CCEF vs. PAPI

Last updated Jun 23, 2026

CCEF (Calamos CEF Income & Arbitrage ETF) and PAPI (Parametric Equity Premium Income ETF) are both exchange-traded funds - CCEF is a Dividend fund actively managed by Calamos, while PAPI is a Derivative Income fund actively managed by Morgan Stanley. Both are actively managed. Over the past year, CCEF returned 15.76% vs 12.29% for PAPI. A 0.53 correlation means they provide meaningful diversification when combined. CCEF charges 2.74%/yr vs 0.29%/yr for PAPI.

Performance

CCEF vs. PAPI - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with CCEF having a 6.04% return and PAPI slightly higher at 6.09%.

CCEF

• 1D: -0.09%
• 1M: 0.89%
• YTD: 6.04%
• 6M: 6.94%
• 1Y: 15.76%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PAPI

• 1D: -0.04%
• 1M: -0.28%
• YTD: 6.09%
• 6M: 5.05%
• 1Y: 12.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CCEF vs. PAPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CCEF Calamos CEF Income & Arbitrage ETF	6.04%	13.47%	17.80%
PAPI Parametric Equity Premium Income ETF	6.09%	6.33%	9.65%

Correlation

The correlation between CCEF and PAPI is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (All Time) Calculated using the full available price history since Jan 16, 2024	0.53

The correlation between CCEF and PAPI shifts across timeframes, from 0.42 (1 year) to 0.53 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CCEF vs. PAPI — Risk / Return Rank

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

CCEF

CCEF Risk / Return Rank: 55
CCEF Sharpe Ratio Rank: 59
CCEF Sortino Ratio Rank: 58
CCEF Omega Ratio Rank: 62
CCEF Calmar Ratio Rank: 42
CCEF Martin Ratio Rank: 53

PAPI

PAPI Risk / Return Rank: 34
PAPI Sharpe Ratio Rank: 33
PAPI Sortino Ratio Rank: 35
PAPI Omega Ratio Rank: 31
PAPI Calmar Ratio Rank: 37
PAPI Martin Ratio Rank: 32

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. PAPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos CEF Income & Arbitrage ETF (CCEF) and Parametric Equity Premium Income ETF (PAPI). 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	PAPI	Difference
Sharpe ratio: Return per unit of total volatility	1.92	1.17	+0.75
Sortino ratio: Return per unit of downside risk	2.66	1.78	+0.88
Omega ratio: Gain probability vs. loss probability	1.36	1.20	+0.16
Calmar ratio: Return relative to maximum drawdown	2.04	1.80	+0.24
Martin ratio: Return relative to average drawdown	8.80	4.55	+4.25

CCEF vs. PAPI - Sharpe Ratio Comparison

The current CCEF Sharpe Ratio is 1.92, which is higher than the PAPI Sharpe Ratio of 1.17. The chart below compares the historical Sharpe Ratios of CCEF and PAPI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CCEF vs. PAPI - Drawdown Comparison

The maximum CCEF drawdown since its inception was -13.25%, smaller than the maximum PAPI drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for CCEF and PAPI.

Drawdown Indicators

	CCEF	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-13.25%	-14.27%	+1.02%
Max Drawdown (1Y) Largest decline over 1 year	-7.75%	-6.86%	-0.89%
Current Drawdown Current decline from peak	-0.50%	-4.81%	+4.31%
Average Drawdown Average peak-to-trough decline	-1.35%	-2.77%	+1.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.79%	2.71%	-0.92%

Volatility

CCEF vs. PAPI - Volatility Comparison

Calamos CEF Income & Arbitrage ETF (CCEF) and Parametric Equity Premium Income ETF (PAPI) have volatilities of 2.58% and 2.65%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CCEF	PAPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.58%	2.65%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	6.98%	7.04%	-0.06%
Volatility (1Y) Calculated over the trailing 1-year period	8.24%	10.56%	-2.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.78%	11.74%	-0.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.78%	11.74%	-0.96%

CCEF vs. PAPI - Expense Ratio Comparison

CCEF has a 2.74% expense ratio, which is higher than PAPI's 0.29% expense ratio.

Dividends

CCEF vs. PAPI - Dividend Comparison

CCEF's dividend yield for the trailing twelve months is around 7.96%, more than PAPI's 7.60% yield.

Position	TTM	2025	2024	2023
CCEF Calamos CEF Income & Arbitrage ETF	7.96%	8.08%	6.55%	0.00%
PAPI Parametric Equity Premium Income ETF	7.60%	7.59%	7.07%	1.45%

Frequently Asked Questions

Can I hold both CCEF and PAPI in my portfolio?

CCEF and PAPI have a correlation of 0.42, 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 PAPI?

PAPI has higher volatility (2.65%) compared to CCEF (2.58%). In terms of maximum drawdown, CCEF dropped -13.25% vs PAPI's -14.27%.

Which ETF is better, CCEF or PAPI?

On 1-year performance, CCEF leads with 15.76% vs 12.29% for PAPI. On fees, PAPI is cheaper at 0.29% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CCEF or PAPI?

Over the 1-year period, CCEF has performed better with a 15.76% return vs 12.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CCEF or PAPI?

PAPI is cheaper with a 0.29% expense ratio, compared with 2.74% for CCEF.

Which ETF pays a higher dividend yield, CCEF or PAPI?

CCEF has the higher dividend yield at 7.96%, compared with 7.60% for PAPI.

What is the main difference between CCEF and PAPI?

CCEF is categorized as Dividend, while PAPI is Derivative Income. They also come from different issuers: Calamos and Morgan Stanley. Their fees differ too: 2.74% for CCEF and 0.29% for PAPI.

Which has better risk-adjusted returns?

CCEF currently has the higher Sharpe Ratio (1.92 vs 1.17), 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.