INKM vs. CEFS

Last updated Jun 3, 2026

INKM (SPDR SSgA Income Allocation ETF) and CEFS (Saba Closed-End Funds ETF) are both exchange-traded funds - INKM is a Global Equities fund actively managed by State Street, while CEFS is a Event Driven fund actively managed by Exchange Traded Concepts. Both are actively managed. Over the past 5 years, INKM returned 4.11%/yr vs 13.98%/yr for CEFS. A 0.52 correlation means they provide meaningful diversification when combined. INKM charges 0.50%/yr vs 1.29%/yr for CEFS.

Performance

INKM vs. CEFS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR SSgA Income Allocation ETF (INKM) 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, INKM achieves a 5.92% return, which is significantly lower than CEFS's 14.33% return.

INKM

• 1D: 0.35%
• 1M: 0.72%
• YTD: 5.92%
• 6M: 6.41%
• 1Y: 13.38%
• 3Y*: 10.14%
• 5Y*: 4.11%
• 10Y*: 5.62%

CEFS

• 1D: 0.29%
• 1M: 5.01%
• YTD: 14.33%
• 6M: 17.93%
• 1Y: 26.67%
• 3Y*: 22.25%
• 5Y*: 13.98%
• 10Y*: —

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

INKM vs. CEFS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
INKM SPDR SSgA Income Allocation ETF	5.92%	11.86%	5.70%	10.26%	-12.58%	8.52%	3.11%	17.12%	-5.32%	5.75%
CEFS Saba Closed-End Funds ETF	14.33%	16.67%	23.48%	20.99%	-7.08%	17.86%	3.40%	28.41%	-9.97%	7.63%

Correlation

The correlation between INKM and CEFS is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (All Time) Calculated using the full available price history since Jun 14, 2017	0.52

The correlation between INKM and CEFS shifts across timeframes, from 0.45 (1 year) to 0.57 (5 years), reflecting how their relationship changes across market environments.

INKM vs. CEFS - Sectors Allocation Comparison

Sectors	INKM	CEFS
Industrials	14.6%	6.7%
Utilities	13.9%	4.2%
Technology	13.2%	12.4%
Energy	11.1%	11.2%
Real Estate	10.9%	1.2%
Consumer Defensive	8.6%	1.8%
Financial Services	8.3%	48.9%
Healthcare	6.8%	4.6%
Communication Services	6.2%	4.1%
Consumer Cyclical	5.1%	3.3%
Basic Materials	1.4%	1.6%

Return for Risk

INKM vs. CEFS — Risk / Return Rank

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

INKM

INKM Risk / Return Rank: 66
INKM Sharpe Ratio Rank: 67
INKM Sortino Ratio Rank: 69
INKM Omega Ratio Rank: 71
INKM Calmar Ratio Rank: 59
INKM Martin Ratio Rank: 63

CEFS

CEFS Risk / Return Rank: 85
CEFS Sharpe Ratio Rank: 82
CEFS Sortino Ratio Rank: 87
CEFS Omega Ratio Rank: 84
CEFS Calmar Ratio Rank: 85
CEFS Martin Ratio Rank: 86

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.

INKM vs. CEFS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR SSgA Income Allocation ETF (INKM) 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.

	INKM	CEFS	Difference
Sharpe ratio Return per unit of total volatility	2.26	2.70	-0.43
Sortino ratio Return per unit of downside risk	3.21	3.94	-0.73
Omega ratio Gain probability vs. loss probability	1.43	1.51	-0.08
Calmar ratio Return relative to maximum drawdown	2.97	4.69	-1.72
Martin ratio Return relative to average drawdown	11.74	18.33	-6.60
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

INKM vs. CEFS - Sharpe Ratio Comparison

The current INKM Sharpe Ratio is 2.26, which is comparable to the CEFS Sharpe Ratio of 2.70. The chart below compares the historical Sharpe Ratios of INKM 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

	INKM	CEFS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.26	2.70	-0.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	1.07	-0.58
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.58	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.80	-0.22

Drawdowns

INKM vs. CEFS - Drawdown Comparison

The maximum INKM drawdown since its inception was -28.58%, smaller than the maximum CEFS drawdown of -38.99%. Use the drawdown chart below to compare losses from any high point for INKM and CEFS.

Drawdown Indicators

	INKM	CEFS	Difference
Max Drawdown Largest peak-to-trough decline	-28.58%	-38.99%	+10.41%
Max Drawdown (1Y) Largest decline over 1 year	-4.55%	-5.67%	+1.12%
Max Drawdown (3Y) Largest decline over 3 years	-9.25%	-13.37%	+4.12%
Max Drawdown (5Y) Largest decline over 5 years	-19.18%	-16.85%	-2.33%
Max Drawdown (10Y) Largest decline over 10 years	-28.58%	—	—
Current Drawdown Current decline from peak	-0.04%	0.00%	-0.04%
Average Drawdown Average peak-to-trough decline	-3.70%	-3.67%	-0.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.15%	1.45%	-0.30%

Volatility

INKM vs. CEFS - Volatility Comparison

The current volatility for SPDR SSgA Income Allocation ETF (INKM) is 1.72%, while Saba Closed-End Funds ETF (CEFS) has a volatility of 3.28%. This indicates that INKM experiences smaller price fluctuations and is considered to be less risky than CEFS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INKM	CEFS	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.72%	3.28%	-1.56%
Volatility (6M) Calculated over the trailing 6-month period	4.61%	8.54%	-3.93%
Volatility (1Y) Calculated over the trailing 1-year period	5.94%	9.93%	-3.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.30%	13.09%	-4.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.78%	15.34%	-5.56%

INKM vs. CEFS - Expense Ratio Comparison

INKM has a 0.50% expense ratio, which is lower than CEFS's 1.29% expense ratio.

Dividends

INKM vs. CEFS - Dividend Comparison

INKM's dividend yield for the trailing twelve months is around 4.85%, less than CEFS's 7.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CEFS Saba Closed-End Funds ETF	7.06%	7.84%	8.79%	9.20%	11.32%	10.73%	8.61%	8.10%	10.43%	5.02%	0.00%	0.00%
INKM SPDR SSgA Income Allocation ETF	4.85%	5.82%	4.83%	4.56%	5.03%	3.74%	3.88%	4.38%	4.08%	3.10%	3.39%	3.45%

Frequently Asked Questions

Can I hold both INKM and CEFS in my portfolio?

INKM and CEFS have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, INKM or CEFS?

CEFS has higher volatility (3.28%) compared to INKM (1.72%). In terms of maximum drawdown, INKM dropped -28.58% vs CEFS's -38.99%.

Which ETF is better, INKM or CEFS?

On 5-year performance, CEFS leads with 13.98% vs 4.11% for INKM. On fees, INKM is cheaper at 0.50% per year. On volatility, INKM has been the lower-risk option at 1.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, INKM or CEFS?

Over the 5-year period, CEFS has performed better with a 13.98% return vs 4.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INKM or CEFS?

INKM is cheaper with a 0.50% expense ratio, compared with 1.29% for CEFS.

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

CEFS has the higher dividend yield at 7.06%, compared with 4.85% for INKM.

What is the main difference between INKM and CEFS?

INKM is categorized as Global Equities, while CEFS is Event Driven. They also come from different issuers: State Street and Exchange Traded Concepts. Their fees differ too: 0.50% for INKM and 1.29% for CEFS.

Which has better risk-adjusted returns?

CEFS currently has the higher Sharpe Ratio (2.70 vs 2.26), 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.