CEFZ vs RIV
RiverNorth Active Income ETF vs RiverNorth Opportunities Fund Inc.
Which is better, CEFZ or RIV?
Each has led over a different period.
CEFZ has a lower expense ratio. CEFZ led over the full window, RIV over 1Y.
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 | RIV |
|---|---|---|
| Expense Ratio | 2.82%Best | 5.11% |
| AUM | $40M | $350M |
| Dividend Yield | 10.37% | 13.60% |
| Holdings | 92 | 442 |
| YTD Return | -5.41% | -4.80%Best |
| 1Y Return | -3.36% | -3.05%Best |
| 3Y Return (annualized) | - | +11.85% |
| 5Y Return (annualized) | - | +1.95% |
| Volatility (annualized) | 9.7%Best | 12.9% |
| Max Drawdown | -8.3%Best | -16.5% |
| $10,000 over 1.2 years | $10,121Best | $9,346 |
| Fund Family | RiverNorth | RiverNorth |
| Category | Allocation/Balanced | Allocation/Balanced |
| Style | Allocation/Balanced | Allocation/Balanced |
| Inception | Dec 27, 2006 | Dec 23, 2015 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 1.2 years row, are measured over the window both funds cover: Aug 4, 2025 to Oct 14, 2026 (1.2 years).
CEFZ vs RIV 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 1.2 years both funds cover.
CEFZ vs RIV Performance
RiverNorth Active Income ETF (CEFZ) is an ETF from RiverNorth and RiverNorth Opportunities Fund Inc. (RIV) is an ETF from RiverNorth. Over the past year CEFZ returned -3.36% while RIV returned -3.05%. Year to date, CEFZ is down 5.41% versus a loss of 4.80% for RIV.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
RIV has been the more volatile fund, with annualized monthly volatility of 12.9% compared with 9.7% 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 -16.5% for RIV. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.68. They move together some of the time, and apart the rest.
Fees and Cost Over Time
CEFZ charges 2.82% per year while RIV charges 5.11%. On a $10,000 position that is $282 vs $511 annually, a gap of $229 per year that compounds over a long holding period. On income, CEFZ currently yields 10.37% against 13.60% for RIV.
Holdings Overlap
At least 62.6% of CEFZ's money is in holdings RIV also owns.
Only one direction is shown: for RIV, our book for it lists positions totalling 126.1% of the fund, which is what a leveraged book looks like and is not a denominator we can divide by.
The two portfolios partly overlap.
The two holdings books were reported 254 days apart, CEFZ as of Sep 11, 2026 and RIV as of Dec 31, 2025, so some of the difference between them is the time between the two reports rather than the funds.
29 positions in common, counted across the 45 positions we hold weights for in CEFZ and 259 in RIV, against full books of 92 and 442.
Top Shared Holdings
| Stock | Weight in CEFZ | Weight in RIV | Difference |
|---|---|---|---|
| BSTZBlackrock Science And Technology Term Trust | 5.06% | 3.13% | 1.93% |
| EZAIshares Inc Msci South Africa | 6.03% | 2.03% | 4.00% |
| BINCBlackrock Flexible Income Etf | 3.00% | 3.84% | 0.84% |
| BMEZBlackrock Health Sciences Trust Ii | 3.70% | 2.63% | 1.07% |
| RMTRoyce Micro Cap Closed Fund | 3.90% | 2.41% | 1.49% |
| RVTRoyce Value Trust, Inc. | 3.61% | 2.48% | 1.13% |
| TRIXXState Street Institutional Treasury Money Market Fund | 4.27% | 1.65% | 2.62% |
| GLOClough Global Opportunities Fund | 3.04% | 1.96% | 1.08% |
| XGLQXClough Global Equity Fund | 4.25% | 0.53% | 3.72% |
| CPZCalamos Long/Short Equity & Dynamic Income Trust | 3.02% | 1.74% | 1.28% |
62.6% of CEFZ is already inside RIV.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, CEFZ or RIV?
CEFZ has an expense ratio of 2.82% while RIV charges 5.11%. CEFZ is the cheaper option, by $229 a year on a $10,000 investment.
Which performed better, CEFZ or RIV?
Over the past year CEFZ returned -3.36% vs -3.05% for RIV, so RIV leads on 1-year performance. Over the longest common window we track (1 years), CEFZ annualized +1.01% vs -5.48% for RIV. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, CEFZ or RIV?
RIV has been the more volatile fund at 12.9% annualized versus 9.7% for CEFZ. Worst drawdown: CEFZ -8.3% vs RIV -16.5%.
Should I hold both CEFZ and RIV?
CEFZ and RIV have a monthly-return correlation of 0.68, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between CEFZ and RIV?
At least 62.6% of CEFZ's money is in holdings RIV also owns. Our book for RIV is partial, so the real figure is this or higher. They hold 29 positions in common, counted across the 45 positions we hold weights for in CEFZ and 259 in RIV.
Which pays a higher dividend, CEFZ or RIV?
CEFZ yields 10.37% while RIV yields 13.60%, so RIV currently pays the higher dividend yield.
Is RIV better than CEFZ?
CEFZ has a lower expense ratio. CEFZ led over the full window, RIV over 1Y. Which one suits a particular account depends on what it is for. This is information, not a recommendation.