CPZ vs SCHD
Calamos Long/Short Equity & Dynamic Income Trust vs Schwab US Dividend Equity ETF
Which is better, CPZ or SCHD?
Long-Short Strategy against Large Cap Value.
SCHD has a lower expense ratio. SCHD 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 | SCHD |
|---|---|---|
| Expense Ratio | 1.85% | 0.06%Best |
| AUM | $421M | $112.2B |
| Dividend Yield | 11.00% | 3.13% |
| Holdings | 693 | 103 |
| YTD Return | -4.89% | +26.13%Best |
| 1Y Return | -12.50% | +30.01%Best |
| 3Y Return (annualized) | +6.24% | +16.09%Best |
| 5Y Return (annualized) | +1.88% | +9.95%Best |
| Volatility (annualized) | 18.7% | 16.6%Best |
| Max Drawdown | -52.2% | -33.4%Best |
| $10,000 over 5 years | $10,976 | $16,069Best |
| Fund Family | Calamos Investments | Charles Schwab Asset Management |
| Category | Alternative | Equity |
| Style | Long-Short Strategy | Large Cap Value |
| Inception | Nov 29, 2019 | Oct 20, 2011 |
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 SCHD 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 SCHD Performance
Calamos Long/Short Equity & Dynamic Income Trust (CPZ) is an ETF from Calamos Investments and Schwab US Dividend Equity ETF (SCHD) is an ETF from Charles Schwab Asset Management. Over the past year CPZ returned -12.50% while SCHD returned +30.01%. Year to date, CPZ is down 4.89% versus a gain of 26.13% for SCHD.
Over three years, CPZ compounded at +6.24% per year against +16.09% for SCHD; over five years the annualized figures are +1.88% and +9.95% respectively. Across the full 7-year window we track, SCHD has the edge at +12.26% 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 16.6% 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 what each fund did in the worst stretch of the window measured above.
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 11.00% against 3.13% for SCHD.
Holdings Overlap
At least 17.8% of SCHD'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.
SCHD and CPZ share little of their money.
The two holdings books were reported 188 days apart, CPZ as of Jan 31, 2026 and SCHD as of Aug 7, 2026, so some of the difference between them is the time between the two reports rather than the funds.
9 positions in common, counted across the 396 positions we hold weights for in CPZ and 100 in SCHD, against full books of 693 and 103.
Top Shared Holdings
| Stock | Weight in CPZ | Weight in SCHD | Difference |
|---|---|---|---|
| HDHome Depot Inc/The | 3.25% | 4.32% | 1.07% |
| BAHBooz Allen Hamilton Holding Corp C | 5.00% | 0.23% | 4.77% |
| UNHUnitedhealth Group | 0.33% | 4.11% | 3.78% |
| MRKMerck & Co. Inc. | 0.00% | 4.26% | 4.26% |
| FFord Motor Credit | 0.19% | 1.37% | 1.18% |
| OKEOneok Inc. | 0.06% | 1.36% | 1.30% |
| FITBFifth Third Bancorp | 0.09% | 1.30% | 1.21% |
| ARESAres Management Corp Preferred Stock 7 | 0.06% | 0.72% | 0.66% |
| MMacy'S Inc. | 0.09% | 0.17% | 0.08% |
You are not choosing between two funds in isolation.
Whichever of CPZ and SCHD you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
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, by $179 a year on a $10,000 investment.
Which performed better, CPZ or SCHD?
Over the past year CPZ returned -12.50% vs +30.01% for SCHD, so SCHD leads on 1-year performance. Over the longest common window we track (7 years), CPZ annualized +2.40% vs +12.26% for SCHD. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, CPZ or SCHD?
CPZ has been the more volatile fund at 18.7% annualized versus 16.6% 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 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 SCHD?
At least 17.8% of SCHD's money is in holdings CPZ also owns. Our book for CPZ is partial, so the real figure is this or higher. They hold 9 positions in common, counted across the 396 positions we hold weights for in CPZ and 100 in SCHD.
Which pays a higher dividend, CPZ or SCHD?
CPZ yields 11.00% while SCHD yields 3.13%, so CPZ currently pays the higher dividend yield.
Is SCHD better than CPZ?
SCHD has a lower expense ratio. SCHD 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.