- ISIN
- US1281198804
- CUSIP
- 128119880
- Issuer
- Calamos
- Inception Date
- May 10, 2000
- Category
- Min. Investment
- $1,000,000
- Distribution Policy
- Distributing
- Asset Class
- Multi-Asset
Share Price Chart
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Performance
CMNIX Performance Chart
Calamos Market Neutral Income Fund Institutional Class (CMNIX) is up 3.0% since the beginning of the year. CMNIX is currently trading at $16 per share. Investors who bought $1,000 worth of CMNIX shares 5 years ago would now be looking at an investment worth $1,267.
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Returns By Period
Calamos Market Neutral Income Fund Institutional Class (CMNIX) has returned 2.96% so far this year and 6.92% over the past 12 months. Over the last ten years, CMNIX has returned 4.81% per year, falling short of the S&P 500 Index benchmark, which averaged 13.61% annually.
Calamos Market Neutral Income Fund Institutional Class
- 1D
- 0.00%
- 1M
- 0.35%
- YTD
- 2.96%
- 6M
- 3.62%
- 1Y
- 6.92%
- 3Y*
- 6.99%
- 5Y*
- 4.85%
- 10Y*
- 4.81%
Benchmark (S&P 500 Index)
- 1D
- -1.21%
- 1M
- 0.23%
- YTD
- 8.39%
- 6M
- 10.39%
- 1Y
- 24.03%
- 3Y*
- 18.94%
- 5Y*
- 12.24%
- 10Y*
- 13.61%
CMNIX Monthly Returns History
Based on dividend-adjusted daily data since May 10, 2000, CMNIX's average daily return is +0.01%, while the average monthly return is +0.18%. At this rate, an investment would double in approximately 32.1 years.
Historically, 64% of months were positive and 36% were negative. The best month was Apr 2009 with a return of +4.2%, while the worst month was Oct 2008 at -7.2%. The longest winning streak lasted 11 consecutive months, and the longest losing streak was 6 months.
On a daily basis, CMNIX closed higher 46% of trading days. The best single day was Oct 28, 2008 with a return of +3.2%, while the worst single day was Dec 18, 2008 at -6.6%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.70% | 0.19% | -0.51% | 1.52% | 0.88% | 0.16% | 2.96% | ||||||
| 2025 | 0.67% | 0.60% | -0.13% | 0.20% | 1.26% | 0.65% | 0.72% | 0.65% | 0.63% | 0.90% | 0.13% | 0.44% | 6.89% |
| 2024 | 0.42% | 0.77% | 0.67% | -0.14% | 1.04% | 0.63% | 0.55% | 1.02% | 0.89% | 0.27% | 0.74% | 0.33% | 7.43% |
| 2023 | 2.18% | -0.28% | 1.22% | 0.71% | 0.35% | 1.69% | 0.48% | 0.34% | -0.11% | -0.14% | 1.58% | 0.82% | 9.17% |
| 2022 | -0.76% | -0.90% | 0.30% | -2.23% | -0.71% | -2.86% | 2.45% | -0.22% | -2.36% | 1.71% | 1.54% | -0.14% | -4.26% |
| 2021 | -0.14% | 0.87% | 0.64% | 0.71% | 0.42% | 0.19% | 0.28% | 0.56% | -0.25% | 1.05% | -0.28% | 0.87% | 5.02% |
Benchmark Metrics
Calamos Market Neutral Income Fund Institutional Class has an annualized alpha of 0.50%, beta of 0.21, and R2 of 0.52 versus S&P 500 Index. Calculated based on daily prices since May 10, 2000.
- This fund participated in 25.37% of S&P 500 Index downside but only 20.86% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.21 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
- 0.50%
- Beta
- 0.21
- R²
- 0.52
- Upside Capture
- 20.86%
- Downside Capture
- 25.37%
Expense Ratio
CMNIX has an expense ratio of 0.90%, placing it in the medium range.
Return for Risk
Risk / Return Rank
CMNIX ranks 98 for risk / return — in the top 98% 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 Market Neutral Income Fund Institutional Class (CMNIX) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| CMNIX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.86 | ||
| Sortino ratioReturn per unit of downside risk | +3.52 | ||
| Omega ratioGain probability vs. loss probability | 1.99 | 1.35 | +0.63 |
| Calmar ratioReturn relative to maximum drawdown | 6.83 | 2.65 | +4.17 |
| Martin ratioReturn relative to average drawdown | 41.43 | 11.88 | +29.55 |
Dividends
Dividend History
Calamos Market Neutral Income Fund Institutional Class provided a 1.69% dividend yield over the last twelve months, with an annual payout of $0.27 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.27 | $0.26 | $0.30 | $0.84 | $0.14 | $0.07 | $0.12 | $0.21 | $0.64 | $0.34 | $0.38 | $0.31 |
Dividend yield | 1.69% | 1.63% | 2.00% | 5.90% | 1.02% | 0.46% | 0.90% | 1.57% | 5.02% | 2.60% | 2.97% | 2.42% |
Monthly Dividends
The table displays the monthly dividend distributions for Calamos Market Neutral Income Fund Institutional Class. 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 | $0.02 | $0.00 | $0.00 | $0.05 | $0.06 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.05 | $0.00 | $0.00 | $0.05 | $0.00 | $0.00 | $0.16 | $0.26 |
| 2024 | $0.00 | $0.00 | $0.03 | $0.00 | $0.00 | $0.05 | $0.00 | $0.00 | $0.05 | $0.00 | $0.00 | $0.17 | $0.30 |
| 2023 | $0.00 | $0.00 | $0.02 | $0.00 | $0.00 | $0.04 | $0.00 | $0.00 | $0.07 | $0.00 | $0.00 | $0.70 | $0.84 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.01 | $0.00 | $0.00 | $0.03 | $0.00 | $0.00 | $0.10 | $0.14 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.04 | $0.00 | $0.00 | $0.01 | $0.00 | $0.00 | $0.02 | $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 Market Neutral Income Fund Institutional Class. 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 Market Neutral Income Fund Institutional Class was 35.16%, occurring on Mar 9, 2009. Recovery took 2067 trading sessions.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Financial crisis2007–2009 | -35.16%Mar 2009 | 5y 8mo | 8y 2mo | 13y 11moJun 2003 - May 2017 |
COVID crash2020 | -8.12%Mar 2020 | 1mo 1d | 2mo 17d | 3mo 18dFeb 2020 - Jun 2020 |
Bear market2022 | -7.52%Jun 2022 | 5mo 13d | 11mo 20d | 1y 4moJan 2022 - Jun 2023 |
Dot-com crash2000–2002 | -6.69%Dec 2000 | 3mo 2d | 4mo 26d | 7mo 28dSep 2000 - May 2001 |
Dot-com crash2000–2002 | -3.42%Oct 2001 | 4mo 11d | 6mo 20d | 11mo 1dMay 2001 - Apr 2002 |
Drawdown Indicators
| CMNIX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.16% | -56.78% | +21.62% |
Max Drawdown (1Y)Largest decline over 1 year | -1.02% | -9.10% | +8.08% |
Max Drawdown (3Y)Largest decline over 3 years | -2.77% | -18.90% | +16.13% |
Max Drawdown (5Y)Largest decline over 5 years | -7.52% | -25.43% | +17.91% |
Max Drawdown (10Y)Largest decline over 10 years | -8.12% | -33.92% | +25.80% |
Current DrawdownCurrent decline from peak | 0.00% | -2.49% | +2.49% |
Average DrawdownAverage peak-to-trough decline | -7.14% | -10.72% | +3.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.17% | 2.03% | -1.86% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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