CPZ vs SPY
Calamos Long/Short Equity & Dynamic Income Trust vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. CPZ offers more diversification with 693 holdings.
Side-by-Side Comparison
| Metric | CPZ | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 1.85% | 0.09% | |
| AUM | $428M | $821.1B | |
| Dividend Yield | 11.00% | 1.01% | |
| Holdings | 693 | 505 | |
| YTD Return | -2.62% | +12.22% | |
| 1Y Return | -9.49% | +20.83% | |
| 3Y Return (annualized) | +7.07% | +21.70% | |
| 5Y Return (annualized) | +2.82% | +12.98% | |
| Volatility (annualized) | 18.8% | 15.3% | |
| Max Drawdown | -52.2% | -56.5% | |
| Fund Family | Calamos Investments | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Nov 29, 2019 | Jan 22, 1993 |
CPZ vs SPY Performance
Calamos Long/Short Equity & Dynamic Income Trust (CPZ) is a ETF from Calamos Investments and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year CPZ returned -9.49% while SPY returned +20.83%. Year to date, CPZ is down 2.62% versus a gain of 12.22% for SPY.
Over three years, CPZ compounded at +7.07% per year against +21.70% for SPY; over five years the annualized figures are +2.82% and +12.98% respectively. Across the full 7-year window we track, SPY has the edge at +8.79% annualized vs +2.78%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
CPZ has been the more volatile fund, with annualized monthly volatility of 18.8% compared with 15.3% for SPY. 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 SPY. 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 SPY charges 0.09%. On a $10,000 position that is $185 vs $9 annually, a gap of $176 per year that compounds over a long holding period. On income, CPZ currently yields 11.00% against 1.01% for SPY.
Holdings Overlap
CPZ and SPY share 86 holdings out of 814 unique holdings combined, representing a 23.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, CPZ or SPY?
CPZ has an expense ratio of 1.85% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $176 per year of difference.
Which performed better, CPZ or SPY?
Over the past year CPZ returned -9.49% vs +20.83% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (7 years), CPZ annualized +2.78% vs +8.79% for SPY. Past performance does not guarantee future results.
Which is riskier, CPZ or SPY?
CPZ has been the more volatile fund at 18.8% annualized versus 15.3% for SPY. Worst drawdown: CPZ -52.2% vs SPY -56.5%.
Should I hold both CPZ and SPY?
CPZ and SPY 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 SPY?
CPZ and SPY share 86 common holdings with a 23.0% weight overlap. Combined, they hold 814 unique securities.
Which pays a higher dividend, CPZ or SPY?
CPZ yields 11.00% while SPY yields 1.01%, so CPZ currently pays the higher dividend yield.
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