SPE vs. CEFS
SPE (Special Opportunities Fund Inc.) and CEFS (Saba Closed-End Funds ETF) are both funds - SPE is a Multistrategy fund managed by Bulldog Investors, while CEFS is a Event Driven fund actively managed by Exchange Traded Concepts. Over the past 5 years, SPE returned 9.04%/yr vs 14.34%/yr for CEFS. At a 0.48 correlation, their price movements are largely independent. SPE charges 1.11%/yr vs 2.61%/yr for CEFS.
Performance
SPE vs. CEFS - Performance Comparison
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Returns By Period
In the year-to-date period, SPE achieves a -2.79% return, which is significantly lower than CEFS's 15.43% return.
SPE
- 1D
- -2.05%
- 1M
- -2.09%
- YTD
- -2.79%
- 6M
- -2.84%
- 1Y
- 4.24%
- 3Y*
- 18.96%
- 5Y*
- 9.04%
- 10Y*
- 11.61%
CEFS
- 1D
- 0.29%
- 1M
- 4.40%
- YTD
- 15.43%
- 6M
- 17.14%
- 1Y
- 27.83%
- 3Y*
- 22.19%
- 5Y*
- 14.34%
- 10Y*
- —
SPE vs. CEFS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPE Special Opportunities Fund Inc. | -2.79% | 14.68% | 34.41% | 14.12% | -18.39% | 23.60% | 4.86% | 32.95% | -9.17% | 16.00% |
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 SPE and CEFS is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.51 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.50 |
Correlation (All Time) Calculated using the full available price history since Jun 13, 2017 | 0.48 |
The correlation between SPE and CEFS has been stable across timeframes, ranging from 0.48 to 0.52 - a consistent structural relationship.
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Return for Risk
SPE vs. CEFS — Risk / Return Rank
SPE
CEFS
SPE vs. CEFS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Special Opportunities Fund Inc. (SPE) 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.
| SPE | CEFS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.32 | ||
| Sortino ratioReturn per unit of downside risk | -3.28 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.51 | -0.44 |
| Calmar ratioReturn relative to maximum drawdown | 0.46 | 4.93 | -4.47 |
| Martin ratioReturn relative to average drawdown | 1.41 | 18.94 | -17.53 |
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Drawdowns
SPE vs. CEFS - Drawdown Comparison
The maximum SPE drawdown since its inception was -46.90%, which is greater than CEFS's maximum drawdown of -38.99%. Use the drawdown chart below to compare losses from any high point for SPE and CEFS.
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Drawdown Indicators
| SPE | CEFS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.90% | -38.99% | -7.91% |
Max Drawdown (1Y)Largest decline over 1 year | -9.33% | -5.67% | -3.66% |
Max Drawdown (3Y)Largest decline over 3 years | -13.69% | -13.37% | -0.32% |
Max Drawdown (5Y)Largest decline over 5 years | -24.18% | -16.85% | -7.33% |
Max Drawdown (10Y)Largest decline over 10 years | -46.90% | — | — |
Current DrawdownCurrent decline from peak | -6.05% | 0.00% | -6.05% |
Average DrawdownAverage peak-to-trough decline | -4.70% | -3.65% | -1.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.02% | 1.47% | +1.55% |
Volatility
SPE vs. CEFS - Volatility Comparison
The current volatility for Special Opportunities Fund Inc. (SPE) is 3.70%, while Saba Closed-End Funds ETF (CEFS) has a volatility of 4.03%. This indicates that SPE experiences smaller price fluctuations and is considered to be less risky 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
| SPE | CEFS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.70% | 4.03% | -0.33% |
Volatility (6M)Calculated over the trailing 6-month period | 8.84% | 9.00% | -0.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.08% | 10.35% | +0.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.61% | 13.16% | +0.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.38% | 15.34% | +2.04% |
SPE vs. CEFS - Expense Ratio Comparison
SPE has a 1.11% expense ratio, which is lower than CEFS's 2.61% expense ratio.
Dividends
SPE vs. CEFS - Dividend Comparison
SPE's dividend yield for the trailing twelve months is around 17.14%, 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% |
SPE Special Opportunities Fund Inc. | 17.14% | 13.73% | 7.83% | 8.77% | 11.58% | 11.64% | 8.01% | 6.35% | 14.10% | 16.53% | 5.93% | 9.02% |
Frequently Asked Questions
SPE and CEFS have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CEFS has higher volatility (4.03%) compared to SPE (3.70%). In terms of maximum drawdown, SPE dropped -46.90% vs CEFS's -38.99%.
CEFS currently has the higher Sharpe Ratio (2.70 vs 0.39), 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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