CPZ vs VXUS
Calamos Long/Short Equity & Dynamic Income Trust vs Vanguard Total International Stock ETF
Which is better, CPZ or VXUS?
Long-Short Strategy against Large Cap Blend.
VXUS has a lower expense ratio. VXUS 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 | VXUS |
|---|---|---|
| Expense Ratio | 1.85% | 0.05%Best |
| AUM | $421M | $158.1B |
| Dividend Yield | 11.00% | 2.59% |
| Holdings | 693 | 8,747 |
| YTD Return | -4.02% | +16.15%Best |
| 1Y Return | -11.42% | +27.58%Best |
| 3Y Return (annualized) | +7.09% | +20.48%Best |
| 5Y Return (annualized) | +2.12% | +9.09%Best |
| Volatility (annualized) | 18.7% | 16.4%Best |
| Max Drawdown | -52.2% | -35.1%Best |
| $10,000 over 5 years | $11,106 | $15,450Best |
| Fund Family | Calamos Investments | Vanguard (US) |
| Category | Alternative | Equity |
| Style | Long-Short Strategy | Large Cap Blend |
| Inception | Nov 29, 2019 | Jan 26, 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 4, 2026 (6.8 years).
CPZ vs VXUS 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 VXUS Performance
Calamos Long/Short Equity & Dynamic Income Trust (CPZ) is an ETF from Calamos Investments and Vanguard Total International Stock ETF (VXUS) is an ETF from Vanguard (US). Over the past year CPZ returned -11.42% while VXUS returned +27.58%. Year to date, CPZ is down 4.02% versus a gain of 16.15% for VXUS.
Over three years, CPZ compounded at +7.09% per year against +20.48% for VXUS; over five years the annualized figures are +2.12% and +9.09% respectively. Across the full 7-year window we track, VXUS has the edge at +10.14% annualized vs +2.55%.
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 16.4% for VXUS. 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 -35.1% for VXUS. 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 VXUS charges 0.05%. On a $10,000 position that is $185 vs $5 annually, a gap of $180 per year that compounds over a long holding period. On income, CPZ currently yields 11.00% against 2.59% for VXUS.
Holdings Overlap
We hold position weights for 396 holdings in CPZ and 8,092 in VXUS, totalling 161.2% and 87.5% of the two funds. Neither is a share of a fund we can divide by, so no overlap percentage is shown here. Within what we can see, 19 positions appear in both.
The two holdings books were reported 150 days apart, CPZ as of Jan 31, 2026 and VXUS as of Jun 30, 2026, so some of the difference between them is the time between the two reports rather than the funds.
19 positions in common, counted across the 396 positions we hold weights for in CPZ and 8,092 in VXUS, against full books of 693 and 8,747.
Top Shared Holdings
| Stock | Weight in CPZ | Weight in VXUS | Difference |
|---|---|---|---|
| CP:CACanadian Pacific Railway Ltd. | 4.46% | 0.17% | 4.29% |
| ENB:CAEnbridge Inc. | 0.44% | 0.26% | 0.18% |
| HBANHuntington Bancshares Inc./Oh | 0.40% | 0.04% | 0.36% |
| EMA:CAEmera Inc | 0.26% | 0.04% | 0.22% |
| AQN:CAAlgonquin Power & Utilities Corp - Common | 0.27% | 0.01% | 0.26% |
| BCE:CABce Inc | 0.21% | 0.01% | 0.20% |
| VOD:LNVodafone Group Plc | 0.15% | 0.05% | 0.10% |
| CLW:AUClearwater Paper Corporation Common Stock | 0.17% | 0.00% | 0.17% |
| CHP.U:CAChoice Properties Reit | 0.16% | 0.01% | 0.15% |
| T:CATelus Corporation | 0.14% | 0.01% | 0.13% |
You are not choosing between two funds in isolation.
Whichever of CPZ and VXUS 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 VXUS?
CPZ has an expense ratio of 1.85% while VXUS charges 0.05%. VXUS is the cheaper option, by $180 a year on a $10,000 investment.
Which performed better, CPZ or VXUS?
Over the past year CPZ returned -11.42% vs +27.58% for VXUS, so VXUS leads on 1-year performance. Over the longest common window we track (7 years), CPZ annualized +2.55% vs +10.14% for VXUS. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, CPZ or VXUS?
CPZ has been the more volatile fund at 18.7% annualized versus 16.4% for VXUS. Worst drawdown: CPZ -52.2% vs VXUS -35.1%.
Should I hold both CPZ and VXUS?
CPZ and VXUS 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.
Which pays a higher dividend, CPZ or VXUS?
CPZ yields 11.00% while VXUS yields 2.59%, so CPZ currently pays the higher dividend yield.
Is VXUS better than CPZ?
VXUS has a lower expense ratio. VXUS 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.