CCEF vs. SPDG

Last updated Jun 4, 2026

CCEF (Calamos CEF Income & Arbitrage ETF) and SPDG (SPDR Portfolio S&P Sector Neutral Dividend ETF) are both Dividend funds. CCEF is actively managed, while SPDG is passively managed. Over the past year, CCEF returned 15.55% vs 28.62% for SPDG. A 0.68 correlation means they provide meaningful diversification when combined. CCEF charges 2.74%/yr vs 0.05%/yr for SPDG.

Performance

CCEF vs. SPDG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos CEF Income & Arbitrage ETF (CCEF) and SPDR Portfolio S&P Sector Neutral Dividend ETF (SPDG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CCEF achieves a 5.73% return, which is significantly lower than SPDG's 16.69% return.

CCEF

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

SPDG

• 1D: -0.67%
• 1M: 7.25%
• YTD: 16.69%
• 6M: 16.41%
• 1Y: 28.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CCEF vs. SPDG - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CCEF Calamos CEF Income & Arbitrage ETF	5.73%	13.47%	18.80%
SPDG SPDR Portfolio S&P Sector Neutral Dividend ETF	16.69%	11.66%	20.95%

Correlation

The correlation between CCEF and SPDG is 0.64, 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	0.64
Correlation (All Time) Calculated using the full available price history since Jan 17, 2024	0.68

The correlation between CCEF and SPDG has been stable across timeframes, ranging from 0.64 to 0.68 - a consistent structural relationship.

CCEF vs. SPDG - Sectors Allocation Comparison

Sectors	CCEF	SPDG
Financial Services	30.7%	12.9%
Energy	18.9%	3.3%
Technology	14.1%	35.5%
Healthcare	7.4%	9.1%
Industrials	5.9%	8.5%
Consumer Cyclical	4.7%	9.5%
Real Estate	4.3%	2.2%
Communication Services	4.2%	10.5%
Basic Materials	3.9%	1.4%
Utilities	3.7%	2.4%
Consumer Defensive	2.3%	4.7%

Return for Risk

CCEF vs. SPDG — Risk / Return Rank

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

CCEF

CCEF Risk / Return Rank: 54
CCEF Sharpe Ratio Rank: 57
CCEF Sortino Ratio Rank: 58
CCEF Omega Ratio Rank: 61
CCEF Calmar Ratio Rank: 41
CCEF Martin Ratio Rank: 52

SPDG

SPDG Risk / Return Rank: 69
SPDG Sharpe Ratio Rank: 71
SPDG Sortino Ratio Rank: 75
SPDG Omega Ratio Rank: 69
SPDG Calmar Ratio Rank: 69
SPDG Martin Ratio Rank: 63

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. SPDG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos CEF Income & Arbitrage ETF (CCEF) and SPDR Portfolio S&P Sector Neutral Dividend ETF (SPDG). 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	SPDG	Difference
Sharpe ratio: Return per unit of total volatility	1.97	2.37	-0.41
Sortino ratio: Return per unit of downside risk	2.76	3.41	-0.65
Omega ratio: Gain probability vs. loss probability	1.37	1.42	-0.05
Calmar ratio: Return relative to maximum drawdown	2.02	3.45	-1.43
Martin ratio: Return relative to average drawdown	8.77	11.57	-2.80
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. SPDG - Sharpe Ratio Comparison

The current CCEF Sharpe Ratio is 1.97, which is comparable to the SPDG Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of CCEF and SPDG, 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	SPDG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.97	2.37	-0.41
Sharpe Ratio (All Time) Calculated using the full available price history	1.50	1.52	-0.02

Drawdowns

CCEF vs. SPDG - Drawdown Comparison

The maximum CCEF drawdown since its inception was -13.25%, smaller than the maximum SPDG drawdown of -15.67%. Use the drawdown chart below to compare losses from any high point for CCEF and SPDG.

Drawdown Indicators

	CCEF	SPDG	Difference
Max Drawdown Largest peak-to-trough decline	-13.25%	-15.67%	+2.42%
Max Drawdown (1Y) Largest decline over 1 year	-7.75%	-8.34%	+0.59%
Current Drawdown Current decline from peak	-0.64%	-0.67%	+0.03%
Average Drawdown Average peak-to-trough decline	-1.35%	-2.19%	+0.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.78%	2.48%	-0.70%

Volatility

CCEF vs. SPDG - Volatility Comparison

The current volatility for Calamos CEF Income & Arbitrage ETF (CCEF) is 2.32%, while SPDR Portfolio S&P Sector Neutral Dividend ETF (SPDG) has a volatility of 3.54%. This indicates that CCEF experiences smaller price fluctuations and is considered to be less risky than SPDG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CCEF	SPDG	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.32%	3.54%	-1.22%
Volatility (6M) Calculated over the trailing 6-month period	6.66%	9.23%	-2.57%
Volatility (1Y) Calculated over the trailing 1-year period	7.94%	12.14%	-4.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.78%	14.18%	-3.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.78%	14.18%	-3.40%

CCEF vs. SPDG - Expense Ratio Comparison

CCEF has a 2.74% expense ratio, which is higher than SPDG's 0.05% expense ratio.

Dividends

CCEF vs. SPDG - Dividend Comparison

CCEF's dividend yield for the trailing twelve months is around 7.98%, more than SPDG's 2.59% yield.

Position	TTM	2025	2024	2023
CCEF Calamos CEF Income & Arbitrage ETF	7.98%	8.08%	6.55%	0.00%
SPDG SPDR Portfolio S&P Sector Neutral Dividend ETF	2.59%	2.87%	2.61%	0.90%

Frequently Asked Questions

Can I hold both CCEF and SPDG in my portfolio?

CCEF and SPDG have a correlation of 0.64, 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 SPDG?

SPDG has higher volatility (3.54%) compared to CCEF (2.32%). In terms of maximum drawdown, CCEF dropped -13.25% vs SPDG's -15.67%.

Which ETF is better, CCEF or SPDG?

On 1-year performance, SPDG leads with 28.62% vs 15.55% for CCEF. On fees, SPDG is cheaper at 0.05% per year. On volatility, CCEF has been the lower-risk option at 2.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CCEF or SPDG?

Over the 1-year period, SPDG has performed better with a 28.62% return vs 15.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CCEF or SPDG?

SPDG is cheaper with a 0.05% expense ratio, compared with 2.74% for CCEF.

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

CCEF has the higher dividend yield at 7.98%, compared with 2.59% for SPDG.

What is the main difference between CCEF and SPDG?

They also come from different issuers: Calamos and State Street. Their fees differ too: 2.74% for CCEF and 0.05% for SPDG.

Which has better risk-adjusted returns?

SPDG currently has the higher Sharpe Ratio (2.37 vs 1.97), 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.