CANQ vs SPY
Calamos Nasdaq Equity & Income ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, CANQ or SPY?
Multi Alternative against Large Cap Blend.
SPY has a lower expense ratio. SPY 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 | CANQ | SPY |
|---|---|---|
| Expense Ratio | 0.94% | 0.09%Best |
| AUM | $21M | $804.7B |
| Dividend Yield | 4.53% | 0.98% |
| Holdings | 32 | 505 |
| YTD Return | +3.47% | +13.51%Best |
| 1Y Return | +4.37% | +18.19%Best |
| 3Y Return (annualized) | - | +23.29% |
| 5Y Return (annualized) | - | +13.21% |
| Volatility (annualized) | 11.1%Best | 12.3% |
| Max Drawdown | -12.8%Best | -18.8% |
| $10,000 over 2.1 years | $13,109 | $15,146Best |
| Fund Family | Calamos Investments | State Street Investment Management |
| Category | Alternative | Equity |
| Style | Multi Alternative | Large Cap Blend |
| Inception | Feb 13, 2024 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 2.1 years row, are measured over the window both funds cover: Aug 5, 2024 to Sep 25, 2026 (2.1 years).
CANQ vs SPY 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 2.1 years both funds cover.
CANQ vs SPY Performance
Calamos Nasdaq Equity & Income ETF (CANQ) is an ETF from Calamos Investments and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year CANQ returned +4.37% while SPY returned +18.19%. Year to date, CANQ is up 3.47% versus a gain of 13.51% for SPY.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 12.3% compared with 11.1% for CANQ. 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 -12.8% for CANQ and -18.8% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.89. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
CANQ charges 0.94% per year while SPY charges 0.09%. On a $10,000 position that is $94 vs $9 annually, a gap of $85 per year that compounds over a long holding period. On income, CANQ currently yields 4.53% against 0.98% for SPY.
Holdings Overlap
At least 24.7% of SPY's money is in holdings CANQ also owns.
Stated as a floor: for CANQ, our book for it covers 94.1% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
SPY and CANQ share little of their money.
The two holdings books were reported 63 days apart, CANQ as of Jun 30, 2026 and SPY as of Sep 1, 2026, so some of the difference between them is the time between the two reports rather than the funds.
13 positions in common, counted across the 23 positions we hold weights for in CANQ and 504 in SPY, against full books of 32 and 505.
Top Shared Holdings
| Stock | Weight in CANQ | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp | 0.43% | 8.01% | 7.58% |
| AMZNAmazon.Com Inc | 0.71% | 3.79% | 3.08% |
| GOOGAlphabet Inc | 1.12% | 2.39% | 1.27% |
| AMDAdvanced Micro Devices Inc | 2.20% | 1.14% | 1.06% |
| AVGOBroadcom Inc | 0.24% | 2.66% | 2.42% |
| METAMeta Platforms Inc | 0.48% | 1.93% | 1.45% |
| TSLATesla Inc | 0.28% | 1.52% | 1.24% |
| CSCOCisco Systems Inc. - Ordinary Shares | 0.86% | 0.66% | 0.20% |
| COSTCostco Wholesale Corp. | 0.49% | 0.63% | 0.14% |
| WMTWalmart, Inc. | 0.12% | 0.71% | 0.59% |
24.7% of SPY is already inside CANQ.
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, CANQ or SPY?
CANQ has an expense ratio of 0.94% while SPY charges 0.09%. SPY is the cheaper option, by $85 a year on a $10,000 investment.
Which performed better, CANQ or SPY?
Over the past year CANQ returned +4.37% vs +18.19% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (2 years), CANQ annualized +13.76% vs +21.86% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, CANQ or SPY?
SPY has been the more volatile fund at 12.3% annualized versus 11.1% for CANQ. Worst drawdown: CANQ -12.8% vs SPY -18.8%.
Should I hold both CANQ and SPY?
CANQ and SPY have a monthly-return correlation of 0.89, 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 CANQ and SPY?
At least 24.7% of SPY's money is in holdings CANQ also owns. Our book for CANQ is partial, so the real figure is this or higher. They hold 13 positions in common, counted across the 23 positions we hold weights for in CANQ and 504 in SPY.
Which pays a higher dividend, CANQ or SPY?
CANQ yields 4.53% while SPY yields 0.98%, so CANQ currently pays the higher dividend yield.
Is SPY better than CANQ?
SPY has a lower expense ratio. SPY 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.