CGO vs PAYR
Calamos Global Total Return Fund vs Federated Hermes Enhanced Income ETF
Which is better, CGO or PAYR?
PAYR has been ahead.
PAYR has a lower expense ratio. PAYR 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 | CGO | PAYR |
|---|---|---|
| Expense Ratio | 2.30% | 0.40%Best |
| AUM | $201M | $82M |
| Dividend Yield | 2.27% | 8.32% |
| Holdings | 714 | 55 |
| YTD Return | +10.30%Best | +6.04% |
| 1Y Return | +7.39% | +9.06%Best |
| 3Y Return (annualized) | +21.82% | - |
| 5Y Return (annualized) | +4.24% | - |
| Volatility (annualized) | 27.7% | 12.7%Best |
| Max Drawdown | -17.1% | -8.8%Best |
| $10,000 over 1 years | $10,572 | $10,927Best |
| Fund Family | Calamos Investments | Federated Hermes Funds |
| Category | Allocation/Balanced | Allocation/Balanced |
| Style | Allocation/Balanced | Allocation/Balanced |
| Inception | Oct 27, 2005 | Oct 7, 2025 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 1 years row, are measured over the window both funds cover: Oct 8, 2025 to Oct 14, 2026 (1 years).
CGO vs PAYR 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 years both funds cover.
CGO vs PAYR Performance
Calamos Global Total Return Fund (CGO) is an ETF from Calamos Investments and Federated Hermes Enhanced Income ETF (PAYR) is an ETF from Federated Hermes Funds. Over the past year CGO returned +7.39% while PAYR returned +9.06%. Year to date, CGO is up 10.30% versus a gain of 6.04% for PAYR.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
CGO has been the more volatile fund, with annualized monthly volatility of 27.7% compared with 12.7% for PAYR. 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 -17.1% for CGO and -8.8% for PAYR. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.09. They move largely independently of each other.
Fees and Cost Over Time
CGO charges 2.30% per year while PAYR charges 0.40%. On a $10,000 position that is $230 vs $40 annually, a gap of $190 per year that compounds over a long holding period. On income, CGO currently yields 2.27% against 8.32% for PAYR.
Holdings Overlap
We hold position weights for 492 holdings in CGO and 46 in PAYR, totalling 87.9% and 91.8% of the two funds. Neither is a share of a fund we can divide by, so no overlap percentage is shown here. Within what we can see, 7 positions appear in both.
The two holdings books were reported 244 days apart, CGO as of Jan 31, 2026 and PAYR as of Oct 2, 2026, so some of the difference between them is the time between the two reports rather than the funds.
7 positions in common, counted across the 492 positions we hold weights for in CGO and 46 in PAYR, against full books of 714 and 55.
You are not choosing between two funds in isolation.
Whichever of CGO and PAYR 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, CGO or PAYR?
CGO has an expense ratio of 2.30% while PAYR charges 0.40%. PAYR is the cheaper option, by $190 a year on a $10,000 investment.
Which performed better, CGO or PAYR?
Over the past year CGO returned +7.39% vs +9.06% for PAYR, so PAYR leads on 1-year performance. Over the longest common window we track (1 years), CGO annualized +5.72% vs +9.27% for PAYR. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, CGO or PAYR?
CGO has been the more volatile fund at 27.7% annualized versus 12.7% for PAYR. Worst drawdown: CGO -17.1% vs PAYR -8.8%.
Should I hold both CGO and PAYR?
CGO and PAYR have a monthly-return correlation of 0.09, 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, CGO or PAYR?
CGO yields 2.27% while PAYR yields 8.32%, so PAYR currently pays the higher dividend yield.
Is PAYR better than CGO?
PAYR has a lower expense ratio. PAYR 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.