CHY vs IVV
Calamos Convertible and High Income Fund vs iShares Core S&P 500 ETF
Quick Verdict
IVV has a lower expense ratio. CHY delivered stronger 1-year returns. CHY offers more diversification with 620 holdings.
Side-by-Side Comparison
| Metric | CHY | IVV | Winner |
|---|---|---|---|
| Expense Ratio | 1.84% | 0.03% | |
| AUM | $1.6B | $907.0B | |
| Dividend Yield | 8.17% | 1.10% | |
| Holdings | 620 | 508 | |
| YTD Return | +21.39% | +12.71% | |
| 1Y Return | +33.90% | +21.89% | |
| 3Y Return (annualized) | +17.18% | +22.08% | |
| 5Y Return (annualized) | +5.84% | +12.96% | |
| Volatility (annualized) | 20.3% | 15.1% | |
| Max Drawdown | -66.9% | -56.5% | |
| Fund Family | Calamos Investments | iShares by BlackRock (US) | |
| Category | Convertible | Equity | |
| Inception | May 28, 2003 | May 15, 2000 |
CHY vs IVV Performance
Calamos Convertible and High Income Fund (CHY) is a ETF from Calamos Investments and iShares Core S&P 500 ETF (IVV) is a ETF from iShares by BlackRock (US). Over the past year CHY returned +33.90% while IVV returned +21.89%. Year to date, CHY is up 21.39% versus a gain of 12.71% for IVV.
Over three years, CHY compounded at +17.18% per year against +22.08% for IVV; over five years the annualized figures are +5.84% and +12.96% respectively. Across the full 23-year window we track, IVV has the edge at +7.00% annualized vs +1.59%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
CHY has been the more volatile fund, with annualized monthly volatility of 20.3% compared with 15.1% 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 worth weighing if you expect to sell during market stress rather than ride it out.
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 8.17% against 1.10% for IVV.
Holdings Overlap
CHY and IVV share 7 holdings out of 1009 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, CHY or IVV?
CHY has an expense ratio of 1.84% while IVV charges 0.03%. IVV is the cheaper option. On a $10,000 investment, that is $181 per year of difference.
Which performed better, CHY or IVV?
Over the past year CHY returned +33.90% vs +21.89% for IVV, so CHY leads on 1-year performance. Over the longest common window we track (23 years), CHY annualized +1.59% vs +7.00% for IVV. Past performance does not guarantee future results.
Which is riskier, CHY or IVV?
CHY has been the more volatile fund at 20.3% annualized versus 15.1% 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 combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between CHY and IVV?
CHY and IVV share 7 common holdings with a 0.6% weight overlap. Combined, they hold 1009 unique securities.
Which pays a higher dividend, CHY or IVV?
CHY yields 8.17% while IVV yields 1.10%, so CHY currently pays the higher dividend yield.
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