CHY vs QQQ
Calamos Convertible and High Income Fund vs Invesco QQQ Trust, Series 1
Quick Verdict
QQQ has a lower expense ratio. CHY delivered stronger 1-year returns. CHY offers more diversification with 620 holdings.
Side-by-Side Comparison
| Metric | CHY | QQQ | Winner |
|---|---|---|---|
| Expense Ratio | 1.84% | 0.18% | |
| AUM | $1.6B | $496.3B | |
| Dividend Yield | 8.17% | 0.44% | |
| Holdings | 620 | 108 | |
| YTD Return | +21.39% | +16.64% | |
| 1Y Return | +33.90% | +27.27% | |
| 3Y Return (annualized) | +17.18% | +25.96% | |
| 5Y Return (annualized) | +5.84% | +14.54% | |
| Volatility (annualized) | 20.3% | 30.6% | |
| Max Drawdown | -66.9% | -83.0% | |
| Fund Family | Calamos Investments | Invesco (US) | |
| Category | Convertible | Equity | |
| Inception | May 28, 2003 | Mar 10, 1999 |
CHY vs QQQ Performance
Calamos Convertible and High Income Fund (CHY) is a ETF from Calamos Investments and Invesco QQQ Trust, Series 1 (QQQ) is a ETF from Invesco (US). Over the past year CHY returned +33.90% while QQQ returned +27.27%. Year to date, CHY is up 21.39% versus a gain of 16.64% for QQQ.
Over three years, CHY compounded at +17.18% per year against +25.96% for QQQ; over five years the annualized figures are +5.84% and +14.54% respectively. Across the full 23-year window we track, QQQ has the edge at +13.03% annualized vs +1.59%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
QQQ has been the more volatile fund, with annualized monthly volatility of 30.6% compared with 20.3% for CHY. 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 -83.0% for QQQ. 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 0.68. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
CHY charges 1.84% per year while QQQ charges 0.18%. On a $10,000 position that is $184 vs $18 annually, a gap of $166 per year that compounds over a long holding period. On income, CHY currently yields 8.17% against 0.44% for QQQ.
Holdings Overlap
Frequently Asked Questions
Which is cheaper, CHY or QQQ?
CHY has an expense ratio of 1.84% while QQQ charges 0.18%. QQQ is the cheaper option. On a $10,000 investment, that is $166 per year of difference.
Which performed better, CHY or QQQ?
Over the past year CHY returned +33.90% vs +27.27% for QQQ, so CHY leads on 1-year performance. Over the longest common window we track (23 years), CHY annualized +1.59% vs +13.03% for QQQ. Past performance does not guarantee future results.
Which is riskier, CHY or QQQ?
QQQ has been the more volatile fund at 30.6% annualized versus 20.3% for CHY. Worst drawdown: CHY -66.9% vs QQQ -83.0%.
Should I hold both CHY and QQQ?
CHY and QQQ have a monthly-return correlation of 0.68, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between CHY and QQQ?
CHY and QQQ share 2 common holdings with a 0.2% weight overlap. Combined, they hold 611 unique securities.
Which pays a higher dividend, CHY or QQQ?
CHY yields 8.17% while QQQ yields 0.44%, so CHY currently pays the higher dividend yield.
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