CEFZ vs CHW
RiverNorth Active Income ETF vs Calamos Global Dynamic Income Fund
Which is better, CEFZ or CHW?
CHW has been ahead.
CHW has a lower expense ratio. CHW led over 1Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | CEFZ | CHW |
|---|---|---|
| Expense Ratio | 2.82% | 2.27%Best |
| AUM | $40M | $854M |
| Dividend Yield | 10.37% | 2.18% |
| Holdings | 92 | 775 |
| YTD Return | -5.41% | +12.41%Best |
| 1Y Return | -3.36% | +12.15%Best |
| 3Y Return (annualized) | - | +23.60% |
| 5Y Return (annualized) | - | +4.95% |
| Volatility (annualized) | 9.7%Best | 23.4% |
| Max Drawdown | -8.3%Best | -15.9% |
| $10,000 over 1.2 years | $10,121 | $12,291Best |
| Fund Family | RiverNorth | Calamos Investments |
| Category | Allocation/Balanced | Allocation/Balanced |
| Style | Allocation/Balanced | Allocation/Balanced |
| Inception | Dec 27, 2006 | Jun 27, 2007 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 1.2 years row, are measured over the window both funds cover: Aug 4, 2025 to Oct 14, 2026 (1.2 years).
CEFZ vs CHW growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 1.2 years both funds cover.
CEFZ vs CHW Performance
RiverNorth Active Income ETF (CEFZ) is an ETF from RiverNorth and Calamos Global Dynamic Income Fund (CHW) is an ETF from Calamos Investments. Over the past year CEFZ returned -3.36% while CHW returned +12.15%. Year to date, CEFZ is down 5.41% versus a gain of 12.41% for CHW.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
CHW has been the more volatile fund, with annualized monthly volatility of 23.4% compared with 9.7% for CEFZ. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -8.3% for CEFZ and -15.9% for CHW. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.71. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
CEFZ charges 2.82% per year while CHW charges 2.27%. On a $10,000 position that is $282 vs $227 annually, a gap of $55 per year that compounds over a long holding period. On income, CEFZ currently yields 10.37% against 2.18% for CHW.
Holdings Overlap
We hold position weights for 45 holdings in CEFZ and 498 in CHW, totalling 99.8% and 87.9% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
The two holdings books were reported 223 days apart, CEFZ as of Sep 11, 2026 and CHW as of Jan 31, 2026, so some of the difference between them is the time between the two reports rather than the funds.
0 positions in common, counted across the 45 positions we hold weights for in CEFZ and 498 in CHW, against full books of 92 and 775.
You are not choosing between two funds in isolation.
Whichever of CEFZ and CHW you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, CEFZ or CHW?
CEFZ has an expense ratio of 2.82% while CHW charges 2.27%. CHW is the cheaper option, by $55 a year on a $10,000 investment.
Which performed better, CEFZ or CHW?
Over the past year CEFZ returned -3.36% vs +12.15% for CHW, so CHW leads on 1-year performance. Over the longest common window we track (1 years), CEFZ annualized +1.01% vs +18.76% for CHW. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, CEFZ or CHW?
CHW has been the more volatile fund at 23.4% annualized versus 9.7% for CEFZ. Worst drawdown: CEFZ -8.3% vs CHW -15.9%.
Should I hold both CEFZ and CHW?
CEFZ and CHW have a monthly-return correlation of 0.71, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, CEFZ or CHW?
CEFZ yields 10.37% while CHW yields 2.18%, so CEFZ currently pays the higher dividend yield.
Is CHW better than CEFZ?
CHW has a lower expense ratio. CHW led over 1Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.