CSQ vs RULE
Calamos Strategic Total Return Fund vs Adaptive Core ETF
Which is better, CSQ or RULE?
Each has led over a different period.
RULE has a lower expense ratio. CSQ led over 3Y, 5Y and the full window, RULE over 1Y.
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 | CSQ | RULE |
|---|---|---|
| Expense Ratio | 2.03% | 1.84%Best |
| AUM | $5.2B | $18M |
| Dividend Yield | 1.93% | 0.00% |
| Holdings | 816 | 35 |
| YTD Return | +10.46% | +28.90%Best |
| 1Y Return | +13.57% | +32.56%Best |
| 3Y Return (annualized) | +21.82%Best | +17.05% |
| 5Y Return (annualized) | +10.22%Best | +4.11% |
| Volatility (annualized) | 21.6% | 17.6%Best |
| Max Drawdown | -33.1% | -30.5%Best |
| $10,000 over 5 years | $16,267Best | $12,231 |
| Fund Family | Calamos Investments | Mohr Funds |
| Category | Allocation/Balanced | Allocation/Balanced |
| Style | Equity-oriented Balanced | Equity-oriented Balanced |
| Inception | Mar 26, 2004 | Nov 2, 2021 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Nov 3, 2021 to Oct 14, 2026 (4.9 years).
CSQ vs RULE 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 4.9 years both funds cover.
CSQ vs RULE Performance
Calamos Strategic Total Return Fund (CSQ) is an ETF from Calamos Investments and Adaptive Core ETF (RULE) is an ETF from Mohr Funds. Over the past year CSQ returned +13.57% while RULE returned +32.56%. Year to date, CSQ is up 10.46% versus a gain of 28.90% for RULE.
Over three years, CSQ compounded at +21.82% per year against +17.05% for RULE; over five years the annualized figures are +10.22% and +4.11% respectively.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
CSQ has been the more volatile fund, with annualized monthly volatility of 21.6% compared with 17.6% for RULE. 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 -33.1% for CSQ and -30.5% for RULE. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.61. They move together some of the time, and apart the rest.
Fees and Cost Over Time
CSQ charges 2.03% per year while RULE charges 1.84%. On a $10,000 position that is $203 vs $184 annually, a gap of $19 per year that compounds over a long holding period. On income, CSQ currently yields 1.93% against 0.00% for RULE.
Holdings Overlap
At least 47.3% of RULE's money is in holdings CSQ also owns.
Stated as a floor: for CSQ, our book for it covers 93.6% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
The two portfolios partly overlap.
The two holdings books were reported 244 days apart, CSQ as of Jan 31, 2026 and RULE as of Oct 2, 2026, so some of the difference between them is the time between the two reports rather than the funds.
16 positions in common, counted across the 452 positions we hold weights for in CSQ and 35 in RULE, against full books of 816 and 35.
Top Shared Holdings
| Stock | Weight in CSQ | Weight in RULE | Difference |
|---|---|---|---|
| NVDANvidia Corp | 5.26% | 2.67% | 2.59% |
| GOOGLAlphabet Inc | 4.49% | 3.05% | 1.44% |
| MUMicron Technology, Inc. | 0.89% | 6.03% | 5.14% |
| AAPLApple, Inc | 4.77% | 2.00% | 2.77% |
| MSFTMicrosoft Corp | 4.08% | 2.45% | 1.63% |
| STXSeagate Technolo | 0.48% | 5.96% | 5.48% |
| AMZNAmazon.Com Inc | 3.31% | 1.49% | 1.82% |
| DELLDell Technologies Inc | 0.00% | 4.52% | 4.52% |
| MPCMarathon Petroleum Corp | 0.58% | 2.74% | 2.16% |
| IQVI Q V I A Holdings Inc. | 0.35% | 2.75% | 2.40% |
47.3% of RULE is already inside CSQ.
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, CSQ or RULE?
CSQ has an expense ratio of 2.03% while RULE charges 1.84%. RULE is the cheaper option, by $19 a year on a $10,000 investment.
Which performed better, CSQ or RULE?
Over the past year CSQ returned +13.57% vs +32.56% for RULE, so RULE leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, CSQ or RULE?
CSQ has been the more volatile fund at 21.6% annualized versus 17.6% for RULE. Worst drawdown: CSQ -33.1% vs RULE -30.5%.
Should I hold both CSQ and RULE?
CSQ and RULE have a monthly-return correlation of 0.61, 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 CSQ and RULE?
At least 47.3% of RULE's money is in holdings CSQ also owns. Our book for CSQ is partial, so the real figure is this or higher. They hold 16 positions in common, counted across the 452 positions we hold weights for in CSQ and 35 in RULE.
Which pays a higher dividend, CSQ or RULE?
CSQ yields 1.93% while RULE yields 0.00%, so CSQ currently pays the higher dividend yield.
Is RULE better than CSQ?
RULE has a lower expense ratio. CSQ led over 3Y, 5Y and the full window, RULE over 1Y. Which one suits a particular account depends on what it is for. This is information, not a recommendation.