CPZ vs IVV
Calamos Long/Short Equity & Dynamic Income Trust vs iShares Core S&P 500 ETF
Quick Verdict
IVV has a lower expense ratio. IVV delivered stronger 1-year returns. CPZ offers more diversification with 693 holdings.
Side-by-Side Comparison
| Metric | CPZ | IVV | Winner |
|---|---|---|---|
| Expense Ratio | 1.85% | 0.03% | |
| AUM | $428M | $907.0B | |
| Dividend Yield | 11.00% | 1.10% | |
| Holdings | 693 | 508 | |
| YTD Return | -1.31% | +14.29% | |
| 1Y Return | -8.21% | +21.79% | |
| 3Y Return (annualized) | +7.32% | +22.19% | |
| 5Y Return (annualized) | +2.68% | +13.28% | |
| Volatility (annualized) | 18.9% | 15.1% | |
| Max Drawdown | -52.2% | -56.5% | |
| Fund Family | Calamos Investments | iShares by BlackRock (US) | |
| Category | Alternative | Equity | |
| Inception | Nov 29, 2019 | May 15, 2000 |
CPZ vs IVV Performance
Calamos Long/Short Equity & Dynamic Income Trust (CPZ) is a ETF from Calamos Investments and iShares Core S&P 500 ETF (IVV) is a ETF from iShares by BlackRock (US). Over the past year CPZ returned -8.21% while IVV returned +21.79%. Year to date, CPZ is down 1.31% versus a gain of 14.29% for IVV.
Over three years, CPZ compounded at +7.32% per year against +22.19% for IVV; over five years the annualized figures are +2.68% and +13.28% respectively. Across the full 7-year window we track, IVV has the edge at +7.06% annualized vs +2.99%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
CPZ has been the more volatile fund, with annualized monthly volatility of 18.9% compared with 15.1% 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 -56.5% for IVV. 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 0.71. 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
CPZ and IVV share 84 holdings out of 817 unique holdings combined, representing a 22.3% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
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. On a $10,000 investment, that is $182 per year of difference.
Which performed better, CPZ or IVV?
Over the past year CPZ returned -8.21% vs +21.79% for IVV, so IVV leads on 1-year performance. Over the longest common window we track (7 years), CPZ annualized +2.99% vs +7.06% for IVV. Past performance does not guarantee future results.
Which is riskier, CPZ or IVV?
CPZ has been the more volatile fund at 18.9% annualized versus 15.1% for IVV. Worst drawdown: CPZ -52.2% vs IVV -56.5%.
Should I hold both CPZ and IVV?
CPZ and IVV have a monthly-return correlation of 0.71, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between CPZ and IVV?
CPZ and IVV share 84 common holdings with a 22.3% weight overlap. Combined, they hold 817 unique securities.
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.
Popular ETF Comparisons
Get Full ETF Analytics
Access complete holdings data, overlap analysis, screener tools, and more with FundXLS.