CCD vs. ACIO

Last updated Jun 24, 2026

CCD (Calamos Dynamic Convertible and Income Fund) is a stock, while ACIO (Aptus Collared Income Opportunity ETF) is Diversified Portfolio fund actively managed by Aptus Capital Advisors. Over the past 5 years, CCD returned 5.90%/yr vs 9.65%/yr for ACIO. A 0.54 correlation means they provide meaningful diversification when combined.

Performance

CCD vs. ACIO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Dynamic Convertible and Income Fund (CCD) and Aptus Collared Income Opportunity ETF (ACIO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CCD achieves a 26.13% return, which is significantly higher than ACIO's 5.06% return.

CCD

• 1D: -1.25%
• 1M: 3.04%
• YTD: 26.13%
• 6M: 22.87%
• 1Y: 45.94%
• 3Y*: 17.28%
• 5Y*: 5.90%
• 10Y*: 14.01%

ACIO

• 1D: -0.93%
• 1M: -1.38%
• YTD: 5.06%
• 6M: 4.31%
• 1Y: 13.16%
• 3Y*: 14.88%
• 5Y*: 9.65%
• 10Y*: —

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

CCD vs. ACIO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
CCD Calamos Dynamic Convertible and Income Fund	26.13%	-4.26%	35.89%	7.98%	-28.00%	20.33%	45.75%	6.93%
ACIO Aptus Collared Income Opportunity ETF	5.06%	9.03%	21.92%	15.90%	-10.31%	18.03%	9.85%	3.30%

Correlation

The correlation between CCD and ACIO is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (All Time) Calculated using the full available price history since Jul 10, 2019	0.54

The correlation between CCD and ACIO shifts across timeframes, from 0.54 (all time) to 0.67 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

CCD vs. ACIO — Risk / Return Rank

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

CCD

CCD Risk / Return Rank: 92
CCD Sharpe Ratio Rank: 93
CCD Sortino Ratio Rank: 91
CCD Omega Ratio Rank: 92
CCD Calmar Ratio Rank: 89
CCD Martin Ratio Rank: 95

ACIO

ACIO Risk / Return Rank: 43
ACIO Sharpe Ratio Rank: 45
ACIO Sortino Ratio Rank: 43
ACIO Omega Ratio Rank: 44
ACIO Calmar Ratio Rank: 38
ACIO Martin Ratio Rank: 45

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.

CCD vs. ACIO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Dynamic Convertible and Income Fund (CCD) and Aptus Collared Income Opportunity ETF (ACIO). 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.

	CCD	ACIO	Difference
Sharpe ratio: Return per unit of total volatility	2.53	1.50	+1.03
Sortino ratio: Return per unit of downside risk	3.30	2.10	+1.20
Omega ratio: Gain probability vs. loss probability	1.45	1.27	+0.18
Calmar ratio: Return relative to maximum drawdown	4.17	1.83	+2.34
Martin ratio: Return relative to average drawdown	18.09	7.11	+10.98

CCD vs. ACIO - Sharpe Ratio Comparison

The current CCD Sharpe Ratio is 2.53, which is higher than the ACIO Sharpe Ratio of 1.50. The chart below compares the historical Sharpe Ratios of CCD and ACIO, 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

CCD vs. ACIO - Drawdown Comparison

The maximum CCD drawdown since its inception was -55.42%, which is greater than ACIO's maximum drawdown of -14.19%. Use the drawdown chart below to compare losses from any high point for CCD and ACIO.

Drawdown Indicators

	CCD	ACIO	Difference
Max Drawdown Largest peak-to-trough decline	-55.42%	-14.19%	-41.23%
Max Drawdown (1Y) Largest decline over 1 year	-11.08%	-7.22%	-3.86%
Max Drawdown (3Y) Largest decline over 3 years	-22.28%	-12.12%	-10.16%
Max Drawdown (5Y) Largest decline over 5 years	-37.54%	-14.00%	-23.54%
Max Drawdown (10Y) Largest decline over 10 years	-55.42%	—	—
Current Drawdown Current decline from peak	-1.81%	-2.63%	+0.82%
Average Drawdown Average peak-to-trough decline	-11.78%	-3.17%	-8.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.55%	1.86%	+0.69%

Volatility

CCD vs. ACIO - Volatility Comparison

Calamos Dynamic Convertible and Income Fund (CCD) has a higher volatility of 6.28% compared to Aptus Collared Income Opportunity ETF (ACIO) at 3.57%. This indicates that CCD's price experiences larger fluctuations and is considered to be riskier than ACIO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CCD	ACIO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.28%	3.57%	+2.71%
Volatility (6M) Calculated over the trailing 6-month period	15.43%	6.83%	+8.60%
Volatility (1Y) Calculated over the trailing 1-year period	18.28%	8.82%	+9.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.44%	11.13%	+9.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.88%	11.67%	+14.21%

Dividends

CCD vs. ACIO - Dividend Comparison

CCD's dividend yield for the trailing twelve months is around 9.27%, more than ACIO's 0.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ACIO Aptus Collared Income Opportunity ETF	0.39%	0.37%	0.44%	0.72%	1.51%	0.61%	1.02%	1.32%	0.00%	0.00%	0.00%	0.00%
CCD Calamos Dynamic Convertible and Income Fund	9.27%	11.22%	9.63%	11.83%	11.42%	7.43%	7.11%	8.93%	12.21%	9.99%	11.43%	7.40%

Frequently Asked Questions

Can I hold both CCD and ACIO in my portfolio?

CCD and ACIO have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CCD or ACIO?

CCD has higher volatility (6.28%) compared to ACIO (3.57%). In terms of maximum drawdown, CCD dropped -55.42% vs ACIO's -14.19%.

Which has better risk-adjusted returns?

CCD currently has the higher Sharpe Ratio (2.53 vs 1.50), 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.