CHI vs SPY
Calamos Convertible Opportunities and Income Fund vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. CHI delivered stronger 1-year returns. CHI offers more diversification with 624 holdings.
Side-by-Side Comparison
| Metric | CHI | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 1.83% | 0.09% | |
| AUM | $1.5B | $821.1B | |
| Dividend Yield | 8.77% | 1.01% | |
| Holdings | 624 | 505 | |
| YTD Return | +29.00% | +12.68% | |
| 1Y Return | +40.35% | +21.82% | |
| 3Y Return (annualized) | +17.52% | +21.98% | |
| 5Y Return (annualized) | +6.70% | +12.89% | |
| Volatility (annualized) | 19.6% | 15.3% | |
| Max Drawdown | -73.3% | -56.5% | |
| Fund Family | Calamos Investments | State Street Investment Management | |
| Category | Convertible | Equity | |
| Inception | Jun 26, 2002 | Jan 22, 1993 |
CHI vs SPY Performance
Calamos Convertible Opportunities and Income Fund (CHI) 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 CHI returned +40.35% while SPY returned +21.82%. Year to date, CHI is up 29.00% versus a gain of 12.68% for SPY.
Over three years, CHI compounded at +17.52% per year against +21.98% for SPY; over five years the annualized figures are +6.70% and +12.89% respectively. Across the full 24-year window we track, SPY has the edge at +8.81% 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 15.3% 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 -73.3% for CHI 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 0.72. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
CHI charges 1.83% per year while SPY charges 0.09%. On a $10,000 position that is $183 vs $9 annually, a gap of $174 per year that compounds over a long holding period. On income, CHI currently yields 8.77% against 1.01% for SPY.
Holdings Overlap
CHI and SPY share 7 holdings out of 1008 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 SPY?
CHI has an expense ratio of 1.83% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $174 per year of difference.
Which performed better, CHI or SPY?
Over the past year CHI returned +40.35% vs +21.82% for SPY, so CHI leads on 1-year performance. Over the longest common window we track (24 years), CHI annualized +1.63% vs +8.81% for SPY. Past performance does not guarantee future results.
Which is riskier, CHI or SPY?
CHI has been the more volatile fund at 19.6% annualized versus 15.3% for SPY. Worst drawdown: CHI -73.3% vs SPY -56.5%.
Should I hold both CHI and SPY?
CHI and SPY 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 SPY?
CHI and SPY share 7 common holdings with a 0.6% weight overlap. Combined, they hold 1008 unique securities.
Which pays a higher dividend, CHI or SPY?
CHI yields 8.77% while SPY yields 1.01%, so CHI currently pays the higher dividend yield.
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