CPZ vs VOO
Calamos Long/Short Equity & Dynamic Income Trust vs Vanguard S&P 500 ETF
Quick Verdict
VOO has a lower expense ratio. VOO delivered stronger 1-year returns. CPZ offers more diversification with 693 holdings.
Side-by-Side Comparison
| Metric | CPZ | VOO | Winner |
|---|---|---|---|
| Expense Ratio | 1.85% | 0.03% | |
| AUM | $418M | $979.0B | |
| Dividend Yield | 11.49% | 1.09% | |
| Holdings | 693 | 509 | |
| YTD Return | -0.72% | +14.48% | |
| 1Y Return | -8.00% | +22.02% | |
| 3Y Return (annualized) | +7.69% | +21.80% | |
| 5Y Return (annualized) | +2.77% | +13.36% | |
| Volatility (annualized) | 18.9% | 14.2% | |
| Max Drawdown | -52.2% | -34.3% | |
| Fund Family | Calamos Investments | Vanguard (US) | |
| Category | Alternative | Equity | |
| Inception | Nov 29, 2019 | Sep 7, 2010 |
CPZ vs VOO Performance
Calamos Long/Short Equity & Dynamic Income Trust (CPZ) is a ETF from Calamos Investments and Vanguard S&P 500 ETF (VOO) is a ETF from Vanguard (US). Over the past year CPZ returned -8.00% while VOO returned +22.02%. Year to date, CPZ is down 0.72% versus a gain of 14.48% for VOO.
Over three years, CPZ compounded at +7.69% per year against +21.80% for VOO; over five years the annualized figures are +2.77% and +13.36% respectively. Across the full 7-year window we track, VOO has the edge at +13.61% 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 14.2% for VOO. 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 -34.3% for VOO. 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 VOO charges 0.03%. On a $10,000 position that is $185 vs $3 annually, a gap of $182 per year that compounds over a long holding period. On income, CPZ currently yields 11.49% against 1.09% for VOO.
Holdings Overlap
CPZ and VOO share 84 holdings out of 817 unique holdings combined, representing a 22.1% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, CPZ or VOO?
CPZ has an expense ratio of 1.85% while VOO charges 0.03%. VOO is the cheaper option. On a $10,000 investment, that is $182 per year of difference.
Which performed better, CPZ or VOO?
Over the past year CPZ returned -8.00% vs +22.02% for VOO, so VOO leads on 1-year performance. Over the longest common window we track (7 years), CPZ annualized +3.09% vs +13.61% for VOO. Past performance does not guarantee future results.
Which is riskier, CPZ or VOO?
CPZ has been the more volatile fund at 18.9% annualized versus 14.2% for VOO. Worst drawdown: CPZ -52.2% vs VOO -34.3%.
Should I hold both CPZ and VOO?
CPZ and VOO 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 VOO?
CPZ and VOO share 84 common holdings with a 22.1% weight overlap. Combined, they hold 817 unique securities.
Which pays a higher dividend, CPZ or VOO?
CPZ yields 11.49% while VOO yields 1.09%, so CPZ currently pays the higher dividend yield.
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