CPNQ vs VYM
Calamos Nasdaq-100 Structured Alt Protection ETF - December vs Vanguard High Dividend Yield ETF
Quick Verdict
VYM has a lower expense ratio. VYM delivered stronger 1-year returns. VYM offers more diversification with 616 holdings.
Side-by-Side Comparison
| Metric | CPNQ | VYM | Winner |
|---|---|---|---|
| Expense Ratio | 0.69% | 0.04% | |
| AUM | $22M | $81.6B | |
| Dividend Yield | 0.00% | 2.24% | |
| Holdings | 5 | 616 | |
| YTD Return | +4.03% | +14.66% | |
| 1Y Return | +7.05% | +22.16% | |
| 3Y Return (annualized) | - | +18.72% | |
| 5Y Return (annualized) | - | +12.18% | |
| Volatility (annualized) | 2.8% | 14.6% | |
| Max Drawdown | -3.5% | -58.8% | |
| Fund Family | Calamos Investments | Vanguard (US) | |
| Category | Alternative | Equity | |
| Inception | Dec 2, 2024 | Nov 10, 2006 |
CPNQ vs VYM Performance
Calamos Nasdaq-100 Structured Alt Protection ETF - December (CPNQ) is a ETF from Calamos Investments and Vanguard High Dividend Yield ETF (VYM) is a ETF from Vanguard (US). Over the past year CPNQ returned +7.05% while VYM returned +22.16%. Year to date, CPNQ is up 4.03% versus a gain of 14.66% for VYM.
Risk: Volatility and Drawdowns
VYM has been the more volatile fund, with annualized monthly volatility of 14.6% 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 -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 0.55. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
CPNQ charges 0.69% per year while VYM charges 0.04%. On a $10,000 position that is $69 vs $4 annually, a gap of $65 per year that compounds over a long holding period. On income, CPNQ currently yields 0.00% against 2.24% for VYM.
Frequently Asked Questions
Which is cheaper, CPNQ or VYM?
CPNQ has an expense ratio of 0.69% while VYM charges 0.04%. VYM is the cheaper option. On a $10,000 investment, that is $65 per year of difference.
Which performed better, CPNQ or VYM?
Over the past year CPNQ returned +7.05% vs +22.16% for VYM, so VYM leads on 1-year performance. Over the longest common window we track (2 years), CPNQ annualized +7.01% vs +7.01% for VYM. Past performance does not guarantee future results.
Which is riskier, CPNQ or VYM?
VYM has been the more volatile fund at 14.6% annualized versus 2.8% for CPNQ. Worst drawdown: CPNQ -3.5% vs VYM -58.8%.
Should I hold both CPNQ and VYM?
CPNQ and VYM have a monthly-return correlation of 0.55, so combining them can provide real diversification depending on your allocation goals.
Which pays a higher dividend, CPNQ or VYM?
CPNQ yields 0.00% while VYM yields 2.24%, so VYM currently pays the higher dividend yield.
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