CPZ vs VYM
Calamos Long/Short Equity & Dynamic Income Trust vs Vanguard High Dividend Yield ETF
Quick Verdict
VYM has a lower expense ratio. VYM delivered stronger 1-year returns. CPZ offers more diversification with 693 holdings.
Side-by-Side Comparison
| Metric | CPZ | VYM | Winner |
|---|---|---|---|
| Expense Ratio | 1.85% | 0.04% | |
| AUM | $418M | $79.0B | |
| Dividend Yield | 11.49% | 2.86% | |
| Holdings | 693 | 568 | |
| YTD Return | -0.72% | +16.78% | |
| 1Y Return | -8.00% | +24.43% | |
| 3Y Return (annualized) | +7.69% | +18.60% | |
| 5Y Return (annualized) | +2.77% | +12.30% | |
| Volatility (annualized) | 18.9% | 14.6% | |
| Max Drawdown | -52.2% | -58.8% | |
| Fund Family | Calamos Investments | Vanguard (US) | |
| Category | Alternative | Equity | |
| Inception | Nov 29, 2019 | Nov 10, 2006 |
CPZ vs VYM Performance
Calamos Long/Short Equity & Dynamic Income Trust (CPZ) is a ETF from Calamos Investments and Vanguard High Dividend Yield ETF (VYM) is a ETF from Vanguard (US). Over the past year CPZ returned -8.00% while VYM returned +24.43%. Year to date, CPZ is down 0.72% versus a gain of 16.78% for VYM.
Over three years, CPZ compounded at +7.69% per year against +18.60% for VYM; over five years the annualized figures are +2.77% and +12.30% respectively. Across the full 7-year window we track, VYM has the edge at +7.11% 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 14.6% for VYM. 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 -58.8% for VYM. 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 0.80. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
CPZ charges 1.85% per year while VYM charges 0.04%. On a $10,000 position that is $185 vs $4 annually, a gap of $181 per year that compounds over a long holding period. On income, CPZ currently yields 11.49% against 2.86% for VYM.
Holdings Overlap
CPZ and VYM share 92 holdings out of 862 unique holdings combined, representing a 18.6% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, CPZ or VYM?
CPZ has an expense ratio of 1.85% while VYM charges 0.04%. VYM is the cheaper option. On a $10,000 investment, that is $181 per year of difference.
Which performed better, CPZ or VYM?
Over the past year CPZ returned -8.00% vs +24.43% for VYM, so VYM leads on 1-year performance. Over the longest common window we track (7 years), CPZ annualized +3.09% vs +7.11% for VYM. Past performance does not guarantee future results.
Which is riskier, CPZ or VYM?
CPZ has been the more volatile fund at 18.9% annualized versus 14.6% for VYM. Worst drawdown: CPZ -52.2% vs VYM -58.8%.
Should I hold both CPZ and VYM?
CPZ and VYM have a monthly-return correlation of 0.80, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between CPZ and VYM?
CPZ and VYM share 92 common holdings with a 18.6% weight overlap. Combined, they hold 862 unique securities.
Which pays a higher dividend, CPZ or VYM?
CPZ yields 11.49% while VYM yields 2.86%, so CPZ currently pays the higher dividend yield.
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