CHI vs QQQ
Calamos Convertible Opportunities and Income Fund vs Invesco QQQ Trust, Series 1
Quick Verdict
QQQ has a lower expense ratio. CHI delivered stronger 1-year returns. CHI offers more diversification with 624 holdings.
Side-by-Side Comparison
| Metric | CHI | QQQ | Winner |
|---|---|---|---|
| Expense Ratio | 1.83% | 0.18% | |
| AUM | $1.5B | $496.3B | |
| Dividend Yield | 8.77% | 0.44% | |
| Holdings | 624 | 108 | |
| YTD Return | +29.00% | +16.64% | |
| 1Y Return | +40.35% | +27.27% | |
| 3Y Return (annualized) | +17.52% | +25.96% | |
| 5Y Return (annualized) | +6.70% | +14.54% | |
| Volatility (annualized) | 19.6% | 30.6% | |
| Max Drawdown | -73.3% | -83.0% | |
| Fund Family | Calamos Investments | Invesco (US) | |
| Category | Convertible | Equity | |
| Inception | Jun 26, 2002 | Mar 10, 1999 |
CHI vs QQQ Performance
Calamos Convertible Opportunities and Income Fund (CHI) is a ETF from Calamos Investments and Invesco QQQ Trust, Series 1 (QQQ) is a ETF from Invesco (US). Over the past year CHI returned +40.35% while QQQ returned +27.27%. Year to date, CHI is up 29.00% versus a gain of 16.64% for QQQ.
Over three years, CHI compounded at +17.52% per year against +25.96% for QQQ; over five years the annualized figures are +6.70% and +14.54% respectively. Across the full 24-year window we track, QQQ has the edge at +13.03% annualized vs +1.63%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
QQQ has been the more volatile fund, with annualized monthly volatility of 30.6% compared with 19.6% for CHI. 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 -83.0% for QQQ. 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 0.67. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
CHI charges 1.83% per year while QQQ charges 0.18%. On a $10,000 position that is $183 vs $18 annually, a gap of $165 per year that compounds over a long holding period. On income, CHI currently yields 8.77% against 0.44% for QQQ.
Holdings Overlap
Frequently Asked Questions
Which is cheaper, CHI or QQQ?
CHI has an expense ratio of 1.83% while QQQ charges 0.18%. QQQ is the cheaper option. On a $10,000 investment, that is $165 per year of difference.
Which performed better, CHI or QQQ?
Over the past year CHI returned +40.35% vs +27.27% for QQQ, so CHI leads on 1-year performance. Over the longest common window we track (24 years), CHI annualized +1.63% vs +13.03% for QQQ. Past performance does not guarantee future results.
Which is riskier, CHI or QQQ?
QQQ has been the more volatile fund at 30.6% annualized versus 19.6% for CHI. Worst drawdown: CHI -73.3% vs QQQ -83.0%.
Should I hold both CHI and QQQ?
CHI and QQQ have a monthly-return correlation of 0.67, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between CHI and QQQ?
CHI and QQQ share 2 common holdings with a 0.2% weight overlap. Combined, they hold 611 unique securities.
Which pays a higher dividend, CHI or QQQ?
CHI yields 8.77% while QQQ yields 0.44%, so CHI currently pays the higher dividend yield.
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