CPZ vs QQQ
Calamos Long/Short Equity & Dynamic Income Trust vs Invesco QQQ Trust, Series 1
Which is better, CPZ or QQQ?
Long-Short Strategy against Large Cap Growth.
QQQ has a lower expense ratio. QQQ 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 | QQQ |
|---|---|---|
| Expense Ratio | 1.85% | 0.18%Best |
| AUM | $417M | $483.5B |
| Dividend Yield | 11.05% | 0.44% |
| Holdings | 693 | 107 |
| YTD Return | -5.60% | +21.71%Best |
| 1Y Return | -12.14% | +25.89%Best |
| 3Y Return (annualized) | +7.52% | +28.80%Best |
| 5Y Return (annualized) | +1.91% | +15.67%Best |
| Volatility (annualized) | 18.8%Best | 20.8% |
| Max Drawdown | -52.2% | -35.1%Best |
| $10,000 over 5 years | $10,992 | $20,706Best |
| Fund Family | Calamos Investments | Invesco (US) |
| Category | Alternative | Equity |
| Style | Long-Short Strategy | Large Cap Growth |
| Inception | Nov 29, 2019 | Mar 10, 1999 |
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 25, 2026 (6.8 years).
CPZ vs QQQ 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 QQQ Performance
Calamos Long/Short Equity & Dynamic Income Trust (CPZ) is an ETF from Calamos Investments and Invesco QQQ Trust, Series 1 (QQQ) is an ETF from Invesco (US). Over the past year CPZ returned -12.14% while QQQ returned +25.89%. Year to date, CPZ is down 5.60% versus a gain of 21.71% for QQQ.
Over three years, CPZ compounded at +7.52% per year against +28.80% for QQQ; over five years the annualized figures are +1.91% and +15.67% respectively. Across the full 7-year window we track, QQQ has the edge at +21.39% annualized vs +2.27%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
QQQ has been the more volatile fund, with annualized monthly volatility of 20.8% compared with 18.8% for CPZ. 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 -35.1% for QQQ. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.51. They move together some of the time, and apart the rest.
Fees and Cost Over Time
CPZ charges 1.85% per year while QQQ charges 0.18%. On a $10,000 position that is $185 vs $18 annually, a gap of $167 per year that compounds over a long holding period. On income, CPZ currently yields 11.05% against 0.44% for QQQ.
Holdings Overlap
At least 28.2% of QQQ'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.
QQQ and CPZ share little of their money.
The two holdings books were reported 186 days apart, CPZ as of Jan 31, 2026 and QQQ as of Aug 5, 2026, so some of the difference between them is the time between the two reports rather than the funds.
11 positions in common, counted across the 396 positions we hold weights for in CPZ and 102 in QQQ, against full books of 693 and 107.
Top Shared Holdings
| Stock | Weight in CPZ | Weight in QQQ | Difference |
|---|---|---|---|
| NVDANvidia Corp | 6.21% | 8.44% | 2.23% |
| AMZNAmazon.Com Inc | 8.28% | 4.67% | 3.61% |
| AVGOBroadcom Inc | 4.80% | 3.16% | 1.64% |
| MSFTMicrosoft Corp | 0.01% | 5.76% | 5.75% |
| SNPSSynopsys | 3.56% | 0.34% | 3.22% |
| MARMarriott International, Inc. | 3.33% | 0.42% | 2.91% |
| INTUIntuit, Inc. | 2.37% | 0.39% | 1.98% |
| NFLXNetflix, Inc. | 1.12% | 1.37% | 0.25% |
| TSLATesla Inc | -0.80% | 2.56% | 3.36% |
| TMUST-Mobile Us Inc Com Usd0.00001 | 0.16% | 0.82% | 0.66% |
28.2% of QQQ 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.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, CPZ or QQQ?
CPZ has an expense ratio of 1.85% while QQQ charges 0.18%. QQQ is the cheaper option, by $167 a year on a $10,000 investment.
Which performed better, CPZ or QQQ?
Over the past year CPZ returned -12.14% vs +25.89% for QQQ, so QQQ leads on 1-year performance. Over the longest common window we track (7 years), CPZ annualized +2.27% vs +21.39% for QQQ. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, CPZ or QQQ?
QQQ has been the more volatile fund at 20.8% annualized versus 18.8% for CPZ. Worst drawdown: CPZ -52.2% vs QQQ -35.1%.
Should I hold both CPZ and QQQ?
CPZ and QQQ have a monthly-return correlation of 0.51, 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 QQQ?
At least 28.2% of QQQ's money is in holdings CPZ also owns. Our book for CPZ is partial, so the real figure is this or higher. They hold 11 positions in common, counted across the 396 positions we hold weights for in CPZ and 102 in QQQ.
Which pays a higher dividend, CPZ or QQQ?
CPZ yields 11.05% while QQQ yields 0.44%, so CPZ currently pays the higher dividend yield.
Is QQQ better than CPZ?
QQQ has a lower expense ratio. QQQ 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.