CSQ vs QQQ
Calamos Strategic Total Return Fund vs Invesco QQQ Trust, Series 1
Quick Verdict
QQQ has a lower expense ratio. QQQ delivered stronger 1-year returns. CSQ offers more diversification with 452 holdings.
Side-by-Side Comparison
| Metric | CSQ | QQQ | Winner |
|---|---|---|---|
| Expense Ratio | 2.03% | 0.18% | |
| AUM | $5.0B | $455.8B | |
| Dividend Yield | 5.90% | 0.41% | |
| Holdings | 816 | 108 | |
| YTD Return | +14.08% | +19.68% | |
| 1Y Return | +21.57% | +26.75% | |
| 3Y Return (annualized) | +20.93% | +26.25% | |
| 5Y Return (annualized) | +10.46% | +15.39% | |
| Volatility (annualized) | 20.3% | 30.6% | |
| Max Drawdown | -72.7% | -83.0% | |
| Fund Family | Calamos Investments | Invesco (US) | |
| Category | Allocation/Balanced | Equity | |
| Inception | Mar 26, 2004 | Mar 10, 1999 |
CSQ vs QQQ Performance
Calamos Strategic Total Return Fund (CSQ) is a ETF from Calamos Investments and Invesco QQQ Trust, Series 1 (QQQ) is a ETF from Invesco (US). Over the past year CSQ returned +21.57% while QQQ returned +26.75%. Year to date, CSQ is up 14.08% versus a gain of 19.68% for QQQ.
Over three years, CSQ compounded at +20.93% per year against +26.25% for QQQ; over five years the annualized figures are +10.46% and +15.39% respectively. Across the full 22-year window we track, QQQ has the edge at +13.15% annualized vs +3.44%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
QQQ has been the more volatile fund, with annualized monthly volatility of 30.6% compared with 20.3% for CSQ. 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 -72.7% for CSQ and -83.0% for QQQ. 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 0.81. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
CSQ charges 2.03% per year while QQQ charges 0.18%. On a $10,000 position that is $203 vs $18 annually, a gap of $185 per year that compounds over a long holding period. On income, CSQ currently yields 5.90% against 0.41% for QQQ.
Holdings Overlap
CSQ and QQQ share 33 holdings out of 522 unique holdings combined, representing a 36.2% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, CSQ or QQQ?
CSQ has an expense ratio of 2.03% while QQQ charges 0.18%. QQQ is the cheaper option. On a $10,000 investment, that is $185 per year of difference.
Which performed better, CSQ or QQQ?
Over the past year CSQ returned +21.57% vs +26.75% for QQQ, so QQQ leads on 1-year performance. Over the longest common window we track (22 years), CSQ annualized +3.44% vs +13.15% for QQQ. Past performance does not guarantee future results.
Which is riskier, CSQ or QQQ?
QQQ has been the more volatile fund at 30.6% annualized versus 20.3% for CSQ. Worst drawdown: CSQ -72.7% vs QQQ -83.0%.
Should I hold both CSQ and QQQ?
CSQ and QQQ have a monthly-return correlation of 0.81, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between CSQ and QQQ?
CSQ and QQQ share 33 common holdings with a 36.2% weight overlap. Combined, they hold 522 unique securities.
Which pays a higher dividend, CSQ or QQQ?
CSQ yields 5.90% while QQQ yields 0.41%, so CSQ currently pays the higher dividend yield.
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