CEFS vs. BIZD
CEFS (Saba Closed-End Funds ETF) and BIZD (VanEck BDC Income ETF) are both exchange-traded funds - CEFS is a Event Driven fund actively managed by Exchange Traded Concepts, while BIZD is a Financials Equities fund tracking the MVIS US Business Development Companies Index. CEFS is actively managed, while BIZD is passively managed. Over the past 5 years, CEFS returned 14.34%/yr vs 3.92%/yr for BIZD. At a 0.44 correlation, their price movements are largely independent. CEFS charges 2.61%/yr vs 12.86%/yr for BIZD.
Performance
CEFS vs. BIZD - Performance Comparison
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Returns By Period
In the year-to-date period, CEFS achieves a 15.43% return, which is significantly higher than BIZD's -10.45% return.
CEFS
- 1D
- 0.29%
- 1M
- 4.40%
- YTD
- 15.43%
- 6M
- 17.14%
- 1Y
- 27.83%
- 3Y*
- 22.19%
- 5Y*
- 14.34%
- 10Y*
- —
BIZD
- 1D
- -1.13%
- 1M
- -1.29%
- YTD
- -10.45%
- 6M
- -9.50%
- 1Y
- -14.18%
- 3Y*
- 5.12%
- 5Y*
- 3.92%
- 10Y*
- 7.49%
CEFS vs. BIZD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CEFS Saba Closed-End Funds ETF | 15.43% | 16.67% | 23.48% | 20.99% | -7.08% | 17.86% | 3.40% | 28.41% | -9.97% | 7.92% |
BIZD VanEck BDC Income ETF | -10.45% | -4.96% | 15.63% | 27.02% | -8.51% | 36.25% | -7.12% | 30.87% | -6.88% | -2.66% |
Correlation
The correlation between CEFS and BIZD is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.43 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.49 |
Correlation (All Time) Calculated using the full available price history since Jun 13, 2017 | 0.44 |
The correlation between CEFS and BIZD shifts across timeframes, from 0.31 (1 year) to 0.49 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
CEFS vs. BIZD — Risk / Return Rank
CEFS
BIZD
CEFS vs. BIZD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Saba Closed-End Funds ETF (CEFS) and VanEck BDC Income ETF (BIZD). 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.
| CEFS | BIZD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.47 | ||
| Sortino ratioReturn per unit of downside risk | +4.89 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 0.89 | +0.62 |
| Calmar ratioReturn relative to maximum drawdown | 4.93 | -0.64 | +5.57 |
| Martin ratioReturn relative to average drawdown | 18.94 | -1.07 | +20.01 |
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Drawdowns
CEFS vs. BIZD - Drawdown Comparison
The maximum CEFS drawdown since its inception was -38.99%, smaller than the maximum BIZD drawdown of -55.44%. Use the drawdown chart below to compare losses from any high point for CEFS and BIZD.
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Drawdown Indicators
| CEFS | BIZD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.99% | -55.44% | +16.45% |
Max Drawdown (1Y)Largest decline over 1 year | -5.67% | -22.22% | +16.55% |
Max Drawdown (3Y)Largest decline over 3 years | -13.37% | -22.56% | +9.19% |
Max Drawdown (5Y)Largest decline over 5 years | -16.85% | -22.91% | +6.06% |
Max Drawdown (10Y)Largest decline over 10 years | — | -55.44% | — |
Current DrawdownCurrent decline from peak | 0.00% | -20.57% | +20.57% |
Average DrawdownAverage peak-to-trough decline | -3.65% | -6.76% | +3.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.47% | 13.24% | -11.77% |
Volatility
CEFS vs. BIZD - Volatility Comparison
The current volatility for Saba Closed-End Funds ETF (CEFS) is 4.03%, while VanEck BDC Income ETF (BIZD) has a volatility of 5.55%. This indicates that CEFS experiences smaller price fluctuations and is considered to be less risky than BIZD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CEFS | BIZD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.03% | 5.55% | -1.52% |
Volatility (6M)Calculated over the trailing 6-month period | 9.00% | 15.17% | -6.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.35% | 18.52% | -8.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.16% | 17.44% | -4.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.34% | 21.78% | -6.44% |
CEFS vs. BIZD - Expense Ratio Comparison
CEFS has a 2.61% expense ratio, which is lower than BIZD's 12.86% expense ratio.
Dividends
CEFS vs. BIZD - Dividend Comparison
CEFS's dividend yield for the trailing twelve months is around 6.99%, less than BIZD's 14.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BIZD VanEck BDC Income ETF | 14.10% | 11.78% | 10.94% | 10.96% | 11.21% | 8.14% | 10.39% | 9.13% | 10.88% | 9.13% | 8.51% | 9.12% |
CEFS Saba Closed-End Funds ETF | 6.99% | 7.84% | 8.79% | 9.20% | 11.32% | 10.73% | 8.61% | 8.10% | 10.43% | 5.02% | 0.00% | 0.00% |
Frequently Asked Questions
CEFS and BIZD have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BIZD has higher volatility (5.55%) compared to CEFS (4.03%). In terms of maximum drawdown, CEFS dropped -38.99% vs BIZD's -55.44%.
On 5-year performance, CEFS leads with 14.34% vs 3.92% for BIZD. On fees, CEFS is cheaper at 2.61% per year. On volatility, CEFS has been the lower-risk option at 4.03%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, CEFS has performed better with a 14.34% return vs 3.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CEFS is cheaper with a 2.61% expense ratio, compared with 12.86% for BIZD.
BIZD has the higher dividend yield at 14.10%, compared with 6.99% for CEFS.
CEFS is categorized as Event Driven, while BIZD is Financials Equities. They also come from different issuers: Exchange Traded Concepts and VanEck. Their fees differ too: 2.61% for CEFS and 12.86% for BIZD.
CEFS currently has the higher Sharpe Ratio (2.70 vs -0.77), 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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