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 Event Driven 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 13.93%/yr vs -1.33%/yr for PEX. A 0.52 correlation means they provide meaningful diversification when combined. 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 14.00% return, which is significantly higher than PEX's -14.36% return.
CEFS
- 1D
- -1.01%
- 1M
- 3.11%
- YTD
- 14.00%
- 6M
- 15.01%
- 1Y
- 24.87%
- 3Y*
- 21.68%
- 5Y*
- 13.93%
- 10Y*
- —
PEX
- 1D
- -0.65%
- 1M
- -2.68%
- YTD
- -14.36%
- 6M
- -13.55%
- 1Y
- -16.46%
- 3Y*
- 3.48%
- 5Y*
- -1.33%
- 10Y*
- 4.55%
CEFS vs. PEX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CEFS Saba Closed-End Funds ETF | 14.00% | 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 | -14.36% | 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 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.49 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.55 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.58 |
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 0.49 to 0.58 - 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 | +3.45 | ||
| Sortino ratioReturn per unit of downside risk | +4.88 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 0.84 | +0.61 |
| Calmar ratioReturn relative to maximum drawdown | 4.41 | -0.67 | +5.07 |
| Martin ratioReturn relative to average drawdown | 16.90 | -1.25 | +18.15 |
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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% | -24.72% | +19.05% |
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 | -1.24% | -22.60% | +21.36% |
Average DrawdownAverage peak-to-trough decline | -3.65% | -8.26% | +4.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.48% | 13.14% | -11.66% |
Volatility
CEFS vs. PEX - Volatility Comparison
The current volatility for Saba Closed-End Funds ETF (CEFS) is 4.16%, while ProShares Global Listed Private Equity ETF (PEX) has a volatility of 5.27%. 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 | 4.16% | 5.27% | -1.11% |
Volatility (6M)Calculated over the trailing 6-month period | 8.97% | 13.48% | -4.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.37% | 15.95% | -5.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.17% | 17.99% | -4.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.33% | 19.30% | -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 7.08%, less than PEX's 13.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
PEX ProShares Global Listed Private Equity ETF | 13.10% | 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 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PEX has higher volatility (5.27%) compared to CEFS (4.16%). In terms of maximum drawdown, CEFS dropped -38.99% vs PEX's -49.17%.
On 5-year performance, CEFS leads with 13.93% vs -1.33% for PEX. On fees, CEFS is cheaper at 2.61% per year. On volatility, CEFS has been the lower-risk option at 4.16%. 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 -1.33%. 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 13.10%, compared with 7.08% for CEFS.
CEFS is categorized as Event Driven, 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 (2.41 vs -1.04), 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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