CEFS vs. QNZIX

Last updated Jul 17, 2026

CEFS (Saba Closed-End Funds ETF) and QNZIX (AQR Trend Total Return Fund Class I) are both funds - CEFS is a Event Driven fund actively managed by Exchange Traded Concepts, while QNZIX is a Systematic Trend fund actively managed by AQR Funds. Both are actively managed. Over the past 3 years, CEFS returned 19.71%/yr vs 28.81%/yr for QNZIX. At a 0.42 correlation, their price movements are largely independent. CEFS charges 2.61%/yr vs 1.27%/yr for QNZIX.

Performance

CEFS vs. QNZIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Saba Closed-End Funds ETF (CEFS) and AQR Trend Total Return Fund Class I (QNZIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CEFS achieves a 12.72% return, which is significantly lower than QNZIX's 14.37% return.

CEFS

• 1D: -1.22%
• 1M: -1.28%
• 6M: 12.04%
• YTD: 12.72%
• 1Y: 21.23%
• 3Y*: 19.71%
• 5Y*: 13.85%
• 10Y*: —

QNZIX

• 1D: -0.27%
• 1M: -0.00%
• 6M: 9.99%
• YTD: 14.37%
• 1Y: 32.53%
• 3Y*: 28.81%
• 5Y*: —
• 10Y*: —

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

CEFS vs. QNZIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
CEFS Saba Closed-End Funds ETF	12.72%	16.67%	23.48%	20.99%	-1.44%
QNZIX AQR Trend Total Return Fund Class I	14.37%	23.26%	35.22%	23.03%	1.57%

Correlation

The correlation between CEFS and QNZIX is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (All Time) Calculated using the full available price history since Mar 17, 2022	0.42

Return for Risk

CEFS vs. QNZIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CEFS

CEFS Risk / Return Rank: 82
CEFS Sharpe Ratio Rank: 78
CEFS Sortino Ratio Rank: 80
CEFS Omega Ratio Rank: 78
CEFS Calmar Ratio Rank: 85
CEFS Martin Ratio Rank: 86

QNZIX

QNZIX Risk / Return Rank: 93
QNZIX Sharpe Ratio Rank: 96
QNZIX Sortino Ratio Rank: 89
QNZIX Omega Ratio Rank: 88
QNZIX Calmar Ratio Rank: 96
QNZIX Martin Ratio Rank: 96

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. QNZIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Saba Closed-End Funds ETF (CEFS) and AQR Trend Total Return Fund Class I (QNZIX). 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	QNZIX	Difference
Sharpe ratio: Return per unit of total volatility	1.99	2.89	-0.89
Sortino ratio: Return per unit of downside risk	2.88	3.70	-0.83
Omega ratio: Gain probability vs. loss probability	1.37	1.51	-0.14
Calmar ratio: Return relative to maximum drawdown	3.76	4.99	-1.23
Martin ratio: Return relative to average drawdown	14.03	17.73	-3.70

CEFS vs. QNZIX - Sharpe Ratio Comparison

The current CEFS Sharpe Ratio is 1.99, which is lower than the QNZIX Sharpe Ratio of 2.89. The chart below compares the historical Sharpe Ratios of CEFS and QNZIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CEFS vs. QNZIX - Drawdown Comparison

The maximum CEFS drawdown since its inception was -38.99%, which is greater than QNZIX's maximum drawdown of -18.35%. Use the drawdown chart below to compare losses from any high point for CEFS and QNZIX.

Drawdown Indicators

	CEFS	QNZIX	Difference
Max Drawdown Largest peak-to-trough decline	-38.99%	-18.35%	-20.64%
Max Drawdown (1Y) Largest decline over 1 year	-5.67%	-6.61%	+0.94%
Max Drawdown (3Y) Largest decline over 3 years	-13.37%	-13.51%	+0.14%
Max Drawdown (5Y) Largest decline over 5 years	-16.85%	—	—
Current Drawdown Current decline from peak	-2.58%	-3.62%	+1.04%
Average Drawdown Average peak-to-trough decline	-3.64%	-2.80%	-0.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.52%	1.86%	-0.34%

Volatility

CEFS vs. QNZIX - Volatility Comparison

Saba Closed-End Funds ETF (CEFS) and AQR Trend Total Return Fund Class I (QNZIX) have volatilities of 3.77% and 3.92%, 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	QNZIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.77%	3.92%	-0.15%
Volatility (6M) Calculated over the trailing 6-month period	9.26%	7.90%	+1.36%
Volatility (1Y) Calculated over the trailing 1-year period	10.72%	11.43%	-0.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.22%	12.08%	+1.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.32%	12.08%	+3.24%

CEFS vs. QNZIX - Expense Ratio Comparison

CEFS has a 2.61% expense ratio, which is higher than QNZIX's 1.27% expense ratio.

Dividends

CEFS vs. QNZIX - Dividend Comparison

CEFS's dividend yield for the trailing twelve months is around 7.20%, more than QNZIX's 0.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CEFS Saba Closed-End Funds ETF	7.20%	7.84%	8.79%	9.20%	11.32%	10.73%	8.61%	8.10%	10.43%	5.02%
QNZIX AQR Trend Total Return Fund Class I	0.93%	1.07%	16.81%	23.32%	2.14%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CEFS and QNZIX in my portfolio?

CEFS and QNZIX have a correlation of 0.37, 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 QNZIX?

QNZIX has higher volatility (3.92%) compared to CEFS (3.77%). In terms of maximum drawdown, CEFS dropped -38.99% vs QNZIX's -18.35%.

Which has better risk-adjusted returns?

QNZIX currently has the higher Sharpe Ratio (2.88 vs 1.99), 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.