UDIV vs. CCEF

Last updated Aug 2, 2026

UDIV (Franklin U.S. Core Dividend Tilt Index ETF) and CCEF (Calamos CEF Income & Arbitrage ETF) are both Dividend funds. UDIV is passively managed, while CCEF is actively managed. Over the past year, UDIV returned 25.58% vs 12.87% for CCEF. Their 0.77 correlation means they have sometimes moved together and sometimes differently. UDIV charges 0.06%/yr vs 2.74%/yr for CCEF.

Performance

UDIV vs. CCEF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin U.S. Core Dividend Tilt Index ETF (UDIV) 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, UDIV achieves a 13.87% return, which is significantly higher than CCEF's 6.53% return.

UDIV

• 1D: 0.91%
• 1M: 0.58%
• 6M: 11.30%
• YTD: 13.87%
• 1Y: 25.58%
• 3Y*: 21.43%
• 5Y*: 13.98%
• 10Y*: 11.54%
• ALL TIME*: 11.74%

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
UDIV Franklin U.S. Core Dividend Tilt Index ETF	$516.03K	$427.19K	$922.08K

UDIV vs. CCEF - Yearly Performance Comparison

	2026 (YTD)	2025	2024
UDIV Franklin U.S. Core Dividend Tilt Index ETF	13.87%	19.00%	25.20%
CCEF Calamos CEF Income & Arbitrage ETF	6.53%	13.47%	17.80%

Correlation

The correlation between UDIV and CCEF is 0.82, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.82
Correlation (All Time) Calculated using the full available price history since Jan 16, 2024	0.77

The correlation between UDIV and CCEF has been stable across timeframes, ranging from 0.77 to 0.82 - a consistent structural relationship.

Return for Risk

UDIV vs. CCEF — Risk / Return Rank

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

UDIV

UDIV Risk / Return Rank: 80
UDIV Sharpe Ratio Rank: 80
UDIV Sortino Ratio Rank: 78
UDIV Omega Ratio Rank: 79
UDIV Calmar Ratio Rank: 79
UDIV Martin Ratio Rank: 84

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.

UDIV vs. CCEF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin U.S. Core Dividend Tilt Index ETF (UDIV) 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.

	UDIV	CCEF	Difference
Sharpe ratio: Return per unit of total volatility	1.83	1.45	+0.38
Sortino ratio: Return per unit of downside risk	2.50	2.04	+0.46
Omega ratio: Gain probability vs. loss probability	1.33	1.27	+0.06
Calmar ratio: Return relative to maximum drawdown	2.82	1.58	+1.24
Martin ratio: Return relative to average drawdown	11.60	6.74	+4.86

UDIV vs. CCEF - Sharpe Ratio Comparison

The current UDIV Sharpe Ratio is 1.83, which is comparable to the CCEF Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of UDIV 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

UDIV vs. CCEF - Drawdown Comparison

The maximum UDIV drawdown since its inception was -35.21%, which is greater than CCEF's maximum drawdown of -13.25%. Use the drawdown chart below to compare losses from any high point for UDIV and CCEF.

Drawdown Indicators

	UDIV	CCEF	Difference
Max Drawdown Largest peak-to-trough decline	-35.21%	-13.25%	-21.96%
Max Drawdown (1Y) Largest decline over 1 year	-8.44%	-7.75%	-0.69%
Max Drawdown (3Y) Largest decline over 3 years	-19.19%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-23.18%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-35.21%	—	—
Current Drawdown Current decline from peak	-1.66%	-0.86%	-0.80%
Average Drawdown Average peak-to-trough decline	-4.60%	-1.32%	-3.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.05%	1.81%	+0.24%

Volatility

UDIV vs. CCEF - Volatility Comparison

Franklin U.S. Core Dividend Tilt Index ETF (UDIV) has a higher volatility of 3.90% compared to Calamos CEF Income & Arbitrage ETF (CCEF) at 2.06%. This indicates that UDIV'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

	UDIV	CCEF	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.90%	2.06%	+1.84%
Volatility (6M) Calculated over the trailing 6-month period	10.26%	7.14%	+3.12%
Volatility (1Y) Calculated over the trailing 1-year period	13.02%	8.41%	+4.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.66%	10.66%	+5.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.17%	10.66%	+5.51%

UDIV vs. CCEF - Expense Ratio Comparison

UDIV has a 0.06% expense ratio, which is lower than CCEF's 2.74% expense ratio.

Dividends

UDIV vs. CCEF - Dividend Comparison

UDIV's dividend yield for the trailing twelve months is around 1.48%, less than CCEF's 8.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%	0.00%
UDIV Franklin U.S. Core Dividend Tilt Index ETF	1.48%	1.53%	2.05%	1.91%	3.20%	2.97%	2.90%	3.40%	3.74%	3.47%	1.63%

Frequently Asked Questions

Can I hold both UDIV and CCEF in my portfolio?

UDIV and CCEF have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UDIV or CCEF?

UDIV has higher volatility (3.90%) compared to CCEF (2.06%). In terms of maximum drawdown, UDIV dropped -35.21% vs CCEF's -13.25%.

Which ETF is better, UDIV or CCEF?

On 1-year performance, UDIV leads with 25.58% vs 12.87% for CCEF. On fees, UDIV is cheaper at 0.06% 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, UDIV or CCEF?

Over the 1-year period, UDIV has performed better with a 25.58% return vs 12.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UDIV or CCEF?

UDIV is cheaper with a 0.06% expense ratio, compared with 2.74% for CCEF.

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

CCEF has the higher dividend yield at 7.36%, compared with 1.48% for UDIV.

What is the main difference between UDIV and CCEF?

They also come from different issuers: Franklin Templeton and Calamos. Their fees differ too: 0.06% for UDIV and 2.74% for CCEF.

Which has better risk-adjusted returns?

UDIV currently has the higher Sharpe Ratio (1.83 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.