CEFD vs. SPY
Compare and contrast key facts about ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN (CEFD) and State Street SPDR S&P 500 ETF (SPY).
CEFD and SPY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CEFD is a passively managed fund by UBS that tracks the performance of the S-Network Composite Closed-End Fund Index (150%). It was launched on Jun 2, 2020. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993. Both CEFD and SPY are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
CEFD vs. SPY - Performance Comparison
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CEFD vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
CEFD ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN | -5.27% | 14.15% | 20.06% | 8.36% | -28.93% | 22.09% | 21.81% |
SPY State Street SPDR S&P 500 ETF | -4.37% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 21.29% |
Returns By Period
In the year-to-date period, CEFD achieves a -5.27% return, which is significantly lower than SPY's -4.37% return.
CEFD
- 1D
- 4.24%
- 1M
- -8.24%
- YTD
- -5.27%
- 6M
- -4.15%
- 1Y
- 8.28%
- 3Y*
- 11.04%
- 5Y*
- 2.39%
- 10Y*
- —
SPY
- 1D
- 2.91%
- 1M
- -4.94%
- YTD
- -4.37%
- 6M
- -1.82%
- 1Y
- 17.59%
- 3Y*
- 18.19%
- 5Y*
- 11.69%
- 10Y*
- 13.98%
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CEFD vs. SPY - Expense Ratio Comparison
CEFD has a 0.95% expense ratio, which is higher than SPY's 0.09% expense ratio.
Return for Risk
CEFD vs. SPY — Risk / Return Rank
CEFD
SPY
CEFD vs. SPY - 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 State Street SPDR S&P 500 ETF (SPY). 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.
| CEFD | SPY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.40 | 0.93 | -0.52 |
Sortino ratioReturn per unit of downside risk | 0.68 | 1.45 | -0.78 |
Omega ratioGain probability vs. loss probability | 1.12 | 1.22 | -0.10 |
Calmar ratioReturn relative to maximum drawdown | 0.51 | 1.53 | -1.01 |
Martin ratioReturn relative to average drawdown | 2.32 | 7.30 | -4.98 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CEFD | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.40 | 0.93 | -0.52 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.13 | 0.69 | -0.55 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.78 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.41 | 0.56 | -0.15 |
Correlation
The correlation between CEFD and SPY is 0.78, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
CEFD vs. SPY - Dividend Comparison
CEFD's dividend yield for the trailing twelve months is around 16.09%, more than SPY's 1.14% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CEFD ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN | 16.09% | 14.88% | 13.90% | 14.76% | 16.56% | 10.31% | 5.37% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPY State Street SPDR S&P 500 ETF | 1.14% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Drawdowns
CEFD vs. SPY - Drawdown Comparison
The maximum CEFD drawdown since its inception was -36.95%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for CEFD and SPY.
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Drawdown Indicators
| CEFD | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.95% | -55.19% | +18.24% |
Max Drawdown (1Y)Largest decline over 1 year | -16.13% | -12.05% | -4.08% |
Max Drawdown (5Y)Largest decline over 5 years | -36.95% | -24.50% | -12.45% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.72% | — |
Current DrawdownCurrent decline from peak | -8.80% | -6.24% | -2.56% |
Average DrawdownAverage peak-to-trough decline | -12.02% | -9.09% | -2.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.56% | 2.52% | +1.04% |
Volatility
CEFD vs. SPY - Volatility Comparison
ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN (CEFD) has a higher volatility of 8.66% compared to State Street SPDR S&P 500 ETF (SPY) at 5.31%. This indicates that CEFD's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CEFD | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.66% | 5.31% | +3.35% |
Volatility (6M)Calculated over the trailing 6-month period | 10.82% | 9.47% | +1.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.62% | 19.05% | +1.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.83% | 17.06% | +0.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.40% | 17.92% | -0.52% |