CSQ vs SPY
Calamos Strategic Total Return Fund vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | CSQ | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 2.03% | 0.09% | |
| AUM | $5.0B | $789.1B | |
| Dividend Yield | 5.90% | 1.01% | |
| Holdings | 816 | 505 | |
| YTD Return | +13.27% | +13.39% | |
| 1Y Return | +22.35% | +22.52% | |
| 3Y Return (annualized) | +20.69% | +21.36% | |
| 5Y Return (annualized) | +10.35% | +13.19% | |
| Volatility (annualized) | 20.3% | 15.3% | |
| Max Drawdown | -72.7% | -56.5% | |
| Fund Family | Calamos Investments | State Street Investment Management | |
| Category | Allocation/Balanced | Equity | |
| Inception | Mar 26, 2004 | Jan 22, 1993 |
CSQ vs SPY Performance
Calamos Strategic Total Return Fund (CSQ) 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 CSQ returned +22.35% while SPY returned +22.52%. Year to date, CSQ is up 13.27% versus a gain of 13.39% for SPY.
Over three years, CSQ compounded at +20.69% per year against +21.36% for SPY; over five years the annualized figures are +10.35% and +13.19% respectively. Across the full 22-year window we track, SPY has the edge at +8.84% annualized vs +3.40%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
CSQ has been the more volatile fund, with annualized monthly volatility of 20.3% 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 -72.7% for CSQ 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 0.89. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
CSQ charges 2.03% per year while SPY charges 0.09%. On a $10,000 position that is $203 vs $9 annually, a gap of $194 per year that compounds over a long holding period. On income, CSQ currently yields 5.90% against 1.01% for SPY.
Holdings Overlap
CSQ and SPY share 147 holdings out of 808 unique holdings combined, representing a 55.3% weight overlap.
High overlap means holding both may not provide much additional diversification.
Frequently Asked Questions
Which is cheaper, CSQ or SPY?
CSQ has an expense ratio of 2.03% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $194 per year of difference.
Which performed better, CSQ or SPY?
Over the past year CSQ returned +22.35% vs +22.52% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (22 years), CSQ annualized +3.40% vs +8.84% for SPY. Past performance does not guarantee future results.
Which is riskier, CSQ or SPY?
CSQ has been the more volatile fund at 20.3% annualized versus 15.3% for SPY. Worst drawdown: CSQ -72.7% vs SPY -56.5%.
Should I hold both CSQ and SPY?
CSQ and SPY have a monthly-return correlation of 0.89, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between CSQ and SPY?
CSQ and SPY share 147 common holdings with a 55.3% weight overlap. Combined, they hold 808 unique securities.
Which pays a higher dividend, CSQ or SPY?
CSQ yields 5.90% while SPY yields 1.01%, so CSQ currently pays the higher dividend yield.
Popular ETF Comparisons
Get Full ETF Analytics
Access complete holdings data, overlap analysis, screener tools, and more with FundXLS.