CEFS vs. HYIN
CEFS (Saba Closed-End Funds ETF) and HYIN (WisdomTree Alternative Income Fund) are both exchange-traded funds - CEFS is a Event Driven fund actively managed by Exchange Traded Concepts, while HYIN is a Diversified Portfolio fund tracking the Gapstow Liquid Alternative Credit Index. CEFS is actively managed, while HYIN is passively managed. Over the past 5 years, CEFS returned 13.93%/yr vs -1.05%/yr for HYIN. A 0.56 correlation means they provide meaningful diversification when combined. CEFS charges 2.61%/yr vs 3.20%/yr for HYIN.
Performance
CEFS vs. HYIN - Performance Comparison
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Returns By Period
In the year-to-date period, CEFS achieves a 14.00% return, which is significantly higher than HYIN's -6.82% return.
CEFS
- 1D
- -1.01%
- 1M
- 3.11%
- YTD
- 14.00%
- 6M
- 15.01%
- 1Y
- 24.87%
- 3Y*
- 21.68%
- 5Y*
- 13.93%
- 10Y*
- —
HYIN
- 1D
- 0.03%
- 1M
- -0.60%
- YTD
- -6.82%
- 6M
- -6.57%
- 1Y
- -7.21%
- 3Y*
- 4.26%
- 5Y*
- -1.05%
- 10Y*
- —
CEFS vs. HYIN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
CEFS Saba Closed-End Funds ETF | 14.00% | 16.67% | 23.48% | 20.99% | -7.08% | 7.83% |
HYIN WisdomTree Alternative Income Fund | -6.82% | -0.46% | 7.39% | 21.84% | -21.14% | 2.73% |
Correlation
The correlation between CEFS and HYIN is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.43 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.51 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since May 6, 2021 | 0.56 |
The correlation between CEFS and HYIN shifts across timeframes, from 0.43 (1 year) to 0.57 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
CEFS vs. HYIN — Risk / Return Rank
CEFS
HYIN
CEFS vs. HYIN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Saba Closed-End Funds ETF (CEFS) and WisdomTree Alternative Income Fund (HYIN). 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 | HYIN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.97 | ||
| Sortino ratioReturn per unit of downside risk | +4.18 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 0.92 | +0.53 |
| Calmar ratioReturn relative to maximum drawdown | 4.41 | -0.47 | +4.87 |
| Martin ratioReturn relative to average drawdown | 16.90 | -0.93 | +17.83 |
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Drawdowns
CEFS vs. HYIN - Drawdown Comparison
The maximum CEFS drawdown since its inception was -38.99%, which is greater than HYIN's maximum drawdown of -31.10%. Use the drawdown chart below to compare losses from any high point for CEFS and HYIN.
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Drawdown Indicators
| CEFS | HYIN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.99% | -31.10% | -7.89% |
Max Drawdown (1Y)Largest decline over 1 year | -5.67% | -15.52% | +9.85% |
Max Drawdown (3Y)Largest decline over 3 years | -13.37% | -15.85% | +2.48% |
Max Drawdown (5Y)Largest decline over 5 years | -16.85% | -31.10% | +14.25% |
Current DrawdownCurrent decline from peak | -1.24% | -12.55% | +11.31% |
Average DrawdownAverage peak-to-trough decline | -3.65% | -9.05% | +5.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.48% | 7.77% | -6.29% |
Volatility
CEFS vs. HYIN - Volatility Comparison
Saba Closed-End Funds ETF (CEFS) has a higher volatility of 4.16% compared to WisdomTree Alternative Income Fund (HYIN) at 3.37%. This indicates that CEFS's price experiences larger fluctuations and is considered to be riskier than HYIN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CEFS | HYIN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.16% | 3.37% | +0.79% |
Volatility (6M)Calculated over the trailing 6-month period | 8.97% | 10.31% | -1.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.37% | 12.94% | -2.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.17% | 16.77% | -3.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.33% | 16.75% | -1.42% |
CEFS vs. HYIN - Expense Ratio Comparison
CEFS has a 2.61% expense ratio, which is lower than HYIN's 3.20% expense ratio.
Dividends
CEFS vs. HYIN - Dividend Comparison
CEFS's dividend yield for the trailing twelve months is around 7.08%, less than HYIN's 13.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CEFS Saba Closed-End Funds ETF | 7.08% | 7.84% | 8.79% | 9.20% | 11.32% | 10.73% | 8.61% | 8.10% | 10.43% | 5.02% |
HYIN WisdomTree Alternative Income Fund | 13.50% | 12.58% | 12.59% | 11.71% | 11.34% | 4.13% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CEFS and HYIN have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CEFS has higher volatility (4.16%) compared to HYIN (3.37%). In terms of maximum drawdown, CEFS dropped -38.99% vs HYIN's -31.10%.
On 5-year performance, CEFS leads with 13.93% vs -1.05% for HYIN. On fees, CEFS is cheaper at 2.61% per year. On volatility, HYIN has been the lower-risk option at 3.37%. 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 13.93% return vs -1.05%. 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 3.20% for HYIN.
HYIN has the higher dividend yield at 13.50%, compared with 7.08% for CEFS.
CEFS is categorized as Event Driven, while HYIN is Diversified Portfolio. They also come from different issuers: Exchange Traded Concepts and WisdomTree. Their fees differ too: 2.61% for CEFS and 3.20% for HYIN.
CEFS currently has the higher Sharpe Ratio (2.41 vs -0.56), 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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