RNMN vs. CEFZ

Last updated Jul 10, 2026

RNMN (RiverNorth Market Neutral ETF) and CEFZ (RiverNorth Active Income ETF) are both exchange-traded funds - RNMN is a Equity Market Neutral fund actively managed by RiverNorth, while CEFZ is a Tactical Allocation fund actively managed by RiverNorth. Both are actively managed. RNMN charges 0.90%/yr vs 3.36%/yr for CEFZ.

Performance

RNMN vs. CEFZ - Performance Comparison

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

Returns By Period

RNMN

• 1D: 0.00%
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CEFZ

• 1D: 0.68%
• 1M: 1.58%
• 6M: 4.19%
• YTD: 5.21%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

RNMN vs. CEFZ - Yearly Performance Comparison

	2026 (YTD)
RNMN RiverNorth Market Neutral ETF	0.00%
CEFZ RiverNorth Active Income ETF	0.68%

Return for Risk

RNMN vs. CEFZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for RiverNorth Market Neutral ETF (RNMN) 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.

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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Drawdowns

RNMN vs. CEFZ - Drawdown Comparison

The maximum RNMN drawdown since its inception was 0.00%, smaller than the maximum CEFZ drawdown of -6.66%. Use the drawdown chart below to compare losses from any high point for RNMN and CEFZ.

Drawdown Indicators

	RNMN	CEFZ	Difference
Max Drawdown Largest peak-to-trough decline	0.00%	-6.66%	+6.66%
Current Drawdown Current decline from peak	0.00%	-1.15%	+1.15%
Average Drawdown Average peak-to-trough decline	0.00%	-1.20%	+1.20%

Volatility

Volatility by Period

	RNMN	CEFZ	Difference
Volatility (1Y) Calculated over the trailing 1-year period	—	10.41%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	10.41%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	10.41%	—

RNMN vs. CEFZ - Expense Ratio Comparison

RNMN has a 0.90% expense ratio, which is lower than CEFZ's 3.36% expense ratio.

Dividends

RNMN vs. CEFZ - Dividend Comparison

RNMN has not paid dividends to shareholders, while CEFZ's dividend yield for the trailing twelve months is around 9.16%.

Position	TTM	2025
CEFZ RiverNorth Active Income ETF	9.16%	4.17%
RNMN RiverNorth Market Neutral ETF	0.00%	0.00%

Frequently Asked Questions

Which ETF is better, RNMN or CEFZ?

On fees, RNMN is cheaper at 0.90% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, RNMN or CEFZ?

RNMN is cheaper with a 0.90% expense ratio, compared with 3.36% for CEFZ.

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

CEFZ has the higher dividend yield at 9.16%, compared with 0.00% for RNMN.

What is the main difference between RNMN and CEFZ?

RNMN is categorized as Equity Market Neutral, while CEFZ is Tactical Allocation. Their fees differ too: 0.90% for RNMN and 3.36% for CEFZ.