RDFI vs. CCEF

Last updated Jun 23, 2026

RDFI (Rareview Dynamic Fixed Income ETF) and CCEF (Calamos CEF Income & Arbitrage ETF) are both exchange-traded funds - RDFI is a Multisector Bonds fund actively managed by Rareview Funds, while CCEF is a Dividend fund actively managed by Calamos. Both are actively managed. Over the past year, RDFI returned 8.21% vs 15.76% for CCEF. A 0.67 correlation means they provide meaningful diversification when combined. RDFI charges 3.69%/yr vs 2.74%/yr for CCEF.

Performance

RDFI vs. CCEF - Performance Comparison

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

Returns By Period

In the year-to-date period, RDFI achieves a 1.84% return, which is significantly lower than CCEF's 6.04% return.

RDFI

• 1D: -0.13%
• 1M: 0.88%
• YTD: 1.84%
• 6M: 2.22%
• 1Y: 8.21%
• 3Y*: 10.11%
• 5Y*: 2.75%
• 10Y*: —

CCEF

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

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

RDFI vs. CCEF - Yearly Performance Comparison

	2026 (YTD)	2025	2024
RDFI Rareview Dynamic Fixed Income ETF	1.84%	9.83%	11.14%
CCEF Calamos CEF Income & Arbitrage ETF	6.04%	13.47%	17.80%

Correlation

The correlation between RDFI and CCEF is 0.66, 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	0.66
Correlation (All Time) Calculated using the full available price history since Jan 16, 2024	0.67

The correlation between RDFI and CCEF has been stable across timeframes, ranging from 0.66 to 0.67 - a consistent structural relationship.

Return for Risk

RDFI vs. CCEF — Risk / Return Rank

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

RDFI

RDFI Risk / Return Rank: 30
RDFI Sharpe Ratio Rank: 33
RDFI Sortino Ratio Rank: 31
RDFI Omega Ratio Rank: 35
RDFI Calmar Ratio Rank: 23
RDFI Martin Ratio Rank: 28

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

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.

RDFI vs. CCEF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Rareview Dynamic Fixed Income ETF (RDFI) 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.

	RDFI	CCEF	Difference
Sharpe ratio: Return per unit of total volatility	1.16	1.92	-0.77
Sortino ratio: Return per unit of downside risk	1.62	2.66	-1.05
Omega ratio: Gain probability vs. loss probability	1.23	1.36	-0.14
Calmar ratio: Return relative to maximum drawdown	1.03	2.04	-1.01
Martin ratio: Return relative to average drawdown	3.73	8.80	-5.07

RDFI vs. CCEF - Sharpe Ratio Comparison

The current RDFI Sharpe Ratio is 1.16, which is lower than the CCEF Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of RDFI and CCEF, 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

RDFI vs. CCEF - Drawdown Comparison

The maximum RDFI drawdown since its inception was -23.71%, which is greater than CCEF's maximum drawdown of -13.25%. Use the drawdown chart below to compare losses from any high point for RDFI and CCEF.

Drawdown Indicators

	RDFI	CCEF	Difference
Max Drawdown Largest peak-to-trough decline	-23.71%	-13.25%	-10.46%
Max Drawdown (1Y) Largest decline over 1 year	-8.01%	-7.75%	-0.26%
Max Drawdown (3Y) Largest decline over 3 years	-10.41%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-23.71%	—	—
Current Drawdown Current decline from peak	-2.71%	-0.50%	-2.21%
Average Drawdown Average peak-to-trough decline	-7.17%	-1.35%	-5.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.20%	1.79%	+0.41%

Volatility

RDFI vs. CCEF - Volatility Comparison

The current volatility for Rareview Dynamic Fixed Income ETF (RDFI) is 1.67%, while Calamos CEF Income & Arbitrage ETF (CCEF) has a volatility of 2.58%. This indicates that RDFI experiences smaller price fluctuations and is considered to be less risky than CCEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RDFI	CCEF	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.67%	2.58%	-0.91%
Volatility (6M) Calculated over the trailing 6-month period	6.32%	6.98%	-0.66%
Volatility (1Y) Calculated over the trailing 1-year period	7.14%	8.24%	-1.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.16%	10.78%	-2.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.94%	10.78%	-2.84%

RDFI vs. CCEF - Expense Ratio Comparison

RDFI has a 3.69% expense ratio, which is higher than CCEF's 2.74% expense ratio.

Dividends

RDFI vs. CCEF - Dividend Comparison

RDFI's dividend yield for the trailing twelve months is around 8.29%, more than CCEF's 7.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
CCEF Calamos CEF Income & Arbitrage ETF	7.96%	8.08%	6.55%	0.00%	0.00%	0.00%	0.00%
RDFI Rareview Dynamic Fixed Income ETF	8.29%	8.17%	8.14%	7.38%	4.70%	6.78%	1.01%

Frequently Asked Questions

Can I hold both RDFI and CCEF in my portfolio?

RDFI and CCEF have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RDFI or CCEF?

CCEF has higher volatility (2.58%) compared to RDFI (1.67%). In terms of maximum drawdown, RDFI dropped -23.71% vs CCEF's -13.25%.

Which ETF is better, RDFI or CCEF?

On 1-year performance, CCEF leads with 15.76% vs 8.21% for RDFI. On fees, CCEF is cheaper at 2.74% per year. On volatility, RDFI has been the lower-risk option at 1.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RDFI or CCEF?

Over the 1-year period, CCEF has performed better with a 15.76% return vs 8.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RDFI or CCEF?

CCEF is cheaper with a 2.74% expense ratio, compared with 3.69% for RDFI.

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

RDFI has the higher dividend yield at 8.29%, compared with 7.96% for CCEF.

What is the main difference between RDFI and CCEF?

RDFI is categorized as Multisector Bonds, while CCEF is Dividend. They also come from different issuers: Rareview Funds and Calamos. Their fees differ too: 3.69% for RDFI and 2.74% for CCEF.

Which has better risk-adjusted returns?

CCEF currently has the higher Sharpe Ratio (1.92 vs 1.16), 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.