CAIFX vs. CMNIX

Last updated Aug 1, 2026

CAIFX (American Funds Capital Income Builder Fund Class F-2) and CMNIX (Calamos Market Neutral Income Fund Institutional Class) are both mutual funds - CAIFX is a Dividend fund actively managed by American Funds, while CMNIX is a fund fund managed by Calamos. Over the past 10 years, CAIFX returned 8.14%/yr vs 4.71%/yr for CMNIX. Their 0.76 correlation means they have sometimes moved together and sometimes differently. CAIFX charges 0.37%/yr vs 0.90%/yr for CMNIX.

Performance

CAIFX vs. CMNIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American Funds Capital Income Builder Fund Class F-2 (CAIFX) and Calamos Market Neutral Income Fund Institutional Class (CMNIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CAIFX achieves a 10.50% return, which is significantly higher than CMNIX's 3.54% return. Over the past 10 years, CAIFX has outperformed CMNIX with an annualized return of 8.14%, while CMNIX has yielded a comparatively lower 4.71% annualized return.

CAIFX

• 1D: 0.76%
• 1M: 1.61%
• 6M: 7.05%
• YTD: 10.50%
• 1Y: 19.06%
• 3Y*: 14.97%
• 5Y*: 9.39%
• 10Y*: 8.14%
• ALL TIME*: 6.77%

CMNIX

• 1D: 0.06%
• 1M: 0.19%
• 6M: 2.82%
• YTD: 3.54%
• 1Y: 6.47%
• 3Y*: 6.82%
• 5Y*: 4.85%
• 10Y*: 4.71%
• ALL TIME*: 2.08%

*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)
CAIFX American Funds Capital Income Builder Fund Class F-2	$0.00	$0.00	$0.00
CMNIX Calamos Market Neutral Income Fund Institutional Class	$0.00	$0.00	$0.00

CAIFX vs. CMNIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CAIFX American Funds Capital Income Builder Fund Class F-2	10.50%	20.63%	10.47%	9.21%	-6.95%	15.26%	3.41%	17.49%	-7.10%	14.19%
CMNIX Calamos Market Neutral Income Fund Institutional Class	3.54%	6.89%	7.43%	9.17%	-4.26%	5.02%	5.36%	6.72%	1.79%	4.21%

Correlation

The correlation between CAIFX and CMNIX is 0.34, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.34
Correlation (3Y) Balances recent behavior with more history.	0.47
Correlation (5Y) Shows whether the relationship held over a longer period.	0.65
Correlation (10Y) Provides a long-term view across more market conditions.	0.66
Correlation (All Time) Calculated using the full available price history since Aug 1, 2008	0.76

Over the past year, the correlation between CAIFX and CMNIX has dropped to 0.34 - well below their long-term average of 0.76, suggesting their price drivers have been diverging.

Return for Risk

CAIFX vs. CMNIX — Risk / Return Rank

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

CAIFX

CAIFX Risk / Return Rank: 85
CAIFX Sharpe Ratio Rank: 88
CAIFX Sortino Ratio Rank: 86
CAIFX Omega Ratio Rank: 85
CAIFX Calmar Ratio Rank: 82
CAIFX Martin Ratio Rank: 86

CMNIX

CMNIX Risk / Return Rank: 98
CMNIX Sharpe Ratio Rank: 99
CMNIX Sortino Ratio Rank: 98
CMNIX Omega Ratio Rank: 98
CMNIX Calmar Ratio Rank: 98
CMNIX Martin Ratio Rank: 99

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.

CAIFX vs. CMNIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American Funds Capital Income Builder Fund Class F-2 (CAIFX) and Calamos Market Neutral Income Fund Institutional Class (CMNIX). 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.

	CAIFX	CMNIX	Difference
Sharpe ratio: Return per unit of total volatility	2.19	3.67	-1.48
Sortino ratio: Return per unit of downside risk	3.14	6.04	-2.90
Omega ratio: Gain probability vs. loss probability	1.41	1.92	-0.51
Calmar ratio: Return relative to maximum drawdown	2.77	6.66	-3.89
Martin ratio: Return relative to average drawdown	11.12	39.29	-28.18

CAIFX vs. CMNIX - Sharpe Ratio Comparison

The current CAIFX Sharpe Ratio is 2.19, which is lower than the CMNIX Sharpe Ratio of 3.67. The chart below compares the historical Sharpe Ratios of CAIFX and CMNIX, 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

CAIFX vs. CMNIX - Drawdown Comparison

The maximum CAIFX drawdown since its inception was -36.83%, roughly equal to the maximum CMNIX drawdown of -35.16%. Use the drawdown chart below to compare losses from any high point for CAIFX and CMNIX.

Drawdown Indicators

	CAIFX	CMNIX	Difference
Max Drawdown Largest peak-to-trough decline	-36.83%	-35.16%	-1.67%
Max Drawdown (1Y) Largest decline over 1 year	-6.47%	-1.02%	-5.45%
Max Drawdown (3Y) Largest decline over 3 years	-8.88%	-2.77%	-6.11%
Max Drawdown (5Y) Largest decline over 5 years	-17.51%	-7.52%	-9.99%
Max Drawdown (10Y) Largest decline over 10 years	-25.27%	-8.12%	-17.15%
Current Drawdown Current decline from peak	0.00%	-0.12%	+0.12%
Average Drawdown Average peak-to-trough decline	-4.67%	-7.11%	+2.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.61%	0.17%	+1.44%

Volatility

CAIFX vs. CMNIX - Volatility Comparison

American Funds Capital Income Builder Fund Class F-2 (CAIFX) has a higher volatility of 1.96% compared to Calamos Market Neutral Income Fund Institutional Class (CMNIX) at 0.41%. This indicates that CAIFX's price experiences larger fluctuations and is considered to be riskier than CMNIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CAIFX	CMNIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.96%	0.41%	+1.55%
Volatility (6M) Calculated over the trailing 6-month period	6.55%	1.49%	+5.06%
Volatility (1Y) Calculated over the trailing 1-year period	8.19%	1.88%	+6.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.98%	3.46%	+6.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.77%	3.61%	+7.16%

CAIFX vs. CMNIX - Expense Ratio Comparison

CAIFX has a 0.37% expense ratio, which is lower than CMNIX's 0.90% expense ratio.

Dividends

CAIFX vs. CMNIX - Dividend Comparison

CAIFX's dividend yield for the trailing twelve months is around 7.31%, more than CMNIX's 1.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CAIFX American Funds Capital Income Builder Fund Class F-2	7.31%	7.93%	5.98%	3.69%	3.66%	3.36%	3.60%	4.31%	3.76%	4.63%	3.73%	3.82%
CMNIX Calamos Market Neutral Income Fund Institutional Class	1.68%	1.63%	2.00%	5.90%	1.02%	0.46%	0.90%	1.57%	5.02%	2.60%	2.97%	2.42%

Frequently Asked Questions

Can I hold both CAIFX and CMNIX in my portfolio?

CAIFX and CMNIX have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CAIFX or CMNIX?

CAIFX has higher volatility (1.96%) compared to CMNIX (0.41%). In terms of maximum drawdown, CAIFX dropped -36.83% vs CMNIX's -35.16%.

Which has better risk-adjusted returns?

CMNIX currently has the higher Sharpe Ratio (3.67 vs 2.19), 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.