Saba Closed-End Funds ETF (CEFS) Performance
CEFS total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +9.8% since Dec 31, 2025
- 1 year
- +13.7% total return
- 5 years
- +11.9% a year
- Since first price
- +11.5% a year since 2017
CEFS trailing returns vs AGG, TLT, SPY
| Period | CEFS total return | Price only | U.S. bonds (AGG) | 20+ yr Treasuries (TLT) | S&P 500 (SPY) |
|---|---|---|---|---|---|
| 1 month | −2.5% | −3.5% | +0.9% | +1.5% | −1.0% |
| 3 months | −2.8% | −4.8% | −0.4% | −1.0% | +3.2% |
| 6 months | +2.4% | −1.4% | −1.5% | −3.8% | +7.8% |
| YTD | +9.8% | +3.8% | −1.0% | −3.4% | +12.3% |
| 1 year | +13.7% | +5.0% | −1.1% | −6.9% | +14.4% |
| 3 years | +83.1%+22.3%/yr | +43.3% | +16.6%+5.2%/yr | +9.7%+3.1%/yr | +87.4%+23.3%/yr |
| 5 years | +75.4%+11.9%/yr | +9.6% | −0.8%−0.2%/yr | −32.5%−7.6%/yr | +79.3%+12.4%/yr |
| Since inceptionMar 21, 2017 | +184.1%+11.5%/yr | +20.2% | — | — | — |
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: CEFS vs AGG
From Mar 21, 2017: CEFS grew to $28,406, AGG to $11,661.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
CEFS returns by calendar year
6 of 8 full years positive. Best 2019 (+27.7%), worst 2018 (−10.5%). 2026 is year to date.
CEFS annual returns table
| Year | CEFS | Largest drop | AGG | TLT | SPY |
|---|---|---|---|---|---|
| 2026YTD | +9.8% | −5.9% | −1.0% | −3.4% | +12.3% |
| 2025 | +16.7% | −13.4% | +7.2% | +4.3% | +17.7% |
| 2024 | +23.5% | −5.9% | +1.3% | −8.1% | +24.9% |
| 2023 | +21.0% | −11.0% | +5.7% | +2.8% | +26.2% |
| 2022 | −7.1% | −16.6% | −13.0% | −31.2% | −18.2% |
| 2021 | +17.9% | −5.7% | −1.8% | −4.6% | +28.7% |
| 2020 | +3.4% | −39.0% | +7.5% | +18.2% | +18.3% |
| 2019 | +27.7% | −4.3% | +8.5% | +14.1% | +31.2% |
| 2018 | −10.5% | −16.7% | +0.1% | −1.6% | −4.6% |
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.
CEFS largest drawdowns
Now 5.9% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Feb 20, 2020 | −39.0% | Mar 23, 2020 | Nov 20, 2020 | 32 days | 9 months |
| Nov 16, 2021 | −16.9% | Jun 23, 2022 | Feb 2, 2023 | 7 months | 1.2 years |
| Jan 25, 2018 | −16.7% | Dec 21, 2018 | Feb 25, 2019 | 11 months | 1.1 years |
| Feb 18, 2025 | −13.4% | Apr 7, 2025 | Jun 4, 2025 | 48 days | 3 months |
| Aug 1, 2023 | −11.0% | Oct 27, 2023 | Nov 30, 2023 | 3 months | 4 months |
| Feb 2, 2023 | −10.0% | Mar 23, 2023 | Jun 12, 2023 | 49 days | 4 months |
Declines from a closing high (distributions reinvested) of 5% or more. Underwater = time from the peak until the old high was regained.
CEFS risk statistics
| Statistic | 3 years | 5 years | Since 2017 |
|---|---|---|---|
| Annualized return | +21.7% | +13.2% | +11.7% |
| Volatility (annualized) | 11.7% | 13.8% | 14.3% |
| Sharpe ratio | 1.38 | 0.71 | 0.69 |
| Sortino ratio | 3.06 | 1.23 | 1.01 |
| Best month | +11.5% | +11.5% | +11.5% |
| Worst month | −3.6% | −9.5% | −21.5% |
| Best 12 months | +41.3% | +41.3% | +49.5% |
| Worst 12 months | +10.3% | −12.3% | −16.5% |
| Positive months | 72% | 62% | 66% |
| Beta vs S&P 500 | 0.85 | 0.77 | — |
| Correlation with S&P 500 | 0.90 | 0.88 | — |
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.
CEFS rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 104 | −16.5% | +11.7% | +49.5% | 82% |
| 3-year (a year) | 80 | −0.9% | +11.0% | +23.1% | 99% |
| 5-year (a year) | 56 | +4.2% | +11.4% | +17.9% | 100% |
Every holding period starting at a month-end since 2017. Returns for 3 years and longer are annualized.
CEFS performance overview
Saba Closed-End Funds ETF (CEFS) returned +13.7% over the past year and +11.9% a year over five years, with distributions reinvested. Since its first recorded price in 2017 it has returned +11.5% a year, turning $10,000 into about $28,406. Over the same year U.S. bonds (AGG) returned −1.1%.
The deepest decline was −39.0%, from Feb 20, 2020 to Mar 23, 2020, and it took 8 months to get back to the old high. CEFS finished 6 of its 8 full calendar years with a gain; the best year was 2019 (+27.7%) and the worst 2018 (−10.5%). Volatility has been 14.3% a year.
Related: CEFS chart, CEFS dividends, CEFS bond profile. See the CEFS overview for the latest quote and fund facts.
CEFS performance FAQ
What is the CEFS return over the past year?
CEFS returned +13.7% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 5.0%.
What is the average annual return of CEFS?
CEFS has returned +11.9% a year over 5 years, +11.5% a year since March 21, 2017 (total return, distributions reinvested).
How much would $10,000 invested in CEFS be worth?
$10,000 invested in CEFS at its first recorded close on March 21, 2017 would be worth about $28,406 on October 23, 2026 with distributions reinvested.
What was the worst year for CEFS?
The worst calendar year was 2018, with a total return of −10.5%. The best was 2019 at +27.7%.
What is the biggest drawdown of CEFS?
The largest peak-to-trough decline was −39.0% between February 20, 2020 and March 23, 2020. It recovered to the old high on November 20, 2020, 8 months after the bottom.
How volatile is CEFS?
Over the past 3 years CEFS had an annualized volatility of 11.7% and a Sharpe ratio of 1.38 (excess return over 1–3 month T-bills per unit of risk).