CEFZ vs. WAMA

Last updated Jul 17, 2026

CEFZ (RiverNorth Active Income ETF) and WAMA (WisdomTree U.S. Adaptive Moving Average Fund) are both Tactical Allocation funds. CEFZ is actively managed, while WAMA is passively managed. A 0.74 correlation means they provide meaningful diversification when combined. CEFZ charges 3.36%/yr vs 0.32%/yr for WAMA.

Performance

CEFZ vs. WAMA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in RiverNorth Active Income ETF (CEFZ) and WisdomTree U.S. Adaptive Moving Average Fund (WAMA). 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*: —

WAMA

• 1D: -0.57%
• 1M: 0.39%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CEFZ vs. WAMA - Yearly Performance Comparison

	2026 (YTD)
CEFZ RiverNorth Active Income ETF	6.39%
WAMA WisdomTree U.S. Adaptive Moving Average Fund	7.51%

Correlation

The correlation between CEFZ and WAMA is 0.74, 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 Mar 12, 2026	0.74

Return for Risk

CEFZ vs. WAMA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for RiverNorth Active Income ETF (CEFZ) and WisdomTree U.S. Adaptive Moving Average Fund (WAMA). 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. WAMA - Drawdown Comparison

The maximum CEFZ drawdown since its inception was -6.66%, which is greater than WAMA's maximum drawdown of -5.73%. Use the drawdown chart below to compare losses from any high point for CEFZ and WAMA.

Drawdown Indicators

	CEFZ	WAMA	Difference
Max Drawdown Largest peak-to-trough decline	-6.66%	-5.73%	-0.93%
Current Drawdown Current decline from peak	-0.40%	-0.93%	+0.53%
Average Drawdown Average peak-to-trough decline	-1.19%	-1.41%	+0.22%

Volatility

Volatility by Period

	CEFZ	WAMA	Difference
Volatility (1Y) Calculated over the trailing 1-year period	10.32%	13.56%	-3.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.32%	13.56%	-3.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.32%	13.56%	-3.24%

CEFZ vs. WAMA - Expense Ratio Comparison

CEFZ has a 3.36% expense ratio, which is higher than WAMA's 0.32% expense ratio.

Dividends

CEFZ vs. WAMA - Dividend Comparison

CEFZ's dividend yield for the trailing twelve months is around 9.10%, more than WAMA's 0.42% yield.

Position	TTM	2025
CEFZ RiverNorth Active Income ETF	9.10%	4.17%
WAMA WisdomTree U.S. Adaptive Moving Average Fund	0.42%	0.00%

Frequently Asked Questions

Can I hold both CEFZ and WAMA in my portfolio?

CEFZ and WAMA have a correlation of 0.74, 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 WAMA?

On fees, WAMA is cheaper at 0.32% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CEFZ or WAMA?

WAMA is cheaper with a 0.32% expense ratio, compared with 3.36% for CEFZ.

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

CEFZ has the higher dividend yield at 9.10%, compared with 0.42% for WAMA.

What is the main difference between CEFZ and WAMA?

They also come from different issuers: RiverNorth and WisdomTree. Their fees differ too: 3.36% for CEFZ and 0.32% for WAMA.