CEFZ vs. USFR

Last updated Jun 4, 2026

CEFZ (RiverNorth Active Income ETF) and USFR (WisdomTree Floating Rate Treasury Fund) are both exchange-traded funds - CEFZ is a Tactical Allocation fund actively managed by RiverNorth, while USFR is a Government Bonds fund tracking the Bloomberg U.S. Treasury Floating Rate Bond Index. CEFZ is actively managed, while USFR is passively managed. At a correlation of -0.21, they often move in opposite directions. CEFZ charges 3.36%/yr vs 0.15%/yr for USFR.

Performance

CEFZ vs. USFR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in RiverNorth Active Income ETF (CEFZ) and WisdomTree Floating Rate Treasury Fund (USFR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CEFZ achieves a 5.16% return, which is significantly higher than USFR's 1.60% return.

CEFZ

• 1D: -0.73%
• 1M: 0.70%
• YTD: 5.16%
• 6M: 5.91%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

USFR

• 1D: 0.02%
• 1M: 0.29%
• YTD: 1.60%
• 6M: 1.98%
• 1Y: 4.03%
• 3Y*: 4.76%
• 5Y*: 3.66%
• 10Y*: 2.47%

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

CEFZ vs. USFR - Yearly Performance Comparison

	2026 (YTD)	2025
CEFZ RiverNorth Active Income ETF	5.16%	7.67%
USFR WisdomTree Floating Rate Treasury Fund	1.60%	1.64%

Correlation

The correlation between CEFZ and USFR is -0.21, 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 Aug 5, 2025	-0.21

Return for Risk

CEFZ vs. USFR — Risk / Return Rank

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

USFR

USFR Risk / Return Rank: 100
USFR Sharpe Ratio Rank: 100
USFR Sortino Ratio Rank: 100
USFR Omega Ratio Rank: 100
USFR Calmar Ratio Rank: 100
USFR Martin Ratio Rank: 100

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. USFR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for RiverNorth Active Income ETF (CEFZ) and WisdomTree Floating Rate Treasury Fund (USFR). 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	USFR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	15.11	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	9.26	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	3.07	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.56	1.60	-0.04

Drawdowns

CEFZ vs. USFR - Drawdown Comparison

The maximum CEFZ drawdown since its inception was -6.66%, which is greater than USFR's maximum drawdown of -1.36%. Use the drawdown chart below to compare losses from any high point for CEFZ and USFR.

Drawdown Indicators

	CEFZ	USFR	Difference
Max Drawdown Largest peak-to-trough decline	-6.66%	-1.36%	-5.30%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.02%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-0.06%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-0.18%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-0.80%	—
Current Drawdown Current decline from peak	-0.73%	0.00%	-0.73%
Average Drawdown Average peak-to-trough decline	-1.20%	-0.16%	-1.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.01%	—

Volatility

Volatility by Period

	CEFZ	USFR	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.06%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.18%	—
Volatility (1Y) Calculated over the trailing 1-year period	10.39%	0.27%	+10.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.39%	0.40%	+9.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.39%	0.81%	+9.58%

CEFZ vs. USFR - Expense Ratio Comparison

CEFZ has a 3.36% expense ratio, which is higher than USFR's 0.15% expense ratio.

Dividends

CEFZ vs. USFR - Dividend Comparison

CEFZ's dividend yield for the trailing twelve months is around 8.27%, more than USFR's 3.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CEFZ RiverNorth Active Income ETF	8.27%	4.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
USFR WisdomTree Floating Rate Treasury Fund	3.91%	4.15%	5.17%	5.12%	1.78%	0.01%	0.40%	2.08%	1.67%	1.03%	0.29%

Frequently Asked Questions

Can I hold both CEFZ and USFR in my portfolio?

CEFZ and USFR have a correlation of -0.21, 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 USFR?

On fees, USFR is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CEFZ or USFR?

USFR is cheaper with a 0.15% expense ratio, compared with 3.36% for CEFZ.

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

CEFZ has the higher dividend yield at 8.27%, compared with 3.91% for USFR.

What is the main difference between CEFZ and USFR?

CEFZ is categorized as Tactical Allocation, while USFR is Government Bonds. They also come from different issuers: RiverNorth and WisdomTree. Their fees differ too: 3.36% for CEFZ and 0.15% for USFR.