CEFS vs IVV
Saba Closed-End Funds ETF vs iShares Core S&P 500 ETF
Quick Verdict
IVV has a lower expense ratio. IVV delivered stronger 1-year returns. IVV offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | CEFS | IVV | Winner |
|---|---|---|---|
| Expense Ratio | 4.29% | 0.03% | |
| AUM | $426M | $865.2B | |
| Dividend Yield | 6.08% | 1.09% | |
| Holdings | 68 | 508 | |
| YTD Return | +11.25% | +13.43% | |
| 1Y Return | +15.92% | +22.61% | |
| 3Y Return (annualized) | +18.36% | +21.47% | |
| 5Y Return (annualized) | +12.69% | +13.26% | |
| Volatility (annualized) | 14.3% | 15.1% | |
| Max Drawdown | -39.0% | -56.5% | |
| Fund Family | Saba Capital | iShares by BlackRock (US) | |
| Category | Allocation/Balanced | Equity | |
| Inception | Mar 20, 2017 | May 15, 2000 |
CEFS vs IVV Performance
Saba Closed-End Funds ETF (CEFS) is a ETF from Saba Capital and iShares Core S&P 500 ETF (IVV) is a ETF from iShares by BlackRock (US). Over the past year CEFS returned +15.92% while IVV returned +22.61%. Year to date, CEFS is up 11.25% versus a gain of 13.43% for IVV.
Over three years, CEFS compounded at +18.36% per year against +21.47% for IVV; over five years the annualized figures are +12.69% and +13.26% respectively. Across the full 9-year window we track, CEFS has the edge at +11.60% annualized vs +7.03%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
IVV has been the more volatile fund, with annualized monthly volatility of 15.1% compared with 14.3% 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 -39.0% for CEFS and -56.5% for IVV. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.85. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
CEFS charges 4.29% per year while IVV charges 0.03%. On a $10,000 position that is $429 vs $3 annually, a gap of $426 per year that compounds over a long holding period. On income, CEFS currently yields 6.08% against 1.09% for IVV.
Holdings Overlap
CEFS and IVV share 0 holdings out of 565 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, CEFS or IVV?
CEFS has an expense ratio of 4.29% while IVV charges 0.03%. IVV is the cheaper option. On a $10,000 investment, that is $426 per year of difference.
Which performed better, CEFS or IVV?
Over the past year CEFS returned +15.92% vs +22.61% for IVV, so IVV leads on 1-year performance. Over the longest common window we track (9 years), CEFS annualized +11.60% vs +7.03% for IVV. Past performance does not guarantee future results.
Which is riskier, CEFS or IVV?
IVV has been the more volatile fund at 15.1% annualized versus 14.3% for CEFS. Worst drawdown: CEFS -39.0% vs IVV -56.5%.
Should I hold both CEFS and IVV?
CEFS and IVV have a monthly-return correlation of 0.85, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between CEFS and IVV?
CEFS and IVV share 0 common holdings with a 0.0% weight overlap. Combined, they hold 565 unique securities.
Which pays a higher dividend, CEFS or IVV?
CEFS yields 6.08% while IVV yields 1.09%, so CEFS currently pays the higher dividend yield.
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