TCV vs. CEFS

Last updated Jul 30, 2026

TCV (Towle Value ETF) and CEFS (Saba Closed-End Funds ETF) are both exchange-traded funds - TCV is a Small Cap Value Equities fund actively managed by Towle, while CEFS is a Actively Managed fund actively managed by Exchange Traded Concepts. Both are actively managed. Over the past year, TCV returned 33.14% vs 18.25% for CEFS. Their 0.39 correlation means their historical movements had little consistent relationship. TCV charges 0.85%/yr vs 2.61%/yr for CEFS.

Performance

TCV vs. CEFS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Towle Value ETF (TCV) and Saba Closed-End Funds ETF (CEFS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TCV achieves a 27.04% return, which is significantly higher than CEFS's 10.48% return.

TCV

• 1D: -1.38%
• 1M: 1.82%
• 6M: 15.50%
• YTD: 27.04%
• 1Y: 33.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 29.74%

CEFS

• 1D: -0.77%
• 1M: -3.35%
• 6M: 8.83%
• YTD: 10.48%
• 1Y: 18.25%
• 3Y*: 18.45%
• 5Y*: 13.23%
• 10Y*: —
• ALL TIME*: 11.59%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CEFS Saba Closed-End Funds ETF	$2.29M	$2.05M	$2.23M
TCV Towle Value ETF	$910.76K	$643.64K	$380.38K

TCV vs. CEFS - Yearly Performance Comparison

	2026 (YTD)	2025
TCV Towle Value ETF	27.04%	2.99%
CEFS Saba Closed-End Funds ETF	10.48%	7.56%

Correlation

The correlation between TCV and CEFS is 0.41, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.41
Correlation (All Time) Calculated using the full available price history since Jul 17, 2025	0.39

Return for Risk

TCV vs. CEFS — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TCV

TCV Risk / Return Rank: 74
TCV Sharpe Ratio Rank: 74
TCV Sortino Ratio Rank: 73
TCV Omega Ratio Rank: 68
TCV Calmar Ratio Rank: 79
TCV Martin Ratio Rank: 74

CEFS

CEFS Risk / Return Rank: 79
CEFS Sharpe Ratio Rank: 75
CEFS Sortino Ratio Rank: 77
CEFS Omega Ratio Rank: 74
CEFS Calmar Ratio Rank: 84
CEFS Martin Ratio Rank: 83

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TCV vs. CEFS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Towle Value ETF (TCV) 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.

	TCV	CEFS	Difference
Sharpe ratio: Return per unit of total volatility	1.61	1.69	-0.08
Sortino ratio: Return per unit of downside risk	2.29	2.47	-0.18
Omega ratio: Gain probability vs. loss probability	1.27	1.31	-0.03
Calmar ratio: Return relative to maximum drawdown	2.74	3.23	-0.49
Martin ratio: Return relative to average drawdown	8.79	11.31	-2.52

TCV vs. CEFS - Sharpe Ratio Comparison

The current TCV Sharpe Ratio is 1.61, which is comparable to the CEFS Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of TCV and CEFS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TCV vs. CEFS - Drawdown Comparison

The maximum TCV drawdown since its inception was -12.23%, smaller than the maximum CEFS drawdown of -38.99%. Use the drawdown chart below to compare losses from any high point for TCV and CEFS.

Drawdown Indicators

	TCV	CEFS	Difference
Max Drawdown Largest peak-to-trough decline	-12.23%	-38.99%	+26.76%
Max Drawdown (1Y) Largest decline over 1 year	-12.13%	-5.67%	-6.46%
Max Drawdown (3Y) Largest decline over 3 years	—	-13.37%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-16.85%	—
Current Drawdown Current decline from peak	-2.57%	-4.51%	+1.94%
Average Drawdown Average peak-to-trough decline	-3.23%	-3.63%	+0.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.90%	1.62%	+2.28%

Volatility

TCV vs. CEFS - Volatility Comparison

Towle Value ETF (TCV) has a higher volatility of 4.69% compared to Saba Closed-End Funds ETF (CEFS) at 2.98%. This indicates that TCV'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.

Volatility by Period

	TCV	CEFS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.69%	2.98%	+1.71%
Volatility (6M) Calculated over the trailing 6-month period	13.66%	9.37%	+4.29%
Volatility (1Y) Calculated over the trailing 1-year period	20.70%	10.83%	+9.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.07%	13.22%	+7.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.07%	15.30%	+5.77%

TCV vs. CEFS - Expense Ratio Comparison

TCV has a 0.85% expense ratio, which is lower than CEFS's 2.61% expense ratio.

Dividends

TCV vs. CEFS - Dividend Comparison

TCV's dividend yield for the trailing twelve months is around 0.57%, less than CEFS's 7.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CEFS Saba Closed-End Funds ETF	7.96%	7.84%	8.79%	9.20%	11.32%	10.73%	8.61%	8.10%	10.43%	5.02%
TCV Towle Value ETF	0.57%	0.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TCV and CEFS in my portfolio?

TCV and CEFS have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TCV or CEFS?

TCV has higher volatility (4.69%) compared to CEFS (2.98%). In terms of maximum drawdown, TCV dropped -12.23% vs CEFS's -38.99%.

Which ETF is better, TCV or CEFS?

On 1-year performance, TCV leads with 33.14% vs 18.25% for CEFS. On fees, TCV is cheaper at 0.85% per year. On volatility, CEFS has been the lower-risk option at 2.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TCV or CEFS?

Over the 1-year period, TCV has performed better with a 33.14% return vs 18.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TCV or CEFS?

TCV is cheaper with a 0.85% expense ratio, compared with 2.61% for CEFS.

Which ETF pays a higher dividend yield, TCV or CEFS?

CEFS has the higher dividend yield at 7.96%, compared with 0.57% for TCV.

What is the main difference between TCV and CEFS?

TCV is categorized as Small Cap Value Equities, while CEFS is Actively Managed. They also come from different issuers: Towle and Exchange Traded Concepts. Their fees differ too: 0.85% for TCV and 2.61% for CEFS.

Which has better risk-adjusted returns?

CEFS currently has the higher Sharpe Ratio (1.69 vs 1.61), 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.