SFTX vs. CEFZ

Last updated Jun 24, 2026

SFTX (Horizon International Managed Risk ETF) and CEFZ (RiverNorth Active Income ETF) are both Tactical Allocation funds. Both are actively managed. A 0.65 correlation means they provide meaningful diversification when combined. SFTX charges 0.82%/yr vs 3.36%/yr for CEFZ.

Performance

SFTX vs. CEFZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon International Managed Risk ETF (SFTX) 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, SFTX achieves a 19.84% return, which is significantly higher than CEFZ's 3.57% return.

SFTX

• 1D: -3.01%
• 1M: 1.22%
• YTD: 19.84%
• 6M: 19.54%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CEFZ

• 1D: -0.97%
• 1M: -1.00%
• YTD: 3.57%
• 6M: 3.99%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SFTX vs. CEFZ - Yearly Performance Comparison

	2026 (YTD)	2025
SFTX Horizon International Managed Risk ETF	19.84%	1.61%
CEFZ RiverNorth Active Income ETF	3.57%	0.90%

Correlation

The correlation between SFTX and CEFZ is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 3, 2025	0.65

Return for Risk

SFTX vs. CEFZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon International Managed Risk ETF (SFTX) 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

SFTX vs. CEFZ - Drawdown Comparison

The maximum SFTX drawdown since its inception was -12.75%, which is greater than CEFZ's maximum drawdown of -6.66%. Use the drawdown chart below to compare losses from any high point for SFTX and CEFZ.

Drawdown Indicators

	SFTX	CEFZ	Difference
Max Drawdown Largest peak-to-trough decline	-12.75%	-6.66%	-6.09%
Current Drawdown Current decline from peak	-3.01%	-2.23%	-0.78%
Average Drawdown Average peak-to-trough decline	-2.68%	-1.21%	-1.47%

Volatility

Volatility by Period

	SFTX	CEFZ	Difference
Volatility (1Y) Calculated over the trailing 1-year period	22.85%	10.46%	+12.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.85%	10.46%	+12.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.85%	10.46%	+12.39%

SFTX vs. CEFZ - Expense Ratio Comparison

SFTX has a 0.82% expense ratio, which is lower than CEFZ's 3.36% expense ratio.

Dividends

SFTX vs. CEFZ - Dividend Comparison

SFTX's dividend yield for the trailing twelve months is around 0.21%, less than CEFZ's 8.40% yield.

Position	TTM	2025
CEFZ RiverNorth Active Income ETF	8.40%	4.17%
SFTX Horizon International Managed Risk ETF	0.21%	0.25%

Frequently Asked Questions

Can I hold both SFTX and CEFZ in my portfolio?

SFTX and CEFZ have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SFTX or CEFZ?

On fees, SFTX is cheaper at 0.82% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SFTX or CEFZ?

SFTX is cheaper with a 0.82% expense ratio, compared with 3.36% for CEFZ.

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

CEFZ has the higher dividend yield at 8.40%, compared with 0.21% for SFTX.

What is the main difference between SFTX and CEFZ?

They also come from different issuers: Horizon and RiverNorth. Their fees differ too: 0.82% for SFTX and 3.36% for CEFZ.