CCD vs QQQ
Calamos Dynamic Convertible and Income Fund vs Invesco QQQ Trust, Series 1
Which is better, CCD or QQQ?
Convertibles against Large Cap Growth.
QQQ has a lower expense ratio. QQQ led over 1Y, 3Y, 5Y 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 | CCD | QQQ |
|---|---|---|
| Expense Ratio | 2.10% | 0.18%Best |
| AUM | $967M | $498.6B |
| Dividend Yield | 4.13% | 0.42% |
| Holdings | 606 | 321 |
| YTD Return | +15.38% | +22.67%Best |
| 1Y Return | +17.58% | +24.33%Best |
| 3Y Return (annualized) | +19.94% | +29.05%Best |
| 5Y Return (annualized) | +4.78% | +17.00%Best |
| Volatility (annualized) | 21.1% | 18.6%Best |
| Max Drawdown | -60.9% | -35.1%Best |
| $10,000 over 5 years | $12,630 | $21,924Best |
| Fund Family | Calamos Investments | Invesco (US) |
| Category | Convertible | Equity |
| Style | Convertibles | Large Cap Growth |
| Inception | Mar 27, 2015 | Mar 10, 1999 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Mar 27, 2015 to Oct 2, 2026 (11.5 years).
CCD vs QQQ 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 11.5 years both funds cover.
CCD vs QQQ Performance
Calamos Dynamic Convertible and Income Fund (CCD) is an ETF from Calamos Investments and Invesco QQQ Trust, Series 1 (QQQ) is an ETF from Invesco (US). Over the past year CCD returned +17.58% while QQQ returned +24.33%. Year to date, CCD is up 15.38% versus a gain of 22.67% for QQQ.
Over three years, CCD compounded at +19.94% per year against +29.05% for QQQ; over five years the annualized figures are +4.78% and +17.00% respectively. Across the full 12-year window we track, QQQ has the edge at +18.90% annualized vs +4.17%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
CCD has been the more volatile fund, with annualized monthly volatility of 21.1% compared with 18.6% for QQQ. 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 -60.9% for CCD and -35.1% for QQQ. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.69. They move together some of the time, and apart the rest.
Fees and Cost Over Time
CCD charges 2.10% per year while QQQ charges 0.18%. On a $10,000 position that is $210 vs $18 annually, a gap of $192 per year that compounds over a long holding period. On income, CCD currently yields 4.13% against 0.42% for QQQ.
Holdings Overlap
At least 13.7% of QQQ's money is in holdings CCD also owns.
Stated as a floor: for CCD, our book for it covers 88.9% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
QQQ and CCD share little of their money.
The two holdings books were reported 227 days apart, CCD as of Jan 31, 2026 and QQQ as of Sep 15, 2026, so some of the difference between them is the time between the two reports rather than the funds.
12 positions in common, counted across the 337 positions we hold weights for in CCD and 102 in QQQ, against full books of 606 and 321.
Top Shared Holdings
| Stock | Weight in CCD | Weight in QQQ | Difference |
|---|---|---|---|
| MSFTMicrosoft Corp | 0.00% | 5.88% | 5.88% |
| AMDAdvanced Micro Devices Inc | 0.44% | 3.71% | 3.27% |
| WDCWestern Digital Corp. | 3.38% | 0.68% | 2.70% |
| LITELumentum Holdings Inc | 2.96% | 0.32% | 2.64% |
| STXSeagate Technolo | 1.83% | 0.82% | 1.01% |
| DASHDoordash Inc - A | 1.25% | 0.37% | 0.88% |
| DDOGDatadog Inc | 1.23% | 0.32% | 0.91% |
| MCHPMicrochip Technology Inc. | 0.97% | 0.18% | 0.79% |
| MSTRMicrostrategy Inc | 0.88% | 0.19% | 0.69% |
| TMUST-Mobile Usa Inc Esrw Usd Npv Ref Sm#585558 | 0.01% | 0.87% | 0.86% |
You are not choosing between two funds in isolation.
Whichever of CCD and QQQ 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, CCD or QQQ?
CCD has an expense ratio of 2.10% while QQQ charges 0.18%. QQQ is the cheaper option, by $192 a year on a $10,000 investment.
Which performed better, CCD or QQQ?
Over the past year CCD returned +17.58% vs +24.33% for QQQ, so QQQ leads on 1-year performance. Over the longest common window we track (12 years), CCD annualized +4.17% vs +18.90% for QQQ. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, CCD or QQQ?
CCD has been the more volatile fund at 21.1% annualized versus 18.6% for QQQ. Worst drawdown: CCD -60.9% vs QQQ -35.1%.
Should I hold both CCD and QQQ?
CCD and QQQ have a monthly-return correlation of 0.69, 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 CCD and QQQ?
At least 13.7% of QQQ's money is in holdings CCD also owns. Our book for CCD is partial, so the real figure is this or higher. They hold 12 positions in common, counted across the 337 positions we hold weights for in CCD and 102 in QQQ.
Which pays a higher dividend, CCD or QQQ?
CCD yields 4.13% while QQQ yields 0.42%, so CCD currently pays the higher dividend yield.
Is QQQ better than CCD?
QQQ has a lower expense ratio. QQQ led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.