CEFS vs. PEX
CEFS (Saba Closed-End Funds ETF) and PEX (ProShares Global Listed Private Equity ETF) are both exchange-traded funds - CEFS is a Actively Managed fund actively managed by Exchange Traded Concepts, while PEX is a Financials Equities fund tracking the LPX Direct Listed Private Equity Index. CEFS is actively managed, while PEX is passively managed. Over the past 5 years, CEFS returned 13.89%/yr vs 0.00%/yr for PEX. Their 0.52 correlation means they have sometimes moved together and sometimes differently. CEFS charges 2.61%/yr vs 3.13%/yr for PEX.
Performance
CEFS vs. PEX - Performance Comparison
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Returns By Period
In the year-to-date period, CEFS achieves a 14.14% return, which is significantly higher than PEX's -3.78% return.
CEFS
- 1D
- 1.20%
- 1M
- -1.35%
- 6M
- 12.97%
- YTD
- 14.14%
- 1Y
- 22.14%
- 3Y*
- 20.66%
- 5Y*
- 13.89%
- 10Y*
- —
- ALL TIME*
- 11.97%
PEX
- 1D
- 1.74%
- 1M
- 6.76%
- 6M
- -0.55%
- YTD
- -3.78%
- 1Y
- -7.50%
- 3Y*
- 5.74%
- 5Y*
- 0.00%
- 10Y*
- 5.15%
- ALL TIME*
- 5.48%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.26M | $2.23M | $2.24M | |
| $63.04K | $62.63K | $58.22K |
CEFS vs. PEX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CEFS Saba Closed-End Funds ETF | 14.14% | 16.67% | 23.48% | 20.99% | -7.08% | 17.86% | 3.40% | 28.41% | -9.97% | 7.92% |
PEX ProShares Global Listed Private Equity ETF | -3.78% | 0.21% | 13.05% | 23.11% | -25.98% | 28.34% | -1.14% | 25.53% | -13.31% | 2.92% |
Correlation
The correlation between CEFS and PEX is 0.48, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.48 |
Correlation (3Y) Balances recent behavior with more history. | 0.54 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.57 |
Correlation (All Time) Calculated using the full available price history since Jun 13, 2017 | 0.52 |
The correlation between CEFS and PEX has been stable across timeframes, ranging from 0.48 to 0.57 - a consistent structural relationship.
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Return for Risk
CEFS vs. PEX — Risk / Return Rank
CEFS
PEX
CEFS vs. PEX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Saba Closed-End Funds ETF (CEFS) and ProShares Global Listed Private Equity ETF (PEX). 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 | PEX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.51 | ||
| Sortino ratioReturn per unit of downside risk | +3.51 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 0.94 | +0.43 |
| Calmar ratioReturn relative to maximum drawdown | 3.92 | -0.36 | +4.28 |
| Martin ratioReturn relative to average drawdown | 13.45 | -0.69 | +14.14 |
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Drawdowns
CEFS vs. PEX - Drawdown Comparison
The maximum CEFS drawdown since its inception was -38.99%, smaller than the maximum PEX drawdown of -49.17%. Use the drawdown chart below to compare losses from any high point for CEFS and PEX.
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Drawdown Indicators
| CEFS | PEX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.99% | -49.17% | +10.18% |
Max Drawdown (1Y)Largest decline over 1 year | -5.67% | -21.09% | +15.42% |
Max Drawdown (3Y)Largest decline over 3 years | -13.37% | -24.72% | +11.35% |
Max Drawdown (5Y)Largest decline over 5 years | -16.85% | -36.58% | +19.73% |
Max Drawdown (10Y)Largest decline over 10 years | — | -49.17% | — |
Current DrawdownCurrent decline from peak | -1.35% | -13.04% | +11.69% |
Average DrawdownAverage peak-to-trough decline | -3.63% | -8.34% | +4.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.65% | 10.82% | -9.17% |
Volatility
CEFS vs. PEX - Volatility Comparison
The current volatility for Saba Closed-End Funds ETF (CEFS) is 3.39%, while ProShares Global Listed Private Equity ETF (PEX) has a volatility of 4.20%. This indicates that CEFS experiences smaller price fluctuations and is considered to be less risky than PEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CEFS | PEX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.39% | 4.20% | -0.81% |
Volatility (6M)Calculated over the trailing 6-month period | 9.46% | 13.41% | -3.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.93% | 16.04% | -5.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.24% | 18.03% | -4.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.30% | 19.27% | -3.97% |
CEFS vs. PEX - Expense Ratio Comparison
CEFS has a 2.61% expense ratio, which is lower than PEX's 3.13% expense ratio.
Dividends
CEFS vs. PEX - Dividend Comparison
CEFS's dividend yield for the trailing twelve months is around 7.15%, less than PEX's 8.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CEFS Saba Closed-End Funds ETF | 7.15% | 7.84% | 8.79% | 9.20% | 11.32% | 10.73% | 8.61% | 8.10% | 10.43% | 5.02% | 0.00% | 0.00% |
PEX ProShares Global Listed Private Equity ETF | 8.25% | 12.80% | 14.11% | 13.02% | 1.77% | 13.64% | 5.52% | 7.94% | 4.72% | 24.26% | 3.24% | 12.50% |
Frequently Asked Questions
CEFS and PEX have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PEX has higher volatility (4.20%) compared to CEFS (3.39%). In terms of maximum drawdown, CEFS dropped -38.99% vs PEX's -49.17%.
On 5-year performance, CEFS leads with 13.89% vs 0.00% for PEX. On fees, CEFS is cheaper at 2.61% per year. On volatility, CEFS has been the lower-risk option at 3.39%. 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 13.89% return vs 0.00%. 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 3.13% for PEX.
PEX has the higher dividend yield at 8.25%, compared with 7.15% for CEFS.
CEFS is categorized as Actively Managed, while PEX is Financials Equities. They also come from different issuers: Exchange Traded Concepts and ProShares. Their fees differ too: 2.61% for CEFS and 3.13% for PEX.
CEFS currently has the higher Sharpe Ratio (2.04 vs -0.47), 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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