PEX vs. CEFS
PEX (ProShares Global Listed Private Equity ETF) and CEFS (Saba Closed-End Funds ETF) are both exchange-traded funds - PEX is a Financials Equities fund tracking the LPX Direct Listed Private Equity Index, while CEFS is a Event Driven fund actively managed by Exchange Traded Concepts. PEX is passively managed, while CEFS is actively managed. Over the past 5 years, PEX returned -0.97%/yr vs 14.34%/yr for CEFS. A 0.52 correlation means they provide meaningful diversification when combined. PEX charges 3.13%/yr vs 2.61%/yr for CEFS.
Performance
PEX vs. CEFS - Performance Comparison
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Returns By Period
In the year-to-date period, PEX achieves a -13.10% return, which is significantly lower than CEFS's 15.43% return.
PEX
- 1D
- -1.14%
- 1M
- -1.25%
- YTD
- -13.10%
- 6M
- -12.03%
- 1Y
- -14.11%
- 3Y*
- 3.98%
- 5Y*
- -0.97%
- 10Y*
- 4.70%
CEFS
- 1D
- 0.29%
- 1M
- 4.40%
- YTD
- 15.43%
- 6M
- 17.14%
- 1Y
- 27.83%
- 3Y*
- 22.19%
- 5Y*
- 14.34%
- 10Y*
- —
PEX vs. CEFS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PEX ProShares Global Listed Private Equity ETF | -13.10% | 0.21% | 13.05% | 23.11% | -25.98% | 28.34% | -1.14% | 25.53% | -13.31% | 2.92% |
CEFS Saba Closed-End Funds ETF | 15.43% | 16.67% | 23.48% | 20.99% | -7.08% | 17.86% | 3.40% | 28.41% | -9.97% | 7.92% |
Correlation
The correlation between PEX and CEFS is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.48 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.55 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.58 |
Correlation (All Time) Calculated using the full available price history since Jun 13, 2017 | 0.52 |
The correlation between PEX and CEFS has been stable across timeframes, ranging from 0.48 to 0.58 - a consistent structural relationship.
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Return for Risk
PEX vs. CEFS — Risk / Return Rank
PEX
CEFS
PEX vs. CEFS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Global Listed Private Equity ETF (PEX) 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.
| PEX | CEFS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.59 | ||
| Sortino ratioReturn per unit of downside risk | -5.05 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.51 | -0.65 |
| Calmar ratioReturn relative to maximum drawdown | -0.57 | 4.93 | -5.50 |
| Martin ratioReturn relative to average drawdown | -1.09 | 18.94 | -20.02 |
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Drawdowns
PEX vs. CEFS - Drawdown Comparison
The maximum PEX drawdown since its inception was -49.17%, which is greater than CEFS's maximum drawdown of -38.99%. Use the drawdown chart below to compare losses from any high point for PEX and CEFS.
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Drawdown Indicators
| PEX | CEFS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.17% | -38.99% | -10.18% |
Max Drawdown (1Y)Largest decline over 1 year | -24.72% | -5.67% | -19.05% |
Max Drawdown (3Y)Largest decline over 3 years | -24.72% | -13.37% | -11.35% |
Max Drawdown (5Y)Largest decline over 5 years | -36.58% | -16.85% | -19.73% |
Max Drawdown (10Y)Largest decline over 10 years | -49.17% | — | — |
Current DrawdownCurrent decline from peak | -21.46% | 0.00% | -21.46% |
Average DrawdownAverage peak-to-trough decline | -8.25% | -3.65% | -4.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.99% | 1.47% | +11.52% |
Volatility
PEX vs. CEFS - Volatility Comparison
ProShares Global Listed Private Equity ETF (PEX) has a higher volatility of 5.24% compared to Saba Closed-End Funds ETF (CEFS) at 4.03%. This indicates that PEX'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.
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Volatility by Period
| PEX | CEFS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.24% | 4.03% | +1.21% |
Volatility (6M)Calculated over the trailing 6-month period | 13.46% | 9.00% | +4.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.95% | 10.35% | +5.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.99% | 13.16% | +4.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.44% | 15.34% | +4.10% |
PEX vs. CEFS - Expense Ratio Comparison
PEX has a 3.13% expense ratio, which is higher than CEFS's 2.61% expense ratio.
Dividends
PEX vs. CEFS - Dividend Comparison
PEX's dividend yield for the trailing twelve months is around 12.91%, more than CEFS's 6.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CEFS Saba Closed-End Funds ETF | 6.99% | 7.84% | 8.79% | 9.20% | 11.32% | 10.73% | 8.61% | 8.10% | 10.43% | 5.02% | 0.00% | 0.00% |
PEX ProShares Global Listed Private Equity ETF | 12.91% | 12.80% | 14.11% | 13.02% | 1.77% | 13.64% | 5.52% | 7.94% | 4.72% | 24.26% | 3.24% | 12.50% |
Frequently Asked Questions
PEX and CEFS have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PEX has higher volatility (5.24%) compared to CEFS (4.03%). In terms of maximum drawdown, PEX dropped -49.17% vs CEFS's -38.99%.
On 5-year performance, CEFS leads with 14.34% vs -0.97% for PEX. On fees, CEFS is cheaper at 2.61% per year. On volatility, CEFS has been the lower-risk option at 4.03%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, CEFS has performed better with a 14.34% return vs -0.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CEFS is cheaper with a 2.61% expense ratio, compared with 3.13% for PEX.
PEX has the higher dividend yield at 12.91%, compared with 6.99% for CEFS.
PEX is categorized as Financials Equities, while CEFS is Event Driven. They also come from different issuers: ProShares and Exchange Traded Concepts. Their fees differ too: 3.13% for PEX and 2.61% for CEFS.
CEFS currently has the higher Sharpe Ratio (2.70 vs -0.89), 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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