CEFZ vs. THRO

Last updated Apr 1, 2026

Compare and contrast key facts about RiverNorth Active Income ETF (CEFZ) and iShares U.S. Thematic Rotation Active ETF (THRO).

CEFZ and THRO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CEFZ is an actively managed fund by RiverNorth. It was launched on Aug 4, 2025. THRO is an actively managed fund by iShares. It was launched on Dec 14, 2021.

Performance

CEFZ vs. THRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in RiverNorth Active Income ETF (CEFZ) and iShares U.S. Thematic Rotation Active ETF (THRO). The values are adjusted to include any dividend payments, if applicable.

CEFZ vs. THRO - Yearly Performance Comparison

	2026 (YTD)	2025
CEFZ RiverNorth Active Income ETF	-1.73%	7.67%
THRO iShares U.S. Thematic Rotation Active ETF	-6.03%	6.94%

Returns By Period

In the year-to-date period, CEFZ achieves a -1.73% return, which is significantly higher than THRO's -6.03% return.

CEFZ

• 1D: 1.92%
• 1M: -3.47%
• YTD: -1.73%
• 6M: 0.69%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

THRO

• 1D: 3.19%
• 1M: -5.19%
• YTD: -6.03%
• 6M: -4.26%
• 1Y: 14.50%
• 3Y*: 17.79%
• 5Y*: —
• 10Y*: —

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

CEFZ vs. THRO - Expense Ratio Comparison

CEFZ has a 3.36% expense ratio, which is higher than THRO's 0.60% expense ratio.

CEFZ

RiverNorth Active Income ETF

THRO

iShares U.S. Thematic Rotation Active ETF

Return for Risk

CEFZ vs. THRO — Risk / Return Rank

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

THRO

THRO Risk / Return Rank: 52
THRO Sharpe Ratio Rank: 46
THRO Sortino Ratio Rank: 49
THRO Omega Ratio Rank: 49
THRO Calmar Ratio Rank: 57
THRO Martin Ratio Rank: 58

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.

CEFZ vs. THRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for RiverNorth Active Income ETF (CEFZ) and iShares U.S. Thematic Rotation Active ETF (THRO). 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.

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

Sharpe Ratios by Period

	CEFZ	THRO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.80	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.87	0.52	+0.35

Correlation

The correlation between CEFZ and THRO is 0.67, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

CEFZ vs. THRO - Dividend Comparison

CEFZ's dividend yield for the trailing twelve months is around 6.96%, more than THRO's 0.19% yield.

	TTM	2025	2024	2023	2022
CEFZ RiverNorth Active Income ETF	6.96%	4.17%	0.00%	0.00%	0.00%
THRO iShares U.S. Thematic Rotation Active ETF	0.19%	0.15%	0.73%	0.55%	0.90%

Drawdowns

CEFZ vs. THRO - Drawdown Comparison

The maximum CEFZ drawdown since its inception was -6.66%, smaller than the maximum THRO drawdown of -26.54%. Use the drawdown chart below to compare losses from any high point for CEFZ and THRO.

Drawdown Indicators

	CEFZ	THRO	Difference
Max Drawdown Largest peak-to-trough decline	-6.66%	-26.54%	+19.88%
Max Drawdown (1Y) Largest decline over 1 year	—	-10.97%	—
Current Drawdown Current decline from peak	-4.87%	-8.03%	+3.16%
Average Drawdown Average peak-to-trough decline	-1.23%	-6.92%	+5.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.74%	—

Volatility

Volatility by Period

	CEFZ	THRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.66%	—
Volatility (6M) Calculated over the trailing 6-month period	—	10.33%	—
Volatility (1Y) Calculated over the trailing 1-year period	10.43%	18.25%	-7.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.43%	18.89%	-8.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.43%	18.89%	-8.46%