CEFS vs. FCEF

Last updated Jun 4, 2026

CEFS (Saba Closed-End Funds ETF) and FCEF (First Trust CEF Income Opportunity ETF) are both exchange-traded funds - CEFS is a Event Driven fund actively managed by Exchange Traded Concepts, while FCEF is a Diversified Portfolio fund actively managed by First Trust. Both are actively managed. Over the past 5 years, CEFS returned 13.85%/yr vs 5.84%/yr for FCEF. A 0.61 correlation means they provide meaningful diversification when combined. CEFS charges 1.29%/yr vs 2.91%/yr for FCEF.

Performance

CEFS vs. FCEF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Saba Closed-End Funds ETF (CEFS) and First Trust CEF Income Opportunity ETF (FCEF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CEFS achieves a 13.75% return, which is significantly higher than FCEF's 6.40% return.

CEFS

• 1D: -0.51%
• 1M: 4.35%
• YTD: 13.75%
• 6M: 15.64%
• 1Y: 25.00%
• 3Y*: 22.04%
• 5Y*: 13.85%
• 10Y*: —

FCEF

• 1D: -0.58%
• 1M: 0.80%
• YTD: 6.40%
• 6M: 7.10%
• 1Y: 16.10%
• 3Y*: 15.70%
• 5Y*: 5.84%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

CEFS vs. FCEF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CEFS Saba Closed-End Funds ETF	13.75%	16.67%	23.48%	20.99%	-7.08%	17.86%	3.40%	28.41%	-9.97%	7.63%
FCEF First Trust CEF Income Opportunity ETF	6.40%	14.39%	17.51%	10.27%	-19.51%	19.50%	3.80%	28.28%	-9.65%	5.04%

Correlation

The correlation between CEFS and FCEF is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (All Time) Calculated using the full available price history since Jun 14, 2017	0.61

The correlation between CEFS and FCEF has been stable across timeframes, ranging from 0.61 to 0.68 - a consistent structural relationship.

CEFS vs. FCEF - Sectors Allocation Comparison

Sectors	CEFS	FCEF
Financial Services	48.9%	25.5%
Technology	12.4%	11.9%
Energy	11.2%	13.6%
Industrials	6.7%	8.5%
Healthcare	4.6%	9.2%
Utilities	4.2%	15.0%
Communication Services	4.1%	4.4%
Consumer Cyclical	3.3%	3.7%
Consumer Defensive	1.8%	2.1%
Basic Materials	1.6%	2.7%
Real Estate	1.2%	3.5%

Return for Risk

CEFS vs. FCEF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CEFS

CEFS Risk / Return Rank: 80
CEFS Sharpe Ratio Rank: 76
CEFS Sortino Ratio Rank: 81
CEFS Omega Ratio Rank: 78
CEFS Calmar Ratio Rank: 82
CEFS Martin Ratio Rank: 83

FCEF

FCEF Risk / Return Rank: 59
FCEF Sharpe Ratio Rank: 62
FCEF Sortino Ratio Rank: 61
FCEF Omega Ratio Rank: 65
FCEF Calmar Ratio Rank: 46
FCEF Martin Ratio Rank: 59

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CEFS vs. FCEF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Saba Closed-End Funds ETF (CEFS) and First Trust CEF Income Opportunity ETF (FCEF). 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.

	CEFS	FCEF	Difference
Sharpe ratio: Return per unit of total volatility	2.53	2.09	+0.44
Sortino ratio: Return per unit of downside risk	3.71	2.90	+0.81
Omega ratio: Gain probability vs. loss probability	1.48	1.39	+0.08
Calmar ratio: Return relative to maximum drawdown	4.43	2.30	+2.13
Martin ratio: Return relative to average drawdown	17.26	10.40	+6.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CEFS vs. FCEF - Sharpe Ratio Comparison

The current CEFS Sharpe Ratio is 2.53, which is comparable to the FCEF Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of CEFS and FCEF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CEFS	FCEF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.53	2.09	+0.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.06	0.48	+0.58
Sharpe Ratio (All Time) Calculated using the full available price history	0.79	0.53	+0.26

Drawdowns

CEFS vs. FCEF - Drawdown Comparison

The maximum CEFS drawdown since its inception was -38.99%, smaller than the maximum FCEF drawdown of -44.81%. Use the drawdown chart below to compare losses from any high point for CEFS and FCEF.

Drawdown Indicators

	CEFS	FCEF	Difference
Max Drawdown Largest peak-to-trough decline	-38.99%	-44.81%	+5.82%
Max Drawdown (1Y) Largest decline over 1 year	-5.67%	-7.03%	+1.36%
Max Drawdown (3Y) Largest decline over 3 years	-13.37%	-12.39%	-0.98%
Max Drawdown (5Y) Largest decline over 5 years	-16.85%	-25.32%	+8.47%
Current Drawdown Current decline from peak	-0.51%	-1.13%	+0.62%
Average Drawdown Average peak-to-trough decline	-3.67%	-6.28%	+2.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.45%	1.55%	-0.10%

Volatility

CEFS vs. FCEF - Volatility Comparison

Saba Closed-End Funds ETF (CEFS) has a higher volatility of 3.37% compared to First Trust CEF Income Opportunity ETF (FCEF) at 2.11%. This indicates that CEFS's price experiences larger fluctuations and is considered to be riskier than FCEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CEFS	FCEF	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.37%	2.11%	+1.26%
Volatility (6M) Calculated over the trailing 6-month period	8.56%	6.18%	+2.38%
Volatility (1Y) Calculated over the trailing 1-year period	9.95%	7.75%	+2.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.08%	12.19%	+0.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.33%	15.42%	-0.09%

CEFS vs. FCEF - Expense Ratio Comparison

CEFS has a 1.29% expense ratio, which is lower than FCEF's 2.91% expense ratio.

Dividends

CEFS vs. FCEF - Dividend Comparison

CEFS's dividend yield for the trailing twelve months is around 7.10%, more than FCEF's 6.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CEFS Saba Closed-End Funds ETF	7.10%	7.84%	8.79%	9.20%	11.32%	10.73%	8.61%	8.10%	10.43%	5.02%	0.00%
FCEF First Trust CEF Income Opportunity ETF	6.86%	7.05%	7.13%	7.17%	7.26%	4.74%	5.03%	5.07%	5.96%	4.90%	1.51%

Frequently Asked Questions

Can I hold both CEFS and FCEF in my portfolio?

CEFS and FCEF have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CEFS or FCEF?

CEFS has higher volatility (3.37%) compared to FCEF (2.11%). In terms of maximum drawdown, CEFS dropped -38.99% vs FCEF's -44.81%.

Which ETF is better, CEFS or FCEF?

On 5-year performance, CEFS leads with 13.85% vs 5.84% for FCEF. On fees, CEFS is cheaper at 1.29% per year. On volatility, FCEF has been the lower-risk option at 2.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CEFS or FCEF?

Over the 5-year period, CEFS has performed better with a 13.85% return vs 5.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CEFS or FCEF?

CEFS is cheaper with a 1.29% expense ratio, compared with 2.91% for FCEF.

Which ETF pays a higher dividend yield, CEFS or FCEF?

CEFS has the higher dividend yield at 7.10%, compared with 6.86% for FCEF.

What is the main difference between CEFS and FCEF?

CEFS is categorized as Event Driven, while FCEF is Diversified Portfolio. They also come from different issuers: Exchange Traded Concepts and First Trust. Their fees differ too: 1.29% for CEFS and 2.91% for FCEF.

Which has better risk-adjusted returns?

CEFS currently has the higher Sharpe Ratio (2.53 vs 2.09), 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.