ETRACS Monthly Pay 1.5X Leveraged Closed-End… (CEFD) Performance
CEFD total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +0.2% since Dec 31, 2025
- 1 year
- +1.9% total return
- 5 years
- +1.4% a year
- Since first price
- +7.5% a year since 2020
CEFD trailing returns vs SPY, QQQ, AGG
| Period | CEFD total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −3.7% | −5.2% | −1.0% | −5.0% | +0.9% |
| 3 months | −5.8% | −9.3% | +3.2% | +1.9% | −0.4% |
| 6 months | −1.5% | −8.6% | +7.8% | +8.4% | −1.5% |
| YTD | +0.2% | −11.6% | +12.3% | +15.1% | −1.0% |
| 1 year | +1.9% | −12.1% | +14.4% | +15.9% | −1.1% |
| 3 years | +65.6%+18.3%/yr | +6.1% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +7.5%+1.4%/yr | −47.7% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| Since inceptionJun 3, 2020 | +59.0%+7.5%/yr | −33.2% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: CEFD vs SPY
From Jun 3, 2020: CEFD grew to $15,905, SPY to $26,617.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
CEFD returns by calendar year
4 of 5 full years positive. Best 2021 (+22.1%), worst 2022 (−28.9%). 2026 is year to date.
CEFD annual returns table
| Year | CEFD | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +0.2% | −12.5% | +12.3% | +15.1% | −1.0% |
| 2025 | +14.2% | −21.8% | +17.7% | +20.8% | +7.2% |
| 2024 | +21.4% | −7.9% | +24.9% | +25.6% | +1.3% |
| 2023 | +8.4% | −22.2% | +26.2% | +54.9% | +5.7% |
| 2022 | −28.9% | −35.6% | −18.2% | −32.6% | −13.0% |
| 2021 | +22.1% | −6.0% | +28.7% | +27.4% | −1.8% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
CEFD largest drawdowns
Now 9.6% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Nov 9, 2021 | −37.0% | Oct 25, 2023 | Jul 3, 2025 | 2.0 years | 3.6 years |
| Feb 11, 2026 | −12.5% | Mar 30, 2026 | May 1, 2026 | 47 days | 3 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
CEFD risk statistics
| Statistic | 3 years | 5 years | Since 2020 |
|---|---|---|---|
| Annualized return | +16.0% | +2.7% | +8.7% |
| Volatility (annualized) | 15.5% | 19.8% | 19.4% |
| Sharpe ratio | 0.76 | 0.05 | 0.38 |
| Sortino ratio | 1.22 | 0.07 | 0.57 |
| Best month | +12.9% | +12.9% | +15.8% |
| Worst month | −8.2% | −16.2% | −16.2% |
| Best 12 months | +42.8% | +42.8% | +49.3% |
| Worst 12 months | +4.3% | −32.2% | −32.2% |
| Positive months | 72% | 60% | 61% |
| Beta vs S&P 500 | 1.12 | 1.15 | — |
| Correlation with S&P 500 | 0.90 | 0.91 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
CEFD rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 65 | −32.2% | +11.4% | +49.3% | 71% |
| 3-year (a year) | 41 | −5.0% | +3.7% | +17.8% | 66% |
| 5-year (a year) | 17 | +1.3% | +5.4% | +9.6% | 100% |
Every holding period starting at a month-end since 2020. Returns for 3 years and longer are annualized.
CEFD performance overview
ETRACS Monthly Pay 1.5X Leveraged Closed-End… (CEFD) returned +1.9% over the past year and +1.4% a year over five years, with distributions reinvested. Since its first recorded price in 2020 it has returned +7.5% a year, turning $10,000 into about $15,905. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −37.0%, from Nov 9, 2021 to Oct 25, 2023, and it took 1.7 years to get back to the old high. CEFD finished 4 of its 5 full calendar years with a gain; the best year was 2021 (+22.1%) and the worst 2022 (−28.9%). Volatility has been 19.4% a year.
Related: CEFD chart, CEFD holdings, CEFD dividends. See the CEFD overview for the latest quote and fund facts.
CEFD performance FAQ
What is the CEFD return over the past year?
CEFD returned +1.9% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 12.1%.
What is the average annual return of CEFD?
CEFD has returned +1.4% a year over 5 years, +7.5% a year since June 3, 2020 (total return, distributions reinvested).
How much would $10,000 invested in CEFD be worth?
$10,000 invested in CEFD at its first recorded close on June 3, 2020 would be worth about $15,905 on October 23, 2026 with distributions reinvested.
What was the worst year for CEFD?
The worst calendar year was 2022, with a total return of −28.9%. The best was 2021 at +22.1%.
What is the biggest drawdown of CEFD?
The largest peak-to-trough decline was −37.0% between November 9, 2021 and October 25, 2023. It recovered to the old high on July 3, 2025, 1.7 years after the bottom.
How volatile is CEFD?
Over the past 3 years CEFD had an annualized volatility of 15.5% and a Sharpe ratio of 0.76 (excess return over 1–3 month T-bills per unit of risk).