HDV vs. CCEF
HDV (iShares Core High Dividend ETF) and CCEF (Calamos CEF Income & Arbitrage ETF) are both Dividend funds. HDV is passively managed, while CCEF is actively managed. Over the past year, HDV returned 25.24% vs 13.67% for CCEF. Their 0.38 correlation means their historical movements had little consistent relationship. HDV charges 0.08%/yr vs 2.74%/yr for CCEF.
Performance
HDV vs. CCEF - Performance Comparison
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Returns By Period
In the year-to-date period, HDV achieves a 19.66% return, which is significantly higher than CCEF's 7.28% return.
HDV
- 1D
- -0.31%
- 1M
- 2.46%
- 6M
- 10.00%
- YTD
- 19.66%
- 1Y
- 25.24%
- 3Y*
- 15.80%
- 5Y*
- 12.13%
- 10Y*
- 9.57%
- ALL TIME*
- 10.80%
CCEF
- 1D
- 0.71%
- 1M
- 0.39%
- 6M
- 3.87%
- YTD
- 7.28%
- 1Y
- 13.67%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 15.21%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $84.87K | $111.22K | $103.52K | |
| $168.30M | $156.51M | $108.57M |
HDV vs. CCEF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
HDV iShares Core High Dividend ETF | 19.66% | 11.90% | 12.86% |
CCEF Calamos CEF Income & Arbitrage ETF | 7.28% | 13.47% | 17.80% |
Correlation
The correlation between HDV and CCEF is 0.13, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.13 |
Correlation (All Time) Calculated using the full available price history since Jan 16, 2024 | 0.38 |
Over the past year, the correlation between HDV and CCEF has dropped to 0.13 - well below their long-term average of 0.38, suggesting their price drivers have been diverging.
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Return for Risk
HDV vs. CCEF — Risk / Return Rank
HDV
CCEF
HDV vs. CCEF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core High Dividend ETF (HDV) and Calamos CEF Income & Arbitrage ETF (CCEF). 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.
| HDV | CCEF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.71 | ||
| Sortino ratioReturn per unit of downside risk | +1.25 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.30 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 4.90 | 1.77 | +3.12 |
| Martin ratioReturn relative to average drawdown | 13.39 | 7.56 | +5.82 |
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Drawdowns
HDV vs. CCEF - Drawdown Comparison
The maximum HDV drawdown since its inception was -37.04%, which is greater than CCEF's maximum drawdown of -13.25%. Use the drawdown chart below to compare losses from any high point for HDV and CCEF.
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Drawdown Indicators
| HDV | CCEF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.04% | -13.25% | -23.79% |
Max Drawdown (1Y)Largest decline over 1 year | -5.18% | -7.75% | +2.57% |
Max Drawdown (3Y)Largest decline over 3 years | -10.49% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -15.42% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -37.04% | — | — |
Current DrawdownCurrent decline from peak | -1.72% | -0.15% | -1.57% |
Average DrawdownAverage peak-to-trough decline | -3.06% | -1.32% | -1.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.89% | 1.81% | +0.08% |
Volatility
HDV vs. CCEF - Volatility Comparison
iShares Core High Dividend ETF (HDV) has a higher volatility of 4.52% compared to Calamos CEF Income & Arbitrage ETF (CCEF) at 2.18%. This indicates that HDV's price experiences larger fluctuations and is considered to be riskier than CCEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HDV | CCEF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.52% | 2.18% | +2.34% |
Volatility (6M)Calculated over the trailing 6-month period | 8.66% | 7.18% | +1.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.83% | 8.43% | +2.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.95% | 10.66% | +2.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.79% | 10.66% | +5.13% |
HDV vs. CCEF - Expense Ratio Comparison
HDV has a 0.08% expense ratio, which is lower than CCEF's 2.74% expense ratio.
Dividends
HDV vs. CCEF - Dividend Comparison
HDV's dividend yield for the trailing twelve months is around 3.08%, less than CCEF's 8.02% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CCEF Calamos CEF Income & Arbitrage ETF | 8.02% | 8.08% | 6.55% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
HDV iShares Core High Dividend ETF | 3.08% | 3.22% | 3.67% | 3.82% | 3.56% | 3.47% | 4.07% | 3.27% | 3.67% | 3.27% | 3.28% | 3.92% |
Frequently Asked Questions
HDV and CCEF have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HDV has higher volatility (4.52%) compared to CCEF (2.18%). In terms of maximum drawdown, HDV dropped -37.04% vs CCEF's -13.25%.
On 1-year performance, HDV leads with 25.24% vs 13.67% for CCEF. On fees, HDV is cheaper at 0.08% per year. On volatility, CCEF has been the lower-risk option at 2.18%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, HDV has performed better with a 25.24% return vs 13.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HDV is cheaper with a 0.08% expense ratio, compared with 2.74% for CCEF.
CCEF has the higher dividend yield at 8.02%, compared with 3.08% for HDV.
They also come from different issuers: iShares and Calamos. Their fees differ too: 0.08% for HDV and 2.74% for CCEF.
HDV currently has the higher Sharpe Ratio (2.34 vs 1.63), 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.
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