- ISIN
- US1281206722
- Issuer
- Calamos
- Inception Date
- Dec 30, 2014
- Category
- Options Trading
- Min. Investment
- $1,000,000
- Distribution Policy
- Distributing
- Asset Class
- Alternatives
Share Price Chart
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Performance
CIHEX Performance Chart
Calamos Hedged Equity Fund (CIHEX) is up 6.7% since the beginning of the year. CIHEX is currently trading at $20 per share. Investors who bought $1,000 worth of CIHEX shares 5 years ago would now be looking at an investment worth $1,500.
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Returns By Period
Calamos Hedged Equity Fund (CIHEX) has returned 6.67% so far this year and 16.62% over the past 12 months. Over the last ten years, CIHEX has returned 8.60% per year, falling short of the S&P 500 Index benchmark, which averaged 13.66% annually.
Calamos Hedged Equity Fund
- 1D
- 0.00%
- 1M
- 3.43%
- YTD
- 6.67%
- 6M
- 6.71%
- 1Y
- 16.62%
- 3Y*
- 13.73%
- 5Y*
- 8.45%
- 10Y*
- 8.60%
Benchmark (S&P 500 Index)
- 1D
- -0.74%
- 1M
- 4.90%
- YTD
- 10.35%
- 6M
- 10.28%
- 1Y
- 26.52%
- 3Y*
- 20.83%
- 5Y*
- 12.30%
- 10Y*
- 13.66%
CIHEX Monthly Returns History
Based on dividend-adjusted daily data since Jan 2, 2015, CIHEX's average daily return is +0.03%, while the average monthly return is +0.64%. At this rate, an investment would double in approximately 9.1 years.
Historically, 68% of months were positive and 32% were negative. The best month was Apr 2020 with a return of +7.0%, while the worst month was Mar 2020 at -5.9%. The longest winning streak lasted 15 consecutive months, and the longest losing streak was 3 months.
On a daily basis, CIHEX closed higher 49% of trading days. The best single day was Apr 9, 2025 with a return of +4.6%, while the worst single day was Mar 16, 2020 at -6.9%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.94% | -0.72% | -2.34% | 5.38% | 3.28% | 0.15% | 6.67% | ||||||
| 2025 | 1.73% | -0.68% | -3.20% | -0.18% | 3.73% | 3.04% | 1.22% | 1.31% | 2.29% | 1.64% | 0.05% | 0.04% | 11.36% |
| 2024 | 0.93% | 2.95% | 1.94% | -2.00% | 2.49% | 2.24% | 0.97% | 1.75% | 1.63% | -0.64% | 2.99% | -1.09% | 14.96% |
| 2023 | 3.20% | -1.11% | 2.34% | 1.24% | 0.50% | 3.61% | 1.25% | -0.68% | -2.23% | -0.78% | 4.90% | 2.85% | 15.88% |
| 2022 | -2.15% | -2.20% | 1.05% | -5.14% | -0.44% | -5.00% | 4.64% | -2.07% | -4.82% | 4.05% | 3.51% | -2.49% | -11.11% |
| 2021 | -1.06% | 2.07% | 2.48% | 2.05% | 0.65% | 0.92% | 0.92% | 1.61% | -2.28% | 3.53% | -0.55% | 2.38% | 13.31% |
Benchmark Metrics
Calamos Hedged Equity Fund has an annualized alpha of 1.16%, beta of 0.51, and R2 of 0.94 versus S&P 500 Index. Calculated based on daily prices since January 05, 2015.
- This fund participated in 52.87% of S&P 500 Index downside but only 49.55% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.51 indicates this fund moves significantly less than S&P 500 Index - a genuinely defensive profile with reduced participation in both market rallies and downturns.
- Alpha
- 1.16%
- Beta
- 0.51
- R²
- 0.94
- Upside Capture
- 49.55%
- Downside Capture
- 52.87%
Expense Ratio
CIHEX has an expense ratio of 0.91%, placing it in the medium range.
Return for Risk
Risk / Return Rank
CIHEX ranks 81 for risk / return — in the top 81% of mutual funds on our site. This means strong returns relative to risk — exactly what professional investors look for. Well-suited for investors who want to maximize return per unit of risk.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Calamos Hedged Equity Fund (CIHEX) and compare them to S&P 500 Index.
| CIHEX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.42 | ||
| Sortino ratioReturn per unit of downside risk | +0.76 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.41 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 3.68 | 2.93 | +0.75 |
| Martin ratioReturn relative to average drawdown | 16.34 | 13.52 | +2.82 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Dividends
Dividend History
Calamos Hedged Equity Fund provided a 0.31% dividend yield over the last twelve months, with an annual payout of $0.06 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.06 | $0.06 | $0.08 | $0.10 | $0.10 | $0.07 | $0.14 | $0.12 | $0.34 | $0.09 | $0.13 | $0.17 |
Dividend yield | 0.31% | 0.33% | 0.46% | 0.69% | 0.73% | 0.44% | 1.03% | 0.99% | 3.16% | 0.85% | 1.29% | 1.69% |
Monthly Dividends
The table displays the monthly dividend distributions for Calamos Hedged Equity Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.01 | $0.00 | $0.00 | $0.01 | $0.00 | $0.00 | $0.04 | $0.06 |
| 2024 | $0.00 | $0.00 | $0.01 | $0.00 | $0.00 | $0.01 | $0.00 | $0.00 | $0.02 | $0.00 | $0.00 | $0.05 | $0.08 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.01 | $0.00 | $0.00 | $0.03 | $0.00 | $0.00 | $0.06 | $0.10 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.02 | $0.00 | $0.00 | $0.07 | $0.10 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.01 | $0.00 | $0.00 | $0.02 | $0.00 | $0.00 | $0.04 | $0.07 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Calamos Hedged Equity Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Calamos Hedged Equity Fund was 17.80%, occurring on Mar 23, 2020. Recovery took 93 trading sessions.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
COVID crash2020 | -17.80%Mar 2020 | 1mo 2d | 4mo 14d | 5mo 16dFeb 2020 - Aug 2020 |
Bear market2022 | -15.77%Sep 2022 | 8mo 28d | 1y 2mo | 1y 11moJan 2022 - Dec 2023 |
2025 selloff2025 | -9.80%Apr 2025 | 1mo 17d | 2mo 17d | 4mo 4dFeb 2025 - Jun 2025 |
2016 pullback2016 | -8.55%Feb 2016 | 6mo 25d | 5mo 2d | 11mo 27dJul 2015 - Jul 2016 |
Rate-hike selloffLate 2018 | -8.21%Dec 2018 | 3mo 26d | 3mo 11d | 7mo 7dAug 2018 - Apr 2019 |
Drawdown Indicators
| CIHEX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.80% | -56.78% | +38.98% |
Max Drawdown (1Y)Largest decline over 1 year | -4.68% | -9.10% | +4.42% |
Max Drawdown (3Y)Largest decline over 3 years | -9.80% | -18.90% | +9.10% |
Max Drawdown (5Y)Largest decline over 5 years | -15.77% | -25.43% | +9.66% |
Max Drawdown (10Y)Largest decline over 10 years | -17.80% | -33.92% | +16.12% |
Current DrawdownCurrent decline from peak | 0.00% | -0.74% | +0.74% |
Average DrawdownAverage peak-to-trough decline | -2.32% | -10.72% | +8.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.05% | 1.97% | -0.92% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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