CHY vs VYM
Calamos Convertible and High Income Fund vs Vanguard High Dividend Yield ETF
Quick Verdict
VYM has a lower expense ratio. CHY delivered stronger 1-year returns. CHY offers more diversification with 620 holdings.
Side-by-Side Comparison
| Metric | CHY | VYM | Winner |
|---|---|---|---|
| Expense Ratio | 1.84% | 0.04% | |
| AUM | $1.6B | $81.6B | |
| Dividend Yield | 8.17% | 2.24% | |
| Holdings | 620 | 616 | |
| YTD Return | +21.39% | +15.34% | |
| 1Y Return | +33.90% | +23.24% | |
| 3Y Return (annualized) | +17.18% | +19.22% | |
| 5Y Return (annualized) | +5.84% | +12.21% | |
| Volatility (annualized) | 20.3% | 14.6% | |
| Max Drawdown | -66.9% | -58.8% | |
| Fund Family | Calamos Investments | Vanguard (US) | |
| Category | Convertible | Equity | |
| Inception | May 28, 2003 | Nov 10, 2006 |
CHY vs VYM Performance
Calamos Convertible and High Income Fund (CHY) is a ETF from Calamos Investments and Vanguard High Dividend Yield ETF (VYM) is a ETF from Vanguard (US). Over the past year CHY returned +33.90% while VYM returned +23.24%. Year to date, CHY is up 21.39% versus a gain of 15.34% for VYM.
Over three years, CHY compounded at +17.18% per year against +19.22% for VYM; over five years the annualized figures are +5.84% and +12.21% respectively. Across the full 20-year window we track, VYM has the edge at +7.04% 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 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 -66.9% for CHY 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 0.64. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
CHY charges 1.84% per year while VYM charges 0.04%. On a $10,000 position that is $184 vs $4 annually, a gap of $180 per year that compounds over a long holding period. On income, CHY currently yields 8.17% against 2.24% for VYM.
Holdings Overlap
CHY 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, CHY or VYM?
CHY has an expense ratio of 1.84% while VYM charges 0.04%. VYM is the cheaper option. On a $10,000 investment, that is $180 per year of difference.
Which performed better, CHY or VYM?
Over the past year CHY returned +33.90% vs +23.24% for VYM, so CHY leads on 1-year performance. Over the longest common window we track (20 years), CHY annualized +1.59% vs +7.04% for VYM. Past performance does not guarantee future results.
Which is riskier, CHY or VYM?
CHY has been the more volatile fund at 20.3% annualized versus 14.6% for VYM. Worst drawdown: CHY -66.9% vs VYM -58.8%.
Should I hold both CHY and VYM?
CHY and VYM have a monthly-return correlation of 0.64, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between CHY and VYM?
CHY and VYM share 6 common holdings with a 1.2% weight overlap. Combined, they hold 1108 unique securities.
Which pays a higher dividend, CHY or VYM?
CHY yields 8.17% while VYM yields 2.24%, so CHY currently pays the higher dividend yield.
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