FLDZ vs. CEFZ

Last updated Jun 24, 2026

FLDZ (RiverNorth Patriot ETF) and CEFZ (RiverNorth Active Income ETF) are both exchange-traded funds - FLDZ is a Mid Cap Blend Equities fund actively managed by RiverNorth, while CEFZ is a Tactical Allocation fund actively managed by RiverNorth. Both are actively managed. A 0.57 correlation means they provide meaningful diversification when combined. FLDZ charges 0.77%/yr vs 3.36%/yr for CEFZ.

Performance

FLDZ vs. CEFZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in RiverNorth Patriot ETF (FLDZ) 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, FLDZ achieves a 6.09% return, which is significantly higher than CEFZ's 3.57% return.

FLDZ

• 1D: 0.19%
• 1M: 1.06%
• YTD: 6.09%
• 6M: 4.91%
• 1Y: 8.68%
• 3Y*: 13.59%
• 5Y*: —
• 10Y*: —

CEFZ

• 1D: -0.97%
• 1M: -1.00%
• YTD: 3.57%
• 6M: 3.99%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FLDZ vs. CEFZ - Yearly Performance Comparison

	2026 (YTD)	2025
FLDZ RiverNorth Patriot ETF	6.09%	2.53%
CEFZ RiverNorth Active Income ETF	3.57%	7.41%

Correlation

The correlation between FLDZ and CEFZ is 0.57, 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 4, 2025	0.57

Return for Risk

FLDZ vs. CEFZ — Risk / Return Rank

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

FLDZ

FLDZ Risk / Return Rank: 25
FLDZ Sharpe Ratio Rank: 23
FLDZ Sortino Ratio Rank: 22
FLDZ Omega Ratio Rank: 21
FLDZ Calmar Ratio Rank: 30
FLDZ Martin Ratio Rank: 31

CEFZ

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

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.

FLDZ vs. CEFZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for RiverNorth Patriot ETF (FLDZ) 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.

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.

	FLDZ	CEFZ	Difference
Sharpe ratio: Return per unit of total volatility	0.77	—	—
Sortino ratio: Return per unit of downside risk	1.16	—	—
Omega ratio: Gain probability vs. loss probability	1.14	—	—
Calmar ratio: Return relative to maximum drawdown	1.39	—	—
Martin ratio: Return relative to average drawdown	4.22	—	—

Drawdowns

FLDZ vs. CEFZ - Drawdown Comparison

The maximum FLDZ drawdown since its inception was -19.54%, which is greater than CEFZ's maximum drawdown of -6.66%. Use the drawdown chart below to compare losses from any high point for FLDZ and CEFZ.

Drawdown Indicators

	FLDZ	CEFZ	Difference
Max Drawdown Largest peak-to-trough decline	-19.54%	-6.66%	-12.88%
Max Drawdown (1Y) Largest decline over 1 year	-6.25%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-17.43%	—	—
Current Drawdown Current decline from peak	-0.87%	-2.23%	+1.36%
Average Drawdown Average peak-to-trough decline	-5.92%	-1.21%	-4.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.06%	—	—

Volatility

Volatility by Period

	FLDZ	CEFZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.83%	—	—
Volatility (6M) Calculated over the trailing 6-month period	7.84%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	11.42%	10.46%	+0.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.85%	10.46%	+6.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.85%	10.46%	+6.39%

FLDZ vs. CEFZ - Expense Ratio Comparison

FLDZ has a 0.77% expense ratio, which is lower than CEFZ's 3.36% expense ratio.

Dividends

FLDZ vs. CEFZ - Dividend Comparison

FLDZ's dividend yield for the trailing twelve months is around 1.45%, less than CEFZ's 8.40% yield.

Position	TTM	2025	2024	2023	2022
CEFZ RiverNorth Active Income ETF	8.40%	4.17%	0.00%	0.00%	0.00%
FLDZ RiverNorth Patriot ETF	1.45%	1.54%	1.17%	1.39%	1.52%

Frequently Asked Questions

Can I hold both FLDZ and CEFZ in my portfolio?

FLDZ and CEFZ have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FLDZ or CEFZ?

On fees, FLDZ is cheaper at 0.77% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FLDZ or CEFZ?

FLDZ is cheaper with a 0.77% expense ratio, compared with 3.36% for CEFZ.

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

CEFZ has the higher dividend yield at 8.40%, compared with 1.45% for FLDZ.

What is the main difference between FLDZ and CEFZ?

FLDZ is categorized as Mid Cap Blend Equities, while CEFZ is Tactical Allocation. Their fees differ too: 0.77% for FLDZ and 3.36% for CEFZ.