SCHY vs. CCEF

Last updated Aug 5, 2026

SCHY (Schwab International Dividend Equity ETF) and CCEF (Calamos CEF Income & Arbitrage ETF) are both Dividend funds. SCHY is passively managed, while CCEF is actively managed. Over the past year, SCHY returned 27.64% vs 13.29% for CCEF. Their 0.51 correlation means they have sometimes moved together and sometimes differently. SCHY charges 0.08%/yr vs 2.74%/yr for CCEF.

Performance

SCHY vs. CCEF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab International Dividend Equity ETF (SCHY) 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, SCHY achieves a 14.32% return, which is significantly higher than CCEF's 7.54% return.

SCHY

• 1D: 0.42%
• 1M: 4.49%
• 6M: 6.33%
• YTD: 14.32%
• 1Y: 27.64%
• 3Y*: 16.91%
• 5Y*: 9.15%
• 10Y*: —
• ALL TIME*: 9.47%

CCEF

• 1D: 0.24%
• 1M: 0.63%
• 6M: 4.29%
• YTD: 7.54%
• 1Y: 13.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 15.30%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CCEF Calamos CEF Income & Arbitrage ETF	$87.71K	$109.22K	$102.46K
SCHY Schwab International Dividend Equity ETF	$27.21M	$25.61M	$19.67M

SCHY vs. CCEF - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SCHY Schwab International Dividend Equity ETF	14.32%	33.98%	-2.15%
CCEF Calamos CEF Income & Arbitrage ETF	7.54%	13.47%	17.80%

Correlation

The correlation between SCHY and CCEF is 0.46, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.46
Correlation (All Time) Calculated using the full available price history since Jan 16, 2024	0.51

The correlation between SCHY and CCEF has been stable across timeframes, ranging from 0.46 to 0.51 - a consistent structural relationship.

Return for Risk

SCHY vs. CCEF — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SCHY

SCHY Risk / Return Rank: 81
SCHY Sharpe Ratio Rank: 88
SCHY Sortino Ratio Rank: 87
SCHY Omega Ratio Rank: 87
SCHY Calmar Ratio Rank: 77
SCHY Martin Ratio Rank: 65

CCEF

CCEF Risk / Return Rank: 55
CCEF Sharpe Ratio Rank: 58
CCEF Sortino Ratio Rank: 57
CCEF Omega Ratio Rank: 60
CCEF Calmar Ratio Rank: 43
CCEF Martin Ratio Rank: 56

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SCHY vs. CCEF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab International Dividend Equity ETF (SCHY) 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.

	SCHY	CCEF	Difference
Sharpe ratio: Return per unit of total volatility	2.32	1.59	+0.73
Sortino ratio: Return per unit of downside risk	3.17	2.22	+0.95
Omega ratio: Gain probability vs. loss probability	1.42	1.29	+0.13
Calmar ratio: Return relative to maximum drawdown	3.05	1.72	+1.33
Martin ratio: Return relative to average drawdown	8.68	7.36	+1.33

SCHY vs. CCEF - Sharpe Ratio Comparison

The current SCHY Sharpe Ratio is 2.32, which is higher than the CCEF Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of SCHY 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

SCHY vs. CCEF - Drawdown Comparison

The maximum SCHY drawdown since its inception was -24.04%, which is greater than CCEF's maximum drawdown of -13.25%. Use the drawdown chart below to compare losses from any high point for SCHY and CCEF.

Drawdown Indicators

	SCHY	CCEF	Difference
Max Drawdown Largest peak-to-trough decline	-24.04%	-13.25%	-10.79%
Max Drawdown (1Y) Largest decline over 1 year	-9.11%	-7.75%	-1.36%
Max Drawdown (3Y) Largest decline over 3 years	-12.16%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.04%	—	—
Current Drawdown Current decline from peak	-0.03%	0.00%	-0.03%
Average Drawdown Average peak-to-trough decline	-4.92%	-1.32%	-3.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.19%	1.81%	+1.38%

Volatility

SCHY vs. CCEF - Volatility Comparison

Schwab International Dividend Equity ETF (SCHY) has a higher volatility of 2.58% compared to Calamos CEF Income & Arbitrage ETF (CCEF) at 2.15%. This indicates that SCHY'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.

Volatility by Period

	SCHY	CCEF	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.58%	2.15%	+0.43%
Volatility (6M) Calculated over the trailing 6-month period	10.01%	7.18%	+2.83%
Volatility (1Y) Calculated over the trailing 1-year period	12.01%	8.42%	+3.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.27%	10.66%	+2.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.17%	10.66%	+2.51%

SCHY vs. CCEF - Expense Ratio Comparison

SCHY has a 0.08% expense ratio, which is lower than CCEF's 2.74% expense ratio.

Dividends

SCHY vs. CCEF - Dividend Comparison

SCHY's dividend yield for the trailing twelve months is around 3.31%, less than CCEF's 8.00% yield.

Position	TTM	2025	2024	2023	2022	2021
CCEF Calamos CEF Income & Arbitrage ETF	8.00%	8.08%	6.55%	0.00%	0.00%	0.00%
SCHY Schwab International Dividend Equity ETF	3.31%	3.55%	4.64%	3.97%	3.67%	1.73%

Frequently Asked Questions

Can I hold both SCHY and CCEF in my portfolio?

SCHY and CCEF have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SCHY or CCEF?

SCHY has higher volatility (2.58%) compared to CCEF (2.15%). In terms of maximum drawdown, SCHY dropped -24.04% vs CCEF's -13.25%.

Which ETF is better, SCHY or CCEF?

On 1-year performance, SCHY leads with 27.64% vs 13.29% for CCEF. On fees, SCHY is cheaper at 0.08% per year. On volatility, CCEF has been the lower-risk option at 2.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SCHY or CCEF?

Over the 1-year period, SCHY has performed better with a 27.64% return vs 13.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SCHY or CCEF?

SCHY is cheaper with a 0.08% expense ratio, compared with 2.74% for CCEF.

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

CCEF has the higher dividend yield at 8.00%, compared with 3.31% for SCHY.

What is the main difference between SCHY and CCEF?

They also come from different issuers: Charles Schwab and Calamos. Their fees differ too: 0.08% for SCHY and 2.74% for CCEF.

Which has better risk-adjusted returns?

SCHY currently has the higher Sharpe Ratio (2.32 vs 1.59), 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.