CPZ vs IVV
Calamos Long/Short Equity & Dynamic Income Trust vs iShares Core S&P 500 ETF
Which is better, CPZ or IVV?
Long-Short Strategy against Large Cap Blend.
IVV has a lower expense ratio. IVV led over 1Y, 3Y, 5Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | CPZ | IVV |
|---|---|---|
| Expense Ratio | 1.85% | 0.03%Best |
| AUM | $421M | $886.7B |
| Dividend Yield | 11.00% | 1.10% |
| Holdings | 693 | 508 |
| YTD Return | -4.89% | +12.70%Best |
| 1Y Return | -12.50% | +19.36%Best |
| 3Y Return (annualized) | +6.24% | +21.16%Best |
| 5Y Return (annualized) | +1.88% | +12.75%Best |
| Volatility (annualized) | 18.7% | 16.9%Best |
| Max Drawdown | -52.2% | -33.9%Best |
| $10,000 over 5 years | $10,976 | $18,221Best |
| Fund Family | Calamos Investments | iShares by BlackRock (US) |
| Category | Alternative | Equity |
| Style | Long-Short Strategy | Large Cap Blend |
| Inception | Nov 29, 2019 | May 15, 2000 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Nov 26, 2019 to Sep 8, 2026 (6.8 years).
CPZ vs IVV growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 6.8 years both funds cover.
CPZ vs IVV Performance
Calamos Long/Short Equity & Dynamic Income Trust (CPZ) is an ETF from Calamos Investments and iShares Core S&P 500 ETF (IVV) is an ETF from iShares by BlackRock (US). Over the past year CPZ returned -12.50% while IVV returned +19.36%. Year to date, CPZ is down 4.89% versus a gain of 12.70% for IVV.
Over three years, CPZ compounded at +6.24% per year against +21.16% for IVV; over five years the annualized figures are +1.88% and +12.75% respectively. Across the full 7-year window we track, IVV has the edge at +15.32% annualized vs +2.40%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
CPZ has been the more volatile fund, with annualized monthly volatility of 18.7% compared with 16.9% 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 -52.2% for CPZ and -33.9% for IVV. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.71. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
CPZ charges 1.85% per year while IVV charges 0.03%. On a $10,000 position that is $185 vs $3 annually, a gap of $182 per year that compounds over a long holding period. On income, CPZ currently yields 11.00% against 1.10% for IVV.
Holdings Overlap
At least 34.0% of IVV's money is in holdings CPZ also owns.
Only one direction is shown: for CPZ, our book for it lists positions totalling 161.2% of the fund, which is what a leveraged book looks like and is not a denominator we can divide by.
The two portfolios partly overlap.
The two holdings books were reported 186 days apart, CPZ as of Jan 31, 2026 and IVV as of Aug 5, 2026, so some of the difference between them is the time between the two reports rather than the funds.
86 positions in common, counted across the 396 positions we hold weights for in CPZ and 504 in IVV, against full books of 693 and 508.
Top Shared Holdings
| Stock | Weight in CPZ | Weight in IVV | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 6.21% | 7.98% | 1.77% |
| AMZNAmazon.Com Inc | 8.28% | 4.01% | 4.27% |
| AVGOBroadcom Inc | 4.80% | 2.98% | 1.82% |
| BABoeing Co | 6.33% | 0.28% | 6.05% |
| LHXL3Harris Technologies Inc. | 6.14% | 0.08% | 6.06% |
| WFCWells Fargo & Co | 5.74% | 0.41% | 5.33% |
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 0.01% | 5.44% | 5.43% |
| MMM3m Co. | 5.30% | 0.14% | 5.16% |
| UNPUnion Pacific Corp | 4.97% | 0.26% | 4.71% |
| JCIJohnson Controls International Plc | 4.41% | 0.14% | 4.27% |
34.0% of IVV is already inside CPZ.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
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Frequently Asked Questions
Which is cheaper, CPZ or IVV?
CPZ has an expense ratio of 1.85% while IVV charges 0.03%. IVV is the cheaper option, by $182 a year on a $10,000 investment.
Which performed better, CPZ or IVV?
Over the past year CPZ returned -12.50% vs +19.36% for IVV, so IVV leads on 1-year performance. Over the longest common window we track (7 years), CPZ annualized +2.40% vs +15.32% for IVV. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, CPZ or IVV?
CPZ has been the more volatile fund at 18.7% annualized versus 16.9% for IVV. Worst drawdown: CPZ -52.2% vs IVV -33.9%.
Should I hold both CPZ and IVV?
CPZ and IVV have a monthly-return correlation of 0.71, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between CPZ and IVV?
At least 34.0% of IVV's money is in holdings CPZ also owns. Our book for CPZ is partial, so the real figure is this or higher. They hold 86 positions in common, counted across the 396 positions we hold weights for in CPZ and 504 in IVV.
Which pays a higher dividend, CPZ or IVV?
CPZ yields 11.00% while IVV yields 1.10%, so CPZ currently pays the higher dividend yield.
Is IVV better than CPZ?
IVV has a lower expense ratio. IVV led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.