SPDV vs. CCEF

Last updated Aug 3, 2026

SPDV (AAM S&P 500 High Dividend Value ETF) and CCEF (Calamos CEF Income & Arbitrage ETF) are both Dividend funds. SPDV is passively managed, while CCEF is actively managed. Over the past year, SPDV returned 30.26% vs 12.87% for CCEF. Their 0.62 correlation means they have sometimes moved together and sometimes differently. SPDV charges 0.29%/yr vs 2.74%/yr for CCEF.

Performance

SPDV vs. CCEF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AAM S&P 500 High Dividend Value ETF (SPDV) 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, SPDV achieves a 19.29% return, which is significantly higher than CCEF's 6.53% return.

SPDV

• 1D: -0.03%
• 1M: 4.78%
• 6M: 13.02%
• YTD: 19.29%
• 1Y: 30.26%
• 3Y*: 15.86%
• 5Y*: 10.42%
• 10Y*: —
• ALL TIME*: 9.72%

CCEF

• 1D: 0.34%
• 1M: -0.32%
• 6M: 3.30%
• YTD: 6.53%
• 1Y: 12.87%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.94%

*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	$74.18K	$103.33K	$101.25K
SPDV AAM S&P 500 High Dividend Value ETF	$807.83K	$592.31K	$401.15K

SPDV vs. CCEF - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPDV AAM S&P 500 High Dividend Value ETF	19.29%	10.90%	14.79%
CCEF Calamos CEF Income & Arbitrage ETF	6.53%	13.47%	17.80%

Correlation

The correlation between SPDV and CCEF is 0.48, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.48
Correlation (All Time) Calculated using the full available price history since Jan 16, 2024	0.62

The correlation between SPDV and CCEF shifts across timeframes, from 0.48 (1 year) to 0.62 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SPDV vs. CCEF — Risk / Return Rank

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

SPDV

SPDV Risk / Return Rank: 92
SPDV Sharpe Ratio Rank: 92
SPDV Sortino Ratio Rank: 93
SPDV Omega Ratio Rank: 90
SPDV Calmar Ratio Rank: 94
SPDV Martin Ratio Rank: 91

CCEF

CCEF Risk / Return Rank: 57
CCEF Sharpe Ratio Rank: 63
CCEF Sortino Ratio Rank: 61
CCEF Omega Ratio Rank: 63
CCEF Calmar Ratio Rank: 44
CCEF Martin Ratio Rank: 57

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.

SPDV vs. CCEF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AAM S&P 500 High Dividend Value ETF (SPDV) 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.

	SPDV	CCEF	Difference
Sharpe ratio: Return per unit of total volatility	2.37	1.45	+0.92
Sortino ratio: Return per unit of downside risk	3.49	2.04	+1.45
Omega ratio: Gain probability vs. loss probability	1.42	1.27	+0.16
Calmar ratio: Return relative to maximum drawdown	5.01	1.58	+3.43
Martin ratio: Return relative to average drawdown	15.07	6.74	+8.33

SPDV vs. CCEF - Sharpe Ratio Comparison

The current SPDV Sharpe Ratio is 2.37, which is higher than the CCEF Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of SPDV 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

SPDV vs. CCEF - Drawdown Comparison

The maximum SPDV drawdown since its inception was -43.81%, which is greater than CCEF's maximum drawdown of -13.25%. Use the drawdown chart below to compare losses from any high point for SPDV and CCEF.

Drawdown Indicators

	SPDV	CCEF	Difference
Max Drawdown Largest peak-to-trough decline	-43.81%	-13.25%	-30.56%
Max Drawdown (1Y) Largest decline over 1 year	-5.80%	-7.75%	+1.95%
Max Drawdown (3Y) Largest decline over 3 years	-18.62%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-21.31%	—	—
Current Drawdown Current decline from peak	-1.56%	-0.86%	-0.70%
Average Drawdown Average peak-to-trough decline	-6.46%	-1.32%	-5.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	1.81%	+0.11%

Volatility

SPDV vs. CCEF - Volatility Comparison

AAM S&P 500 High Dividend Value ETF (SPDV) has a higher volatility of 3.72% compared to Calamos CEF Income & Arbitrage ETF (CCEF) at 2.06%. This indicates that SPDV'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

	SPDV	CCEF	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.72%	2.06%	+1.66%
Volatility (6M) Calculated over the trailing 6-month period	8.34%	7.14%	+1.20%
Volatility (1Y) Calculated over the trailing 1-year period	12.29%	8.41%	+3.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.15%	10.66%	+5.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.20%	10.66%	+9.54%

SPDV vs. CCEF - Expense Ratio Comparison

SPDV has a 0.29% expense ratio, which is lower than CCEF's 2.74% expense ratio.

Dividends

SPDV vs. CCEF - Dividend Comparison

SPDV's dividend yield for the trailing twelve months is around 3.23%, less than CCEF's 8.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CCEF Calamos CEF Income & Arbitrage ETF	7.36%	8.08%	6.55%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPDV AAM S&P 500 High Dividend Value ETF	3.23%	3.85%	3.54%	3.95%	3.73%	3.08%	3.90%	3.54%	3.63%	0.28%

Frequently Asked Questions

Can I hold both SPDV and CCEF in my portfolio?

SPDV and CCEF have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPDV or CCEF?

SPDV has higher volatility (3.72%) compared to CCEF (2.06%). In terms of maximum drawdown, SPDV dropped -43.81% vs CCEF's -13.25%.

Which ETF is better, SPDV or CCEF?

On 1-year performance, SPDV leads with 30.26% vs 12.87% for CCEF. On fees, SPDV is cheaper at 0.29% per year. On volatility, CCEF has been the lower-risk option at 2.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPDV or CCEF?

Over the 1-year period, SPDV has performed better with a 30.26% return vs 12.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPDV or CCEF?

SPDV is cheaper with a 0.29% expense ratio, compared with 2.74% for CCEF.

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

CCEF has the higher dividend yield at 7.36%, compared with 3.23% for SPDV.

What is the main difference between SPDV and CCEF?

They also come from different issuers: Advisors Asset Management and Calamos. Their fees differ too: 0.29% for SPDV and 2.74% for CCEF.

Which has better risk-adjusted returns?

SPDV currently has the higher Sharpe Ratio (2.37 vs 1.45), 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.