CPZ vs SCHD
Calamos Long/Short Equity & Dynamic Income Trust vs Schwab US Dividend Equity ETF
Quick Verdict
SCHD has a lower expense ratio. SCHD delivered stronger 1-year returns. CPZ offers more diversification with 396 holdings.
Side-by-Side Comparison
| Metric | CPZ | SCHD | Winner |
|---|---|---|---|
| Expense Ratio | 1.85% | 0.06% | |
| AUM | $418M | $103.7B | |
| Dividend Yield | 11.49% | 3.31% | |
| Holdings | 693 | 104 | |
| YTD Return | -0.72% | +26.21% | |
| 1Y Return | -8.00% | +29.99% | |
| 3Y Return (annualized) | +7.69% | +15.73% | |
| 5Y Return (annualized) | +2.77% | +9.67% | |
| Volatility (annualized) | 18.9% | 13.6% | |
| Max Drawdown | -52.2% | -33.4% | |
| Fund Family | Calamos Investments | Charles Schwab Asset Management | |
| Category | Alternative | Equity | |
| Inception | Nov 29, 2019 | Oct 20, 2011 |
CPZ vs SCHD Performance
Calamos Long/Short Equity & Dynamic Income Trust (CPZ) is a ETF from Calamos Investments and Schwab US Dividend Equity ETF (SCHD) is a ETF from Charles Schwab Asset Management. Over the past year CPZ returned -8.00% while SCHD returned +29.99%. Year to date, CPZ is down 0.72% versus a gain of 26.21% for SCHD.
Over three years, CPZ compounded at +7.69% per year against +15.73% for SCHD; over five years the annualized figures are +2.77% and +9.67% respectively. Across the full 7-year window we track, SCHD has the edge at +11.50% annualized vs +3.09%. 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 13.6% for SCHD. 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 -33.4% for SCHD. 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 0.76. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
CPZ charges 1.85% per year while SCHD charges 0.06%. On a $10,000 position that is $185 vs $6 annually, a gap of $179 per year that compounds over a long holding period. On income, CPZ currently yields 11.49% against 3.31% for SCHD.
Holdings Overlap
CPZ and SCHD share 9 holdings out of 487 unique holdings combined, representing a 4.3% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, CPZ or SCHD?
CPZ has an expense ratio of 1.85% while SCHD charges 0.06%. SCHD is the cheaper option. On a $10,000 investment, that is $179 per year of difference.
Which performed better, CPZ or SCHD?
Over the past year CPZ returned -8.00% vs +29.99% for SCHD, so SCHD leads on 1-year performance. Over the longest common window we track (7 years), CPZ annualized +3.09% vs +11.50% for SCHD. Past performance does not guarantee future results.
Which is riskier, CPZ or SCHD?
CPZ has been the more volatile fund at 18.9% annualized versus 13.6% for SCHD. Worst drawdown: CPZ -52.2% vs SCHD -33.4%.
Should I hold both CPZ and SCHD?
CPZ and SCHD have a monthly-return correlation of 0.76, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between CPZ and SCHD?
CPZ and SCHD share 9 common holdings with a 4.3% weight overlap. Combined, they hold 487 unique securities.
Which pays a higher dividend, CPZ or SCHD?
CPZ yields 11.49% while SCHD yields 3.31%, so CPZ currently pays the higher dividend yield.
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