NETL vs. CEFS

Last updated Jun 25, 2026

NETL (NETLease Corporate Real Estate ETF) and CEFS (Saba Closed-End Funds ETF) are both exchange-traded funds - NETL is a REIT fund tracking the Fundamental Income Net Lease Real Estate Index, while CEFS is a Event Driven fund actively managed by Exchange Traded Concepts. NETL is passively managed, while CEFS is actively managed. Over the past 5 years, NETL returned 2.20%/yr vs 13.93%/yr for CEFS. At a 0.37 correlation, their price movements are largely independent. NETL charges 0.60%/yr vs 2.61%/yr for CEFS.

Performance

NETL vs. CEFS - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with NETL having a 14.61% return and CEFS slightly lower at 14.00%.

NETL

• 1D: 0.72%
• 1M: 0.70%
• YTD: 14.61%
• 6M: 14.73%
• 1Y: 12.86%
• 3Y*: 9.82%
• 5Y*: 2.20%
• 10Y*: —

CEFS

• 1D: -1.01%
• 1M: 3.11%
• YTD: 14.00%
• 6M: 15.01%
• 1Y: 24.87%
• 3Y*: 21.68%
• 5Y*: 13.93%
• 10Y*: —

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

NETL vs. CEFS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
NETL NETLease Corporate Real Estate ETF	14.61%	6.05%	-1.08%	2.69%	-16.16%	27.36%	-0.73%	12.04%
CEFS Saba Closed-End Funds ETF	14.00%	16.67%	23.48%	20.99%	-7.08%	17.86%	3.40%	10.41%

Correlation

The correlation between NETL and CEFS is 0.07, 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	0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.38
Correlation (All Time) Calculated using the full available price history since Mar 22, 2019	0.37

Over the past year, the correlation between NETL and CEFS has dropped to 0.07 - well below their long-term average of 0.37, suggesting their price drivers have been diverging.

Return for Risk

NETL vs. CEFS — Risk / Return Rank

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

NETL

NETL Risk / Return Rank: 29
NETL Sharpe Ratio Rank: 28
NETL Sortino Ratio Rank: 26
NETL Omega Ratio Rank: 25
NETL Calmar Ratio Rank: 31
NETL Martin Ratio Rank: 33

CEFS

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

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.

NETL vs. CEFS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NETLease Corporate Real Estate ETF (NETL) 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.

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.

	NETL	CEFS	Difference
Sharpe ratio: Return per unit of total volatility	0.92	2.41	-1.49
Sortino ratio: Return per unit of downside risk	1.33	3.47	-2.14
Omega ratio: Gain probability vs. loss probability	1.16	1.45	-0.29
Calmar ratio: Return relative to maximum drawdown	1.41	4.41	-3.00
Martin ratio: Return relative to average drawdown	4.43	16.90	-12.47

NETL vs. CEFS - Sharpe Ratio Comparison

The current NETL Sharpe Ratio is 0.92, which is lower than the CEFS Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of NETL 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.

Drawdowns

NETL vs. CEFS - Drawdown Comparison

The maximum NETL drawdown since its inception was -51.48%, which is greater than CEFS's maximum drawdown of -38.99%. Use the drawdown chart below to compare losses from any high point for NETL and CEFS.

Drawdown Indicators

	NETL	CEFS	Difference
Max Drawdown Largest peak-to-trough decline	-51.48%	-38.99%	-12.49%
Max Drawdown (1Y) Largest decline over 1 year	-9.16%	-5.67%	-3.49%
Max Drawdown (3Y) Largest decline over 3 years	-19.30%	-13.37%	-5.93%
Max Drawdown (5Y) Largest decline over 5 years	-30.74%	-16.85%	-13.89%
Current Drawdown Current decline from peak	-1.23%	-1.24%	+0.01%
Average Drawdown Average peak-to-trough decline	-11.57%	-3.65%	-7.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.92%	1.48%	+1.44%

Volatility

NETL vs. CEFS - Volatility Comparison

NETLease Corporate Real Estate ETF (NETL) has a higher volatility of 5.28% compared to Saba Closed-End Funds ETF (CEFS) at 4.16%. This indicates that NETL's price experiences larger fluctuations and is considered to be riskier than CEFS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NETL	CEFS	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.28%	4.16%	+1.12%
Volatility (6M) Calculated over the trailing 6-month period	10.36%	8.97%	+1.39%
Volatility (1Y) Calculated over the trailing 1-year period	14.04%	10.37%	+3.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.00%	13.17%	+4.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.87%	15.33%	+10.54%

NETL vs. CEFS - Expense Ratio Comparison

NETL has a 0.60% expense ratio, which is lower than CEFS's 2.61% expense ratio.

Dividends

NETL vs. CEFS - Dividend Comparison

NETL's dividend yield for the trailing twelve months is around 4.65%, less than CEFS's 7.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CEFS Saba Closed-End Funds ETF	7.08%	7.84%	8.79%	9.20%	11.32%	10.73%	8.61%	8.10%	10.43%	5.02%
NETL NETLease Corporate Real Estate ETF	4.65%	5.12%	5.08%	4.57%	4.47%	4.03%	3.98%	2.52%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NETL and CEFS in my portfolio?

NETL and CEFS have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NETL or CEFS?

NETL has higher volatility (5.28%) compared to CEFS (4.16%). In terms of maximum drawdown, NETL dropped -51.48% vs CEFS's -38.99%.

Which ETF is better, NETL or CEFS?

On 5-year performance, CEFS leads with 13.93% vs 2.20% for NETL. On fees, NETL is cheaper at 0.60% per year. On volatility, CEFS has been the lower-risk option at 4.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NETL or CEFS?

Over the 5-year period, CEFS has performed better with a 13.93% return vs 2.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NETL or CEFS?

NETL is cheaper with a 0.60% expense ratio, compared with 2.61% for CEFS.

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

CEFS has the higher dividend yield at 7.08%, compared with 4.65% for NETL.

What is the main difference between NETL and CEFS?

NETL is categorized as REIT, while CEFS is Event Driven. Their fees differ too: 0.60% for NETL and 2.61% for CEFS.

Which has better risk-adjusted returns?

CEFS currently has the higher Sharpe Ratio (2.41 vs 0.92), 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.