CANQ vs. CCEF

Last updated Aug 4, 2026

CANQ (Calamos Alternative Nasdaq & Bond ETF) and CCEF (Calamos CEF Income & Arbitrage ETF) are both exchange-traded funds - CANQ is a Nasdaq-100 fund actively managed by Calamos, while CCEF is a Dividend fund actively managed by Calamos. Both are actively managed. Over the past year, CANQ returned 10.17% vs 13.67% for CCEF. Their 0.63 correlation means they have sometimes moved together and sometimes differently. CANQ charges 0.90%/yr vs 2.74%/yr for CCEF.

Performance

CANQ vs. CCEF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Alternative Nasdaq & Bond ETF (CANQ) and Calamos CEF Income & Arbitrage ETF (CCEF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CANQ achieves a 4.05% return, which is significantly lower than CCEF's 7.28% return.

CANQ

• 1D: 1.17%
• 1M: -0.45%
• 6M: 3.32%
• YTD: 4.05%
• 1Y: 10.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.02%

CCEF

• 1D: 0.71%
• 1M: 0.39%
• 6M: 3.87%
• YTD: 7.28%
• 1Y: 13.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 15.21%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CANQ Calamos Alternative Nasdaq & Bond ETF	$35.73K	$69.54K	$123.34K
CCEF Calamos CEF Income & Arbitrage ETF	$84.87K	$111.22K	$103.52K

CANQ vs. CCEF - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CANQ Calamos Alternative Nasdaq & Bond ETF	4.05%	11.69%	18.99%
CCEF Calamos CEF Income & Arbitrage ETF	7.28%	13.47%	16.10%

Correlation

The correlation between CANQ and CCEF is 0.71, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.71
Correlation (All Time) Calculated using the full available price history since Feb 13, 2024	0.63

The correlation between CANQ and CCEF has been stable across timeframes, ranging from 0.63 to 0.71 - a consistent structural relationship.

Return for Risk

CANQ vs. CCEF — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CANQ

CANQ Risk / Return Rank: 32
CANQ Sharpe Ratio Rank: 35
CANQ Sortino Ratio Rank: 33
CANQ Omega Ratio Rank: 32
CANQ Calmar Ratio Rank: 29
CANQ Martin Ratio Rank: 30

CCEF

CCEF Risk / Return Rank: 62
CCEF Sharpe Ratio Rank: 68
CCEF Sortino Ratio Rank: 67
CCEF Omega Ratio Rank: 68
CCEF Calmar Ratio Rank: 47
CCEF Martin Ratio Rank: 60

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CANQ vs. CCEF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Alternative Nasdaq & Bond ETF (CANQ) and Calamos CEF Income & Arbitrage ETF (CCEF). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	CANQ	CCEF	Difference
Sharpe ratio: Return per unit of total volatility	0.88	1.63	-0.75
Sortino ratio: Return per unit of downside risk	1.28	2.28	-1.00
Omega ratio: Gain probability vs. loss probability	1.15	1.30	-0.15
Calmar ratio: Return relative to maximum drawdown	0.95	1.77	-0.82
Martin ratio: Return relative to average drawdown	2.70	7.56	-4.86

CANQ vs. CCEF - Sharpe Ratio Comparison

The current CANQ Sharpe Ratio is 0.88, which is lower than the CCEF Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of CANQ and CCEF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CANQ vs. CCEF - Drawdown Comparison

The maximum CANQ drawdown since its inception was -12.79%, roughly equal to the maximum CCEF drawdown of -13.25%. Use the drawdown chart below to compare losses from any high point for CANQ and CCEF.

Drawdown Indicators

	CANQ	CCEF	Difference
Max Drawdown Largest peak-to-trough decline	-12.79%	-13.25%	+0.46%
Max Drawdown (1Y) Largest decline over 1 year	-10.77%	-7.75%	-3.02%
Current Drawdown Current decline from peak	-3.66%	-0.15%	-3.51%
Average Drawdown Average peak-to-trough decline	-2.99%	-1.32%	-1.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.77%	1.81%	+1.96%

Volatility

CANQ vs. CCEF - Volatility Comparison

Calamos Alternative Nasdaq & Bond ETF (CANQ) has a higher volatility of 3.37% compared to Calamos CEF Income & Arbitrage ETF (CCEF) at 2.18%. This indicates that CANQ's price experiences larger fluctuations and is considered to be riskier than CCEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CANQ	CCEF	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.37%	2.18%	+1.19%
Volatility (6M) Calculated over the trailing 6-month period	8.82%	7.18%	+1.64%
Volatility (1Y) Calculated over the trailing 1-year period	11.67%	8.43%	+3.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.76%	10.66%	+2.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.76%	10.66%	+2.10%

CANQ vs. CCEF - Expense Ratio Comparison

CANQ has a 0.90% expense ratio, which is lower than CCEF's 2.74% expense ratio.

Dividends

CANQ vs. CCEF - Dividend Comparison

CANQ's dividend yield for the trailing twelve months is around 4.55%, less than CCEF's 8.02% yield.

Position	TTM	2025	2024
CANQ Calamos Alternative Nasdaq & Bond ETF	4.55%	5.02%	4.19%
CCEF Calamos CEF Income & Arbitrage ETF	8.02%	8.08%	6.55%

Frequently Asked Questions

Can I hold both CANQ and CCEF in my portfolio?

CANQ and CCEF have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CANQ or CCEF?

CANQ has higher volatility (3.37%) compared to CCEF (2.18%). In terms of maximum drawdown, CANQ dropped -12.79% vs CCEF's -13.25%.

Which ETF is better, CANQ or CCEF?

On 1-year performance, CCEF leads with 13.67% vs 10.17% for CANQ. On fees, CANQ is cheaper at 0.90% per year. On volatility, CCEF has been the lower-risk option at 2.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CANQ or CCEF?

Over the 1-year period, CCEF has performed better with a 13.67% return vs 10.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CANQ or CCEF?

CANQ is cheaper with a 0.90% expense ratio, compared with 2.74% for CCEF.

Which ETF pays a higher dividend yield, CANQ or CCEF?

CCEF has the higher dividend yield at 8.02%, compared with 4.55% for CANQ.

What is the main difference between CANQ and CCEF?

CANQ is categorized as Nasdaq-100, while CCEF is Dividend. Their fees differ too: 0.90% for CANQ and 2.74% for CCEF.

Which has better risk-adjusted returns?

CCEF currently has the higher Sharpe Ratio (1.63 vs 0.88), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.