CEFS vs. INDF

Last updated Jun 4, 2026

CEFS (Saba Closed-End Funds ETF) and INDF (Nifty India Financials ETF) are both exchange-traded funds - CEFS is a Event Driven fund actively managed by Exchange Traded Concepts, while INDF is a Financials Equities fund tracking the Nifty Financial Services 25/50 Index. CEFS is actively managed, while INDF is passively managed. At a 0.34 correlation, their price movements are largely independent. CEFS charges 1.29%/yr vs 0.75%/yr for INDF.

Performance

CEFS vs. INDF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Saba Closed-End Funds ETF (CEFS) and Nifty India Financials ETF (INDF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

CEFS

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

INDF

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CEFS vs. INDF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
CEFS Saba Closed-End Funds ETF	13.75%	16.67%	23.48%	20.99%	-7.08%	17.86%	7.59%
INDF Nifty India Financials ETF	0.00%	8.17%	6.32%	19.86%	-5.28%	11.95%	23.97%

Correlation

The correlation between CEFS and INDF is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.32
Correlation (All Time) Calculated using the full available price history since Oct 22, 2020	0.34

Over the past year, the correlation between CEFS and INDF has dropped to 0.04 - well below their long-term average of 0.34, suggesting their price drivers have been diverging.

CEFS vs. INDF - Sectors Allocation Comparison

Sectors	CEFS	INDF
Financial Services	48.9%	100.0%
Technology	12.4%	-
Energy	11.2%	-
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. INDF — 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

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. INDF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Saba Closed-End Funds ETF (CEFS) and Nifty India Financials ETF (INDF). 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	INDF	Difference
Sharpe ratio: Return per unit of total volatility	2.53	—	—
Sortino ratio: Return per unit of downside risk	3.71	—	—
Omega ratio: Gain probability vs. loss probability	1.48	—	—
Calmar ratio: Return relative to maximum drawdown	4.43	—	—
Martin ratio: Return relative to average drawdown	17.26	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	CEFS	INDF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.53	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.06	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.79	—	—

Drawdowns

Drawdown Indicators

	CEFS	INDF	Difference
Max Drawdown Largest peak-to-trough decline	-38.99%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-5.67%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-13.37%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-16.85%	—	—
Current Drawdown Current decline from peak	-0.51%	—	—
Average Drawdown Average peak-to-trough decline	-3.67%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	1.45%	—	—

Volatility

Volatility by Period

	CEFS	INDF	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.37%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.56%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	9.95%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.08%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.33%	—	—

CEFS vs. INDF - Expense Ratio Comparison

CEFS has a 1.29% expense ratio, which is higher than INDF's 0.75% expense ratio.

Dividends

CEFS vs. INDF - Dividend Comparison

CEFS's dividend yield for the trailing twelve months is around 7.10%, less than INDF's 21.29% 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%
INDF Nifty India Financials ETF	21.29%	21.29%	6.15%	8.84%	3.12%	1.58%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CEFS and INDF in my portfolio?

CEFS and INDF have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CEFS or INDF?

On fees, INDF is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CEFS or INDF?

INDF is cheaper with a 0.75% expense ratio, compared with 1.29% for CEFS.

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

INDF has the higher dividend yield at 21.29%, compared with 7.10% for CEFS.

What is the main difference between CEFS and INDF?

CEFS is categorized as Event Driven, while INDF is Financials Equities. Their fees differ too: 1.29% for CEFS and 0.75% for INDF.