CCEF vs. ZZZD.TO
CCEF (Calamos CEF Income & Arbitrage ETF) and ZZZD.TO (BMO Tactical Dividend ETF Fund) are both Dividend funds. Both are actively managed. Over the past year, CCEF returned 13.32% vs 10.34% for ZZZD.TO. At a 0.23 correlation, their price movements are largely independent.
Performance
CCEF vs. ZZZD.TO - Performance Comparison
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Different Trading Currencies
CCEF is traded in USD, while ZZZD.TO is traded in CAD. To make them comparable, the ZZZD.TO values have been converted to USD using the latest available exchange rates.
Returns By Period
The year-to-date returns for both investments are quite close, with CCEF having a 6.89% return and ZZZD.TO slightly higher at 6.95%.
CCEF
- 1D
- -0.37%
- 1M
- 1.16%
- 6M
- 5.11%
- YTD
- 6.89%
- 1Y
- 13.32%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZZZD.TO
- 1D
- -0.50%
- 1M
- -1.80%
- 6M
- 7.54%
- YTD
- 6.95%
- 1Y
- 10.34%
- 3Y*
- 7.47%
- 5Y*
- 4.23%
- 10Y*
- —
CCEF vs. ZZZD.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
CCEF Calamos CEF Income & Arbitrage ETF | 6.89% | 13.47% | 17.80% |
ZZZD.TO BMO Tactical Dividend ETF Fund | 6.95% | 15.27% | -3.54% |
Correlation
The correlation between CCEF and ZZZD.TO is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (All Time) Calculated using the full available price history since Jan 16, 2024 | 0.23 |
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Return for Risk
CCEF vs. ZZZD.TO — Risk / Return Rank
CCEF
ZZZD.TO
CCEF vs. ZZZD.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Calamos CEF Income & Arbitrage ETF (CCEF) and BMO Tactical Dividend ETF Fund (ZZZD.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.
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 | ZZZD.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.55 | ||
| Sortino ratioReturn per unit of downside risk | +0.64 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.20 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.73 | 2.63 | -0.90 |
| Martin ratioReturn relative to average drawdown | 7.43 | 8.35 | -0.93 |
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Drawdowns
CCEF vs. ZZZD.TO - Drawdown Comparison
The maximum CCEF drawdown since its inception was -13.25%, smaller than the maximum ZZZD.TO drawdown of -28.71%. Use the drawdown chart below to compare losses from any high point for CCEF and ZZZD.TO.
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Drawdown Indicators
| CCEF | ZZZD.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.25% | -28.71% | +15.46% |
Max Drawdown (1Y)Largest decline over 1 year | -7.75% | -3.95% | -3.80% |
Max Drawdown (3Y)Largest decline over 3 years | — | -12.94% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -21.67% | — |
Current DrawdownCurrent decline from peak | -0.48% | -2.54% | +2.06% |
Average DrawdownAverage peak-to-trough decline | -1.33% | -5.16% | +3.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.80% | 1.25% | +0.55% |
Volatility
CCEF vs. ZZZD.TO - Volatility Comparison
The current volatility for Calamos CEF Income & Arbitrage ETF (CCEF) is 2.31%, while BMO Tactical Dividend ETF Fund (ZZZD.TO) has a volatility of 3.14%. This indicates that CCEF experiences smaller price fluctuations and is considered to be less risky than ZZZD.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CCEF | ZZZD.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.31% | 3.14% | -0.83% |
Volatility (6M)Calculated over the trailing 6-month period | 7.08% | 7.22% | -0.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.25% | 9.64% | -1.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.72% | 12.63% | -1.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.72% | 13.83% | -3.11% |
Dividends
CCEF vs. ZZZD.TO - Dividend Comparison
CCEF's dividend yield for the trailing twelve months is around 7.98%, more than ZZZD.TO's 3.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
CCEF Calamos CEF Income & Arbitrage ETF | 7.98% | 8.08% | 6.55% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ZZZD.TO BMO Tactical Dividend ETF Fund | 3.75% | 4.07% | 4.29% | 4.28% | 4.51% | 4.27% | 4.09% | 3.11% |
Frequently Asked Questions
CCEF and ZZZD.TO have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
They also come from different issuers: Calamos and BMO.
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