CGO vs SPY
Calamos Global Total Return Fund vs State Street SPDR S&P 500 ETF Trust
Which is better, CGO or SPY?
Allocation/Balanced against Large Cap Blend.
SPY has a lower expense ratio. CGO led over 1Y and 3Y, SPY over 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 | CGO | SPY |
|---|---|---|
| Expense Ratio | 2.30% | 0.09%Best |
| AUM | $204M | $804.7B |
| Dividend Yield | 5.70% | 0.98% |
| Holdings | 714 | 505 |
| YTD Return | +19.93%Best | +12.19% |
| 1Y Return | +19.40%Best | +18.53% |
| 3Y Return (annualized) | +22.44%Best | +20.88% |
| 5Y Return (annualized) | +4.03% | +12.69%Best |
| Volatility (annualized) | 20.8% | 15.1%Best |
| Max Drawdown | -67.0% | -56.5%Best |
| $10,000 over 5 years | $12,184 | $18,173Best |
| Fund Family | Calamos Investments | State Street Investment Management |
| Category | Allocation/Balanced | Equity |
| Style | Allocation/Balanced | Large Cap Blend |
| Inception | Oct 27, 2005 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Oct 27, 2005 to Sep 9, 2026 (20.9 years).
CGO 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 20.9 years both funds cover.
CGO vs SPY Performance
Calamos Global Total Return Fund (CGO) 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 CGO returned +19.40% while SPY returned +18.53%. Year to date, CGO is up 19.93% versus a gain of 12.19% for SPY.
Over three years, CGO compounded at +22.44% per year against +20.88% for SPY; over five years the annualized figures are +4.03% and +12.69% respectively. Across the full 21-year window we track, SPY has the edge at +9.74% annualized vs +1.76%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
CGO has been the more volatile fund, with annualized monthly volatility of 20.8% compared with 15.1% for SPY. 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 -67.0% for CGO and -56.5% 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 0.79. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
CGO charges 2.30% per year while SPY charges 0.09%. On a $10,000 position that is $230 vs $9 annually, a gap of $221 per year that compounds over a long holding period. On income, CGO currently yields 5.70% against 0.98% for SPY.
Holdings Overlap
At least 39.8% of SPY's money is in holdings CGO also owns.
Stated as a floor: for CGO, our book for it covers 88.7% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
The two portfolios partly overlap.
The two holdings books were reported 185 days apart, CGO as of Jan 31, 2026 and SPY as of Aug 4, 2026, so some of the difference between them is the time between the two reports rather than the funds.
65 positions in common, counted across the 493 positions we hold weights for in CGO and 504 in SPY, against full books of 714 and 505.
Top Shared Holdings
| Stock | Weight in CGO | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 3.27% | 7.71% | 4.44% |
| MSFTMicrosoft Corp | 0.94% | 5.50% | 4.56% |
| GOOGLAlphabet Inc,class A | 2.64% | 3.33% | 0.69% |
| AMZNAmazon.Com Inc | 1.16% | 4.08% | 2.92% |
| AVGOBroadcom Inc | 0.73% | 2.97% | 2.24% |
| BABoeing Co | 2.21% | 0.28% | 1.93% |
| METAMeta Platform Inc | 0.50% | 1.94% | 1.44% |
| TSLATesla Motors Inc | 1.00% | 1.38% | 0.38% |
| LLYEli Lilly & Co. | 0.79% | 1.33% | 0.54% |
| JPMJpmorgan Chase | 0.57% | 1.44% | 0.87% |
39.8% of SPY is already inside CGO.
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, CGO or SPY?
CGO has an expense ratio of 2.30% while SPY charges 0.09%. SPY is the cheaper option, by $221 a year on a $10,000 investment.
Which performed better, CGO or SPY?
Over the past year CGO returned +19.40% vs +18.53% for SPY, so CGO leads on 1-year performance. Over the longest common window we track (21 years), CGO annualized +1.76% vs +9.74% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, CGO or SPY?
CGO has been the more volatile fund at 20.8% annualized versus 15.1% for SPY. Worst drawdown: CGO -67.0% vs SPY -56.5%.
Should I hold both CGO and SPY?
CGO and SPY have a monthly-return correlation of 0.79, 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 CGO and SPY?
At least 39.8% of SPY's money is in holdings CGO also owns. Our book for CGO is partial, so the real figure is this or higher. They hold 65 positions in common, counted across the 493 positions we hold weights for in CGO and 504 in SPY.
Which pays a higher dividend, CGO or SPY?
CGO yields 5.70% while SPY yields 0.98%, so CGO currently pays the higher dividend yield.
Is SPY better than CGO?
SPY has a lower expense ratio. CGO led over 1Y and 3Y, SPY over 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.