CEFS vs. HYGV

Last updated Jun 4, 2026

CEFS (Saba Closed-End Funds ETF) and HYGV (FlexShares High Yield Value-Scored US Bond Index Fund) are both exchange-traded funds - CEFS is a Event Driven fund actively managed by Exchange Traded Concepts, while HYGV is a High Yield Bonds fund tracking the Northern Trust High Yield Value-Scored US Corporate Bond Index. CEFS is actively managed, while HYGV is passively managed. Over the past 5 years, CEFS returned 13.85%/yr vs 3.49%/yr for HYGV. At a 0.50 correlation, their price movements are largely independent. CEFS charges 1.29%/yr vs 0.37%/yr for HYGV.

Performance

CEFS vs. HYGV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Saba Closed-End Funds ETF (CEFS) and FlexShares High Yield Value-Scored US Bond Index Fund (HYGV). 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 HYGV's 1.42% return.

CEFS

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

HYGV

• 1D: -0.24%
• 1M: 0.33%
• YTD: 1.42%
• 6M: 1.66%
• 1Y: 6.94%
• 3Y*: 8.38%
• 5Y*: 3.49%
• 10Y*: —

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

CEFS vs. HYGV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
CEFS Saba Closed-End Funds ETF	13.75%	16.67%	23.48%	20.99%	-7.08%	17.86%	3.40%	28.41%	-8.11%
HYGV FlexShares High Yield Value-Scored US Bond Index Fund	1.42%	7.92%	8.02%	12.11%	-12.60%	5.93%	8.01%	15.76%	-4.15%

Correlation

The correlation between CEFS and HYGV is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (All Time) Calculated using the full available price history since Jul 19, 2018	0.50

The correlation between CEFS and HYGV has been stable across timeframes, ranging from 0.44 to 0.53 - a consistent structural relationship.

CEFS vs. HYGV - Sectors Allocation Comparison

Sectors	CEFS	HYGV
Financial Services	48.9%	-
Technology	12.4%	-
Energy	11.2%	100.0%
Industrials	6.7%	-
Healthcare	4.6%	-
Utilities	4.2%	-
Communication Services	4.1%	-
Consumer Cyclical	3.3%	-
Consumer Defensive	1.8%	-
Basic Materials	1.6%	-
Real Estate	1.2%	-

Return for Risk

CEFS vs. HYGV — 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

HYGV

HYGV Risk / Return Rank: 56
HYGV Sharpe Ratio Rank: 52
HYGV Sortino Ratio Rank: 58
HYGV Omega Ratio Rank: 56
HYGV Calmar Ratio Rank: 52
HYGV Martin Ratio Rank: 62

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. HYGV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Saba Closed-End Funds ETF (CEFS) and FlexShares High Yield Value-Scored US Bond Index Fund (HYGV). 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	HYGV	Difference
Sharpe ratio: Return per unit of total volatility	2.53	1.81	+0.72
Sortino ratio: Return per unit of downside risk	3.71	2.79	+0.92
Omega ratio: Gain probability vs. loss probability	1.48	1.35	+0.13
Calmar ratio: Return relative to maximum drawdown	4.43	2.60	+1.83
Martin ratio: Return relative to average drawdown	17.26	11.22	+6.04
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. HYGV - Sharpe Ratio Comparison

The current CEFS Sharpe Ratio is 2.53, which is higher than the HYGV Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of CEFS and HYGV, 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	HYGV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.53	1.81	+0.72
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.06	0.46	+0.60
Sharpe Ratio (All Time) Calculated using the full available price history	0.79	0.55	+0.25

Drawdowns

CEFS vs. HYGV - Drawdown Comparison

The maximum CEFS drawdown since its inception was -38.99%, which is greater than HYGV's maximum drawdown of -23.47%. Use the drawdown chart below to compare losses from any high point for CEFS and HYGV.

Drawdown Indicators

	CEFS	HYGV	Difference
Max Drawdown Largest peak-to-trough decline	-38.99%	-23.47%	-15.52%
Max Drawdown (1Y) Largest decline over 1 year	-5.67%	-2.68%	-2.99%
Max Drawdown (3Y) Largest decline over 3 years	-13.37%	-5.56%	-7.81%
Max Drawdown (5Y) Largest decline over 5 years	-16.85%	-17.12%	+0.27%
Current Drawdown Current decline from peak	-0.51%	-0.27%	-0.24%
Average Drawdown Average peak-to-trough decline	-3.67%	-3.32%	-0.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.45%	0.62%	+0.83%

Volatility

CEFS vs. HYGV - Volatility Comparison

Saba Closed-End Funds ETF (CEFS) has a higher volatility of 3.37% compared to FlexShares High Yield Value-Scored US Bond Index Fund (HYGV) at 1.17%. This indicates that CEFS's price experiences larger fluctuations and is considered to be riskier than HYGV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CEFS	HYGV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.37%	1.17%	+2.20%
Volatility (6M) Calculated over the trailing 6-month period	8.56%	3.02%	+5.54%
Volatility (1Y) Calculated over the trailing 1-year period	9.95%	3.85%	+6.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.08%	7.59%	+5.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.33%	9.20%	+6.13%

CEFS vs. HYGV - Expense Ratio Comparison

CEFS has a 1.29% expense ratio, which is higher than HYGV's 0.37% expense ratio.

Dividends

CEFS vs. HYGV - Dividend Comparison

CEFS's dividend yield for the trailing twelve months is around 7.10%, less than HYGV's 7.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
HYGV FlexShares High Yield Value-Scored US Bond Index Fund	7.41%	7.48%	8.20%	8.77%	7.64%	6.07%	6.18%	7.95%	5.63%	0.00%

Frequently Asked Questions

Can I hold both CEFS and HYGV in my portfolio?

CEFS and HYGV have a correlation of 0.44, 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 HYGV?

CEFS has higher volatility (3.37%) compared to HYGV (1.17%). In terms of maximum drawdown, CEFS dropped -38.99% vs HYGV's -23.47%.

Which ETF is better, CEFS or HYGV?

On 5-year performance, CEFS leads with 13.85% vs 3.49% for HYGV. On fees, HYGV is cheaper at 0.37% per year. On volatility, HYGV has been the lower-risk option at 1.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CEFS or HYGV?

Over the 5-year period, CEFS has performed better with a 13.85% return vs 3.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CEFS or HYGV?

HYGV is cheaper with a 0.37% expense ratio, compared with 1.29% for CEFS.

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

HYGV has the higher dividend yield at 7.41%, compared with 7.10% for CEFS.

What is the main difference between CEFS and HYGV?

CEFS is categorized as Event Driven, while HYGV is High Yield Bonds. They also come from different issuers: Exchange Traded Concepts and Northern Trust. Their fees differ too: 1.29% for CEFS and 0.37% for HYGV.

Which has better risk-adjusted returns?

CEFS currently has the higher Sharpe Ratio (2.53 vs 1.81), 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.