CANQ vs. QNDX

Last updated Jul 17, 2026

CANQ (Calamos Alternative Nasdaq & Bond ETF) and QNDX (SPDR Portfolio Nasdaq 100 ETF) are both Nasdaq-100 funds. CANQ is actively managed, while QNDX is passively managed. A 0.79 correlation means they provide meaningful diversification when combined. CANQ charges 0.90%/yr vs 0.10%/yr for QNDX.

Performance

CANQ vs. QNDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Alternative Nasdaq & Bond ETF (CANQ) and SPDR Portfolio Nasdaq 100 ETF (QNDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

CANQ

• 1D: -0.60%
• 1M: -0.70%
• 6M: 4.58%
• YTD: 4.79%
• 1Y: 11.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —

QNDX

• 1D: -1.56%
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CANQ vs. QNDX - Yearly Performance Comparison

	2026 (YTD)
CANQ Calamos Alternative Nasdaq & Bond ETF	1.01%
QNDX SPDR Portfolio Nasdaq 100 ETF	-1.16%

Correlation

The correlation between CANQ and QNDX is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 24, 2026	0.79

Return for Risk

CANQ vs. QNDX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CANQ

CANQ Risk / Return Rank: 30
CANQ Sharpe Ratio Rank: 34
CANQ Sortino Ratio Rank: 32
CANQ Omega Ratio Rank: 31
CANQ Calmar Ratio Rank: 27
CANQ Martin Ratio Rank: 28

QNDX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CANQ vs. QNDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Alternative Nasdaq & Bond ETF (CANQ) and SPDR Portfolio Nasdaq 100 ETF (QNDX). 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	QNDX	Difference
Sharpe ratio: Return per unit of total volatility	1.00	—	—
Sortino ratio: Return per unit of downside risk	1.44	—	—
Omega ratio: Gain probability vs. loss probability	1.18	—	—
Calmar ratio: Return relative to maximum drawdown	1.06	—	—
Martin ratio: Return relative to average drawdown	3.14	—	—

Drawdowns

CANQ vs. QNDX - Drawdown Comparison

The maximum CANQ drawdown since its inception was -12.79%, which is greater than QNDX's maximum drawdown of -4.09%. Use the drawdown chart below to compare losses from any high point for CANQ and QNDX.

Drawdown Indicators

	CANQ	QNDX	Difference
Max Drawdown Largest peak-to-trough decline	-12.79%	-4.09%	-8.70%
Max Drawdown (1Y) Largest decline over 1 year	-10.77%	—	—
Current Drawdown Current decline from peak	-2.97%	-4.09%	+1.12%
Average Drawdown Average peak-to-trough decline	-2.96%	-1.91%	-1.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.63%	—	—

Volatility

Volatility by Period

	CANQ	QNDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.23%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.62%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	11.44%	22.37%	-10.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.77%	22.37%	-9.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.77%	22.37%	-9.60%

CANQ vs. QNDX - Expense Ratio Comparison

CANQ has a 0.90% expense ratio, which is higher than QNDX's 0.10% expense ratio.

Dividends

CANQ vs. QNDX - Dividend Comparison

CANQ's dividend yield for the trailing twelve months is around 4.50%, while QNDX has not paid dividends to shareholders.

Position	TTM	2025	2024
CANQ Calamos Alternative Nasdaq & Bond ETF	4.50%	5.02%	4.19%
QNDX SPDR Portfolio Nasdaq 100 ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CANQ and QNDX in my portfolio?

CANQ and QNDX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CANQ or QNDX?

On fees, QNDX is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CANQ or QNDX?

QNDX is cheaper with a 0.10% expense ratio, compared with 0.90% for CANQ.

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

CANQ has the higher dividend yield at 4.50%, compared with 0.00% for QNDX.

What is the main difference between CANQ and QNDX?

They also come from different issuers: Calamos and State Street. Their fees differ too: 0.90% for CANQ and 0.10% for QNDX.