ORO vs. CEFZ

Last updated Jun 4, 2026

ORO (Arrow Valtoro ETF) and CEFZ (RiverNorth Active Income ETF) are both Tactical Allocation funds. Both are actively managed. At a 0.44 correlation, their price movements are largely independent. ORO charges 1.25%/yr vs 3.36%/yr for CEFZ.

Performance

ORO vs. CEFZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Arrow Valtoro ETF (ORO) and RiverNorth Active Income ETF (CEFZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ORO achieves a 7.13% return, which is significantly higher than CEFZ's 5.16% return.

ORO

• 1D: -0.51%
• 1M: -3.85%
• YTD: 7.13%
• 6M: 6.27%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CEFZ

• 1D: -0.73%
• 1M: 0.70%
• YTD: 5.16%
• 6M: 5.91%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ORO vs. CEFZ - Yearly Performance Comparison

	2026 (YTD)	2025
ORO Arrow Valtoro ETF	7.13%	-8.96%
CEFZ RiverNorth Active Income ETF	5.16%	3.10%

Correlation

The correlation between ORO and CEFZ is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 20, 2025	0.44

Return for Risk

ORO vs. CEFZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Arrow Valtoro ETF (ORO) and RiverNorth Active Income ETF (CEFZ). 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

	ORO	CEFZ	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-0.17	1.56	-1.73

Drawdowns

ORO vs. CEFZ - Drawdown Comparison

The maximum ORO drawdown since its inception was -12.46%, which is greater than CEFZ's maximum drawdown of -6.66%. Use the drawdown chart below to compare losses from any high point for ORO and CEFZ.

Drawdown Indicators

	ORO	CEFZ	Difference
Max Drawdown Largest peak-to-trough decline	-12.46%	-6.66%	-5.80%
Current Drawdown Current decline from peak	-6.56%	-0.73%	-5.83%
Average Drawdown Average peak-to-trough decline	-6.54%	-1.20%	-5.34%

Volatility

Volatility by Period

	ORO	CEFZ	Difference
Volatility (1Y) Calculated over the trailing 1-year period	23.68%	10.39%	+13.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.68%	10.39%	+13.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.68%	10.39%	+13.29%

ORO vs. CEFZ - Expense Ratio Comparison

ORO has a 1.25% expense ratio, which is lower than CEFZ's 3.36% expense ratio.

Dividends

ORO vs. CEFZ - Dividend Comparison

ORO has not paid dividends to shareholders, while CEFZ's dividend yield for the trailing twelve months is around 8.27%.

Position	TTM	2025
CEFZ RiverNorth Active Income ETF	8.27%	4.17%
ORO Arrow Valtoro ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both ORO and CEFZ in my portfolio?

ORO and CEFZ have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ORO or CEFZ?

On fees, ORO is cheaper at 1.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ORO or CEFZ?

ORO is cheaper with a 1.25% expense ratio, compared with 3.36% for CEFZ.

Which ETF pays a higher dividend yield, ORO or CEFZ?

CEFZ has the higher dividend yield at 8.27%, compared with 0.00% for ORO.

What is the main difference between ORO and CEFZ?

They also come from different issuers: Arrow Funds and RiverNorth. Their fees differ too: 1.25% for ORO and 3.36% for CEFZ.