AAAZX vs. CVLOX

Last updated Jun 25, 2026

AAAZX (DWS RREEF Real Assets Fund) and CVLOX (Calamos Global Opportunities Fund) are both Global Allocation funds. Over the past 10 years, AAAZX returned 6.84%/yr vs 11.52%/yr for CVLOX. A 0.73 correlation means they provide meaningful diversification when combined. AAAZX charges 0.90%/yr vs 1.22%/yr for CVLOX.

Performance

AAAZX vs. CVLOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DWS RREEF Real Assets Fund (AAAZX) and Calamos Global Opportunities Fund (CVLOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AAAZX achieves a 3.51% return, which is significantly lower than CVLOX's 15.00% return. Over the past 10 years, AAAZX has underperformed CVLOX with an annualized return of 6.84%, while CVLOX has yielded a comparatively higher 11.52% annualized return.

AAAZX

• 1D: -4.77%
• 1M: -7.95%
• YTD: 3.51%
• 6M: 3.10%
• 1Y: 8.50%
• 3Y*: 9.52%
• 5Y*: 4.11%
• 10Y*: 6.84%

CVLOX

• 1D: -2.70%
• 1M: -1.29%
• YTD: 15.00%
• 6M: 13.85%
• 1Y: 23.44%
• 3Y*: 20.25%
• 5Y*: 9.24%
• 10Y*: 11.52%

*Multi-year figures are annualized to reflect compound growth (CAGR)

AAAZX vs. CVLOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AAAZX DWS RREEF Real Assets Fund	3.51%	13.14%	5.49%	2.64%	-9.57%	23.83%	3.91%	21.79%	-5.05%	14.97%
CVLOX Calamos Global Opportunities Fund	15.00%	15.84%	23.81%	13.88%	-22.17%	15.72%	31.76%	18.28%	-9.88%	20.04%

Correlation

The correlation between AAAZX and CVLOX is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (10Y) Calculated over the trailing 10-year period	0.67
Correlation (All Time) Calculated using the full available price history since Jul 31, 2007	0.73

Over the past year, the correlation between AAAZX and CVLOX has dropped to 0.33 - well below their long-term average of 0.73, suggesting their price drivers have been diverging.

Return for Risk

AAAZX vs. CVLOX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AAAZX

AAAZX Risk / Return Rank: 13
AAAZX Sharpe Ratio Rank: 11
AAAZX Sortino Ratio Rank: 10
AAAZX Omega Ratio Rank: 12
AAAZX Calmar Ratio Rank: 11
AAAZX Martin Ratio Rank: 20

CVLOX

CVLOX Risk / Return Rank: 43
CVLOX Sharpe Ratio Rank: 39
CVLOX Sortino Ratio Rank: 36
CVLOX Omega Ratio Rank: 40
CVLOX Calmar Ratio Rank: 52
CVLOX Martin Ratio Rank: 49

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AAAZX vs. CVLOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DWS RREEF Real Assets Fund (AAAZX) and Calamos Global Opportunities Fund (CVLOX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

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.

	AAAZX	CVLOX	Difference
Sharpe ratio: Return per unit of total volatility	0.81	1.63	-0.82
Sortino ratio: Return per unit of downside risk	1.07	2.23	-1.16
Omega ratio: Gain probability vs. loss probability	1.16	1.30	-0.14
Calmar ratio: Return relative to maximum drawdown	0.93	2.56	-1.63
Martin ratio: Return relative to average drawdown	4.58	9.28	-4.70

AAAZX vs. CVLOX - Sharpe Ratio Comparison

The current AAAZX Sharpe Ratio is 0.81, which is lower than the CVLOX Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of AAAZX and CVLOX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AAAZX vs. CVLOX - Drawdown Comparison

The maximum AAAZX drawdown since its inception was -40.45%, smaller than the maximum CVLOX drawdown of -46.61%. Use the drawdown chart below to compare losses from any high point for AAAZX and CVLOX.

Drawdown Indicators

	AAAZX	CVLOX	Difference
Max Drawdown Largest peak-to-trough decline	-40.45%	-46.61%	+6.16%
Max Drawdown (1Y) Largest decline over 1 year	-9.11%	-9.85%	+0.74%
Max Drawdown (3Y) Largest decline over 3 years	-10.15%	-15.16%	+5.01%
Max Drawdown (5Y) Largest decline over 5 years	-22.52%	-29.97%	+7.45%
Max Drawdown (10Y) Largest decline over 10 years	-29.44%	-29.97%	+0.53%
Current Drawdown Current decline from peak	-9.11%	-3.54%	-5.57%
Average Drawdown Average peak-to-trough decline	-6.62%	-8.98%	+2.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.85%	2.71%	-0.86%

Volatility

AAAZX vs. CVLOX - Volatility Comparison

The current volatility for DWS RREEF Real Assets Fund (AAAZX) is 5.36%, while Calamos Global Opportunities Fund (CVLOX) has a volatility of 6.49%. This indicates that AAAZX experiences smaller price fluctuations and is considered to be less risky than CVLOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAAZX	CVLOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.36%	6.49%	-1.13%
Volatility (6M) Calculated over the trailing 6-month period	8.97%	13.14%	-4.17%
Volatility (1Y) Calculated over the trailing 1-year period	10.46%	15.43%	-4.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.30%	14.73%	-2.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.79%	14.84%	-2.05%

AAAZX vs. CVLOX - Expense Ratio Comparison

AAAZX has a 0.90% expense ratio, which is lower than CVLOX's 1.22% expense ratio.

Dividends

AAAZX vs. CVLOX - Dividend Comparison

AAAZX's dividend yield for the trailing twelve months is around 1.88%, less than CVLOX's 7.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AAAZX DWS RREEF Real Assets Fund	1.88%	4.15%	2.85%	2.40%	4.50%	2.62%	1.60%	2.07%	1.89%	1.79%	1.82%	2.53%
CVLOX Calamos Global Opportunities Fund	7.85%	9.10%	8.15%	0.61%	0.00%	5.71%	6.11%	1.28%	12.65%	6.04%	0.68%	1.28%

Frequently Asked Questions

Can I hold both AAAZX and CVLOX in my portfolio?

AAAZX and CVLOX have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AAAZX or CVLOX?

CVLOX has higher volatility (6.49%) compared to AAAZX (5.36%). In terms of maximum drawdown, AAAZX dropped -40.45% vs CVLOX's -46.61%.

Which has better risk-adjusted returns?

CVLOX currently has the higher Sharpe Ratio (1.63 vs 0.81), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.