MVRL vs. CEFD
MVRL (ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN) and CEFD (ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN) are both exchange-traded funds - MVRL is a REIT fund tracking the MVIS US Mortgage REITs Index (150%), while CEFD is a fund fund tracking the S-Network Composite Closed-End Fund Index (150%). Both are passively managed. Over the past 5 years, MVRL returned -8.72%/yr vs 3.13%/yr for CEFD. A 0.63 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
MVRL vs. CEFD - Performance Comparison
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Returns By Period
In the year-to-date period, MVRL achieves a -5.20% return, which is significantly lower than CEFD's 6.26% return.
MVRL
- 1D
- -2.09%
- 1M
- -7.86%
- YTD
- -5.20%
- 6M
- -5.45%
- 1Y
- 11.96%
- 3Y*
- 7.15%
- 5Y*
- -8.72%
- 10Y*
- —
CEFD
- 1D
- -0.98%
- 1M
- 2.61%
- YTD
- 6.26%
- 6M
- 6.56%
- 1Y
- 18.31%
- 3Y*
- 15.60%
- 5Y*
- 3.13%
- 10Y*
- —
MVRL vs. CEFD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
MVRL ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN | -5.20% | 14.96% | -3.45% | 12.30% | -42.41% | 21.71% | 57.90% |
CEFD ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN | 6.26% | 14.15% | 20.06% | 8.36% | -28.93% | 22.09% | 21.81% |
Correlation
The correlation between MVRL and CEFD is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.56 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2020 | 0.63 |
Over the past year, the correlation between MVRL and CEFD has dropped to 0.41 - well below their long-term average of 0.63, suggesting their price drivers have been diverging.
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Return for Risk
MVRL vs. CEFD — Risk / Return Rank
MVRL
CEFD
MVRL vs. CEFD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN (MVRL) and ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN (CEFD). 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.
| MVRL | CEFD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.99 | ||
| Sortino ratioReturn per unit of downside risk | -1.25 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.29 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 0.57 | 1.47 | -0.90 |
| Martin ratioReturn relative to average drawdown | 1.60 | 6.84 | -5.25 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MVRL | CEFD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.44 | 1.43 | -0.99 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.24 | 0.18 | -0.42 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.12 | 0.52 | -0.39 |
Drawdowns
MVRL vs. CEFD - Drawdown Comparison
The maximum MVRL drawdown since its inception was -60.25%, which is greater than CEFD's maximum drawdown of -36.95%. Use the drawdown chart below to compare losses from any high point for MVRL and CEFD.
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Drawdown Indicators
| MVRL | CEFD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.25% | -36.95% | -23.30% |
Max Drawdown (1Y)Largest decline over 1 year | -20.93% | -12.51% | -8.42% |
Max Drawdown (3Y)Largest decline over 3 years | -32.20% | -21.76% | -10.44% |
Max Drawdown (5Y)Largest decline over 5 years | -60.25% | -36.95% | -23.30% |
Current DrawdownCurrent decline from peak | -39.93% | -1.14% | -38.79% |
Average DrawdownAverage peak-to-trough decline | -31.81% | -11.72% | -20.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.51% | 2.68% | +4.83% |
Volatility
MVRL vs. CEFD - Volatility Comparison
ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN (MVRL) has a higher volatility of 5.87% compared to ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN (CEFD) at 4.05%. This indicates that MVRL's price experiences larger fluctuations and is considered to be riskier than CEFD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MVRL | CEFD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.87% | 4.05% | +1.82% |
Volatility (6M)Calculated over the trailing 6-month period | 20.18% | 11.27% | +8.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.30% | 12.86% | +14.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.55% | 17.93% | +18.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.63% | 17.31% | +20.32% |
MVRL vs. CEFD - Expense Ratio Comparison
Both MVRL and CEFD have an expense ratio of 0.95%.
Dividends
MVRL vs. CEFD - Dividend Comparison
MVRL's dividend yield for the trailing twelve months is around 21.21%, more than CEFD's 14.58% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
CEFD ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN | 14.58% | 14.88% | 13.90% | 14.76% | 16.56% | 10.31% | 5.37% |
MVRL ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN | 21.21% | 19.15% | 19.27% | 18.69% | 25.21% | 12.33% | 5.63% |
Frequently Asked Questions
MVRL and CEFD have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MVRL has higher volatility (5.87%) compared to CEFD (4.05%). In terms of maximum drawdown, MVRL dropped -60.25% vs CEFD's -36.95%.
On 5-year performance, CEFD leads with 3.13% vs -8.72% for MVRL. Both ETFs have the same 0.95% expense ratio. On volatility, CEFD has been the lower-risk option at 4.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, CEFD has performed better with a 3.13% return vs -8.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MVRL and CEFD have the same expense ratio: 0.95% per year.
MVRL has the higher dividend yield at 21.21%, compared with 14.58% for CEFD.
MVRL tracks MVIS US Mortgage REITs Index (150%), while CEFD tracks S-Network Composite Closed-End Fund Index (150%).
CEFD currently has the higher Sharpe Ratio (1.43 vs 0.44), 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.
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