CEFD vs. SGOV
CEFD (ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both exchange-traded funds - CEFD is a fund fund tracking the S-Network Composite Closed-End Fund Index (150%), while SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index. Both are passively managed. Over the past 5 years, CEFD returned 3.14%/yr vs 3.58%/yr for SGOV. At a correlation of -0.03, they often move in opposite directions. CEFD charges 0.95%/yr vs 0.09%/yr for SGOV.
Performance
CEFD vs. SGOV - Performance Comparison
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Returns By Period
In the year-to-date period, CEFD achieves a 6.43% return, which is significantly higher than SGOV's 1.70% return.
CEFD
- 1D
- -0.43%
- 1M
- 1.72%
- YTD
- 6.43%
- 6M
- 7.27%
- 1Y
- 17.87%
- 3Y*
- 15.31%
- 5Y*
- 3.14%
- 10Y*
- —
SGOV
- 1D
- 0.01%
- 1M
- 0.27%
- YTD
- 1.70%
- 6M
- 1.80%
- 1Y
- 3.93%
- 3Y*
- 4.68%
- 5Y*
- 3.58%
- 10Y*
- —
CEFD vs. SGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
CEFD ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN | 6.43% | 14.15% | 20.06% | 8.36% | -28.93% | 22.09% | 23.01% |
SGOV iShares 0-3 Month Treasury Bond ETF | 1.70% | 4.24% | 5.27% | 5.12% | 1.58% | 0.04% | 0.05% |
Correlation
The correlation between CEFD and SGOV is -0.10, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2020 | -0.03 |
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Return for Risk
CEFD vs. SGOV — Risk / Return Rank
CEFD
SGOV
CEFD vs. SGOV - 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 iShares 0-3 Month Treasury Bond ETF (SGOV). 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 | SGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -19.02 | ||
| Sortino ratioReturn per unit of downside risk | -272.35 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 194.55 | -193.28 |
| Calmar ratioReturn relative to maximum drawdown | 1.44 | 396.11 | -394.68 |
| Martin ratioReturn relative to average drawdown | 6.59 | 4,438.60 | -4,432.00 |
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Drawdowns
CEFD vs. SGOV - Drawdown Comparison
The maximum CEFD drawdown since its inception was -36.95%, which is greater than SGOV's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for CEFD and SGOV.
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Drawdown Indicators
| CEFD | SGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.95% | -0.03% | -36.92% |
Max Drawdown (1Y)Largest decline over 1 year | -12.51% | -0.01% | -12.50% |
Max Drawdown (3Y)Largest decline over 3 years | -21.76% | -0.01% | -21.75% |
Max Drawdown (5Y)Largest decline over 5 years | -36.95% | -0.03% | -36.92% |
Current DrawdownCurrent decline from peak | -0.98% | 0.00% | -0.98% |
Average DrawdownAverage peak-to-trough decline | -11.64% | -0.00% | -11.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.72% | 0.00% | +2.72% |
Volatility
CEFD vs. SGOV - Volatility Comparison
ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN (CEFD) has a higher volatility of 4.03% compared to iShares 0-3 Month Treasury Bond ETF (SGOV) at 0.06%. This indicates that CEFD's price experiences larger fluctuations and is considered to be riskier than SGOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CEFD | SGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.03% | 0.06% | +3.97% |
Volatility (6M)Calculated over the trailing 6-month period | 11.69% | 0.13% | +11.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.27% | 0.19% | +13.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.98% | 0.24% | +17.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.30% | 0.24% | +17.06% |
CEFD vs. SGOV - Expense Ratio Comparison
CEFD has a 0.95% expense ratio, which is higher than SGOV's 0.09% expense ratio.
Dividends
CEFD vs. SGOV - Dividend Comparison
CEFD's dividend yield for the trailing twelve months is around 14.71%, more than SGOV's 3.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
CEFD ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN | 14.71% | 14.88% | 13.90% | 14.76% | 16.56% | 10.31% | 5.37% |
SGOV iShares 0-3 Month Treasury Bond ETF | 3.85% | 4.10% | 5.10% | 4.87% | 1.45% | 0.03% | 0.05% |
Frequently Asked Questions
CEFD and SGOV have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CEFD has higher volatility (4.03%) compared to SGOV (0.06%). In terms of maximum drawdown, CEFD dropped -36.95% vs SGOV's -0.03%.
On 5-year performance, SGOV leads with 3.58% vs 3.14% for CEFD. On fees, SGOV is cheaper at 0.09% per year. On volatility, SGOV has been the lower-risk option at 0.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SGOV has performed better with a 3.58% return vs 3.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SGOV is cheaper with a 0.09% expense ratio, compared with 0.95% for CEFD.
CEFD has the higher dividend yield at 14.71%, compared with 3.85% for SGOV.
CEFD tracks S-Network Composite Closed-End Fund Index (150%), while SGOV tracks ICE 0-3 Month US Treasury Securities Index. They also come from different issuers: UBS and iShares. Their fees differ too: 0.95% for CEFD and 0.09% for SGOV.
SGOV currently has the higher Sharpe Ratio (20.38 vs 1.36), 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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