DALI vs. CEFZ

Last updated Jun 4, 2026

DALI (First Trust Dorsey Wright DALI 1 ETF) and CEFZ (RiverNorth Active Income ETF) are both Tactical Allocation funds. DALI is passively managed, while CEFZ is actively managed. A 0.68 correlation means they provide meaningful diversification when combined. DALI charges 0.90%/yr vs 3.36%/yr for CEFZ.

Performance

DALI vs. CEFZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Dorsey Wright DALI 1 ETF (DALI) and RiverNorth Active Income ETF (CEFZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DALI achieves a 7.72% return, which is significantly higher than CEFZ's 5.16% return.

DALI

• 1D: -0.79%
• 1M: 2.87%
• YTD: 7.72%
• 6M: 8.33%
• 1Y: 21.34%
• 3Y*: 7.87%
• 5Y*: 5.41%
• 10Y*: —

CEFZ

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

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

DALI vs. CEFZ - Yearly Performance Comparison

	2026 (YTD)	2025
DALI First Trust Dorsey Wright DALI 1 ETF	7.72%	6.54%
CEFZ RiverNorth Active Income ETF	5.16%	7.67%

Correlation

The correlation between DALI and CEFZ is 0.68, 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 Aug 5, 2025	0.68

Return for Risk

DALI vs. CEFZ — Risk / Return Rank

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

DALI

DALI Risk / Return Rank: 35
DALI Sharpe Ratio Rank: 34
DALI Sortino Ratio Rank: 33
DALI Omega Ratio Rank: 33
DALI Calmar Ratio Rank: 34
DALI Martin Ratio Rank: 40

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.

DALI vs. CEFZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Dorsey Wright DALI 1 ETF (DALI) and RiverNorth Active Income ETF (CEFZ). 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.

	DALI	CEFZ	Difference
Sharpe ratio: Return per unit of total volatility	1.24	—	—
Sortino ratio: Return per unit of downside risk	1.77	—	—
Omega ratio: Gain probability vs. loss probability	1.23	—	—
Calmar ratio: Return relative to maximum drawdown	1.71	—	—
Martin ratio: Return relative to average drawdown	6.33	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	DALI	CEFZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.24	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	1.56	-1.25

Drawdowns

DALI vs. CEFZ - Drawdown Comparison

The maximum DALI drawdown since its inception was -36.06%, which is greater than CEFZ's maximum drawdown of -6.66%. Use the drawdown chart below to compare losses from any high point for DALI and CEFZ.

Drawdown Indicators

	DALI	CEFZ	Difference
Max Drawdown Largest peak-to-trough decline	-36.06%	-6.66%	-29.40%
Max Drawdown (1Y) Largest decline over 1 year	-12.54%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-23.30%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-26.26%	—	—
Current Drawdown Current decline from peak	-1.40%	-0.73%	-0.67%
Average Drawdown Average peak-to-trough decline	-10.14%	-1.20%	-8.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.38%	—	—

Volatility

Volatility by Period

	DALI	CEFZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.49%	—	—
Volatility (6M) Calculated over the trailing 6-month period	14.37%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	17.31%	10.39%	+6.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.66%	10.39%	+9.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.92%	10.39%	+10.53%

DALI vs. CEFZ - Expense Ratio Comparison

DALI has a 0.90% expense ratio, which is lower than CEFZ's 3.36% expense ratio.

Dividends

DALI vs. CEFZ - Dividend Comparison

DALI's dividend yield for the trailing twelve months is around 0.38%, less than CEFZ's 8.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
CEFZ RiverNorth Active Income ETF	8.27%	4.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DALI First Trust Dorsey Wright DALI 1 ETF	0.38%	0.38%	0.18%	3.42%	0.50%	0.11%	1.25%	0.45%	0.17%

Frequently Asked Questions

Can I hold both DALI and CEFZ in my portfolio?

DALI and CEFZ have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DALI or CEFZ?

On fees, DALI 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, DALI or CEFZ?

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

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

CEFZ has the higher dividend yield at 8.27%, compared with 0.38% for DALI.

What is the main difference between DALI and CEFZ?

They also come from different issuers: First Trust and RiverNorth. Their fees differ too: 0.90% for DALI and 3.36% for CEFZ.