CCD vs. FTQI

Last updated Jun 4, 2026

CCD (Calamos Dynamic Convertible and Income Fund) is a stock, while FTQI (First Trust Nasdaq BuyWrite Income ETF) is Nasdaq-100 fund tracking the NASDAQ-100 Index. Over the past 10 years, CCD returned 14.37%/yr vs 8.07%/yr for FTQI. At a 0.42 correlation, their price movements are largely independent.

Performance

CCD vs. FTQI - Performance Comparison

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

Returns By Period

In the year-to-date period, CCD achieves a 27.07% return, which is significantly higher than FTQI's 10.78% return. Over the past 10 years, CCD has outperformed FTQI with an annualized return of 14.37%, while FTQI has yielded a comparatively lower 8.07% annualized return.

CCD

• 1D: -1.08%
• 1M: 4.92%
• YTD: 27.07%
• 6M: 26.73%
• 1Y: 41.95%
• 3Y*: 14.04%
• 5Y*: 6.01%
• 10Y*: 14.37%

FTQI

• 1D: 0.09%
• 1M: 4.10%
• YTD: 10.78%
• 6M: 11.65%
• 1Y: 28.18%
• 3Y*: 17.12%
• 5Y*: 10.92%
• 10Y*: 8.07%

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

CCD vs. FTQI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CCD Calamos Dynamic Convertible and Income Fund	27.07%	-4.26%	35.89%	7.98%	-28.00%	20.33%	45.75%	41.60%	-9.64%	26.56%
FTQI First Trust Nasdaq BuyWrite Income ETF	10.78%	12.68%	18.30%	23.63%	-8.77%	10.46%	-6.54%	13.98%	-9.78%	12.47%

Correlation

The correlation between CCD and FTQI is 0.60, 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	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (10Y) Calculated over the trailing 10-year period	0.45
Correlation (All Time) Calculated using the full available price history since Mar 30, 2015	0.42

The correlation between CCD and FTQI shifts across timeframes, from 0.42 (all time) to 0.60 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

CCD vs. FTQI — Risk / Return Rank

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

CCD

CCD Risk / Return Rank: 90
CCD Sharpe Ratio Rank: 91
CCD Sortino Ratio Rank: 89
CCD Omega Ratio Rank: 90
CCD Calmar Ratio Rank: 86
CCD Martin Ratio Rank: 93

FTQI

FTQI Risk / Return Rank: 85
FTQI Sharpe Ratio Rank: 83
FTQI Sortino Ratio Rank: 83
FTQI Omega Ratio Rank: 85
FTQI Calmar Ratio Rank: 84
FTQI Martin Ratio Rank: 91

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. FTQI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Dynamic Convertible and Income Fund (CCD) and First Trust Nasdaq BuyWrite Income ETF (FTQI). 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.

	CCD	FTQI	Difference
Sharpe ratio: Return per unit of total volatility	2.40	2.74	-0.34
Sortino ratio: Return per unit of downside risk	3.21	3.77	-0.56
Omega ratio: Gain probability vs. loss probability	1.44	1.52	-0.09
Calmar ratio: Return relative to maximum drawdown	3.81	4.54	-0.73
Martin ratio: Return relative to average drawdown	16.82	22.02	-5.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CCD vs. FTQI - Sharpe Ratio Comparison

The current CCD Sharpe Ratio is 2.40, which is comparable to the FTQI Sharpe Ratio of 2.74. The chart below compares the historical Sharpe Ratios of CCD and FTQI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CCD	FTQI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.40	2.74	-0.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.30	0.74	-0.44
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	0.61	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.52	-0.11

Drawdowns

CCD vs. FTQI - Drawdown Comparison

The maximum CCD drawdown since its inception was -55.42%, which is greater than FTQI's maximum drawdown of -19.42%. Use the drawdown chart below to compare losses from any high point for CCD and FTQI.

Drawdown Indicators

	CCD	FTQI	Difference
Max Drawdown Largest peak-to-trough decline	-55.42%	-19.42%	-36.00%
Max Drawdown (1Y) Largest decline over 1 year	-11.08%	-6.24%	-4.84%
Max Drawdown (3Y) Largest decline over 3 years	-25.88%	-19.42%	-6.46%
Max Drawdown (5Y) Largest decline over 5 years	-37.54%	-19.42%	-18.12%
Max Drawdown (10Y) Largest decline over 10 years	-55.42%	-19.42%	-36.00%
Current Drawdown Current decline from peak	-1.08%	0.00%	-1.08%
Average Drawdown Average peak-to-trough decline	-11.83%	-3.76%	-8.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.50%	1.28%	+1.22%

Volatility

CCD vs. FTQI - Volatility Comparison

Calamos Dynamic Convertible and Income Fund (CCD) has a higher volatility of 7.36% compared to First Trust Nasdaq BuyWrite Income ETF (FTQI) at 1.66%. This indicates that CCD's price experiences larger fluctuations and is considered to be riskier than FTQI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CCD	FTQI	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.36%	1.66%	+5.70%
Volatility (6M) Calculated over the trailing 6-month period	14.68%	8.24%	+6.44%
Volatility (1Y) Calculated over the trailing 1-year period	17.57%	10.33%	+7.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.31%	14.81%	+5.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.88%	13.36%	+12.52%

Dividends

CCD vs. FTQI - Dividend Comparison

CCD's dividend yield for the trailing twelve months is around 9.13%, less than FTQI's 10.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CCD Calamos Dynamic Convertible and Income Fund	9.13%	11.22%	9.63%	11.83%	11.42%	7.43%	7.11%	8.93%	12.21%	9.99%	11.43%	7.40%
FTQI First Trust Nasdaq BuyWrite Income ETF	10.96%	11.46%	11.66%	11.49%	9.85%	3.05%	3.27%	2.95%	3.27%	2.74%	3.02%	3.54%

Frequently Asked Questions

Can I hold both CCD and FTQI in my portfolio?

CCD and FTQI have a correlation of 0.60, 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 FTQI?

CCD has higher volatility (7.36%) compared to FTQI (1.66%). In terms of maximum drawdown, CCD dropped -55.42% vs FTQI's -19.42%.

Which has better risk-adjusted returns?

FTQI currently has the higher Sharpe Ratio (2.74 vs 2.40), 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.