CHI vs QQQ
Calamos Convertible Opportunities and Income Fund vs Invesco QQQ Trust, Series 1
Which is better, CHI or QQQ?
Convertibles against Large Cap Growth.
QQQ has a lower expense ratio. QQQ led over 1Y, 3Y, 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 | CHI | QQQ |
|---|---|---|
| Expense Ratio | 1.83% | 0.18%Best |
| AUM | $1.4B | $498.6B |
| Dividend Yield | 4.02% | 0.42% |
| Holdings | 613 | 321 |
| YTD Return | +14.14% | +21.44%Best |
| 1Y Return | +16.12% | +23.58%Best |
| 3Y Return (annualized) | +13.84% | +27.86%Best |
| 5Y Return (annualized) | +4.33% | +16.25%Best |
| Volatility (annualized) | 19.6% | 18.9%Best |
| Max Drawdown | -73.3% | -53.5%Best |
| $10,000 over 5 years | $12,361 | $21,231Best |
| Fund Family | Calamos Investments | Invesco (US) |
| Category | Convertible | Equity |
| Style | Convertibles | Large Cap Growth |
| Inception | Jun 26, 2002 | Mar 10, 1999 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Jun 28, 2002 to Oct 1, 2026 (24.3 years).
CHI vs QQQ 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 is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
CHI vs QQQ Performance
Calamos Convertible Opportunities and Income Fund (CHI) is an ETF from Calamos Investments and Invesco QQQ Trust, Series 1 (QQQ) is an ETF from Invesco (US). Over the past year CHI returned +16.12% while QQQ returned +23.58%. Year to date, CHI is up 14.14% versus a gain of 21.44% for QQQ.
Over three years, CHI compounded at +13.84% per year against +27.86% for QQQ; over five years the annualized figures are +4.33% and +16.25% respectively. Across the full 24-year window we track, QQQ has the edge at +14.95% annualized vs +1.11%.
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 18.9% for QQQ. 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 -53.5% for QQQ. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.66. They move together some of the time, and apart the rest.
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 4.02% against 0.42% for QQQ.
Holdings Overlap
At least 13.7% of QQQ's money is in holdings CHI also owns.
Stated as a floor: for CHI, our book for it covers 85.2% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
QQQ and CHI share little of their money.
The two holdings books were reported 227 days apart, CHI as of Jan 31, 2026 and QQQ as of Sep 15, 2026, so some of the difference between them is the time between the two reports rather than the funds.
12 positions in common, counted across the 383 positions we hold weights for in CHI and 102 in QQQ, against full books of 613 and 321.
Top Shared Holdings
| Stock | Weight in CHI | Weight in QQQ | Difference |
|---|---|---|---|
| MSFTMicrosoft Corp | 0.00% | 5.88% | 5.88% |
| AMDAdvanced Micro Devices Inc | 0.34% | 3.71% | 3.37% |
| WDCWestern Digital Corp. | 2.69% | 0.68% | 2.01% |
| LITELumentum Holdings Inc | 2.42% | 0.32% | 2.10% |
| STXSeagate Technolo | 1.44% | 0.82% | 0.62% |
| DASHDoordash Inc - A | 1.03% | 0.37% | 0.66% |
| DDOGDatadog Inc | 0.99% | 0.32% | 0.67% |
| MCHPMicrochip Technology Inc. | 0.79% | 0.18% | 0.61% |
| MSTRMicrostrategy Inc | 0.72% | 0.19% | 0.53% |
| TMUST-Mobile Usa Inc Esrw Usd Npv Ref Sm#585558 | 0.03% | 0.87% | 0.84% |
You are not choosing between two funds in isolation.
Whichever of CHI and QQQ you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
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, by $165 a year on a $10,000 investment.
Which performed better, CHI or QQQ?
Over the past year CHI returned +16.12% vs +23.58% for QQQ, so QQQ leads on 1-year performance. Over the longest common window we track (24 years), CHI annualized +1.11% vs +14.95% for QQQ. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, CHI or QQQ?
CHI has been the more volatile fund at 19.6% annualized versus 18.9% for QQQ. Worst drawdown: CHI -73.3% vs QQQ -53.5%.
Should I hold both CHI and QQQ?
CHI and QQQ have a monthly-return correlation of 0.66, 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 CHI and QQQ?
At least 13.7% of QQQ's money is in holdings CHI also owns. Our book for CHI is partial, so the real figure is this or higher. They hold 12 positions in common, counted across the 383 positions we hold weights for in CHI and 102 in QQQ.
Which pays a higher dividend, CHI or QQQ?
CHI yields 4.02% while QQQ yields 0.42%, so CHI currently pays the higher dividend yield.
Is QQQ better than CHI?
QQQ has a lower expense ratio. QQQ led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.