CEFD vs. RULE
CEFD (ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN) and RULE (Adaptive Core ETF) are both Diversified Portfolio funds. CEFD is passively managed, while RULE is actively managed. Over the past 3 years, CEFD returned 13.50%/yr vs 14.33%/yr for RULE. Their 0.62 correlation means they have sometimes moved together and sometimes differently. CEFD charges 0.95%/yr vs 1.10%/yr for RULE.
Performance
CEFD vs. RULE - 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 RULE's 28.07% 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%
RULE
- 1D
- 0.68%
- 1M
- -6.27%
- 6M
- 16.83%
- YTD
- 28.07%
- 1Y
- 31.15%
- 3Y*
- 14.33%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 3.81%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $13.81K | $22.66K | $19.94K | |
| $50.92K | $51.15K | $52.38K |
CEFD vs. RULE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
CEFD ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN | 6.68% | 14.15% | 20.06% | 8.36% | -28.93% | -0.36% |
RULE Adaptive Core ETF | 28.07% | 4.60% | 7.59% | 6.29% | -22.87% | 1.03% |
Correlation
The correlation between CEFD and RULE is 0.72, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.72 |
Correlation (3Y) Balances recent behavior with more history. | 0.70 |
Correlation (All Time) Calculated using the full available price history since Nov 3, 2021 | 0.62 |
The correlation between CEFD and RULE has been stable across timeframes, ranging from 0.62 to 0.72 - a consistent structural relationship.
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Return for Risk
CEFD vs. RULE — Risk / Return Rank
CEFD
RULE
CEFD vs. RULE - 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 Adaptive Core ETF (RULE). 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 | RULE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.17 | ||
| Sortino ratioReturn per unit of downside risk | -0.20 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.21 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.00 | 1.52 | -0.52 |
| Martin ratioReturn relative to average drawdown | 4.48 | 6.20 | -1.72 |
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Drawdowns
CEFD vs. RULE - Drawdown Comparison
The maximum CEFD drawdown since its inception was -36.95%, which is greater than RULE's maximum drawdown of -30.48%. Use the drawdown chart below to compare losses from any high point for CEFD and RULE.
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Drawdown Indicators
| CEFD | RULE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.95% | -30.48% | -6.47% |
Max Drawdown (1Y)Largest decline over 1 year | -12.51% | -19.49% | +6.98% |
Max Drawdown (3Y)Largest decline over 3 years | -21.76% | -20.21% | -1.55% |
Max Drawdown (5Y)Largest decline over 5 years | -36.95% | — | — |
Current DrawdownCurrent decline from peak | -2.29% | -14.67% | +12.38% |
Average DrawdownAverage peak-to-trough decline | -11.46% | -14.72% | +3.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.79% | 4.76% | -1.97% |
Volatility
CEFD vs. RULE - Volatility Comparison
The current volatility for ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN (CEFD) is 3.08%, while Adaptive Core ETF (RULE) has a volatility of 12.03%. This indicates that CEFD experiences smaller price fluctuations and is considered to be less risky than RULE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CEFD | RULE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.08% | 12.03% | -8.95% |
Volatility (6M)Calculated over the trailing 6-month period | 12.11% | 24.87% | -12.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.68% | 27.28% | -13.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.02% | 16.87% | +1.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.22% | 16.87% | +0.35% |
CEFD vs. RULE - Expense Ratio Comparison
CEFD has a 0.95% expense ratio, which is lower than RULE's 1.10% expense ratio.
Dividends
CEFD vs. RULE - Dividend Comparison
CEFD's dividend yield for the trailing twelve months is around 14.87%, while RULE has not paid dividends to shareholders.
| 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% |
RULE Adaptive Core ETF | 0.00% | 0.00% | 0.00% | 2.01% | 0.01% | 0.00% | 0.00% |
Frequently Asked Questions
CEFD and RULE have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RULE has higher volatility (12.03%) compared to CEFD (3.08%). In terms of maximum drawdown, CEFD dropped -36.95% vs RULE's -30.48%.
On 3-year performance, RULE leads with 14.33% vs 13.50% for CEFD. On fees, CEFD is cheaper at 0.95% per year. On volatility, CEFD has been the lower-risk option at 3.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, RULE has performed better with a 14.33% return vs 13.50%. 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 1.10% for RULE.
CEFD has the higher dividend yield at 14.87%, compared with 0.00% for RULE.
They also come from different issuers: UBS and Mohr. Their fees differ too: 0.95% for CEFD and 1.10% for RULE.
RULE currently has the higher Sharpe Ratio (1.08 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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