CHI vs SPY
Calamos Convertible Opportunities and Income Fund vs State Street SPDR S&P 500 ETF Trust
Which is better, CHI or SPY?
Convertibles against Large Cap Blend.
SPY has a lower expense ratio. CHI led over 1Y, SPY over 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 | SPY |
|---|---|---|
| Expense Ratio | 1.83% | 0.09%Best |
| AUM | $1.4B | $804.7B |
| Dividend Yield | 4.02% | 0.98% |
| Holdings | 624 | 505 |
| YTD Return | +23.12%Best | +12.47% |
| 1Y Return | +28.05%Best | +17.51% |
| 3Y Return (annualized) | +15.23% | +21.18%Best |
| 5Y Return (annualized) | +5.23% | +12.88%Best |
| Volatility (annualized) | 19.6% | 14.8%Best |
| Max Drawdown | -73.3% | -56.5%Best |
| $10,000 over 5 years | $12,903 | $18,327Best |
| Fund Family | Calamos Investments | State Street Investment Management |
| Category | Convertible | Equity |
| Style | Convertibles | Large Cap Blend |
| Inception | Jun 26, 2002 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Jun 28, 2002 to Sep 11, 2026 (24.2 years).
CHI vs SPY 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 covers the 24.2 years both funds cover.
CHI vs SPY Performance
Calamos Convertible Opportunities and Income Fund (CHI) is an ETF from Calamos Investments and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year CHI returned +28.05% while SPY returned +17.51%. Year to date, CHI is up 23.12% versus a gain of 12.47% for SPY.
Over three years, CHI compounded at +15.23% per year against +21.18% for SPY; over five years the annualized figures are +5.23% and +12.88% respectively. Across the full 24-year window we track, SPY has the edge at +9.15% annualized vs +1.43%.
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 14.8% 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 what each fund did in the worst stretch of the window measured above.
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 4.02% against 0.98% for SPY.
Holdings Overlap
At least 12.7% of SPY'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.
SPY and CHI share little of their money.
The two holdings books were reported 185 days apart, CHI as of Jan 31, 2026 and SPY as of Aug 4, 2026, so some of the difference between them is the time between the two reports rather than the funds.
60 positions in common, counted across the 383 positions we hold weights for in CHI and 504 in SPY, against full books of 624 and 505.
Top Shared Holdings
| Stock | Weight in CHI | Weight in SPY | Difference |
|---|---|---|---|
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 0.00% | 5.50% | 5.50% |
| WDCWestern Digital Corp. | 2.69% | 0.28% | 2.41% |
| BABoeing Co | 2.32% | 0.28% | 2.04% |
| LITELumentum Holdings Inc | 2.42% | 0.10% | 2.32% |
| STXSeagate Technology Plc | 1.44% | 0.28% | 1.16% |
| UBERUber Technologies Inc | 1.44% | 0.22% | 1.22% |
| AMDAdvanced Micro Devices Inc. | 0.34% | 1.27% | 0.93% |
| BACBank Of America Corp. | 0.78% | 0.62% | 0.16% |
| PPLPpl Corp. | 1.33% | 0.04% | 1.29% |
| ONOn Semiconductor Corp | 1.31% | 0.05% | 1.26% |
You are not choosing between two funds in isolation.
Whichever of CHI and SPY 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 SPY?
CHI has an expense ratio of 1.83% while SPY charges 0.09%. SPY is the cheaper option, by $174 a year on a $10,000 investment.
Which performed better, CHI or SPY?
Over the past year CHI returned +28.05% vs +17.51% for SPY, so CHI leads on 1-year performance. Over the longest common window we track (24 years), CHI annualized +1.43% vs +9.15% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, CHI or SPY?
CHI has been the more volatile fund at 19.6% annualized versus 14.8% 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 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 SPY?
At least 12.7% of SPY's money is in holdings CHI also owns. Our book for CHI is partial, so the real figure is this or higher. They hold 60 positions in common, counted across the 383 positions we hold weights for in CHI and 504 in SPY.
Which pays a higher dividend, CHI or SPY?
CHI yields 4.02% while SPY yields 0.98%, so CHI currently pays the higher dividend yield.
Is SPY better than CHI?
SPY has a lower expense ratio. CHI led over 1Y, SPY over 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.