CEFS vs CNAV
Saba Opportunistically Hedged Closed-End Funds ETF vs Mohr Company Nav ETF
Which is better, CEFS or CNAV?
CNAV has been ahead.
CNAV has a lower expense ratio. CNAV led over 1Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | CEFS | CNAV |
|---|---|---|
| Expense Ratio | 2.61% | 1.31%Best |
| AUM | $431M | $57M |
| Dividend Yield | 6.74% | 0.00% |
| Holdings | 133 | 62 |
| YTD Return | +5.49% | +32.05%Best |
| 1Y Return | +6.16% | +34.95%Best |
| 3Y Return (annualized) | +18.07% | - |
| 5Y Return (annualized) | +10.34% | - |
| Volatility (annualized) | 10.3%Best | 31.8% |
| Max Drawdown | -13.4%Best | -30.1% |
| $10,000 over 2 years | $11,764 | $16,456Best |
| Fund Family | Saba Capital | Mohr Funds |
| Category | Allocation/Balanced | Allocation/Balanced |
| Style | Tactical Allocation | Tactical Allocation |
| Inception | Mar 20, 2017 | Oct 1, 2024 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 2 years row, are measured over the window both funds cover: Oct 1, 2024 to Oct 14, 2026 (2 years).
CEFS vs CNAV growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 2 years both funds cover.
CEFS vs CNAV Performance
Saba Opportunistically Hedged Closed-End Funds ETF (CEFS) is an ETF from Saba Capital and Mohr Company Nav ETF (CNAV) is an ETF from Mohr Funds. Over the past year CEFS returned +6.16% while CNAV returned +34.95%. Year to date, CEFS is up 5.49% versus a gain of 32.05% for CNAV.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
CNAV has been the more volatile fund, with annualized monthly volatility of 31.8% compared with 10.3% for CEFS. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -13.4% for CEFS and -30.1% for CNAV. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.80. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
CEFS charges 2.61% per year while CNAV charges 1.31%. On a $10,000 position that is $261 vs $131 annually, a gap of $130 per year that compounds over a long holding period. On income, CEFS currently yields 6.74% against 0.00% for CNAV.
Holdings Overlap
We hold position weights for 70 holdings in CEFS and 30 in CNAV, totalling 80.0% and 100.0% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 70 positions we hold weights for in CEFS and 30 in CNAV, against full books of 133 and 62.
You are not choosing between two funds in isolation.
Whichever of CEFS and CNAV you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, CEFS or CNAV?
CEFS has an expense ratio of 2.61% while CNAV charges 1.31%. CNAV is the cheaper option, by $130 a year on a $10,000 investment.
Which performed better, CEFS or CNAV?
Over the past year CEFS returned +6.16% vs +34.95% for CNAV, so CNAV leads on 1-year performance. Over the longest common window we track (2 years), CEFS annualized +8.46% vs +28.28% for CNAV. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, CEFS or CNAV?
CNAV has been the more volatile fund at 31.8% annualized versus 10.3% for CEFS. Worst drawdown: CEFS -13.4% vs CNAV -30.1%.
Should I hold both CEFS and CNAV?
CEFS and CNAV have a monthly-return correlation of 0.80, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, CEFS or CNAV?
CEFS yields 6.74% while CNAV yields 0.00%, so CEFS currently pays the higher dividend yield.
Is CNAV better than CEFS?
CNAV has a lower expense ratio. CNAV led over 1Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.