CEFZ vs. RNMN

Last updated Jul 17, 2026

CEFZ (RiverNorth Active Income ETF) and RNMN (RiverNorth Market Neutral ETF) are both exchange-traded funds - CEFZ is a Tactical Allocation fund actively managed by RiverNorth, while RNMN is a Equity Market Neutral fund actively managed by RiverNorth. Both are actively managed. At a correlation of -0.43, they often move in opposite directions. CEFZ charges 3.36%/yr vs 0.90%/yr for RNMN.

Performance

CEFZ vs. RNMN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in RiverNorth Active Income ETF (CEFZ) and RiverNorth Market Neutral ETF (RNMN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

CEFZ

• 1D: 0.02%
• 1M: 0.48%
• 6M: 3.59%
• YTD: 6.00%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

RNMN

• 1D: -0.02%
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CEFZ vs. RNMN - Yearly Performance Comparison

	2026 (YTD)
CEFZ RiverNorth Active Income ETF	1.43%
RNMN RiverNorth Market Neutral ETF	-0.04%

Correlation

The correlation between CEFZ and RNMN is -0.43, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 9, 2026	-0.43

Return for Risk

CEFZ vs. RNMN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for RiverNorth Active Income ETF (CEFZ) and RiverNorth Market Neutral ETF (RNMN). 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. RNMN - Drawdown Comparison

The maximum CEFZ drawdown since its inception was -6.66%, which is greater than RNMN's maximum drawdown of -0.34%. Use the drawdown chart below to compare losses from any high point for CEFZ and RNMN.

Drawdown Indicators

	CEFZ	RNMN	Difference
Max Drawdown Largest peak-to-trough decline	-6.66%	-0.34%	-6.32%
Current Drawdown Current decline from peak	-0.40%	-0.34%	-0.06%
Average Drawdown Average peak-to-trough decline	-1.19%	-0.12%	-1.07%

Volatility

Volatility by Period

	CEFZ	RNMN	Difference
Volatility (1Y) Calculated over the trailing 1-year period	10.32%	3.04%	+7.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.32%	3.04%	+7.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.32%	3.04%	+7.28%

CEFZ vs. RNMN - Expense Ratio Comparison

CEFZ has a 3.36% expense ratio, which is higher than RNMN's 0.90% expense ratio.

Dividends

CEFZ vs. RNMN - Dividend Comparison

CEFZ's dividend yield for the trailing twelve months is around 9.10%, while RNMN has not paid dividends to shareholders.

Position	TTM	2025
CEFZ RiverNorth Active Income ETF	9.10%	4.17%
RNMN RiverNorth Market Neutral ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both CEFZ and RNMN in my portfolio?

CEFZ and RNMN have a correlation of -0.43, 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 RNMN?

On fees, RNMN is cheaper at 0.90% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CEFZ or RNMN?

RNMN is cheaper with a 0.90% expense ratio, compared with 3.36% for CEFZ.

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

CEFZ has the higher dividend yield at 9.10%, compared with 0.00% for RNMN.

What is the main difference between CEFZ and RNMN?

CEFZ is categorized as Tactical Allocation, while RNMN is Equity Market Neutral. Their fees differ too: 3.36% for CEFZ and 0.90% for RNMN.