with 7.01% for CEFS.
They also come from different issuers: UBS and Exchange Traded Concepts. Their fees differ too: 0.95% for CEFD and 2.61% for CEFS.
CEFS currently has the higher Sharpe Ratio (2.57 vs 1.25), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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