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CCEF vs. FCCD.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CCEF vs. FCCD.TO

Last updated Jun 4, 2026

CCEF (Calamos CEF Income & Arbitrage ETF) and FCCD.TO (Fidelity Canadian High Dividend Index ETF) are both Dividend funds. CCEF is actively managed, while FCCD.TO is passively managed. Over the past year, CCEF returned 15.55% vs 30.47% for FCCD.TO. A 0.61 correlation means they provide meaningful diversification when combined. CCEF charges 2.74%/yr vs 0.35%/yr for FCCD.TO.

Performance

CCEF vs. FCCD.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos CEF Income & Arbitrage ETF (CCEF) and Fidelity Canadian High Dividend Index ETF (FCCD.TO). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

CCEF is traded in USD, while FCCD.TO is traded in CAD. To make them comparable, the FCCD.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, CCEF achieves a 5.73% return, which is significantly lower than FCCD.TO's 12.74% return.

CCEF

1D
-0.64%
1M
1.52%
YTD
5.73%
6M
6.83%
1Y
15.55%
3Y*
—
5Y*
—
10Y*
—

FCCD.TO

1D
-0.48%
1M
1.45%
YTD
12.74%
6M
16.18%
1Y
30.47%
3Y*
18.13%
5Y*
8.94%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

CCEF vs. FCCD.TO - Yearly Performance Comparison

2026 (YTD)20252024
CCEF
Calamos CEF Income & Arbitrage ETF		5.73%13.47%18.80%
FCCD.TO
Fidelity Canadian High Dividend Index ETF		12.74%31.04%9.66%

Correlation

The correlation between CCEF and FCCD.TO is 0.53, 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

0.53

Correlation (All Time)
Calculated using the full available price history since Jan 17, 2024

0.61

The correlation between CCEF and FCCD.TO has been stable across timeframes, ranging from 0.53 to 0.61 - a consistent structural relationship.

CCEF vs. FCCD.TO - Sectors Allocation Comparison

Sectors
CCEF
FCCD.TO

Financial Services

30.7%
26.4%

Energy

18.9%
25.0%

Technology

14.1%
0.5%

Healthcare

7.4%

-

Industrials

5.9%
3.6%

Consumer Cyclical

4.7%
10.5%

Real Estate

4.3%
6.4%

Communication Services

4.2%
6.2%

Basic Materials

3.9%
11.9%

Utilities

3.7%
9.5%

Consumer Defensive

2.3%

-

Financial Services

CCEF
30.7%
FCCD.TO
26.4%

Energy

CCEF
18.9%
FCCD.TO
25.0%

Technology

CCEF
14.1%
FCCD.TO
0.5%

Healthcare

CCEF
7.4%
FCCD.TO

-

Industrials

CCEF
5.9%
FCCD.TO
3.6%

Consumer Cyclical

CCEF
4.7%
FCCD.TO
10.5%

Real Estate

CCEF
4.3%
FCCD.TO
6.4%

Communication Services

CCEF
4.2%
FCCD.TO
6.2%

Basic Materials

CCEF
3.9%
FCCD.TO
11.9%

Utilities

CCEF
3.7%
FCCD.TO
9.5%

Consumer Defensive

CCEF
2.3%
FCCD.TO

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Calamos CEF Income & Arbitrage ETF

Fidelity Canadian High Dividend Index ETF

Often compared with CCEF:
CCEF vs. CEFSCCEF vs. CVRTCCEF vs. RDFICCEF vs. PCEFCCEF vs. PAPICCEF vs. HYMBCCEF vs. PG
Often compared with FCCD.TO:
FCCD.TO vs. VDY.TOFCCD.TO vs. ZDV.TOFCCD.TO vs. ZDIV.TOFCCD.TO vs. FCUV.TOFCCD.TO vs. FCIL.NEOFCCD.TO vs. IDIV-B.TOFCCD.TO vs. XDIV.TO

Return for Risk

CCEF vs. FCCD.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CCEF
CCEF Risk / Return Rank: 5454
Overall Rank
CCEF Sharpe Ratio Rank: 5757
Sharpe Ratio Rank
CCEF Sortino Ratio Rank: 5858
Sortino Ratio Rank
CCEF Omega Ratio Rank: 6161
Omega Ratio Rank
CCEF Calmar Ratio Rank: 4141
Calmar Ratio Rank
CCEF Martin Ratio Rank: 5252
Martin Ratio Rank
FCCD.TO
FCCD.TO Risk / Return Rank: 9494
Overall Rank
FCCD.TO Sharpe Ratio Rank: 9595
Sharpe Ratio Rank
FCCD.TO Sortino Ratio Rank: 9696
Sortino Ratio Rank
FCCD.TO Omega Ratio Rank: 9595
Omega Ratio Rank
FCCD.TO Calmar Ratio Rank: 9090
Calmar Ratio Rank
FCCD.TO Martin Ratio Rank: 9494
Martin Ratio Rank
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.

CCEF vs. FCCD.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos CEF Income & Arbitrage ETF (CCEF) and Fidelity Canadian High Dividend Index ETF (FCCD.TO). 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.

CCEFFCCD.TODifference
Sharpe ratioReturn per unit of total volatility
1.97
3.04

-1.07

Sortino ratioReturn per unit of downside risk
2.76
4.21

-1.46

Omega ratioGain probability vs. loss probability

1.37

1.56

-0.19

Calmar ratioReturn relative to maximum drawdown

2.02

5.13

-3.12

Martin ratioReturn relative to average drawdown

8.77

20.64

-11.87

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CCEF vs. FCCD.TO - Sharpe Ratio Comparison

The current CCEF Sharpe Ratio is 1.97, which is lower than the FCCD.TO Sharpe Ratio of 3.04. The chart below compares the historical Sharpe Ratios of CCEF and FCCD.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

CCEFFCCD.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.97

3.04

-1.07

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

0.58

—

Sharpe Ratio (All Time)

Calculated using the full available price history

1.50

0.47

+1.03

Drawdowns

CCEF vs. FCCD.TO - Drawdown Comparison

The maximum CCEF drawdown since its inception was -13.25%, smaller than the maximum FCCD.TO drawdown of -48.59%. Use the drawdown chart below to compare losses from any high point for CCEF and FCCD.TO.

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Drawdown Indicators

CCEFFCCD.TODifference

Max Drawdown

Largest peak-to-trough decline

-13.25%

-48.59%

+35.34%

Max Drawdown (1Y)

Largest decline over 1 year

-7.75%

-5.96%

-1.79%

Max Drawdown (3Y)

Largest decline over 3 years

—

-14.41%

—

Max Drawdown (5Y)

Largest decline over 5 years

—

-27.27%

—

Current Drawdown

Current decline from peak

-0.64%

-1.09%

+0.45%

Average Drawdown

Average peak-to-trough decline

-1.35%

-9.09%

+7.74%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.78%

1.48%

+0.30%

Volatility

CCEF vs. FCCD.TO - Volatility Comparison

The current volatility for Calamos CEF Income & Arbitrage ETF (CCEF) is 2.32%, while Fidelity Canadian High Dividend Index ETF (FCCD.TO) has a volatility of 2.71%. This indicates that CCEF experiences smaller price fluctuations and is considered to be less risky than FCCD.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CCEFFCCD.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.32%

2.71%

-0.39%

Volatility (6M)

Calculated over the trailing 6-month period

6.66%

7.96%

-1.30%

Volatility (1Y)

Calculated over the trailing 1-year period

7.94%

10.09%

-2.15%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.78%

15.49%

-4.71%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

10.78%

20.74%

-9.96%

CCEF vs. FCCD.TO - Expense Ratio Comparison

CCEF has a 2.74% expense ratio, which is higher than FCCD.TO's 0.35% expense ratio.

Dividends

CCEF vs. FCCD.TO - Dividend Comparison

CCEF's dividend yield for the trailing twelve months is around 7.98%, more than FCCD.TO's 2.97% yield.

PositionTTM20252024202320222021202020192018
CCEF
Calamos CEF Income & Arbitrage ETF		7.98%8.08%6.55%0.00%0.00%0.00%0.00%0.00%0.00%
FCCD.TO
Fidelity Canadian High Dividend Index ETF		2.97%3.56%4.27%4.65%4.01%3.02%4.74%3.80%0.47%

Frequently Asked Questions

CCEF and FCCD.TO have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, FCCD.TO is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

FCCD.TO is cheaper with a 0.35% expense ratio, compared with 2.74% for CCEF.

They also come from different issuers: Calamos and Fidelity. Their fees differ too: 2.74% for CCEF and 0.35% for FCCD.TO.

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