EAOA vs. CEFS

Last updated Jun 4, 2026

EAOA (iShares ESG Aware Aggressive Allocation ETF) and CEFS (Saba Closed-End Funds ETF) are both exchange-traded funds - EAOA is a Diversified Portfolio fund tracking the BlackRock ESG Aware Aggressive Allocation Index, while CEFS is a Event Driven fund actively managed by Exchange Traded Concepts. EAOA is passively managed, while CEFS is actively managed. Over the past 5 years, EAOA returned 8.52%/yr vs 13.85%/yr for CEFS. A 0.61 correlation means they provide meaningful diversification when combined. EAOA charges 0.18%/yr vs 1.29%/yr for CEFS.

Performance

EAOA vs. CEFS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares ESG Aware Aggressive Allocation ETF (EAOA) and Saba Closed-End Funds ETF (CEFS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EAOA achieves a 9.93% return, which is significantly lower than CEFS's 13.75% return.

EAOA

• 1D: -0.71%
• 1M: 4.36%
• YTD: 9.93%
• 6M: 10.44%
• 1Y: 24.37%
• 3Y*: 17.20%
• 5Y*: 8.52%
• 10Y*: —

CEFS

• 1D: -0.51%
• 1M: 4.35%
• YTD: 13.75%
• 6M: 15.64%
• 1Y: 25.00%
• 3Y*: 22.04%
• 5Y*: 13.85%
• 10Y*: —

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

EAOA vs. CEFS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
EAOA iShares ESG Aware Aggressive Allocation ETF	9.93%	18.41%	13.79%	18.27%	-17.76%	14.52%	19.79%
CEFS Saba Closed-End Funds ETF	13.75%	16.67%	23.48%	20.99%	-7.08%	17.86%	15.06%

Correlation

The correlation between EAOA and CEFS is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.66
Correlation (All Time) Calculated using the full available price history since Jun 19, 2020	0.61

The correlation between EAOA and CEFS has been stable across timeframes, ranging from 0.60 to 0.66 - a consistent structural relationship.

EAOA vs. CEFS - Sectors Allocation Comparison

Sectors	EAOA	CEFS
Technology	28.9%	12.4%
Financial Services	13.5%	48.9%
Industrials	9.0%	6.7%
Consumer Cyclical	7.7%	3.3%
Communication Services	7.3%	4.1%
Healthcare	6.8%	4.6%
Consumer Defensive	3.7%	1.8%
Energy	3.0%	11.2%
Basic Materials	2.4%	1.6%
Utilities	2.3%	4.2%
Real Estate	1.6%	1.2%

Return for Risk

EAOA vs. CEFS — Risk / Return Rank

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

EAOA

EAOA Risk / Return Rank: 68
EAOA Sharpe Ratio Rank: 69
EAOA Sortino Ratio Rank: 70
EAOA Omega Ratio Rank: 68
EAOA Calmar Ratio Rank: 60
EAOA Martin Ratio Rank: 71

CEFS

CEFS Risk / Return Rank: 80
CEFS Sharpe Ratio Rank: 76
CEFS Sortino Ratio Rank: 81
CEFS Omega Ratio Rank: 78
CEFS Calmar Ratio Rank: 82
CEFS Martin Ratio Rank: 83

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.

EAOA vs. CEFS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares ESG Aware Aggressive Allocation ETF (EAOA) and Saba Closed-End Funds ETF (CEFS). 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.

	EAOA	CEFS	Difference
Sharpe ratio: Return per unit of total volatility	2.28	2.53	-0.25
Sortino ratio: Return per unit of downside risk	3.21	3.71	-0.50
Omega ratio: Gain probability vs. loss probability	1.41	1.48	-0.06
Calmar ratio: Return relative to maximum drawdown	3.00	4.43	-1.43
Martin ratio: Return relative to average drawdown	13.30	17.26	-3.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EAOA vs. CEFS - Sharpe Ratio Comparison

The current EAOA Sharpe Ratio is 2.28, which is comparable to the CEFS Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of EAOA and CEFS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EAOA	CEFS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.28	2.53	-0.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.65	1.06	-0.42
Sharpe Ratio (All Time) Calculated using the full available price history	0.93	0.79	+0.13

Drawdowns

EAOA vs. CEFS - Drawdown Comparison

The maximum EAOA drawdown since its inception was -25.06%, smaller than the maximum CEFS drawdown of -38.99%. Use the drawdown chart below to compare losses from any high point for EAOA and CEFS.

Drawdown Indicators

	EAOA	CEFS	Difference
Max Drawdown Largest peak-to-trough decline	-25.06%	-38.99%	+13.93%
Max Drawdown (1Y) Largest decline over 1 year	-8.17%	-5.67%	-2.50%
Max Drawdown (3Y) Largest decline over 3 years	-13.84%	-13.37%	-0.47%
Max Drawdown (5Y) Largest decline over 5 years	-25.06%	-16.85%	-8.21%
Current Drawdown Current decline from peak	-0.71%	-0.51%	-0.20%
Average Drawdown Average peak-to-trough decline	-5.31%	-3.67%	-1.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.84%	1.45%	+0.39%

Volatility

EAOA vs. CEFS - Volatility Comparison

iShares ESG Aware Aggressive Allocation ETF (EAOA) and Saba Closed-End Funds ETF (CEFS) have volatilities of 3.39% and 3.37%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EAOA	CEFS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.39%	3.37%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	8.64%	8.56%	+0.08%
Volatility (1Y) Calculated over the trailing 1-year period	10.75%	9.95%	+0.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.25%	13.08%	+0.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.14%	15.33%	-2.19%

EAOA vs. CEFS - Expense Ratio Comparison

EAOA has a 0.18% expense ratio, which is lower than CEFS's 1.29% expense ratio.

Dividends

EAOA vs. CEFS - Dividend Comparison

EAOA's dividend yield for the trailing twelve months is around 1.95%, less than CEFS's 7.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CEFS Saba Closed-End Funds ETF	7.10%	7.84%	8.79%	9.20%	11.32%	10.73%	8.61%	8.10%	10.43%	5.02%
EAOA iShares ESG Aware Aggressive Allocation ETF	1.95%	2.10%	2.09%	2.21%	1.93%	1.48%	1.12%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EAOA and CEFS in my portfolio?

EAOA and CEFS have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EAOA or CEFS?

EAOA has higher volatility (3.39%) compared to CEFS (3.37%). In terms of maximum drawdown, EAOA dropped -25.06% vs CEFS's -38.99%.

Which ETF is better, EAOA or CEFS?

On 5-year performance, CEFS leads with 13.85% vs 8.52% for EAOA. On fees, EAOA is cheaper at 0.18% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EAOA or CEFS?

Over the 5-year period, CEFS has performed better with a 13.85% return vs 8.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EAOA or CEFS?

EAOA is cheaper with a 0.18% expense ratio, compared with 1.29% for CEFS.

Which ETF pays a higher dividend yield, EAOA or CEFS?

CEFS has the higher dividend yield at 7.10%, compared with 1.95% for EAOA.

What is the main difference between EAOA and CEFS?

EAOA is categorized as Diversified Portfolio, while CEFS is Event Driven. They also come from different issuers: iShares and Exchange Traded Concepts. Their fees differ too: 0.18% for EAOA and 1.29% for CEFS.

Which has better risk-adjusted returns?

CEFS currently has the higher Sharpe Ratio (2.53 vs 2.28), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.