MIGO vs. CEFS

Last updated Jun 4, 2026

MIGO (MIG Core ETF) and CEFS (Saba Closed-End Funds ETF) are both exchange-traded funds - MIGO is a Large Cap Blend Equities fund actively managed by Exchange Traded Concepts, while CEFS is a Event Driven fund actively managed by Exchange Traded Concepts. Both are actively managed. A 0.76 correlation means they provide meaningful diversification when combined. MIGO charges 0.45%/yr vs 1.29%/yr for CEFS.

Performance

MIGO vs. CEFS - Performance Comparison

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

Returns By Period

MIGO

• 1D: -0.60%
• 1M: 11.47%
• 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)

MIGO vs. CEFS - Yearly Performance Comparison

	2026 (YTD)
MIGO MIG Core ETF	22.08%
CEFS Saba Closed-End Funds ETF	11.71%

Correlation

The correlation between MIGO and CEFS is 0.76, 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 Feb 24, 2026	0.76

Return for Risk

MIGO 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.

MIGO vs. CEFS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MIG Core ETF (MIGO) 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

	MIGO	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	4.48	0.79	+3.69

Drawdowns

MIGO vs. CEFS - Drawdown Comparison

The maximum MIGO drawdown since its inception was -13.39%, smaller than the maximum CEFS drawdown of -38.99%. Use the drawdown chart below to compare losses from any high point for MIGO and CEFS.

Drawdown Indicators

	MIGO	CEFS	Difference
Max Drawdown Largest peak-to-trough decline	-13.39%	-38.99%	+25.60%
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	-0.60%	-0.51%	-0.09%
Average Drawdown Average peak-to-trough decline	-2.81%	-3.67%	+0.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.45%	—

Volatility

Volatility by Period

	MIGO	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	23.64%	9.95%	+13.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.64%	13.08%	+10.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.64%	15.33%	+8.31%

MIGO vs. CEFS - Expense Ratio Comparison

MIGO has a 0.45% expense ratio, which is lower than CEFS's 1.29% expense ratio.

Dividends

MIGO vs. CEFS - Dividend Comparison

MIGO has not paid dividends to shareholders, while CEFS's dividend yield for the trailing twelve months is around 7.10%.

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%
MIGO MIG Core ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MIGO and CEFS in my portfolio?

MIGO and CEFS have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MIGO or CEFS?

On fees, MIGO is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MIGO or CEFS?

MIGO is cheaper with a 0.45% expense ratio, compared with 1.29% for CEFS.

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

CEFS has the higher dividend yield at 7.10%, compared with 0.00% for MIGO.

What is the main difference between MIGO and CEFS?

MIGO is categorized as Large Cap Blend Equities, while CEFS is Event Driven. Their fees differ too: 0.45% for MIGO and 1.29% for CEFS.