ADOIX vs. CPLIX

Last updated Jun 4, 2026

ADOIX (ACM Dynamic Opportunity Fund) and CPLIX (Calamos Phineus Long/Short Fund) are both Long-Short funds. Over the past 10 years, ADOIX returned 9.95%/yr vs 7.02%/yr for CPLIX. At a 0.38 correlation, their price movements are largely independent. ADOIX charges 1.72%/yr vs 1.38%/yr for CPLIX.

Performance

ADOIX vs. CPLIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ACM Dynamic Opportunity Fund (ADOIX) and Calamos Phineus Long/Short Fund (CPLIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ADOIX achieves a 13.72% return, which is significantly higher than CPLIX's -0.36% return. Over the past 10 years, ADOIX has outperformed CPLIX with an annualized return of 9.95%, while CPLIX has yielded a comparatively lower 7.02% annualized return.

ADOIX

• 1D: 0.66%
• 1M: 6.00%
• YTD: 13.72%
• 6M: 13.20%
• 1Y: 26.63%
• 3Y*: 27.35%
• 5Y*: 11.49%
• 10Y*: 9.95%

CPLIX

• 1D: -0.83%
• 1M: 1.51%
• YTD: -0.36%
• 6M: 0.44%
• 1Y: 2.65%
• 3Y*: 7.17%
• 5Y*: 3.23%
• 10Y*: 7.02%

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

ADOIX vs. CPLIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ADOIX ACM Dynamic Opportunity Fund	13.72%	10.02%	54.06%	6.71%	-12.83%	0.94%	22.46%	2.36%	-0.97%	17.86%
CPLIX Calamos Phineus Long/Short Fund	-0.36%	9.89%	8.89%	8.04%	-0.96%	7.52%	19.81%	3.97%	-5.96%	9.22%

Correlation

The correlation between ADOIX and CPLIX is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (10Y) Calculated over the trailing 10-year period	0.38
Correlation (All Time) Calculated using the full available price history since Apr 6, 2016	0.38

The correlation between ADOIX and CPLIX shifts across timeframes, from 0.27 (3 years) to 0.41 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

ADOIX vs. CPLIX — Risk / Return Rank

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

ADOIX

ADOIX Risk / Return Rank: 49
ADOIX Sharpe Ratio Rank: 52
ADOIX Sortino Ratio Rank: 46
ADOIX Omega Ratio Rank: 46
ADOIX Calmar Ratio Rank: 61
ADOIX Martin Ratio Rank: 38

CPLIX

CPLIX Risk / Return Rank: 5
CPLIX Sharpe Ratio Rank: 5
CPLIX Sortino Ratio Rank: 5
CPLIX Omega Ratio Rank: 5
CPLIX Calmar Ratio Rank: 5
CPLIX Martin Ratio Rank: 4

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.

ADOIX vs. CPLIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ACM Dynamic Opportunity Fund (ADOIX) and Calamos Phineus Long/Short Fund (CPLIX). 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.

	ADOIX	CPLIX	Difference
Sharpe ratio: Return per unit of total volatility	2.14	0.37	+1.77
Sortino ratio: Return per unit of downside risk	2.86	0.63	+2.24
Omega ratio: Gain probability vs. loss probability	1.37	1.07	+0.30
Calmar ratio: Return relative to maximum drawdown	3.01	0.37	+2.64
Martin ratio: Return relative to average drawdown	8.25	0.92	+7.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ADOIX vs. CPLIX - Sharpe Ratio Comparison

The current ADOIX Sharpe Ratio is 2.14, which is higher than the CPLIX Sharpe Ratio of 0.37. The chart below compares the historical Sharpe Ratios of ADOIX and CPLIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ADOIX	CPLIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.14	0.37	+1.77
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.70	0.26	+0.43
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.72	0.46	+0.26
Sharpe Ratio (All Time) Calculated using the full available price history	0.70	0.49	+0.21

Drawdowns

ADOIX vs. CPLIX - Drawdown Comparison

The maximum ADOIX drawdown since its inception was -21.99%, smaller than the maximum CPLIX drawdown of -33.71%. Use the drawdown chart below to compare losses from any high point for ADOIX and CPLIX.

Drawdown Indicators

	ADOIX	CPLIX	Difference
Max Drawdown Largest peak-to-trough decline	-21.99%	-33.71%	+11.72%
Max Drawdown (1Y) Largest decline over 1 year	-9.15%	-8.73%	-0.42%
Max Drawdown (3Y) Largest decline over 3 years	-14.75%	-8.73%	-6.02%
Max Drawdown (5Y) Largest decline over 5 years	-21.61%	-18.28%	-3.33%
Max Drawdown (10Y) Largest decline over 10 years	-21.99%	-33.71%	+11.72%
Current Drawdown Current decline from peak	0.00%	-4.71%	+4.71%
Average Drawdown Average peak-to-trough decline	-6.02%	-4.70%	-1.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.34%	3.56%	-0.22%

Volatility

ADOIX vs. CPLIX - Volatility Comparison

ACM Dynamic Opportunity Fund (ADOIX) has a higher volatility of 4.04% compared to Calamos Phineus Long/Short Fund (CPLIX) at 3.83%. This indicates that ADOIX's price experiences larger fluctuations and is considered to be riskier than CPLIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ADOIX	CPLIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.04%	3.83%	+0.21%
Volatility (6M) Calculated over the trailing 6-month period	9.92%	7.88%	+2.04%
Volatility (1Y) Calculated over the trailing 1-year period	12.88%	8.81%	+4.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.55%	12.36%	+4.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.90%	15.27%	-1.37%

ADOIX vs. CPLIX - Expense Ratio Comparison

ADOIX has a 1.72% expense ratio, which is higher than CPLIX's 1.38% expense ratio.

Dividends

ADOIX vs. CPLIX - Dividend Comparison

ADOIX's dividend yield for the trailing twelve months is around 2.52%, less than CPLIX's 5.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
ADOIX ACM Dynamic Opportunity Fund	2.52%	2.86%	44.03%	1.32%	6.56%	2.40%	4.34%	0.35%	1.00%	0.00%	0.00%
CPLIX Calamos Phineus Long/Short Fund	5.54%	5.52%	6.90%	1.86%	0.03%	0.00%	0.00%	0.43%	3.88%	1.21%	0.85%

Frequently Asked Questions

Can I hold both ADOIX and CPLIX in my portfolio?

ADOIX and CPLIX have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ADOIX or CPLIX?

ADOIX has higher volatility (4.04%) compared to CPLIX (3.83%). In terms of maximum drawdown, ADOIX dropped -21.99% vs CPLIX's -33.71%.

Which has better risk-adjusted returns?

ADOIX currently has the higher Sharpe Ratio (2.14 vs 0.37), 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.