CHI vs VYM
Calamos Convertible Opportunities and Income Fund vs Vanguard High Dividend Yield ETF
Quick Verdict
VYM has a lower expense ratio. CHI delivered stronger 1-year returns. CHI offers more diversification with 624 holdings.
Side-by-Side Comparison
| Metric | CHI | VYM | Winner |
|---|---|---|---|
| Expense Ratio | 1.83% | 0.04% | |
| AUM | $1.5B | $81.6B | |
| Dividend Yield | 8.77% | 2.24% | |
| Holdings | 624 | 616 | |
| YTD Return | +29.00% | +15.34% | |
| 1Y Return | +40.35% | +23.24% | |
| 3Y Return (annualized) | +17.52% | +19.22% | |
| 5Y Return (annualized) | +6.70% | +12.21% | |
| Volatility (annualized) | 19.6% | 14.6% | |
| Max Drawdown | -73.3% | -58.8% | |
| Fund Family | Calamos Investments | Vanguard (US) | |
| Category | Convertible | Equity | |
| Inception | Jun 26, 2002 | Nov 10, 2006 |
CHI vs VYM Performance
Calamos Convertible Opportunities and Income Fund (CHI) is a ETF from Calamos Investments and Vanguard High Dividend Yield ETF (VYM) is a ETF from Vanguard (US). Over the past year CHI returned +40.35% while VYM returned +23.24%. Year to date, CHI is up 29.00% versus a gain of 15.34% for VYM.
Over three years, CHI compounded at +17.52% per year against +19.22% for VYM; over five years the annualized figures are +6.70% and +12.21% respectively. Across the full 20-year window we track, VYM has the edge at +7.04% 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 14.6% for VYM. 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 -58.8% for VYM. 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 0.65. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
CHI charges 1.83% per year while VYM charges 0.04%. On a $10,000 position that is $183 vs $4 annually, a gap of $179 per year that compounds over a long holding period. On income, CHI currently yields 8.77% against 2.24% for VYM.
Holdings Overlap
CHI and VYM share 6 holdings out of 1108 unique holdings combined, representing a 1.2% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, CHI or VYM?
CHI has an expense ratio of 1.83% while VYM charges 0.04%. VYM is the cheaper option. On a $10,000 investment, that is $179 per year of difference.
Which performed better, CHI or VYM?
Over the past year CHI returned +40.35% vs +23.24% for VYM, so CHI leads on 1-year performance. Over the longest common window we track (20 years), CHI annualized +1.63% vs +7.04% for VYM. Past performance does not guarantee future results.
Which is riskier, CHI or VYM?
CHI has been the more volatile fund at 19.6% annualized versus 14.6% for VYM. Worst drawdown: CHI -73.3% vs VYM -58.8%.
Should I hold both CHI and VYM?
CHI and VYM have a monthly-return correlation of 0.65, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between CHI and VYM?
CHI and VYM share 6 common holdings with a 1.2% weight overlap. Combined, they hold 1108 unique securities.
Which pays a higher dividend, CHI or VYM?
CHI yields 8.77% while VYM yields 2.24%, so CHI currently pays the higher dividend yield.
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