CEFZ vs PAYR
RiverNorth Active Income ETF vs Federated Hermes Enhanced Income ETF
Which is better, CEFZ or PAYR?
PAYR has been ahead.
PAYR has a lower expense ratio. PAYR led over 1Y 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 | CEFZ | PAYR |
|---|---|---|
| Expense Ratio | 2.82% | 0.40%Best |
| AUM | $40M | $82M |
| Dividend Yield | 10.37% | 8.32% |
| Holdings | 92 | 55 |
| YTD Return | -5.41% | +6.04%Best |
| 1Y Return | -3.36% | +9.06%Best |
| Volatility (annualized) | 10.2%Best | 12.7% |
| Max Drawdown | -8.3%Best | -8.8% |
| $10,000 over 1 years | $9,566 | $10,927Best |
| Fund Family | RiverNorth | Federated Hermes Funds |
| Category | Allocation/Balanced | Allocation/Balanced |
| Style | Allocation/Balanced | Allocation/Balanced |
| Inception | Dec 27, 2006 | Oct 7, 2025 |
Not shown on this pair: 3Y Return (annualized), 5Y Return (annualized), Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 1 years row, are measured over the window both funds cover: Oct 8, 2025 to Oct 14, 2026 (1 years).
CEFZ vs PAYR 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 years both funds cover.
CEFZ vs PAYR Performance
RiverNorth Active Income ETF (CEFZ) is an ETF from RiverNorth and Federated Hermes Enhanced Income ETF (PAYR) is an ETF from Federated Hermes Funds. Over the past year CEFZ returned -3.36% while PAYR returned +9.06%. Year to date, CEFZ is down 5.41% versus a gain of 6.04% for PAYR.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
PAYR has been the more volatile fund, with annualized monthly volatility of 12.7% compared with 10.2% 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 -8.8% for PAYR. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.40. They move together some of the time, and apart the rest.
Fees and Cost Over Time
CEFZ charges 2.82% per year while PAYR charges 0.40%. On a $10,000 position that is $282 vs $40 annually, a gap of $242 per year that compounds over a long holding period. On income, CEFZ currently yields 10.37% against 8.32% for PAYR.
Holdings Overlap
We hold position weights for 45 holdings in CEFZ and 46 in PAYR, totalling 99.8% and 91.8% 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 45 positions we hold weights for in CEFZ and 46 in PAYR, against full books of 92 and 55.
You are not choosing between two funds in isolation.
Whichever of CEFZ and PAYR 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 PAYR?
CEFZ has an expense ratio of 2.82% while PAYR charges 0.40%. PAYR is the cheaper option, by $242 a year on a $10,000 investment.
Which performed better, CEFZ or PAYR?
Over the past year CEFZ returned -3.36% vs +9.06% for PAYR, so PAYR leads on 1-year performance. Over the longest common window we track (1 years), CEFZ annualized -4.34% vs +9.27% for PAYR. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, CEFZ or PAYR?
PAYR has been the more volatile fund at 12.7% annualized versus 10.2% for CEFZ. Worst drawdown: CEFZ -8.3% vs PAYR -8.8%.
Should I hold both CEFZ and PAYR?
CEFZ and PAYR have a monthly-return correlation of 0.40, 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 PAYR?
CEFZ yields 10.37% while PAYR yields 8.32%, so CEFZ currently pays the higher dividend yield.
Is PAYR better than CEFZ?
PAYR has a lower expense ratio. PAYR led over 1Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.