CCD vs. TLTW
CCD (Calamos Dynamic Convertible and Income Fund) is a stock, while TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) is Options Trading fund tracking the CBOE TLT 2% OTM Buywrite Index (USD). Over the past 3 years, CCD returned 14.04%/yr vs 0.74%/yr for TLTW. At a 0.17 correlation, their price movements are largely independent.
Performance
CCD vs. TLTW - Performance Comparison
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Returns By Period
In the year-to-date period, CCD achieves a 27.07% return, which is significantly higher than TLTW's 1.21% 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%
TLTW
- 1D
- -0.23%
- 1M
- 0.76%
- YTD
- 1.21%
- 6M
- -0.20%
- 1Y
- 10.46%
- 3Y*
- 0.74%
- 5Y*
- —
- 10Y*
- —
CCD vs. TLTW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
CCD Calamos Dynamic Convertible and Income Fund | 27.07% | -4.26% | 35.89% | 7.98% | -9.90% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 1.21% | 11.36% | -2.18% | 0.73% | -11.09% |
Correlation
The correlation between CCD and TLTW is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since Aug 23, 2022 | 0.17 |
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Return for Risk
CCD vs. TLTW — Risk / Return Rank
CCD
TLTW
CCD vs. TLTW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Calamos Dynamic Convertible and Income Fund (CCD) and iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW). 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 | TLTW | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.40 | 1.37 | +1.03 |
Sortino ratioReturn per unit of downside risk | 3.21 | 1.96 | +1.25 |
Omega ratioGain probability vs. loss probability | 1.44 | 1.24 | +0.20 |
Calmar ratioReturn relative to maximum drawdown | 3.81 | 1.76 | +2.05 |
Martin ratioReturn relative to average drawdown | 16.82 | 5.28 | +11.55 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CCD | TLTW | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.40 | 1.37 | +1.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.30 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.56 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | -0.03 | +0.44 |
Drawdowns
CCD vs. TLTW - Drawdown Comparison
The maximum CCD drawdown since its inception was -55.42%, which is greater than TLTW's maximum drawdown of -18.61%. Use the drawdown chart below to compare losses from any high point for CCD and TLTW.
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Drawdown Indicators
| CCD | TLTW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.42% | -18.61% | -36.81% |
Max Drawdown (1Y)Largest decline over 1 year | -11.08% | -5.97% | -5.11% |
Max Drawdown (3Y)Largest decline over 3 years | -25.88% | -17.19% | -8.69% |
Max Drawdown (5Y)Largest decline over 5 years | -37.54% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -55.42% | — | — |
Current DrawdownCurrent decline from peak | -1.08% | -3.20% | +2.12% |
Average DrawdownAverage peak-to-trough decline | -11.83% | -8.25% | -3.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.50% | 1.99% | +0.51% |
Volatility
CCD vs. TLTW - Volatility Comparison
Calamos Dynamic Convertible and Income Fund (CCD) has a higher volatility of 7.36% compared to iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) at 2.48%. This indicates that CCD's price experiences larger fluctuations and is considered to be riskier than TLTW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CCD | TLTW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.36% | 2.48% | +4.88% |
Volatility (6M)Calculated over the trailing 6-month period | 14.68% | 5.79% | +8.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.57% | 7.70% | +9.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.31% | 11.39% | +8.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.88% | 11.39% | +14.49% |
Dividends
CCD vs. TLTW - Dividend Comparison
CCD's dividend yield for the trailing twelve months is around 9.13%, less than TLTW's 11.76% 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% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 11.76% | 14.82% | 14.47% | 19.59% | 8.71% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CCD and TLTW have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CCD has higher volatility (7.36%) compared to TLTW (2.48%). In terms of maximum drawdown, CCD dropped -55.42% vs TLTW's -18.61%.
CCD currently has the higher Sharpe Ratio (2.40 vs 1.37), 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.
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