CPZ vs VTI
Calamos Long/Short Equity & Dynamic Income Trust vs Vanguard Morningstar Total Stock Market ETF
Which is better, CPZ or VTI?
Long-Short Strategy against Large Cap Blend.
VTI has a lower expense ratio. VTI led over 1Y, 3Y, 5Y 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 | CPZ | VTI |
|---|---|---|
| Expense Ratio | 1.85% | 0.03%Best |
| AUM | $414M | $689.2B |
| Dividend Yield | 11.38% | 1.06% |
| Holdings | 693 | 3,524 |
| YTD Return | -8.45% | +13.02%Best |
| 1Y Return | -11.10% | +16.63%Best |
| 3Y Return (annualized) | +7.10% | +21.97%Best |
| 5Y Return (annualized) | +0.46% | +11.99%Best |
| Volatility (annualized) | 18.7% | 17.2%Best |
| Max Drawdown | -52.2% | -35.0%Best |
| $10,000 over 5 years | $10,232 | $17,616Best |
| Fund Family | Calamos Investments | Vanguard (US) |
| Category | Alternative | Equity |
| Style | Long-Short Strategy | Large Cap Blend |
| Inception | Nov 29, 2019 | May 24, 2001 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Nov 26, 2019 to Oct 14, 2026 (6.9 years).
CPZ vs VTI 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 6.9 years both funds cover.
CPZ vs VTI Performance
Calamos Long/Short Equity & Dynamic Income Trust (CPZ) is an ETF from Calamos Investments and Vanguard Morningstar Total Stock Market ETF (VTI) is an ETF from Vanguard (US). Over the past year CPZ returned -11.10% while VTI returned +16.63%. Year to date, CPZ is down 8.45% versus a gain of 13.02% for VTI.
Over three years, CPZ compounded at +7.10% per year against +21.97% for VTI; over five years the annualized figures are +0.46% and +11.99% respectively. Across the full 7-year window we track, VTI has the edge at +14.57% annualized vs +1.80%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
CPZ has been the more volatile fund, with annualized monthly volatility of 18.7% compared with 17.2% for VTI. 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 -52.2% for CPZ and -35.0% for VTI. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.73. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
CPZ charges 1.85% per year while VTI charges 0.03%. On a $10,000 position that is $185 vs $3 annually, a gap of $182 per year that compounds over a long holding period. On income, CPZ currently yields 11.38% against 1.06% for VTI.
Holdings Overlap
At least 30.8% of VTI's money is in holdings CPZ also owns.
Only one direction is shown: for CPZ, our book for it lists positions totalling 161.2% of the fund, which is what a leveraged book looks like and is not a denominator we can divide by.
The two portfolios partly overlap.
The two holdings books were reported 212 days apart, CPZ as of Jan 31, 2026 and VTI as of Aug 31, 2026, so some of the difference between them is the time between the two reports rather than the funds.
221 positions in common, counted across the 396 positions we hold weights for in CPZ and 3,441 in VTI, against full books of 693 and 3,524.
Top Shared Holdings
| Stock | Weight in CPZ | Weight in VTI | Difference |
|---|---|---|---|
| NVDANvidia Corp | 6.21% | 6.88% | 0.67% |
| AMZNAmazon.Com Inc | 8.28% | 3.41% | 4.87% |
| AVGOBroadcom Inc | 4.80% | 2.38% | 2.42% |
| BABoeing Co | 6.33% | 0.22% | 6.11% |
| LHXL3Harris Technologies Inc. | 6.14% | 0.07% | 6.07% |
| WFCWells Fargo & Co. | 5.74% | 0.36% | 5.38% |
| MMM3m Co. | 5.30% | 0.12% | 5.18% |
| UNPUnion Pacific Corp | 4.97% | 0.24% | 4.73% |
| MSFTMicrosoft Corp | 0.01% | 5.11% | 5.10% |
| BAHBooz Allen Hamilton Holding Corp. | 5.00% | 0.01% | 4.99% |
30.8% of VTI is already inside CPZ.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, CPZ or VTI?
CPZ has an expense ratio of 1.85% while VTI charges 0.03%. VTI is the cheaper option, by $182 a year on a $10,000 investment.
Which performed better, CPZ or VTI?
Over the past year CPZ returned -11.10% vs +16.63% for VTI, so VTI leads on 1-year performance. Over the longest common window we track (7 years), CPZ annualized +1.80% vs +14.57% for VTI. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, CPZ or VTI?
CPZ has been the more volatile fund at 18.7% annualized versus 17.2% for VTI. Worst drawdown: CPZ -52.2% vs VTI -35.0%.
Should I hold both CPZ and VTI?
CPZ and VTI have a monthly-return correlation of 0.73, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between CPZ and VTI?
At least 30.8% of VTI's money is in holdings CPZ also owns. Our book for CPZ is partial, so the real figure is this or higher. They hold 221 positions in common, counted across the 396 positions we hold weights for in CPZ and 3,441 in VTI.
Which pays a higher dividend, CPZ or VTI?
CPZ yields 11.38% while VTI yields 1.06%, so CPZ currently pays the higher dividend yield.
Is VTI better than CPZ?
VTI has a lower expense ratio. VTI led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.