INDF vs. CEFS

Last updated Jun 4, 2026

INDF (Nifty India Financials ETF) and CEFS (Saba Closed-End Funds ETF) are both exchange-traded funds - INDF is a Financials Equities fund tracking the Nifty Financial Services 25/50 Index, while CEFS is a Event Driven fund actively managed by Exchange Traded Concepts. INDF is passively managed, while CEFS is actively managed. At a 0.34 correlation, their price movements are largely independent. INDF charges 0.75%/yr vs 1.29%/yr for CEFS.

Performance

INDF vs. CEFS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nifty India Financials ETF (INDF) and Saba Closed-End Funds ETF (CEFS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

INDF

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 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)

INDF vs. CEFS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
INDF Nifty India Financials ETF	0.00%	8.17%	6.32%	19.86%	-5.28%	11.95%	23.97%
CEFS Saba Closed-End Funds ETF	13.75%	16.67%	23.48%	20.99%	-7.08%	17.86%	7.59%

Correlation

The correlation between INDF and CEFS is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.32
Correlation (All Time) Calculated using the full available price history since Oct 22, 2020	0.34

Over the past year, the correlation between INDF and CEFS has dropped to 0.04 - well below their long-term average of 0.34, suggesting their price drivers have been diverging.

INDF vs. CEFS - Sectors Allocation Comparison

Sectors	INDF	CEFS
Financial Services	100.0%	48.9%
Basic Materials	-	1.6%
Communication Services	-	4.1%
Consumer Cyclical	-	3.3%
Consumer Defensive	-	1.8%
Energy	-	11.2%
Healthcare	-	4.6%
Industrials	-	6.7%
Real Estate	-	1.2%
Technology	-	12.4%
Utilities	-	4.2%

Return for Risk

INDF vs. CEFS — Risk / Return Rank

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

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.

INDF vs. CEFS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nifty India Financials ETF (INDF) 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.

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

Sharpe Ratios by Period

	INDF	CEFS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.53	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.06	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.79	—

Drawdowns

Drawdown Indicators

	INDF	CEFS	Difference
Max Drawdown Largest peak-to-trough decline	—	-38.99%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-5.67%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-13.37%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-16.85%	—
Current Drawdown Current decline from peak	—	-0.51%	—
Average Drawdown Average peak-to-trough decline	—	-3.67%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.45%	—

Volatility

Volatility by Period

	INDF	CEFS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.37%	—
Volatility (6M) Calculated over the trailing 6-month period	—	8.56%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	9.95%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	13.08%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	15.33%	—

INDF vs. CEFS - Expense Ratio Comparison

INDF has a 0.75% expense ratio, which is lower than CEFS's 1.29% expense ratio.

Dividends

INDF vs. CEFS - Dividend Comparison

INDF's dividend yield for the trailing twelve months is around 21.29%, more 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%
INDF Nifty India Financials ETF	21.29%	21.29%	6.15%	8.84%	3.12%	1.58%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both INDF and CEFS in my portfolio?

INDF and CEFS have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, INDF or CEFS?

On fees, INDF is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, INDF or CEFS?

INDF is cheaper with a 0.75% expense ratio, compared with 1.29% for CEFS.

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

INDF has the higher dividend yield at 21.29%, compared with 7.10% for CEFS.

What is the main difference between INDF and CEFS?

INDF is categorized as Financials Equities, while CEFS is Event Driven. Their fees differ too: 0.75% for INDF and 1.29% for CEFS.