CPZ vs QQQ
Calamos Long/Short Equity & Dynamic Income Trust vs Invesco QQQ Trust, Series 1
Quick Verdict
QQQ has a lower expense ratio. QQQ delivered stronger 1-year returns. CPZ offers more diversification with 693 holdings.
Side-by-Side Comparison
| Metric | CPZ | QQQ | Winner |
|---|---|---|---|
| Expense Ratio | 1.85% | 0.18% | |
| AUM | $428M | $496.3B | |
| Dividend Yield | 11.00% | 0.44% | |
| Holdings | 693 | 108 | |
| YTD Return | -2.62% | +16.64% | |
| 1Y Return | -8.94% | +27.27% | |
| 3Y Return (annualized) | +7.21% | +25.96% | |
| 5Y Return (annualized) | +2.83% | +14.54% | |
| Volatility (annualized) | 18.8% | 30.6% | |
| Max Drawdown | -52.2% | -83.0% | |
| Fund Family | Calamos Investments | Invesco (US) | |
| Category | Alternative | Equity | |
| Inception | Nov 29, 2019 | Mar 10, 1999 |
CPZ vs QQQ Performance
Calamos Long/Short Equity & Dynamic Income Trust (CPZ) is a ETF from Calamos Investments and Invesco QQQ Trust, Series 1 (QQQ) is a ETF from Invesco (US). Over the past year CPZ returned -8.94% while QQQ returned +27.27%. Year to date, CPZ is down 2.62% versus a gain of 16.64% for QQQ.
Over three years, CPZ compounded at +7.21% per year against +25.96% for QQQ; over five years the annualized figures are +2.83% and +14.54% respectively. Across the full 7-year window we track, QQQ has the edge at +13.03% annualized vs +2.78%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
QQQ has been the more volatile fund, with annualized monthly volatility of 30.6% 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 -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 0.52. They move independently enough that combining them can meaningfully diversify a portfolio.
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 11.00% against 0.44% for QQQ.
Holdings Overlap
CPZ and QQQ share 11 holdings out of 487 unique holdings combined, representing a 16.6% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
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. On a $10,000 investment, that is $167 per year of difference.
Which performed better, CPZ or QQQ?
Over the past year CPZ returned -8.94% vs +27.27% for QQQ, so QQQ leads on 1-year performance. Over the longest common window we track (7 years), CPZ annualized +2.78% vs +13.03% for QQQ. Past performance does not guarantee future results.
Which is riskier, CPZ or QQQ?
QQQ has been the more volatile fund at 30.6% annualized versus 18.8% for CPZ. Worst drawdown: CPZ -52.2% vs QQQ -83.0%.
Should I hold both CPZ and QQQ?
CPZ and QQQ have a monthly-return correlation of 0.52, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between CPZ and QQQ?
CPZ and QQQ share 11 common holdings with a 16.6% weight overlap. Combined, they hold 487 unique securities.
Which pays a higher dividend, CPZ or QQQ?
CPZ yields 11.00% while QQQ yields 0.44%, so CPZ currently pays the higher dividend yield.
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