CCEF vs SPY
Calamos CEF Income & Arbitrage ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | CCEF | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 3.19% | 0.09% | |
| AUM | $35M | $821.1B | |
| Dividend Yield | 8.03% | 1.01% | |
| Holdings | 55 | 505 | |
| YTD Return | +9.37% | +13.70% | |
| 1Y Return | +14.05% | +21.44% | |
| 3Y Return (annualized) | - | +22.50% | |
| 5Y Return (annualized) | - | +13.24% | |
| Volatility (annualized) | 9.5% | 15.3% | |
| Max Drawdown | -14.1% | -56.5% | |
| Fund Family | Calamos Investments | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Jan 16, 2024 | Jan 22, 1993 |
CCEF vs SPY Performance
Calamos CEF Income & Arbitrage ETF (CCEF) is a ETF from Calamos Investments and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year CCEF returned +14.05% while SPY returned +21.44%. Year to date, CCEF is up 9.37% versus a gain of 13.70% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 9.5% for CCEF. 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 -14.1% for CCEF and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.82. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
CCEF charges 3.19% per year while SPY charges 0.09%. On a $10,000 position that is $319 vs $9 annually, a gap of $310 per year that compounds over a long holding period. On income, CCEF currently yields 8.03% against 1.01% for SPY.
Holdings Overlap
CCEF and SPY share 0 holdings out of 560 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, CCEF or SPY?
CCEF has an expense ratio of 3.19% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $310 per year of difference.
Which performed better, CCEF or SPY?
Over the past year CCEF returned +14.05% vs +21.44% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (3 years), CCEF annualized +15.59% vs +8.84% for SPY. Past performance does not guarantee future results.
Which is riskier, CCEF or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 9.5% for CCEF. Worst drawdown: CCEF -14.1% vs SPY -56.5%.
Should I hold both CCEF and SPY?
CCEF and SPY have a monthly-return correlation of 0.82, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between CCEF and SPY?
CCEF and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 560 unique securities.
Which pays a higher dividend, CCEF or SPY?
CCEF yields 8.03% while SPY yields 1.01%, so CCEF currently pays the higher dividend yield.
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