CHW vs SPY
Calamos Global Dynamic Income Fund vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. CHW delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | CHW | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 2.27% | 0.09% | |
| AUM | $861M | $789.1B | |
| Dividend Yield | 5.92% | 1.01% | |
| Holdings | 775 | 505 | |
| YTD Return | +20.22% | +13.39% | |
| 1Y Return | +29.67% | +22.52% | |
| 3Y Return (annualized) | +22.81% | +21.36% | |
| 5Y Return (annualized) | +4.53% | +13.19% | |
| Volatility (annualized) | 23.1% | 15.3% | |
| Max Drawdown | -73.0% | -56.5% | |
| Fund Family | Calamos Investments | State Street Investment Management | |
| Category | Allocation/Balanced | Equity | |
| Inception | Jun 27, 2007 | Jan 22, 1993 |
CHW vs SPY Performance
Calamos Global Dynamic Income Fund (CHW) 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 CHW returned +29.67% while SPY returned +22.52%. Year to date, CHW is up 20.22% versus a gain of 13.39% for SPY.
Over three years, CHW compounded at +22.81% per year against +21.36% for SPY; over five years the annualized figures are +4.53% and +13.19% respectively. Across the full 19-year window we track, SPY has the edge at +8.84% annualized vs -0.26%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
CHW has been the more volatile fund, with annualized monthly volatility of 23.1% 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 -73.0% for CHW 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 0.86. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
CHW charges 2.27% per year while SPY charges 0.09%. On a $10,000 position that is $227 vs $9 annually, a gap of $218 per year that compounds over a long holding period. On income, CHW currently yields 5.92% against 1.01% for SPY.
Holdings Overlap
CHW and SPY share 65 holdings out of 937 unique holdings combined, representing a 18.6% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, CHW or SPY?
CHW has an expense ratio of 2.27% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $218 per year of difference.
Which performed better, CHW or SPY?
Over the past year CHW returned +29.67% vs +22.52% for SPY, so CHW leads on 1-year performance. Over the longest common window we track (19 years), CHW annualized -0.26% vs +8.84% for SPY. Past performance does not guarantee future results.
Which is riskier, CHW or SPY?
CHW has been the more volatile fund at 23.1% annualized versus 15.3% for SPY. Worst drawdown: CHW -73.0% vs SPY -56.5%.
Should I hold both CHW and SPY?
CHW and SPY have a monthly-return correlation of 0.86, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between CHW and SPY?
CHW and SPY share 65 common holdings with a 18.6% weight overlap. Combined, they hold 937 unique securities.
Which pays a higher dividend, CHW or SPY?
CHW yields 5.92% while SPY yields 1.01%, so CHW currently pays the higher dividend yield.
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