CHY vs IVV
Calamos Convertible and High Income Fund vs iShares Core S&P 500 ETF
Which is better, CHY or IVV?
Convertibles against Large Cap Blend.
IVV has a lower expense ratio. CHY led over 1Y, IVV 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 | CHY | IVV |
|---|---|---|
| Expense Ratio | 1.84% | 0.03%Best |
| AUM | $1.5B | $876.4B |
| Dividend Yield | 3.97% | 1.06% |
| Holdings | 620 | 508 |
| YTD Return | +18.50%Best | +12.24% |
| 1Y Return | +26.25%Best | +18.61% |
| 3Y Return (annualized) | +14.22% | +20.98%Best |
| 5Y Return (annualized) | +5.00% | +12.76%Best |
| Volatility (annualized) | 20.2% | 14.5%Best |
| Max Drawdown | -66.9% | -56.5%Best |
| $10,000 over 5 years | $12,763 | $18,230Best |
| Fund Family | Calamos Investments | iShares by BlackRock (US) |
| Category | Convertible | Equity |
| Style | Convertibles | Large Cap Blend |
| Inception | May 28, 2003 | May 15, 2000 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: May 28, 2003 to Sep 9, 2026 (23.3 years).
CHY vs IVV 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 23.3 years both funds cover.
CHY vs IVV Performance
Calamos Convertible and High Income Fund (CHY) is an ETF from Calamos Investments and iShares Core S&P 500 ETF (IVV) is an ETF from iShares by BlackRock (US). Over the past year CHY returned +26.25% while IVV returned +18.61%. Year to date, CHY is up 18.50% versus a gain of 12.24% for IVV.
Over three years, CHY compounded at +14.22% per year against +20.98% for IVV; over five years the annualized figures are +5.00% and +12.76% respectively. Across the full 23-year window we track, IVV has the edge at +9.70% annualized vs +1.48%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
CHY has been the more volatile fund, with annualized monthly volatility of 20.2% compared with 14.5% for IVV. 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 -66.9% for CHY and -56.5% for IVV. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.73. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
CHY charges 1.84% per year while IVV charges 0.03%. On a $10,000 position that is $184 vs $3 annually, a gap of $181 per year that compounds over a long holding period. On income, CHY currently yields 3.97% against 1.06% for IVV.
Holdings Overlap
At least 1.0% of IVV's money is in holdings CHY also owns.
Only one direction is shown: for CHY, our book for it lists positions totalling 120.2% of the fund, which is what a leveraged book looks like and is not a denominator we can divide by.
We cannot see either book well enough to say how much of this pair is duplicated.
The two holdings books were reported 278 days apart, CHY as of Oct 31, 2025 and IVV as of Aug 5, 2026, so some of the difference between them is the time between the two reports rather than the funds.
7 positions in common, counted across the 512 positions we hold weights for in CHY and 505 in IVV, against full books of 620 and 508.
Top Shared Holdings
| Stock | Weight in CHY | Weight in IVV | Difference |
|---|---|---|---|
| NEENextera Energy Inc. | 0.96% | 0.27% | 0.69% |
| KKRKkr & Co. Inc. Class a | 0.86% | 0.11% | 0.75% |
| ARESAres Management Corp Common Stock | 0.89% | 0.04% | 0.85% |
| MCHPMicrochip Technology Inc. | 0.79% | 0.06% | 0.73% |
| ALBAlbemarle Corp. | 0.67% | 0.02% | 0.65% |
| CCitigroup Inc. | 0.06% | 0.35% | 0.29% |
| TMUST-Mobile Usa Inc Esrw Usd Npv Ref Sm#585558 | 0.02% | 0.12% | 0.10% |
You are not choosing between two funds in isolation.
Whichever of CHY and IVV 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, CHY or IVV?
CHY has an expense ratio of 1.84% while IVV charges 0.03%. IVV is the cheaper option, by $181 a year on a $10,000 investment.
Which performed better, CHY or IVV?
Over the past year CHY returned +26.25% vs +18.61% for IVV, so CHY leads on 1-year performance. Over the longest common window we track (23 years), CHY annualized +1.48% vs +9.70% for IVV. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, CHY or IVV?
CHY has been the more volatile fund at 20.2% annualized versus 14.5% for IVV. Worst drawdown: CHY -66.9% vs IVV -56.5%.
Should I hold both CHY and IVV?
CHY and IVV have a monthly-return correlation of 0.73, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, CHY or IVV?
CHY yields 3.97% while IVV yields 1.06%, so CHY currently pays the higher dividend yield.
Is IVV better than CHY?
IVV has a lower expense ratio. CHY led over 1Y, IVV 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.