CCVIX vs. CHI

Last updated Jun 4, 2026

CCVIX (Calamos Convertible Fund) and CHI (Calamos Convertible Opportunities and Income Fund) are both mutual funds - CCVIX is a Preferred Stock/Convertible Bonds fund managed by Calamos, while CHI is a Convertible Bonds fund actively managed by Calamos. Over the past 10 years, CCVIX returned 12.30%/yr vs 13.14%/yr for CHI. A 0.50 correlation means they provide meaningful diversification when combined. CCVIX charges 1.10%/yr vs 0.88%/yr for CHI.

Performance

CCVIX vs. CHI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Convertible Fund (CCVIX) and Calamos Convertible Opportunities and Income Fund (CHI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with CCVIX having a 26.29% return and CHI slightly lower at 25.49%. Over the past 10 years, CCVIX has underperformed CHI with an annualized return of 12.30%, while CHI has yielded a comparatively higher 13.14% annualized return.

CCVIX

• 1D: 1.48%
• 1M: 7.77%
• YTD: 26.29%
• 6M: 25.95%
• 1Y: 45.95%
• 3Y*: 20.67%
• 5Y*: 8.35%
• 10Y*: 12.30%

CHI

• 1D: -0.93%
• 1M: 5.05%
• YTD: 25.49%
• 6M: 23.37%
• 1Y: 39.44%
• 3Y*: 18.77%
• 5Y*: 6.78%
• 10Y*: 13.14%

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

CCVIX vs. CHI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CCVIX Calamos Convertible Fund	26.29%	18.83%	9.71%	10.61%	-21.23%	5.13%	48.51%	19.18%	0.38%	14.04%
CHI Calamos Convertible Opportunities and Income Fund	25.49%	-2.15%	27.23%	9.49%	-23.31%	20.31%	33.82%	35.66%	-12.67%	22.70%

Correlation

The correlation between CCVIX and CHI is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (10Y) Calculated over the trailing 10-year period	0.63
Correlation (All Time) Calculated using the full available price history since Jun 28, 2002	0.50

Over the past year, CCVIX and CHI have become more correlated (0.74) than their long-term average of 0.50, meaning their price movements have been converging.

Return for Risk

CCVIX vs. CHI — Risk / Return Rank

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

CCVIX

CCVIX Risk / Return Rank: 91
CCVIX Sharpe Ratio Rank: 93
CCVIX Sortino Ratio Rank: 86
CCVIX Omega Ratio Rank: 82
CCVIX Calmar Ratio Rank: 96
CCVIX Martin Ratio Rank: 96

CHI

CHI Risk / Return Rank: 69
CHI Sharpe Ratio Rank: 67
CHI Sortino Ratio Rank: 59
CHI Omega Ratio Rank: 60
CHI Calmar Ratio Rank: 81
CHI Martin Ratio Rank: 78

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.

CCVIX vs. CHI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Convertible Fund (CCVIX) and Calamos Convertible Opportunities and Income Fund (CHI). 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.

	CCVIX	CHI	Difference
Sharpe ratio Return per unit of total volatility	3.18	2.39	+0.79
Sortino ratio Return per unit of downside risk	4.09	3.24	+0.85
Omega ratio Gain probability vs. loss probability	1.55	1.43	+0.12
Calmar ratio Return relative to maximum drawdown	6.13	3.70	+2.43
Martin ratio Return relative to average drawdown	23.76	14.63	+9.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CCVIX vs. CHI - Sharpe Ratio Comparison

The current CCVIX Sharpe Ratio is 3.18, which is higher than the CHI Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of CCVIX and CHI, 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

	CCVIX	CHI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.18	2.39	+0.79
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.65	0.34	+0.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.96	0.57	+0.39
Sharpe Ratio (All Time) Calculated using the full available price history	0.81	0.41	+0.40

Drawdowns

CCVIX vs. CHI - Drawdown Comparison

The maximum CCVIX drawdown since its inception was -36.56%, smaller than the maximum CHI drawdown of -64.72%. Use the drawdown chart below to compare losses from any high point for CCVIX and CHI.

Drawdown Indicators

	CCVIX	CHI	Difference
Max Drawdown Largest peak-to-trough decline	-36.56%	-64.72%	+28.16%
Max Drawdown (1Y) Largest decline over 1 year	-7.71%	-10.71%	+3.00%
Max Drawdown (3Y) Largest decline over 3 years	-14.80%	-27.52%	+12.72%
Max Drawdown (5Y) Largest decline over 5 years	-27.33%	-36.03%	+8.70%
Max Drawdown (10Y) Largest decline over 10 years	-27.33%	-49.64%	+22.31%
Current Drawdown Current decline from peak	0.00%	-0.93%	+0.93%
Average Drawdown Average peak-to-trough decline	-5.89%	-9.67%	+3.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.98%	2.70%	-0.72%

Volatility

CCVIX vs. CHI - Volatility Comparison

The current volatility for Calamos Convertible Fund (CCVIX) is 5.16%, while Calamos Convertible Opportunities and Income Fund (CHI) has a volatility of 6.61%. This indicates that CCVIX experiences smaller price fluctuations and is considered to be less risky than CHI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CCVIX	CHI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.16%	6.61%	-1.45%
Volatility (6M) Calculated over the trailing 6-month period	12.11%	13.49%	-1.38%
Volatility (1Y) Calculated over the trailing 1-year period	14.84%	16.56%	-1.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.91%	20.03%	-7.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.89%	23.18%	-10.29%

CCVIX vs. CHI - Expense Ratio Comparison

CCVIX has a 1.10% expense ratio, which is higher than CHI's 0.88% expense ratio.

Dividends

CCVIX vs. CHI - Dividend Comparison

CCVIX's dividend yield for the trailing twelve months is around 8.12%, less than CHI's 8.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CCVIX Calamos Convertible Fund	8.12%	10.25%	1.31%	1.87%	0.60%	13.59%	6.56%	1.00%	14.47%	3.90%	2.84%	4.68%
CHI Calamos Convertible Opportunities and Income Fund	8.96%	10.88%	9.55%	11.00%	10.85%	7.54%	6.75%	8.49%	12.19%	10.19%	11.30%	11.50%

Frequently Asked Questions

Can I hold both CCVIX and CHI in my portfolio?

CCVIX and CHI have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CCVIX or CHI?

CHI has higher volatility (6.61%) compared to CCVIX (5.16%). In terms of maximum drawdown, CCVIX dropped -36.56% vs CHI's -64.72%.

Which has better risk-adjusted returns?

CCVIX currently has the higher Sharpe Ratio (3.18 vs 2.39), 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.