CPNQ vs QQQ
Calamos Nasdaq-100 Structured Alt Protection ETF - December vs Invesco QQQ Trust, Series 1
Quick Verdict
QQQ has a lower expense ratio. QQQ delivered stronger 1-year returns. QQQ offers more diversification with 108 holdings.
Side-by-Side Comparison
| Metric | CPNQ | QQQ | Winner |
|---|---|---|---|
| Expense Ratio | 0.69% | 0.18% | |
| AUM | $22M | $496.3B | |
| Dividend Yield | 0.00% | 0.44% | |
| Holdings | 5 | 108 | |
| YTD Return | +3.92% | +15.47% | |
| 1Y Return | +6.72% | +24.44% | |
| 3Y Return (annualized) | - | +25.47% | |
| 5Y Return (annualized) | - | +14.22% | |
| Volatility (annualized) | 2.8% | 30.6% | |
| Max Drawdown | -3.5% | -83.0% | |
| Fund Family | Calamos Investments | Invesco (US) | |
| Category | Alternative | Equity | |
| Inception | Dec 2, 2024 | Mar 10, 1999 |
CPNQ vs QQQ Performance
Calamos Nasdaq-100 Structured Alt Protection ETF - December (CPNQ) is a ETF from Calamos Investments and Invesco QQQ Trust, Series 1 (QQQ) is a ETF from Invesco (US). Over the past year CPNQ returned +6.72% while QQQ returned +24.44%. Year to date, CPNQ is up 3.92% versus a gain of 15.47% for QQQ.
Risk: Volatility and Drawdowns
QQQ has been the more volatile fund, with annualized monthly volatility of 30.6% compared with 2.8% for CPNQ. 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 -3.5% for CPNQ 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 0.89. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
CPNQ charges 0.69% per year while QQQ charges 0.18%. On a $10,000 position that is $69 vs $18 annually, a gap of $51 per year that compounds over a long holding period. On income, CPNQ currently yields 0.00% against 0.44% for QQQ.
Frequently Asked Questions
Which is cheaper, CPNQ or QQQ?
CPNQ has an expense ratio of 0.69% while QQQ charges 0.18%. QQQ is the cheaper option. On a $10,000 investment, that is $51 per year of difference.
Which performed better, CPNQ or QQQ?
Over the past year CPNQ returned +6.72% vs +24.44% for QQQ, so QQQ leads on 1-year performance. Over the longest common window we track (2 years), CPNQ annualized +6.89% vs +12.99% for QQQ. Past performance does not guarantee future results.
Which is riskier, CPNQ or QQQ?
QQQ has been the more volatile fund at 30.6% annualized versus 2.8% for CPNQ. Worst drawdown: CPNQ -3.5% vs QQQ -83.0%.
Should I hold both CPNQ and QQQ?
CPNQ and QQQ have a monthly-return correlation of 0.89, so combining them can provide real diversification depending on your allocation goals.
Which pays a higher dividend, CPNQ or QQQ?
CPNQ yields 0.00% while QQQ yields 0.44%, so QQQ currently pays the higher dividend yield.
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