TIIV vs. CEFS

Last updated Jul 30, 2026

TIIV (AAM Todd International Intrinsic Value ETF) and CEFS (Saba Closed-End Funds ETF) are both Actively Managed funds. Both are actively managed. Over the past year, TIIV returned 25.15% vs 18.25% for CEFS. Their 0.57 correlation means they have sometimes moved together and sometimes differently. TIIV charges 0.54%/yr vs 2.61%/yr for CEFS.

Performance

TIIV vs. CEFS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AAM Todd International Intrinsic Value ETF (TIIV) 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, TIIV achieves a 11.86% return, which is significantly higher than CEFS's 10.48% return.

TIIV

• 1D: -0.44%
• 1M: 2.59%
• 6M: 5.27%
• YTD: 11.86%
• 1Y: 25.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 23.71%

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
TIIV AAM Todd International Intrinsic Value ETF	$18.60K	$14.86K	$76.21K

TIIV vs. CEFS - Yearly Performance Comparison

	2026 (YTD)	2025
TIIV AAM Todd International Intrinsic Value ETF	11.86%	10.83%
CEFS Saba Closed-End Funds ETF	10.48%	6.77%

Correlation

The correlation between TIIV and CEFS is 0.58, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.58
Correlation (All Time) Calculated using the full available price history since Jul 25, 2025	0.57

The correlation between TIIV and CEFS has been stable across timeframes, ranging from 0.57 to 0.58 - a consistent structural relationship.

Return for Risk

TIIV vs. CEFS — Risk / Return Rank

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

TIIV

TIIV Risk / Return Rank: 79
TIIV Sharpe Ratio Rank: 80
TIIV Sortino Ratio Rank: 82
TIIV Omega Ratio Rank: 80
TIIV Calmar Ratio Rank: 77
TIIV Martin Ratio Rank: 76

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.

TIIV vs. CEFS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AAM Todd International Intrinsic Value ETF (TIIV) 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.

	TIIV	CEFS	Difference
Sharpe ratio: Return per unit of total volatility	1.76	1.69	+0.07
Sortino ratio: Return per unit of downside risk	2.58	2.47	+0.11
Omega ratio: Gain probability vs. loss probability	1.32	1.31	+0.02
Calmar ratio: Return relative to maximum drawdown	2.61	3.23	-0.62
Martin ratio: Return relative to average drawdown	9.09	11.31	-2.22

TIIV vs. CEFS - Sharpe Ratio Comparison

The current TIIV Sharpe Ratio is 1.76, which is comparable to the CEFS Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of TIIV 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

TIIV vs. CEFS - Drawdown Comparison

The maximum TIIV drawdown since its inception was -9.68%, smaller than the maximum CEFS drawdown of -38.99%. Use the drawdown chart below to compare losses from any high point for TIIV and CEFS.

Drawdown Indicators

	TIIV	CEFS	Difference
Max Drawdown Largest peak-to-trough decline	-9.68%	-38.99%	+29.31%
Max Drawdown (1Y) Largest decline over 1 year	-9.68%	-5.67%	-4.01%
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	-0.86%	-4.51%	+3.65%
Average Drawdown Average peak-to-trough decline	-1.79%	-3.63%	+1.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.78%	1.62%	+1.16%

Volatility

TIIV vs. CEFS - Volatility Comparison

AAM Todd International Intrinsic Value ETF (TIIV) has a higher volatility of 3.16% compared to Saba Closed-End Funds ETF (CEFS) at 2.98%. This indicates that TIIV'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

	TIIV	CEFS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.16%	2.98%	+0.18%
Volatility (6M) Calculated over the trailing 6-month period	11.85%	9.37%	+2.48%
Volatility (1Y) Calculated over the trailing 1-year period	14.32%	10.83%	+3.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.38%	13.22%	+1.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.38%	15.30%	-0.92%

TIIV vs. CEFS - Expense Ratio Comparison

TIIV has a 0.54% expense ratio, which is lower than CEFS's 2.61% expense ratio.

Dividends

TIIV vs. CEFS - Dividend Comparison

TIIV's dividend yield for the trailing twelve months is around 3.18%, 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%
TIIV AAM Todd International Intrinsic Value ETF	3.18%	2.33%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TIIV and CEFS in my portfolio?

TIIV and CEFS have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TIIV or CEFS?

TIIV has higher volatility (3.16%) compared to CEFS (2.98%). In terms of maximum drawdown, TIIV dropped -9.68% vs CEFS's -38.99%.

Which ETF is better, TIIV or CEFS?

On 1-year performance, TIIV leads with 25.15% vs 18.25% for CEFS. On fees, TIIV is cheaper at 0.54% 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, TIIV or CEFS?

Over the 1-year period, TIIV has performed better with a 25.15% return vs 18.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TIIV or CEFS?

TIIV is cheaper with a 0.54% expense ratio, compared with 2.61% for CEFS.

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

CEFS has the higher dividend yield at 7.96%, compared with 3.18% for TIIV.

What is the main difference between TIIV and CEFS?

They also come from different issuers: AAM and Exchange Traded Concepts. Their fees differ too: 0.54% for TIIV and 2.61% for CEFS.

Which has better risk-adjusted returns?

TIIV currently has the higher Sharpe Ratio (1.76 vs 1.69), 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.