CEFD vs. HISF

Last updated Aug 2, 2026

CEFD (ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN) and HISF (First Trust High Income Strategic Focus ETF) are both Diversified Portfolio funds. CEFD is passively managed, while HISF is actively managed. Over the past year, CEFD returned 13.16% vs 2.95% for HISF. Their 0.41 correlation means their historical movements had little consistent relationship. CEFD charges 0.95%/yr vs 0.87%/yr for HISF.

Performance

CEFD vs. HISF - 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 First Trust High Income Strategic Focus ETF (HISF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CEFD achieves a 6.68% return, which is significantly higher than HISF's -0.38% return.

CEFD

• 1D: 0.65%
• 1M: -1.19%
• 6M: 3.84%
• YTD: 6.68%
• 1Y: 13.16%
• 3Y*: 13.50%
• 5Y*: 2.89%
• 10Y*: —
• ALL TIME*: 8.91%

HISF

• 1D: -0.16%
• 1M: -0.89%
• 6M: -0.63%
• YTD: -0.38%
• 1Y: 2.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.66%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CEFD ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN	$13.81K	$22.66K	$19.94K
HISF First Trust High Income Strategic Focus ETF	$329.55K	$362.74K	$352.16K

CEFD vs. HISF - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CEFD ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN	6.68%	14.15%	13.47%
HISF First Trust High Income Strategic Focus ETF	-0.38%	8.39%	3.41%

Correlation

The correlation between CEFD and HISF is 0.47, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.47
Correlation (All Time) Calculated using the full available price history since Feb 28, 2024	0.41

Return for Risk

CEFD vs. HISF — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CEFD

CEFD Risk / Return Rank: 36
CEFD Sharpe Ratio Rank: 37
CEFD Sortino Ratio Rank: 36
CEFD Omega Ratio Rank: 38
CEFD Calmar Ratio Rank: 30
CEFD Martin Ratio Rank: 41

HISF

HISF Risk / Return Rank: 40
HISF Sharpe Ratio Rank: 43
HISF Sortino Ratio Rank: 42
HISF Omega Ratio Rank: 41
HISF Calmar Ratio Rank: 36
HISF Martin Ratio Rank: 38

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CEFD vs. HISF - 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 First Trust High Income Strategic Focus ETF (HISF). 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	HISF	Difference
Sharpe ratio: Return per unit of total volatility	0.92	1.06	-0.15
Sortino ratio: Return per unit of downside risk	1.36	1.54	-0.18
Omega ratio: Gain probability vs. loss probability	1.18	1.19	-0.01
Calmar ratio: Return relative to maximum drawdown	1.00	1.22	-0.22
Martin ratio: Return relative to average drawdown	4.48	3.89	+0.59

CEFD vs. HISF - Sharpe Ratio Comparison

The current CEFD Sharpe Ratio is 0.92, which is comparable to the HISF Sharpe Ratio of 1.06. The chart below compares the historical Sharpe Ratios of CEFD and HISF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CEFD vs. HISF - Drawdown Comparison

The maximum CEFD drawdown since its inception was -36.95%, which is greater than HISF's maximum drawdown of -3.86%. Use the drawdown chart below to compare losses from any high point for CEFD and HISF.

Drawdown Indicators

	CEFD	HISF	Difference
Max Drawdown Largest peak-to-trough decline	-36.95%	-3.86%	-33.09%
Max Drawdown (1Y) Largest decline over 1 year	-12.51%	-2.90%	-9.61%
Max Drawdown (3Y) Largest decline over 3 years	-21.76%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-36.95%	—	—
Current Drawdown Current decline from peak	-2.29%	-1.61%	-0.68%
Average Drawdown Average peak-to-trough decline	-11.46%	-0.90%	-10.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.79%	0.91%	+1.88%

Volatility

CEFD vs. HISF - Volatility Comparison

ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN (CEFD) has a higher volatility of 3.08% compared to First Trust High Income Strategic Focus ETF (HISF) at 0.90%. This indicates that CEFD's price experiences larger fluctuations and is considered to be riskier than HISF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CEFD	HISF	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.08%	0.90%	+2.18%
Volatility (6M) Calculated over the trailing 6-month period	12.11%	2.80%	+9.31%
Volatility (1Y) Calculated over the trailing 1-year period	13.68%	3.33%	+10.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.02%	3.91%	+14.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.22%	3.91%	+13.31%

CEFD vs. HISF - Expense Ratio Comparison

CEFD has a 0.95% expense ratio, which is higher than HISF's 0.87% expense ratio.

Dividends

CEFD vs. HISF - Dividend Comparison

CEFD's dividend yield for the trailing twelve months is around 14.87%, more than HISF's 5.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
CEFD ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN	14.87%	14.88%	13.90%	14.76%	16.56%	10.31%	5.37%
HISF First Trust High Income Strategic Focus ETF	5.12%	4.69%	3.92%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CEFD and HISF in my portfolio?

CEFD and HISF have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CEFD or HISF?

CEFD has higher volatility (3.08%) compared to HISF (0.90%). In terms of maximum drawdown, CEFD dropped -36.95% vs HISF's -3.86%.

Which ETF is better, CEFD or HISF?

On 1-year performance, CEFD leads with 13.16% vs 2.95% for HISF. On fees, HISF is cheaper at 0.87% per year. On volatility, HISF has been the lower-risk option at 0.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CEFD or HISF?

Over the 1-year period, CEFD has performed better with a 13.16% return vs 2.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CEFD or HISF?

HISF is cheaper with a 0.87% expense ratio, compared with 0.95% for CEFD.

Which ETF pays a higher dividend yield, CEFD or HISF?

CEFD has the higher dividend yield at 14.87%, compared with 5.12% for HISF.

What is the main difference between CEFD and HISF?

They also come from different issuers: UBS and First Trust. Their fees differ too: 0.95% for CEFD and 0.87% for HISF.

Which has better risk-adjusted returns?

HISF currently has the higher Sharpe Ratio (1.06 vs 0.92), 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.