CEFZ vs SPY
RiverNorth Active Income ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, CEFZ or SPY?
Allocation/Balanced against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 50.7%.
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 | CEFZ | SPY |
|---|---|---|
| Expense Ratio | 2.82% | 0.09%Best |
| AUM | $43M | $814.4B |
| Dividend Yield | 11.00% | 1.01% |
| Holdings | 51 | 505 |
| YTD Return | -0.69% | +12.71%Best |
| 1Y Return | +2.29% | +19.36%Best |
| 3Y Return (annualized) | - | +21.09% |
| 5Y Return (annualized) | - | +12.69% |
| Volatility (annualized) | 8.9%Best | 12.8% |
| Max Drawdown | -8.3%Best | -8.9% |
| $10,000 over 1.1 years | $10,628 | $12,281Best |
| Top 10 Weight | 50.7% | 38.0%Best |
| Fund Family | RiverNorth | State Street Investment Management |
| Category | Allocation/Balanced | Equity |
| Style | Allocation/Balanced | Large Cap Blend |
| Inception | Dec 27, 2006 | Jan 22, 1993 |
Volatility and max drawdown, and the $10,000 over 1.1 years row, are measured over the window both funds cover: Aug 4, 2025 to Sep 8, 2026 (1.1 years).
CEFZ 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 1.1 years both funds cover.
CEFZ vs SPY Performance
RiverNorth Active Income ETF (CEFZ) is an ETF from RiverNorth and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year CEFZ returned +2.29% while SPY returned +19.36%. Year to date, CEFZ is down 0.69% versus a gain of 12.71% for SPY.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 12.8% compared with 8.9% for CEFZ. 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 -8.3% for CEFZ and -8.9% 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 0.83. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
CEFZ charges 2.82% per year while SPY charges 0.09%. On a $10,000 position that is $282 vs $9 annually, a gap of $273 per year that compounds over a long holding period. On income, CEFZ currently yields 11.00% against 1.01% for SPY.
Holdings Overlap
We hold position weights for 48 holdings in CEFZ and 503 in SPY, totalling 99.7% 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 48 positions we hold weights for in CEFZ and 503 in SPY, against full books of 51 and 505.
What only one of them owns
Our book lists 493 positions for SPY that do not appear in our book for CEFZ (99.4% of the fund), and 46 for CEFZ that do not appear in SPY (95.3%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
You are not choosing between two funds in isolation.
Whichever of CEFZ 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, CEFZ or SPY?
CEFZ has an expense ratio of 2.82% while SPY charges 0.09%. SPY is the cheaper option, by $273 a year on a $10,000 investment.
Which performed better, CEFZ or SPY?
Over the past year CEFZ returned +2.29% vs +19.36% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (1 years), CEFZ annualized +5.69% vs +20.54% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, CEFZ or SPY?
SPY has been the more volatile fund at 12.8% annualized versus 8.9% for CEFZ. Worst drawdown: CEFZ -8.3% vs SPY -8.9%.
Should I hold both CEFZ and SPY?
CEFZ and SPY have a monthly-return correlation of 0.83, 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, CEFZ or SPY?
CEFZ yields 11.00% while SPY yields 1.01%, so CEFZ currently pays the higher dividend yield.
Is SPY better than CEFZ?
SPY has a lower expense ratio. SPY led over 1Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 50.7%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.