CHI vs IVV
Calamos Convertible Opportunities and Income Fund vs iShares Core S&P 500 ETF
Quick Verdict
IVV has a lower expense ratio. CHI delivered stronger 1-year returns. CHI offers more diversification with 624 holdings.
Side-by-Side Comparison
| Metric | CHI | IVV | Winner |
|---|---|---|---|
| Expense Ratio | 1.83% | 0.03% | |
| AUM | $1.5B | $907.0B | |
| Dividend Yield | 8.77% | 1.10% | |
| Holdings | 624 | 508 | |
| YTD Return | +29.00% | +12.71% | |
| 1Y Return | +40.35% | +21.89% | |
| 3Y Return (annualized) | +17.52% | +22.08% | |
| 5Y Return (annualized) | +6.70% | +12.96% | |
| Volatility (annualized) | 19.6% | 15.1% | |
| Max Drawdown | -73.3% | -56.5% | |
| Fund Family | Calamos Investments | iShares by BlackRock (US) | |
| Category | Convertible | Equity | |
| Inception | Jun 26, 2002 | May 15, 2000 |
CHI vs IVV Performance
Calamos Convertible Opportunities and Income Fund (CHI) is a ETF from Calamos Investments and iShares Core S&P 500 ETF (IVV) is a ETF from iShares by BlackRock (US). Over the past year CHI returned +40.35% while IVV returned +21.89%. Year to date, CHI is up 29.00% versus a gain of 12.71% for IVV.
Over three years, CHI compounded at +17.52% per year against +22.08% for IVV; over five years the annualized figures are +6.70% and +12.96% respectively. Across the full 24-year window we track, IVV has the edge at +7.00% annualized vs +1.63%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
CHI has been the more volatile fund, with annualized monthly volatility of 19.6% compared with 15.1% for IVV. 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 -73.3% for CHI and -56.5% for IVV. 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 0.72. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
CHI charges 1.83% per year while IVV charges 0.03%. On a $10,000 position that is $183 vs $3 annually, a gap of $180 per year that compounds over a long holding period. On income, CHI currently yields 8.77% against 1.10% for IVV.
Holdings Overlap
CHI and IVV share 7 holdings out of 1009 unique holdings combined, representing a 0.6% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, CHI or IVV?
CHI has an expense ratio of 1.83% while IVV charges 0.03%. IVV is the cheaper option. On a $10,000 investment, that is $180 per year of difference.
Which performed better, CHI or IVV?
Over the past year CHI returned +40.35% vs +21.89% for IVV, so CHI leads on 1-year performance. Over the longest common window we track (24 years), CHI annualized +1.63% vs +7.00% for IVV. Past performance does not guarantee future results.
Which is riskier, CHI or IVV?
CHI has been the more volatile fund at 19.6% annualized versus 15.1% for IVV. Worst drawdown: CHI -73.3% vs IVV -56.5%.
Should I hold both CHI and IVV?
CHI and IVV have a monthly-return correlation of 0.72, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between CHI and IVV?
CHI and IVV share 7 common holdings with a 0.6% weight overlap. Combined, they hold 1009 unique securities.
Which pays a higher dividend, CHI or IVV?
CHI yields 8.77% while IVV yields 1.10%, so CHI currently pays the higher dividend yield.
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