CEFD vs. MDIV
CEFD (ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN) and MDIV (First Trust Multi-Asset Diversified Income Index Fund) are both Diversified Portfolio funds - CEFD tracks the S-Network Composite Closed-End Fund Index while MDIV tracks the NASDAQ US Multi-Asset Diversified Income Index. Both are passively managed. Over the past 5 years, CEFD returned 2.89%/yr vs 6.69%/yr for MDIV. Their 0.61 correlation means they have sometimes moved together and sometimes differently. CEFD charges 0.95%/yr vs 0.73%/yr for MDIV.
Performance
CEFD vs. MDIV - Performance Comparison
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Returns By Period
In the year-to-date period, CEFD achieves a 6.68% return, which is significantly lower than MDIV's 11.49% 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%
MDIV
- 1D
- -0.03%
- 1M
- 1.64%
- 6M
- 7.60%
- YTD
- 11.49%
- 1Y
- 13.64%
- 3Y*
- 10.52%
- 5Y*
- 6.69%
- 10Y*
- 4.88%
- ALL TIME*
- 4.97%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $13.81K | $22.66K | $19.94K | |
| $767.59K | $991.13K | $1.00M |
CEFD vs. MDIV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
CEFD ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN | 6.68% | 14.15% | 20.06% | 8.36% | -28.93% | 22.09% | 23.01% |
MDIV First Trust Multi-Asset Diversified Income Index Fund | 11.49% | 3.77% | 10.05% | 11.50% | -3.86% | 16.51% | 10.10% |
Correlation
The correlation between CEFD and MDIV is 0.28, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.28 |
Correlation (3Y) Balances recent behavior with more history. | 0.49 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.61 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2020 | 0.61 |
Over the past year, the correlation between CEFD and MDIV has dropped to 0.28 - well below their long-term average of 0.61, suggesting their price drivers have been diverging.
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Return for Risk
CEFD vs. MDIV — Risk / Return Rank
CEFD
MDIV
CEFD vs. MDIV - 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 Multi-Asset Diversified Income Index Fund (MDIV). 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 | MDIV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.08 | ||
| Sortino ratioReturn per unit of downside risk | -1.60 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.35 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 1.00 | 3.90 | -2.90 |
| Martin ratioReturn relative to average drawdown | 4.48 | 10.94 | -6.46 |
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Drawdowns
CEFD vs. MDIV - Drawdown Comparison
The maximum CEFD drawdown since its inception was -36.95%, smaller than the maximum MDIV drawdown of -48.50%. Use the drawdown chart below to compare losses from any high point for CEFD and MDIV.
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Drawdown Indicators
| CEFD | MDIV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.95% | -48.50% | +11.55% |
Max Drawdown (1Y)Largest decline over 1 year | -12.51% | -3.39% | -9.12% |
Max Drawdown (3Y)Largest decline over 3 years | -21.76% | -9.62% | -12.14% |
Max Drawdown (5Y)Largest decline over 5 years | -36.95% | -13.02% | -23.93% |
Max Drawdown (10Y)Largest decline over 10 years | — | -48.50% | — |
Current DrawdownCurrent decline from peak | -2.29% | -0.52% | -1.77% |
Average DrawdownAverage peak-to-trough decline | -11.46% | -4.54% | -6.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.79% | 1.21% | +1.58% |
Volatility
CEFD vs. MDIV - 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 Multi-Asset Diversified Income Index Fund (MDIV) at 2.00%. This indicates that CEFD's price experiences larger fluctuations and is considered to be riskier than MDIV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CEFD | MDIV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.08% | 2.00% | +1.08% |
Volatility (6M)Calculated over the trailing 6-month period | 12.11% | 4.64% | +7.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.68% | 6.66% | +7.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.02% | 10.87% | +7.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.22% | 15.20% | +2.02% |
CEFD vs. MDIV - Expense Ratio Comparison
CEFD has a 0.95% expense ratio, which is higher than MDIV's 0.73% expense ratio.
Dividends
CEFD vs. MDIV - Dividend Comparison
CEFD's dividend yield for the trailing twelve months is around 14.87%, more than MDIV's 6.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
MDIV First Trust Multi-Asset Diversified Income Index Fund | 6.74% | 6.51% | 6.40% | 6.08% | 6.71% | 5.30% | 6.00% | 5.90% | 6.76% | 6.04% | 6.35% | 7.38% |
Frequently Asked Questions
CEFD and MDIV have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CEFD has higher volatility (3.08%) compared to MDIV (2.00%). In terms of maximum drawdown, CEFD dropped -36.95% vs MDIV's -48.50%.
On 5-year performance, MDIV leads with 6.69% vs 2.89% for CEFD. On fees, MDIV is cheaper at 0.73% per year. On volatility, MDIV has been the lower-risk option at 2.00%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, MDIV has performed better with a 6.69% return vs 2.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MDIV is cheaper with a 0.73% expense ratio, compared with 0.95% for CEFD.
CEFD has the higher dividend yield at 14.87%, compared with 6.74% for MDIV.
CEFD tracks S-Network Composite Closed-End Fund Index, while MDIV tracks NASDAQ US Multi-Asset Diversified Income Index. They also come from different issuers: UBS and First Trust. Their fees differ too: 0.95% for CEFD and 0.73% for MDIV.
MDIV currently has the higher Sharpe Ratio (2.00 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.
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