CEFD vs. TSLX
CEFD (ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN) is Diversified Portfolio fund tracking the S-Network Composite Closed-End Fund Index, while TSLX (Sixth Street Specialty Lending, Inc.) is a stock. Over the past 5 years, CEFD returned 2.89%/yr vs 4.06%/yr for TSLX. Their 0.46 correlation means their historical movements had little consistent relationship.
Performance
CEFD vs. TSLX - Performance Comparison
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Returns By Period
In the year-to-date period, CEFD achieves a 6.68% return, which is significantly higher than TSLX's -16.79% 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%
TSLX
- 1D
- -0.46%
- 1M
- -0.75%
- 6M
- -17.66%
- YTD
- -16.79%
- 1Y
- -21.10%
- 3Y*
- 4.64%
- 5Y*
- 4.06%
- 10Y*
- 10.76%
- ALL TIME*
- 11.42%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $13.81K | $22.66K | $19.94K | |
| $7.89M | $8.57M | $12.27M |
CEFD vs. TSLX - 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% |
TSLX Sixth Street Specialty Lending, Inc. | -16.79% | 11.52% | 8.83% | 35.29% | -16.37% | 32.33% | 21.12% |
Correlation
The correlation between CEFD and TSLX is 0.22, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.22 |
Correlation (3Y) Balances recent behavior with more history. | 0.36 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.45 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2020 | 0.46 |
Over the past year, the correlation between CEFD and TSLX has dropped to 0.22 - well below their long-term average of 0.46, suggesting their price drivers have been diverging.
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Return for Risk
CEFD vs. TSLX — Risk / Return Rank
CEFD
TSLX
CEFD vs. TSLX - 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 Sixth Street Specialty Lending, Inc. (TSLX). 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 | TSLX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.79 | ||
| Sortino ratioReturn per unit of downside risk | +2.50 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 0.86 | +0.32 |
| Calmar ratioReturn relative to maximum drawdown | 1.00 | -0.79 | +1.80 |
| Martin ratioReturn relative to average drawdown | 4.48 | -1.32 | +5.81 |
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Drawdowns
CEFD vs. TSLX - Drawdown Comparison
The maximum CEFD drawdown since its inception was -36.95%, smaller than the maximum TSLX drawdown of -50.27%. Use the drawdown chart below to compare losses from any high point for CEFD and TSLX.
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Drawdown Indicators
| CEFD | TSLX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.95% | -50.27% | +13.32% |
Max Drawdown (1Y)Largest decline over 1 year | -12.51% | -28.25% | +15.74% |
Max Drawdown (3Y)Largest decline over 3 years | -21.76% | -29.05% | +7.29% |
Max Drawdown (5Y)Largest decline over 5 years | -36.95% | -29.05% | -7.90% |
Max Drawdown (10Y)Largest decline over 10 years | — | -50.27% | — |
Current DrawdownCurrent decline from peak | -2.29% | -24.84% | +22.55% |
Average DrawdownAverage peak-to-trough decline | -11.46% | -9.28% | -2.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.79% | 16.89% | -14.10% |
Volatility
CEFD vs. TSLX - Volatility Comparison
The current volatility for ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN (CEFD) is 3.08%, while Sixth Street Specialty Lending, Inc. (TSLX) has a volatility of 7.53%. This indicates that CEFD experiences smaller price fluctuations and is considered to be less risky than TSLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CEFD | TSLX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.08% | 7.53% | -4.45% |
Volatility (6M)Calculated over the trailing 6-month period | 12.11% | 21.68% | -9.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.68% | 25.78% | -12.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.02% | 19.69% | -1.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.22% | 21.65% | -4.43% |
Dividends
CEFD vs. TSLX - Dividend Comparison
CEFD's dividend yield for the trailing twelve months is around 14.87%, more than TSLX's 11.01% 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% |
TSLX Sixth Street Specialty Lending, Inc. | 11.01% | 9.44% | 9.81% | 9.72% | 10.34% | 15.35% | 11.08% | 8.43% | 9.84% | 8.84% | 8.35% | 9.62% |
Frequently Asked Questions
CEFD and TSLX have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TSLX has higher volatility (7.53%) compared to CEFD (3.08%). In terms of maximum drawdown, CEFD dropped -36.95% vs TSLX's -50.27%.
CEFD currently has the higher Sharpe Ratio (0.92 vs -0.87), 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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