CEFZ vs SPY
RiverNorth Active Income ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | CEFZ | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 2.82% | 0.09% | |
| AUM | $42M | $821.1B | |
| Dividend Yield | 11.00% | 1.01% | |
| Holdings | 51 | 505 | |
| YTD Return | +1.75% | +13.17% | |
| 1Y Return | +7.98% | +21.53% | |
| 3Y Return (annualized) | - | +22.06% | |
| 5Y Return (annualized) | - | +13.35% | |
| Volatility (annualized) | 9.5% | 15.3% | |
| Max Drawdown | -8.3% | -56.5% | |
| Fund Family | RiverNorth | State Street Investment Management | |
| Category | Allocation/Balanced | Equity | |
| Inception | Dec 27, 2006 | Jan 22, 1993 |
CEFZ vs SPY Performance
RiverNorth Active Income ETF (CEFZ) is a ETF from RiverNorth and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year CEFZ returned +7.98% while SPY returned +21.53%. Year to date, CEFZ is up 1.75% versus a gain of 13.17% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 9.5% 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 -56.5% for SPY. 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 0.81. 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
CEFZ and SPY share 0 holdings out of 551 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, CEFZ or SPY?
CEFZ has an expense ratio of 2.82% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $273 per year of difference.
Which performed better, CEFZ or SPY?
Over the past year CEFZ returned +7.98% vs +21.53% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (1 years), CEFZ annualized +8.50% vs +8.82% for SPY. Past performance does not guarantee future results.
Which is riskier, CEFZ or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 9.5% for CEFZ. Worst drawdown: CEFZ -8.3% vs SPY -56.5%.
Should I hold both CEFZ and SPY?
CEFZ and SPY have a monthly-return correlation of 0.81, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between CEFZ and SPY?
CEFZ and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 551 unique securities.
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.
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