CSQ vs. MOAT

Last updated Jun 13, 2026

CSQ (Calamos Strategic Total Return Fund) and MOAT (VanEck Morningstar Wide Moat ETF) are both funds - CSQ is a Diversified Portfolio fund actively managed by Calamos, while MOAT is a Large Cap Blend Equities fund tracking the Morningstar Wide Moat Focus Index. CSQ is actively managed, while MOAT is passively managed. Over the past 10 years, CSQ returned 16.38%/yr vs 13.47%/yr for MOAT. A 0.69 correlation means they provide meaningful diversification when combined. CSQ charges 2.46%/yr vs 0.47%/yr for MOAT.

Performance

CSQ vs. MOAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Strategic Total Return Fund (CSQ) and VanEck Morningstar Wide Moat ETF (MOAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CSQ achieves a 8.10% return, which is significantly higher than MOAT's -0.66% return. Over the past 10 years, CSQ has outperformed MOAT with an annualized return of 16.38%, while MOAT has yielded a comparatively lower 13.47% annualized return.

CSQ

• 1D: 1.27%
• 1M: -1.20%
• YTD: 8.10%
• 6M: 9.75%
• 1Y: 24.17%
• 3Y*: 20.54%
• 5Y*: 10.41%
• 10Y*: 16.38%

MOAT

• 1D: 0.41%
• 1M: 3.19%
• YTD: -0.66%
• 6M: -1.22%
• 1Y: 14.57%
• 3Y*: 10.55%
• 5Y*: 7.78%
• 10Y*: 13.47%

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

CSQ vs. MOAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CSQ Calamos Strategic Total Return Fund	8.10%	16.25%	28.11%	20.80%	-24.26%	30.77%	26.22%	38.62%	-4.89%	27.98%
MOAT VanEck Morningstar Wide Moat ETF	-0.66%	13.20%	10.73%	31.89%	-13.66%	24.12%	14.84%	34.79%	-1.28%	23.18%

Correlation

The correlation between CSQ and MOAT is 0.60, 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	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (10Y) Calculated over the trailing 10-year period	0.71
Correlation (All Time) Calculated using the full available price history since Apr 25, 2012	0.69

The correlation between CSQ and MOAT shifts across timeframes, from 0.60 (1 year) to 0.74 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

CSQ vs. MOAT — Risk / Return Rank

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

CSQ

CSQ Risk / Return Rank: 36
CSQ Sharpe Ratio Rank: 42
CSQ Sortino Ratio Rank: 38
CSQ Omega Ratio Rank: 41
CSQ Calmar Ratio Rank: 25
CSQ Martin Ratio Rank: 34

MOAT

MOAT Risk / Return Rank: 26
MOAT Sharpe Ratio Rank: 28
MOAT Sortino Ratio Rank: 28
MOAT Omega Ratio Rank: 26
MOAT Calmar Ratio Rank: 24
MOAT Martin Ratio Rank: 26

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.

CSQ vs. MOAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Strategic Total Return Fund (CSQ) and VanEck Morningstar Wide Moat ETF (MOAT). 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.

	CSQ	MOAT	Difference
Sharpe ratio: Return per unit of total volatility	1.51	0.91	+0.61
Sortino ratio: Return per unit of downside risk	2.06	1.39	+0.68
Omega ratio: Gain probability vs. loss probability	1.27	1.16	+0.11
Calmar ratio: Return relative to maximum drawdown	1.49	1.02	+0.48
Martin ratio: Return relative to average drawdown	6.36	3.11	+3.25

CSQ vs. MOAT - Sharpe Ratio Comparison

The current CSQ Sharpe Ratio is 1.51, which is higher than the MOAT Sharpe Ratio of 0.91. The chart below compares the historical Sharpe Ratios of CSQ and MOAT, 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

CSQ vs. MOAT - Drawdown Comparison

The maximum CSQ drawdown since its inception was -67.17%, which is greater than MOAT's maximum drawdown of -33.31%. Use the drawdown chart below to compare losses from any high point for CSQ and MOAT.

Drawdown Indicators

	CSQ	MOAT	Difference
Max Drawdown Largest peak-to-trough decline	-67.17%	-33.31%	-33.86%
Max Drawdown (1Y) Largest decline over 1 year	-15.25%	-12.43%	-2.82%
Max Drawdown (3Y) Largest decline over 3 years	-24.18%	-21.44%	-2.74%
Max Drawdown (5Y) Largest decline over 5 years	-33.09%	-23.96%	-9.13%
Max Drawdown (10Y) Largest decline over 10 years	-48.21%	-33.31%	-14.90%
Current Drawdown Current decline from peak	-2.35%	-4.45%	+2.10%
Average Drawdown Average peak-to-trough decline	-9.33%	-3.83%	-5.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.58%	4.06%	-0.48%

Volatility

CSQ vs. MOAT - Volatility Comparison

Calamos Strategic Total Return Fund (CSQ) has a higher volatility of 5.74% compared to VanEck Morningstar Wide Moat ETF (MOAT) at 4.13%. This indicates that CSQ's price experiences larger fluctuations and is considered to be riskier than MOAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CSQ	MOAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.74%	4.13%	+1.61%
Volatility (6M) Calculated over the trailing 6-month period	12.45%	9.90%	+2.55%
Volatility (1Y) Calculated over the trailing 1-year period	15.06%	13.93%	+1.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.06%	18.20%	+1.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.02%	18.68%	+4.34%

CSQ vs. MOAT - Expense Ratio Comparison

CSQ has a 2.46% expense ratio, which is higher than MOAT's 0.47% expense ratio.

Dividends

CSQ vs. MOAT - Dividend Comparison

CSQ's dividend yield for the trailing twelve months is around 6.72%, more than MOAT's 1.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSQ Calamos Strategic Total Return Fund	6.72%	6.51%	6.95%	8.27%	9.17%	6.38%	7.03%	7.14%	9.35%	8.20%	9.64%	10.00%
MOAT VanEck Morningstar Wide Moat ETF	1.36%	1.36%	1.37%	0.86%	1.25%	1.08%	1.46%	1.31%	1.79%	1.07%	1.17%	2.13%

Frequently Asked Questions

Can I hold both CSQ and MOAT in my portfolio?

CSQ and MOAT have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CSQ or MOAT?

CSQ has higher volatility (5.74%) compared to MOAT (4.13%). In terms of maximum drawdown, CSQ dropped -67.17% vs MOAT's -33.31%.

Which has better risk-adjusted returns?

CSQ currently has the higher Sharpe Ratio (1.51 vs 0.91), 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.