THRO vs. CEFZ
THRO (iShares U.S. Thematic Rotation Active ETF) and CEFZ (RiverNorth Active Income ETF) are both Tactical Allocation funds. Both are actively managed. A 0.70 correlation means they provide meaningful diversification when combined. THRO charges 0.60%/yr vs 3.36%/yr for CEFZ.
Performance
THRO vs. CEFZ - Performance Comparison
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Returns By Period
In the year-to-date period, THRO achieves a 9.66% return, which is significantly higher than CEFZ's 3.47% return.
THRO
- 1D
- -0.40%
- 1M
- -0.99%
- YTD
- 9.66%
- 6M
- 8.04%
- 1Y
- 21.34%
- 3Y*
- 22.38%
- 5Y*
- —
- 10Y*
- —
CEFZ
- 1D
- -0.09%
- 1M
- -1.09%
- YTD
- 3.47%
- 6M
- 3.51%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
THRO vs. CEFZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
THRO iShares U.S. Thematic Rotation Active ETF | 9.66% | 8.68% |
CEFZ RiverNorth Active Income ETF | 3.47% | 7.41% |
Correlation
The correlation between THRO and CEFZ is 0.70, 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 Aug 4, 2025 | 0.70 |
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Return for Risk
THRO vs. CEFZ — Risk / Return Rank
THRO
CEFZ
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
THRO vs. CEFZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Thematic Rotation Active ETF (THRO) 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.
| THRO | CEFZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.27 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 1.97 | — | — |
| Martin ratioReturn relative to average drawdown | 8.50 | — | — |
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Drawdowns
THRO vs. CEFZ - Drawdown Comparison
The maximum THRO drawdown since its inception was -26.54%, which is greater than CEFZ's maximum drawdown of -6.66%. Use the drawdown chart below to compare losses from any high point for THRO and CEFZ.
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Drawdown Indicators
| THRO | CEFZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.54% | -6.66% | -19.88% |
Max Drawdown (1Y)Largest decline over 1 year | -10.87% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -19.07% | — | — |
Current DrawdownCurrent decline from peak | -3.30% | -2.33% | -0.97% |
Average DrawdownAverage peak-to-trough decline | -6.63% | -1.21% | -5.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.52% | — | — |
Volatility
THRO vs. CEFZ - Volatility Comparison
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Volatility by Period
| THRO | CEFZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.67% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 11.16% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 13.88% | 10.43% | +3.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.77% | 10.43% | +8.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.77% | 10.43% | +8.34% |
THRO vs. CEFZ - Expense Ratio Comparison
THRO has a 0.60% expense ratio, which is lower than CEFZ's 3.36% expense ratio.
Dividends
THRO vs. CEFZ - Dividend Comparison
THRO's dividend yield for the trailing twelve months is around 0.26%, less than CEFZ's 8.41% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
CEFZ RiverNorth Active Income ETF | 8.41% | 4.17% | 0.00% | 0.00% | 0.00% |
THRO iShares U.S. Thematic Rotation Active ETF | 0.26% | 0.15% | 0.73% | 0.55% | 0.90% |
Frequently Asked Questions
THRO and CEFZ have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, THRO is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.
THRO is cheaper with a 0.60% expense ratio, compared with 3.36% for CEFZ.
CEFZ has the higher dividend yield at 8.41%, compared with 0.26% for THRO.
They also come from different issuers: iShares and RiverNorth. Their fees differ too: 0.60% for THRO and 3.36% for CEFZ.
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