CCEF vs. FDL
CCEF (Calamos CEF Income & Arbitrage ETF) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both exchange-traded funds - CCEF is a Dividend fund actively managed by Calamos, while FDL is a Large Cap Value Equities fund tracking the Morningstar Dividend Leaders Index. CCEF is actively managed, while FDL is passively managed. Over the past year, CCEF returned 12.87% vs 27.65% for FDL. Their 0.43 correlation means their historical movements had little consistent relationship. CCEF charges 2.74%/yr vs 0.43%/yr for FDL.
Performance
CCEF vs. FDL - Performance Comparison
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Returns By Period
In the year-to-date period, CCEF achieves a 6.53% return, which is significantly lower than FDL's 18.16% return.
CCEF
- 1D
- 0.34%
- 1M
- -0.32%
- 6M
- 3.30%
- YTD
- 6.53%
- 1Y
- 12.87%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 14.94%
FDL
- 1D
- 0.02%
- 1M
- 3.27%
- 6M
- 9.50%
- YTD
- 18.16%
- 1Y
- 27.65%
- 3Y*
- 18.28%
- 5Y*
- 13.98%
- 10Y*
- 11.09%
- ALL TIME*
- 8.94%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $74.18K | $103.33K | $101.25K | |
| $52.24M | $50.06M | $42.95M |
CCEF vs. FDL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
CCEF Calamos CEF Income & Arbitrage ETF | 6.53% | 13.47% | 17.80% |
FDL First Trust Morningstar Dividend Leaders Index Fund | 18.16% | 14.79% | 17.62% |
Correlation
The correlation between CCEF and FDL is 0.16, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.16 |
Correlation (All Time) Calculated using the full available price history since Jan 16, 2024 | 0.43 |
Over the past year, the correlation between CCEF and FDL has dropped to 0.16 - well below their long-term average of 0.43, suggesting their price drivers have been diverging.
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Return for Risk
CCEF vs. FDL — Risk / Return Rank
CCEF
FDL
CCEF vs. FDL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Calamos CEF Income & Arbitrage ETF (CCEF) and First Trust Morningstar Dividend Leaders Index Fund (FDL). 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.
| CCEF | FDL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.81 | ||
| Sortino ratioReturn per unit of downside risk | -1.37 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.39 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 1.58 | 6.29 | -4.71 |
| Martin ratioReturn relative to average drawdown | 6.74 | 14.86 | -8.12 |
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Drawdowns
CCEF vs. FDL - Drawdown Comparison
The maximum CCEF drawdown since its inception was -13.25%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for CCEF and FDL.
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Drawdown Indicators
| CCEF | FDL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.25% | -65.93% | +52.68% |
Max Drawdown (1Y)Largest decline over 1 year | -7.75% | -4.27% | -3.48% |
Max Drawdown (3Y)Largest decline over 3 years | — | -12.24% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -16.46% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -41.40% | — |
Current DrawdownCurrent decline from peak | -0.86% | -1.96% | +1.10% |
Average DrawdownAverage peak-to-trough decline | -1.32% | -9.59% | +8.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.81% | 1.81% | 0.00% |
Volatility
CCEF vs. FDL - Volatility Comparison
The current volatility for Calamos CEF Income & Arbitrage ETF (CCEF) is 2.06%, while First Trust Morningstar Dividend Leaders Index Fund (FDL) has a volatility of 4.96%. This indicates that CCEF experiences smaller price fluctuations and is considered to be less risky than FDL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CCEF | FDL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.06% | 4.96% | -2.90% |
Volatility (6M)Calculated over the trailing 6-month period | 7.14% | 8.97% | -1.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.41% | 11.95% | -3.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.66% | 14.44% | -3.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.66% | 17.16% | -6.50% |
CCEF vs. FDL - Expense Ratio Comparison
CCEF has a 2.74% expense ratio, which is higher than FDL's 0.43% expense ratio.
Dividends
CCEF vs. FDL - Dividend Comparison
CCEF's dividend yield for the trailing twelve months is around 8.01%, more than FDL's 3.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CCEF Calamos CEF Income & Arbitrage ETF | 7.36% | 8.08% | 6.55% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
FDL First Trust Morningstar Dividend Leaders Index Fund | 3.59% | 4.04% | 4.96% | 4.58% | 3.58% | 4.59% | 4.48% | 3.75% | 3.97% | 3.18% | 2.93% | 3.65% |
Frequently Asked Questions
CCEF and FDL have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FDL has higher volatility (4.96%) compared to CCEF (2.06%). In terms of maximum drawdown, CCEF dropped -13.25% vs FDL's -65.93%.
On 1-year performance, FDL leads with 27.65% vs 12.87% for CCEF. On fees, FDL is cheaper at 0.43% per year. On volatility, CCEF has been the lower-risk option at 2.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, FDL has performed better with a 27.65% return vs 12.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FDL is cheaper with a 0.43% expense ratio, compared with 2.74% for CCEF.
CCEF has the higher dividend yield at 7.36%, compared with 3.59% for FDL.
CCEF is categorized as Dividend, while FDL is Large Cap Value Equities. They also come from different issuers: Calamos and First Trust. Their fees differ too: 2.74% for CCEF and 0.43% for FDL.
FDL currently has the higher Sharpe Ratio (2.26 vs 1.45), 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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