CEFS vs. RNP

Last updated Jun 4, 2026

CEFS (Saba Closed-End Funds ETF) is Event Driven fund actively managed by Exchange Traded Concepts, while RNP (Cohen & Steers REIT and Preferred Income Fund, Inc.) is a stock. Over the past 5 years, CEFS returned 13.85%/yr vs 3.30%/yr for RNP. At a 0.42 correlation, their price movements are largely independent.

Performance

CEFS vs. RNP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Saba Closed-End Funds ETF (CEFS) and Cohen & Steers REIT and Preferred Income Fund, Inc. (RNP). 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 RNP's 8.10% return.

CEFS

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

RNP

• 1D: 0.05%
• 1M: -0.17%
• YTD: 8.10%
• 6M: 5.24%
• 1Y: 3.05%
• 3Y*: 12.47%
• 5Y*: 3.30%
• 10Y*: 9.10%

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

CEFS vs. RNP - 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%
RNP Cohen & Steers REIT and Preferred Income Fund, Inc.	8.10%	2.57%	11.88%	7.73%	-19.95%	32.84%	3.31%	43.14%	-9.46%	6.82%

Correlation

The correlation between CEFS and RNP is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.46
Correlation (All Time) Calculated using the full available price history since Jun 14, 2017	0.42

The correlation between CEFS and RNP shifts across timeframes, from 0.36 (1 year) to 0.46 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

CEFS vs. RNP — 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

RNP

RNP Risk / Return Rank: 44
RNP Sharpe Ratio Rank: 49
RNP Sortino Ratio Rank: 40
RNP Omega Ratio Rank: 38
RNP Calmar Ratio Rank: 46
RNP Martin Ratio Rank: 47

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. RNP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Saba Closed-End Funds ETF (CEFS) and Cohen & Steers REIT and Preferred Income Fund, Inc. (RNP). 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	RNP	Difference
Sharpe ratio: Return per unit of total volatility	2.53	0.24	+2.29
Sortino ratio: Return per unit of downside risk	3.71	0.42	+3.29
Omega ratio: Gain probability vs. loss probability	1.48	1.05	+0.43
Calmar ratio: Return relative to maximum drawdown	4.43	0.25	+4.18
Martin ratio: Return relative to average drawdown	17.26	0.56	+16.70
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. RNP - Sharpe Ratio Comparison

The current CEFS Sharpe Ratio is 2.53, which is higher than the RNP Sharpe Ratio of 0.24. The chart below compares the historical Sharpe Ratios of CEFS and RNP, 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	RNP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.53	0.24	+2.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.06	0.16	+0.90
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.38	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.79	0.30	+0.49

Drawdowns

CEFS vs. RNP - Drawdown Comparison

The maximum CEFS drawdown since its inception was -38.99%, smaller than the maximum RNP drawdown of -86.93%. Use the drawdown chart below to compare losses from any high point for CEFS and RNP.

Drawdown Indicators

	CEFS	RNP	Difference
Max Drawdown Largest peak-to-trough decline	-38.99%	-86.93%	+47.94%
Max Drawdown (1Y) Largest decline over 1 year	-5.67%	-12.24%	+6.57%
Max Drawdown (3Y) Largest decline over 3 years	-13.37%	-19.71%	+6.34%
Max Drawdown (5Y) Largest decline over 5 years	-16.85%	-36.19%	+19.34%
Max Drawdown (10Y) Largest decline over 10 years	—	-56.68%	—
Current Drawdown Current decline from peak	-0.51%	-2.97%	+2.46%
Average Drawdown Average peak-to-trough decline	-3.67%	-13.13%	+9.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.45%	5.43%	-3.98%

Volatility

CEFS vs. RNP - Volatility Comparison

The current volatility for Saba Closed-End Funds ETF (CEFS) is 3.37%, while Cohen & Steers REIT and Preferred Income Fund, Inc. (RNP) has a volatility of 3.63%. This indicates that CEFS experiences smaller price fluctuations and is considered to be less risky than RNP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CEFS	RNP	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.37%	3.63%	-0.26%
Volatility (6M) Calculated over the trailing 6-month period	8.56%	9.60%	-1.04%
Volatility (1Y) Calculated over the trailing 1-year period	9.95%	12.61%	-2.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.08%	20.82%	-7.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.33%	24.22%	-8.89%

Dividends

CEFS vs. RNP - Dividend Comparison

CEFS's dividend yield for the trailing twelve months is around 7.10%, less than RNP's 7.85% 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%
RNP Cohen & Steers REIT and Preferred Income Fund, Inc.	7.85%	8.22%	7.81%	8.10%	13.26%	5.20%	6.52%	6.25%	8.36%	7.00%	7.75%	8.03%

Frequently Asked Questions

Can I hold both CEFS and RNP in my portfolio?

CEFS and RNP have a correlation of 0.36, 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 RNP?

RNP has higher volatility (3.63%) compared to CEFS (3.37%). In terms of maximum drawdown, CEFS dropped -38.99% vs RNP's -86.93%.

Which has better risk-adjusted returns?

CEFS currently has the higher Sharpe Ratio (2.53 vs 0.24), 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.