ESBG vs. CEFZ

Last updated Jun 5, 2026

ESBG (First Trust Enhanced Stocks, Bonds & Gold ETF) and CEFZ (RiverNorth Active Income ETF) are both Tactical Allocation funds. Both are actively managed. A 0.51 correlation means they provide meaningful diversification when combined. ESBG charges 0.95%/yr vs 3.36%/yr for CEFZ.

Performance

ESBG vs. CEFZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Enhanced Stocks, Bonds & Gold ETF (ESBG) 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, ESBG achieves a 5.96% return, which is significantly higher than CEFZ's 5.49% return.

ESBG

• 1D: 0.79%
• 1M: 1.11%
• YTD: 5.96%
• 6M: 7.17%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CEFZ

• 1D: 0.31%
• 1M: 0.83%
• YTD: 5.49%
• 6M: 5.59%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ESBG vs. CEFZ - Yearly Performance Comparison

	2026 (YTD)	2025
ESBG First Trust Enhanced Stocks, Bonds & Gold ETF	5.96%	5.72%
CEFZ RiverNorth Active Income ETF	5.49%	2.68%

Correlation

The correlation between ESBG and CEFZ is 0.51, 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 Nov 20, 2025	0.51

Return for Risk

ESBG vs. CEFZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Enhanced Stocks, Bonds & Gold ETF (ESBG) 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.

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

Sharpe Ratios by Period

	ESBG	CEFZ	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	0.95	1.60	-0.65

Drawdowns

ESBG vs. CEFZ - Drawdown Comparison

The maximum ESBG drawdown since its inception was -18.84%, which is greater than CEFZ's maximum drawdown of -6.66%. Use the drawdown chart below to compare losses from any high point for ESBG and CEFZ.

Drawdown Indicators

	ESBG	CEFZ	Difference
Max Drawdown Largest peak-to-trough decline	-18.84%	-6.66%	-12.18%
Current Drawdown Current decline from peak	-10.14%	-0.43%	-9.71%
Average Drawdown Average peak-to-trough decline	-6.27%	-1.19%	-5.08%

Volatility

Volatility by Period

	ESBG	CEFZ	Difference
Volatility (1Y) Calculated over the trailing 1-year period	25.19%	10.37%	+14.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.19%	10.37%	+14.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.19%	10.37%	+14.82%

ESBG vs. CEFZ - Expense Ratio Comparison

ESBG has a 0.95% expense ratio, which is lower than CEFZ's 3.36% expense ratio.

Dividends

ESBG vs. CEFZ - Dividend Comparison

ESBG's dividend yield for the trailing twelve months is around 0.57%, less than CEFZ's 8.25% yield.

Position	TTM	2025
CEFZ RiverNorth Active Income ETF	8.25%	4.17%
ESBG First Trust Enhanced Stocks, Bonds & Gold ETF	0.57%	0.24%

Frequently Asked Questions

Can I hold both ESBG and CEFZ in my portfolio?

ESBG and CEFZ have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ESBG or CEFZ?

On fees, ESBG is cheaper at 0.95% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ESBG or CEFZ?

ESBG is cheaper with a 0.95% expense ratio, compared with 3.36% for CEFZ.

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

CEFZ has the higher dividend yield at 8.25%, compared with 0.57% for ESBG.

What is the main difference between ESBG and CEFZ?

They also come from different issuers: First Trust and RiverNorth. Their fees differ too: 0.95% for ESBG and 3.36% for CEFZ.