CEFZ vs. ESBG

Last updated Jun 24, 2026

CEFZ (RiverNorth Active Income ETF) and ESBG (First Trust Enhanced Stocks, Bonds & Gold ETF) are both Tactical Allocation funds. Both are actively managed. A 0.55 correlation means they provide meaningful diversification when combined. CEFZ charges 3.36%/yr vs 0.95%/yr for ESBG.

Performance

CEFZ vs. ESBG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in RiverNorth Active Income ETF (CEFZ) and First Trust Enhanced Stocks, Bonds & Gold ETF (ESBG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CEFZ achieves a 3.57% return, which is significantly higher than ESBG's -2.05% return.

CEFZ

• 1D: -0.97%
• 1M: -1.00%
• YTD: 3.57%
• 6M: 3.99%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ESBG

• 1D: -1.81%
• 1M: -7.19%
• YTD: -2.05%
• 6M: -5.44%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CEFZ vs. ESBG - Yearly Performance Comparison

	2026 (YTD)	2025
CEFZ RiverNorth Active Income ETF	3.57%	3.06%
ESBG First Trust Enhanced Stocks, Bonds & Gold ETF	-2.05%	5.67%

Correlation

The correlation between CEFZ and ESBG is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 19, 2025	0.55

Return for Risk

CEFZ vs. ESBG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for RiverNorth Active Income ETF (CEFZ) and First Trust Enhanced Stocks, Bonds & Gold ETF (ESBG). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Drawdowns

CEFZ vs. ESBG - Drawdown Comparison

The maximum CEFZ drawdown since its inception was -6.66%, smaller than the maximum ESBG drawdown of -18.84%. Use the drawdown chart below to compare losses from any high point for CEFZ and ESBG.

Drawdown Indicators

	CEFZ	ESBG	Difference
Max Drawdown Largest peak-to-trough decline	-6.66%	-18.84%	+12.18%
Current Drawdown Current decline from peak	-2.23%	-16.94%	+14.71%
Average Drawdown Average peak-to-trough decline	-1.21%	-6.94%	+5.73%

Volatility

Volatility by Period

	CEFZ	ESBG	Difference
Volatility (1Y) Calculated over the trailing 1-year period	10.46%	26.28%	-15.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.46%	26.28%	-15.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.46%	26.28%	-15.82%

CEFZ vs. ESBG - Expense Ratio Comparison

CEFZ has a 3.36% expense ratio, which is higher than ESBG's 0.95% expense ratio.

Dividends

CEFZ vs. ESBG - Dividend Comparison

CEFZ's dividend yield for the trailing twelve months is around 8.40%, more than ESBG's 0.62% yield.

Position	TTM	2025
CEFZ RiverNorth Active Income ETF	8.40%	4.17%
ESBG First Trust Enhanced Stocks, Bonds & Gold ETF	0.62%	0.24%

Frequently Asked Questions

Can I hold both CEFZ and ESBG in my portfolio?

CEFZ and ESBG have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CEFZ or ESBG?

On fees, ESBG is cheaper at 0.95% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CEFZ or ESBG?

ESBG is cheaper with a 0.95% expense ratio, compared with 3.36% for CEFZ.

Which ETF pays a higher dividend yield, CEFZ or ESBG?

CEFZ has the higher dividend yield at 8.40%, compared with 0.62% for ESBG.

What is the main difference between CEFZ and ESBG?

They also come from different issuers: RiverNorth and First Trust. Their fees differ too: 3.36% for CEFZ and 0.95% for ESBG.