CGO vs SPY
Calamos Global Total Return Fund 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 503 holdings.
Side-by-Side Comparison
| Metric | CGO | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 2.30% | 0.09% | |
| AUM | $203M | $789.1B | |
| Dividend Yield | 5.69% | 1.01% | |
| Holdings | 714 | 505 | |
| YTD Return | +19.30% | +13.39% | |
| 1Y Return | +22.35% | +22.52% | |
| 3Y Return (annualized) | +21.69% | +21.36% | |
| 5Y Return (annualized) | +4.51% | +13.19% | |
| Volatility (annualized) | 20.9% | 15.3% | |
| Max Drawdown | -67.0% | -56.5% | |
| Fund Family | Calamos Investments | State Street Investment Management | |
| Category | Allocation/Balanced | Equity | |
| Inception | Oct 27, 2005 | Jan 22, 1993 |
CGO vs SPY Performance
Calamos Global Total Return Fund (CGO) 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 CGO returned +22.35% while SPY returned +22.52%. Year to date, CGO is up 19.30% versus a gain of 13.39% for SPY.
Over three years, CGO compounded at +21.69% per year against +21.36% for SPY; over five years the annualized figures are +4.51% and +13.19% respectively. Across the full 21-year window we track, SPY has the edge at +8.84% annualized vs +1.74%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
CGO has been the more volatile fund, with annualized monthly volatility of 20.9% compared with 15.3% 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 worth weighing if you expect to sell during market stress rather than ride it out.
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 5.69% against 1.01% for SPY.
Holdings Overlap
CGO and SPY share 65 holdings out of 931 unique holdings combined, representing a 18.5% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
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. On a $10,000 investment, that is $221 per year of difference.
Which performed better, CGO or SPY?
Over the past year CGO returned +22.35% vs +22.52% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (21 years), CGO annualized +1.74% vs +8.84% for SPY. Past performance does not guarantee future results.
Which is riskier, CGO or SPY?
CGO has been the more volatile fund at 20.9% annualized versus 15.3% 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 combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between CGO and SPY?
CGO and SPY share 65 common holdings with a 18.5% weight overlap. Combined, they hold 931 unique securities.
Which pays a higher dividend, CGO or SPY?
CGO yields 5.69% while SPY yields 1.01%, so CGO currently pays the higher dividend yield.
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