CCEF vs. KO

Last updated Jun 5, 2026

CCEF (Calamos CEF Income & Arbitrage ETF) is Dividend fund actively managed by Calamos, while KO (The Coca-Cola Company) is a stock. Over the past year, CCEF returned 16.03% vs 10.76% for KO. At a 0.11 correlation, their price movements are largely independent.

Performance

CCEF vs. KO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos CEF Income & Arbitrage ETF (CCEF) and The Coca-Cola Company (KO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CCEF achieves a 6.10% return, which is significantly lower than KO's 10.64% return.

CCEF

• 1D: 0.36%
• 1M: 1.30%
• YTD: 6.10%
• 6M: 7.04%
• 1Y: 16.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —

KO

• 1D: -2.46%
• 1M: -2.12%
• YTD: 10.64%
• 6M: 9.79%
• 1Y: 10.76%
• 3Y*: 11.41%
• 5Y*: 9.65%
• 10Y*: 8.76%

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

CCEF vs. KO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CCEF Calamos CEF Income & Arbitrage ETF	6.10%	13.47%	18.80%
KO The Coca-Cola Company	10.64%	15.60%	6.95%

Correlation

The correlation between CCEF and KO is -0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.03
Correlation (All Time) Calculated using the full available price history since Jan 17, 2024	0.11

The correlation between CCEF and KO shifts across timeframes, from -0.03 (1 year) to 0.11 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CCEF vs. KO — Risk / Return Rank

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

CCEF

CCEF Risk / Return Rank: 57
CCEF Sharpe Ratio Rank: 61
CCEF Sortino Ratio Rank: 61
CCEF Omega Ratio Rank: 65
CCEF Calmar Ratio Rank: 42
CCEF Martin Ratio Rank: 53

KO

KO Risk / Return Rank: 62
KO Sharpe Ratio Rank: 64
KO Sortino Ratio Rank: 58
KO Omega Ratio Rank: 54
KO Calmar Ratio Rank: 68
KO Martin Ratio Rank: 65

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. KO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos CEF Income & Arbitrage ETF (CCEF) and The Coca-Cola Company (KO). 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.

	CCEF	KO	Difference
Sharpe ratio: Return per unit of total volatility	2.03	0.67	+1.35
Sortino ratio: Return per unit of downside risk	2.83	1.13	+1.70
Omega ratio: Gain probability vs. loss probability	1.38	1.12	+0.26
Calmar ratio: Return relative to maximum drawdown	2.08	1.37	+0.71
Martin ratio: Return relative to average drawdown	9.04	2.68	+6.36
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. KO - Sharpe Ratio Comparison

The current CCEF Sharpe Ratio is 2.03, which is higher than the KO Sharpe Ratio of 0.67. The chart below compares the historical Sharpe Ratios of CCEF and KO, 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

	CCEF	KO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.03	0.67	+1.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.60	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.48	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.51	0.53	+0.98

Drawdowns

CCEF vs. KO - Drawdown Comparison

The maximum CCEF drawdown since its inception was -13.25%, smaller than the maximum KO drawdown of -68.23%. Use the drawdown chart below to compare losses from any high point for CCEF and KO.

Drawdown Indicators

	CCEF	KO	Difference
Max Drawdown Largest peak-to-trough decline	-13.25%	-68.23%	+54.98%
Max Drawdown (1Y) Largest decline over 1 year	-7.75%	-7.89%	+0.14%
Max Drawdown (3Y) Largest decline over 3 years	—	-16.26%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-17.27%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-36.99%	—
Current Drawdown Current decline from peak	-0.29%	-6.23%	+5.94%
Average Drawdown Average peak-to-trough decline	-1.35%	-16.09%	+14.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.78%	4.02%	-2.24%

Volatility

CCEF vs. KO - Volatility Comparison

The current volatility for Calamos CEF Income & Arbitrage ETF (CCEF) is 2.28%, while The Coca-Cola Company (KO) has a volatility of 4.85%. This indicates that CCEF experiences smaller price fluctuations and is considered to be less risky than KO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CCEF	KO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.28%	4.85%	-2.57%
Volatility (6M) Calculated over the trailing 6-month period	6.66%	11.92%	-5.26%
Volatility (1Y) Calculated over the trailing 1-year period	7.95%	16.01%	-8.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.77%	16.04%	-5.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.77%	18.17%	-7.40%

Dividends

CCEF vs. KO - Dividend Comparison

CCEF's dividend yield for the trailing twelve months is around 7.96%, more than KO's 2.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CCEF Calamos CEF Income & Arbitrage ETF	7.96%	8.08%	6.55%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
KO The Coca-Cola Company	2.68%	2.92%	3.12%	3.12%	2.77%	2.84%	2.99%	2.89%	3.29%	3.23%	3.38%	3.07%

Frequently Asked Questions

Can I hold both CCEF and KO in my portfolio?

CCEF and KO have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CCEF or KO?

KO has higher volatility (4.85%) compared to CCEF (2.28%). In terms of maximum drawdown, CCEF dropped -13.25% vs KO's -68.23%.

Which has better risk-adjusted returns?

CCEF currently has the higher Sharpe Ratio (2.03 vs 0.67), 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.