AVK vs. CSQ

Last updated Aug 1, 2026

AVK (Advent Convertible and Income Fund) and CSQ (Calamos Strategic Total Return Fund) are both mutual funds - AVK is a Convertible Bonds fund actively managed by Guggenheim, while CSQ is a Diversified Portfolio fund actively managed by Calamos. Both are actively managed. Over the past 10 years, AVK returned 10.05%/yr vs 15.65%/yr for CSQ. Their 0.56 correlation means they have sometimes moved together and sometimes differently. AVK charges 0.75%/yr vs 2.46%/yr for CSQ.

Performance

AVK vs. CSQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Advent Convertible and Income Fund (AVK) and Calamos Strategic Total Return Fund (CSQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AVK achieves a 5.36% return, which is significantly lower than CSQ's 9.03% return. Over the past 10 years, AVK has underperformed CSQ with an annualized return of 10.05%, while CSQ has yielded a comparatively higher 15.65% annualized return.

AVK

• 1D: 0.57%
• 1M: -3.45%
• 6M: 3.25%
• YTD: 5.36%
• 1Y: 13.71%
• 3Y*: 14.79%
• 5Y*: 4.53%
• 10Y*: 10.05%
• ALL TIME*: 6.90%

CSQ

• 1D: 0.70%
• 1M: -1.20%
• 6M: 8.41%
• YTD: 9.03%
• 1Y: 20.12%
• 3Y*: 18.14%
• 5Y*: 10.05%
• 10Y*: 15.65%
• ALL TIME*: 10.08%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AVK Advent Convertible and Income Fund	$1.84M	$1.78M	$1.84M
CSQ Calamos Strategic Total Return Fund	$4.78M	$4.12M	$4.36M

AVK vs. CSQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AVK Advent Convertible and Income Fund	5.36%	19.66%	19.42%	18.16%	-34.45%	30.18%	17.62%	36.54%	-13.36%	17.28%
CSQ Calamos Strategic Total Return Fund	9.03%	16.25%	28.11%	20.80%	-24.26%	30.77%	26.22%	38.62%	-4.89%	27.98%

Correlation

The correlation between AVK and CSQ is 0.75, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.75
Correlation (3Y) Balances recent behavior with more history.	0.62
Correlation (5Y) Shows whether the relationship held over a longer period.	0.63
Correlation (10Y) Provides a long-term view across more market conditions.	0.61
Correlation (All Time) Calculated using the full available price history since Apr 1, 2004	0.56

The correlation between AVK and CSQ shifts across timeframes, from 0.56 (all time) to 0.75 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

AVK vs. CSQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

AVK

AVK Risk / Return Rank: 23
AVK Sharpe Ratio Rank: 23
AVK Sortino Ratio Rank: 22
AVK Omega Ratio Rank: 23
AVK Calmar Ratio Rank: 18
AVK Martin Ratio Rank: 27

CSQ

CSQ Risk / Return Rank: 34
CSQ Sharpe Ratio Rank: 38
CSQ Sortino Ratio Rank: 36
CSQ Omega Ratio Rank: 36
CSQ Calmar Ratio Rank: 27
CSQ Martin Ratio Rank: 35

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

AVK vs. CSQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Advent Convertible and Income Fund (AVK) and Calamos Strategic Total Return Fund (CSQ). 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.

	AVK	CSQ	Difference
Sharpe ratio: Return per unit of total volatility	0.83	1.13	-0.30
Sortino ratio: Return per unit of downside risk	1.22	1.61	-0.39
Omega ratio: Gain probability vs. loss probability	1.15	1.20	-0.05
Calmar ratio: Return relative to maximum drawdown	0.88	1.19	-0.30
Martin ratio: Return relative to average drawdown	4.02	4.98	-0.96

AVK vs. CSQ - Sharpe Ratio Comparison

The current AVK Sharpe Ratio is 0.83, which is comparable to the CSQ Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of AVK and CSQ, 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

AVK vs. CSQ - Drawdown Comparison

The maximum AVK drawdown since its inception was -67.49%, roughly equal to the maximum CSQ drawdown of -67.17%. Use the drawdown chart below to compare losses from any high point for AVK and CSQ.

Drawdown Indicators

	AVK	CSQ	Difference
Max Drawdown Largest peak-to-trough decline	-67.49%	-67.17%	-0.32%
Max Drawdown (1Y) Largest decline over 1 year	-14.25%	-15.25%	+1.00%
Max Drawdown (3Y) Largest decline over 3 years	-19.70%	-24.18%	+4.48%
Max Drawdown (5Y) Largest decline over 5 years	-38.50%	-33.09%	-5.41%
Max Drawdown (10Y) Largest decline over 10 years	-49.82%	-48.21%	-1.61%
Current Drawdown Current decline from peak	-4.63%	-2.56%	-2.07%
Average Drawdown Average peak-to-trough decline	-11.64%	-9.28%	-2.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.12%	3.63%	-0.51%

Volatility

AVK vs. CSQ - Volatility Comparison

Advent Convertible and Income Fund (AVK) and Calamos Strategic Total Return Fund (CSQ) have volatilities of 5.06% and 5.14%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVK	CSQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.06%	5.14%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	13.21%	13.19%	+0.02%
Volatility (1Y) Calculated over the trailing 1-year period	15.11%	15.96%	-0.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.75%	20.20%	-0.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.65%	23.04%	-0.39%

AVK vs. CSQ - Expense Ratio Comparison

AVK has a 0.75% expense ratio, which is lower than CSQ's 2.46% expense ratio.

Dividends

AVK vs. CSQ - Dividend Comparison

AVK's dividend yield for the trailing twelve months is around 11.36%, more than CSQ's 6.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVK Advent Convertible and Income Fund	11.36%	11.22%	11.71%	12.36%	12.90%	15.13%	8.51%	9.04%	11.21%	8.10%	7.68%	8.33%
CSQ Calamos Strategic Total Return Fund	6.87%	6.51%	6.95%	8.27%	9.17%	6.38%	7.03%	7.14%	9.35%	8.20%	9.64%	10.00%

Frequently Asked Questions

Can I hold both AVK and CSQ in my portfolio?

AVK and CSQ have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AVK or CSQ?

CSQ has higher volatility (5.14%) compared to AVK (5.06%). In terms of maximum drawdown, AVK dropped -67.49% vs CSQ's -67.17%.

Which has better risk-adjusted returns?

CSQ currently has the higher Sharpe Ratio (1.13 vs 0.83), 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.