CEFS vs SPY
Saba Opportunistically Hedged Closed-End Funds ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, CEFS or SPY?
Tactical Allocation against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y 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 | SPY |
|---|---|---|
| Expense Ratio | 4.29% | 0.09%Best |
| AUM | $438M | $814.4B |
| Dividend Yield | 6.23% | 1.01% |
| Holdings | 68 | 505 |
| YTD Return | +11.05% | +13.34%Best |
| 1Y Return | +14.90% | +19.97%Best |
| 3Y Return (annualized) | +18.52% | +21.20%Best |
| 5Y Return (annualized) | +12.32% | +12.81%Best |
| Volatility (annualized) | 14.2%Best | 15.7% |
| Max Drawdown | -39.0% | -34.1%Best |
| $10,000 over 5 years | $17,877 | $18,270Best |
| Fund Family | Saba Capital | State Street Investment Management |
| Category | Allocation/Balanced | Equity |
| Style | Tactical Allocation | Large Cap Blend |
| Inception | Mar 20, 2017 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Mar 21, 2017 to Sep 4, 2026 (9.5 years).
CEFS vs SPY 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 9.5 years both funds cover.
CEFS vs SPY Performance
Saba Opportunistically Hedged Closed-End Funds ETF (CEFS) is an ETF from Saba Capital and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year CEFS returned +14.90% while SPY returned +19.97%. Year to date, CEFS is up 11.05% versus a gain of 13.34% for SPY.
Over three years, CEFS compounded at +18.52% per year against +21.20% for SPY; over five years the annualized figures are +12.32% and +12.81% respectively. Across the full 10-year window we track, SPY has the edge at +14.33% annualized vs +11.50%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.7% compared with 14.2% 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 -34.1% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
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 SPY charges 0.09%. On a $10,000 position that is $429 vs $9 annually, a gap of $420 per year that compounds over a long holding period. On income, CEFS currently yields 6.23% against 1.01% for SPY.
Holdings Overlap
We hold position weights for 60 holdings in CEFS and 504 in SPY, totalling 81.0% and 100.0% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
The two holdings books were reported 158 days apart, CEFS as of Feb 27, 2026 and SPY as of Aug 4, 2026, so some of the difference between them is the time between the two reports rather than the funds.
0 positions in common, counted across the 60 positions we hold weights for in CEFS and 504 in SPY, against full books of 68 and 505.
You are not choosing between two funds in isolation.
Whichever of CEFS and SPY 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 SPY?
CEFS has an expense ratio of 4.29% while SPY charges 0.09%. SPY is the cheaper option, by $420 a year on a $10,000 investment.
Which performed better, CEFS or SPY?
Over the past year CEFS returned +14.90% vs +19.97% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (10 years), CEFS annualized +11.50% vs +14.33% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, CEFS or SPY?
SPY has been the more volatile fund at 15.7% annualized versus 14.2% for CEFS. Worst drawdown: CEFS -39.0% vs SPY -34.1%.
Should I hold both CEFS and SPY?
CEFS and SPY have a monthly-return correlation of 0.85, 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 SPY?
CEFS yields 6.23% while SPY yields 1.01%, so CEFS currently pays the higher dividend yield.
Is SPY better than CEFS?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.