CEFS vs. PDI

Last updated Jun 4, 2026

CEFS (Saba Closed-End Funds ETF) is Event Driven fund actively managed by Exchange Traded Concepts, while PDI (PIMCO Dynamic Income Fund) is a stock. Over the past 5 years, CEFS returned 13.85%/yr vs 2.68%/yr for PDI. At a 0.35 correlation, their price movements are largely independent.

Performance

CEFS vs. PDI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Saba Closed-End Funds ETF (CEFS) and PIMCO Dynamic Income Fund (PDI). 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 PDI's 0.45% return.

CEFS

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

PDI

• 1D: 0.06%
• 1M: -3.25%
• YTD: 0.45%
• 6M: -0.44%
• 1Y: 2.55%
• 3Y*: 11.73%
• 5Y*: 2.68%
• 10Y*: 7.53%

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

CEFS vs. PDI - 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%
PDI PIMCO Dynamic Income Fund	0.45%	11.03%	17.18%	11.99%	-16.99%	7.81%	-9.96%	22.23%	7.35%	5.44%

Correlation

The correlation between CEFS and PDI is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (All Time) Calculated using the full available price history since Jun 14, 2017	0.35

Return for Risk

CEFS vs. PDI — 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

PDI

PDI Risk / Return Rank: 44
PDI Sharpe Ratio Rank: 48
PDI Sortino Ratio Rank: 38
PDI Omega Ratio Rank: 40
PDI Calmar Ratio Rank: 46
PDI Martin Ratio Rank: 46

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. PDI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Saba Closed-End Funds ETF (CEFS) and PIMCO Dynamic Income Fund (PDI). 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	PDI	Difference
Sharpe ratio: Return per unit of total volatility	2.53	0.23	+2.30
Sortino ratio: Return per unit of downside risk	3.71	0.36	+3.34
Omega ratio: Gain probability vs. loss probability	1.48	1.06	+0.42
Calmar ratio: Return relative to maximum drawdown	4.43	0.23	+4.19
Martin ratio: Return relative to average drawdown	17.26	0.52	+16.74
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. PDI - Sharpe Ratio Comparison

The current CEFS Sharpe Ratio is 2.53, which is higher than the PDI Sharpe Ratio of 0.23. The chart below compares the historical Sharpe Ratios of CEFS and PDI, 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	PDI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.53	0.23	+2.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.06	0.17	+0.89
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.40	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.79	0.59	+0.21

Drawdowns

CEFS vs. PDI - Drawdown Comparison

The maximum CEFS drawdown since its inception was -38.99%, smaller than the maximum PDI drawdown of -46.47%. Use the drawdown chart below to compare losses from any high point for CEFS and PDI.

Drawdown Indicators

	CEFS	PDI	Difference
Max Drawdown Largest peak-to-trough decline	-38.99%	-46.47%	+7.48%
Max Drawdown (1Y) Largest decline over 1 year	-5.67%	-10.95%	+5.28%
Max Drawdown (3Y) Largest decline over 3 years	-13.37%	-17.55%	+4.18%
Max Drawdown (5Y) Largest decline over 5 years	-16.85%	-27.23%	+10.38%
Max Drawdown (10Y) Largest decline over 10 years	—	-46.47%	—
Current Drawdown Current decline from peak	-0.51%	-7.41%	+6.90%
Average Drawdown Average peak-to-trough decline	-3.67%	-6.22%	+2.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.45%	4.92%	-3.47%

Volatility

CEFS vs. PDI - Volatility Comparison

Saba Closed-End Funds ETF (CEFS) and PIMCO Dynamic Income Fund (PDI) have volatilities of 3.37% and 3.27%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CEFS	PDI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.37%	3.27%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	8.56%	8.12%	+0.44%
Volatility (1Y) Calculated over the trailing 1-year period	9.95%	11.19%	-1.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.08%	15.53%	-2.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.33%	19.05%	-3.72%

Dividends

CEFS vs. PDI - Dividend Comparison

CEFS's dividend yield for the trailing twelve months is around 7.10%, less than PDI's 15.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%
PDI PIMCO Dynamic Income Fund	15.82%	14.94%	14.43%	14.74%	17.84%	10.21%	10.01%	9.45%	10.78%	8.81%	14.79%	18.70%

Frequently Asked Questions

Can I hold both CEFS and PDI in my portfolio?

CEFS and PDI have a correlation of 0.34, 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 PDI?

CEFS has higher volatility (3.37%) compared to PDI (3.27%). In terms of maximum drawdown, CEFS dropped -38.99% vs PDI's -46.47%.

Which has better risk-adjusted returns?

CEFS currently has the higher Sharpe Ratio (2.53 vs 0.23), 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.