CAPIX vs. BGT

Last updated Aug 1, 2026

CAPIX (Calamos Aksia Alternative Credit and Income Fund Class I) and BGT (BlackRock Floating Rate Income Trust) are both Bank Loan funds. Over the past year, CAPIX returned 6.86% vs -3.09% for BGT. Their 0.04 correlation means their historical movements had little consistent relationship. CAPIX charges 1.25%/yr vs 1.74%/yr for BGT.

Performance

CAPIX vs. BGT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Aksia Alternative Credit and Income Fund Class I (CAPIX) and BlackRock Floating Rate Income Trust (BGT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with CAPIX having a 3.16% return and BGT slightly higher at 3.20%.

CAPIX

• 1D: 0.00%
• 1M: 0.57%
• 6M: 2.49%
• YTD: 3.16%
• 1Y: 6.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.54%

BGT

• 1D: 0.74%
• 1M: 2.93%
• 6M: 1.06%
• YTD: 3.20%
• 1Y: -3.09%
• 3Y*: 8.77%
• 5Y*: 6.83%
• 10Y*: 6.51%
• ALL TIME*: 5.40%

*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)
BGT BlackRock Floating Rate Income Trust	$1.59M	$1.30M	$1.18M
CAPIX Calamos Aksia Alternative Credit and Income Fund Class I	$0.00	$0.00	$0.00

CAPIX vs. BGT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CAPIX Calamos Aksia Alternative Credit and Income Fund Class I	3.16%	7.43%	8.60%	3.02%
BGT BlackRock Floating Rate Income Trust	3.20%	-0.84%	16.12%	8.84%

Correlation

The correlation between CAPIX and BGT is -0.12, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.12
Correlation (All Time) Calculated using the full available price history since Aug 14, 2023	0.04

The correlation between CAPIX and BGT shifts across timeframes, from -0.12 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CAPIX vs. BGT — Risk / Return Rank

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

CAPIX

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

BGT

BGT Risk / Return Rank: 2
BGT Sharpe Ratio Rank: 2
BGT Sortino Ratio Rank: 2
BGT Omega Ratio Rank: 2
BGT Calmar Ratio Rank: 3
BGT Martin Ratio Rank: 3

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.

CAPIX vs. BGT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Aksia Alternative Credit and Income Fund Class I (CAPIX) and BlackRock Floating Rate Income Trust (BGT). 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.

	CAPIX	BGT	Difference
Sharpe ratio: Return per unit of total volatility	4.22	-0.28	+4.50
Sortino ratio: Return per unit of downside risk	6.36	-0.33	+6.69
Omega ratio: Gain probability vs. loss probability	2.84	0.96	+1.88
Calmar ratio: Return relative to maximum drawdown	7.62	-0.25	+7.87
Martin ratio: Return relative to average drawdown	28.41	-0.52	+28.92

CAPIX vs. BGT - Sharpe Ratio Comparison

The current CAPIX Sharpe Ratio is 4.22, which is higher than the BGT Sharpe Ratio of -0.28. The chart below compares the historical Sharpe Ratios of CAPIX and BGT, 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

CAPIX vs. BGT - Drawdown Comparison

The maximum CAPIX drawdown since its inception was -1.96%, smaller than the maximum BGT drawdown of -58.06%. Use the drawdown chart below to compare losses from any high point for CAPIX and BGT.

Drawdown Indicators

	CAPIX	BGT	Difference
Max Drawdown Largest peak-to-trough decline	-1.96%	-58.06%	+56.10%
Max Drawdown (1Y) Largest decline over 1 year	-0.94%	-11.06%	+10.12%
Max Drawdown (3Y) Largest decline over 3 years	—	-15.91%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-23.19%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-41.90%	—
Current Drawdown Current decline from peak	0.00%	-3.09%	+3.09%
Average Drawdown Average peak-to-trough decline	-0.26%	-8.10%	+7.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.25%	5.41%	-5.16%

Volatility

CAPIX vs. BGT - Volatility Comparison

The current volatility for Calamos Aksia Alternative Credit and Income Fund Class I (CAPIX) is 0.21%, while BlackRock Floating Rate Income Trust (BGT) has a volatility of 3.08%. This indicates that CAPIX experiences smaller price fluctuations and is considered to be less risky than BGT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CAPIX	BGT	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.21%	3.08%	-2.87%
Volatility (6M) Calculated over the trailing 6-month period	1.49%	7.43%	-5.94%
Volatility (1Y) Calculated over the trailing 1-year period	1.70%	9.95%	-8.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.50%	13.60%	-11.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.50%	15.35%	-12.85%

CAPIX vs. BGT - Expense Ratio Comparison

CAPIX has a 1.25% expense ratio, which is lower than BGT's 1.74% expense ratio.

Dividends

CAPIX vs. BGT - Dividend Comparison

CAPIX's dividend yield for the trailing twelve months is around 8.61%, less than BGT's 13.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BGT BlackRock Floating Rate Income Trust	13.33%	12.74%	11.22%	10.36%	6.87%	5.55%	7.58%	6.33%	6.64%	5.03%	5.03%	6.04%
CAPIX Calamos Aksia Alternative Credit and Income Fund Class I	8.61%	7.18%	4.42%	1.81%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CAPIX and BGT in my portfolio?

CAPIX and BGT have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CAPIX or BGT?

BGT has higher volatility (3.08%) compared to CAPIX (0.21%). In terms of maximum drawdown, CAPIX dropped -1.96% vs BGT's -58.06%.

Which has better risk-adjusted returns?

CAPIX currently has the higher Sharpe Ratio (4.22 vs -0.28), 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.