CGIIX vs. CIHEX

Last updated Jul 19, 2026

CGIIX (Calamos Growth and Income Fund Class I) and CIHEX (Calamos Hedged Equity Fund) are both mutual funds - CGIIX is a Diversified Portfolio fund actively managed by Calamos, while CIHEX is a Options Trading fund managed by Calamos. Over the past 10 years, CGIIX returned 12.92%/yr vs 8.35%/yr for CIHEX. With a 0.96 correlation, they move nearly in lockstep. CGIIX charges 1.32%/yr vs 0.91%/yr for CIHEX.

Performance

CGIIX vs. CIHEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Growth and Income Fund Class I (CGIIX) and Calamos Hedged Equity Fund (CIHEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CGIIX achieves a 9.96% return, which is significantly higher than CIHEX's 6.35% return. Over the past 10 years, CGIIX has outperformed CIHEX with an annualized return of 12.92%, while CIHEX has yielded a comparatively lower 8.35% annualized return.

CGIIX

• 1D: -0.74%
• 1M: -1.45%
• 6M: 7.98%
• YTD: 9.96%
• 1Y: 19.56%
• 3Y*: 17.67%
• 5Y*: 10.91%
• 10Y*: 12.92%

CIHEX

• 1D: -0.24%
• 1M: 0.79%
• 6M: 5.58%
• YTD: 6.35%
• 1Y: 12.62%
• 3Y*: 12.61%
• 5Y*: 8.12%
• 10Y*: 8.35%

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

CGIIX vs. CIHEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CGIIX Calamos Growth and Income Fund Class I	9.96%	17.75%	20.97%	20.69%	-18.25%	21.35%	22.71%	26.30%	-3.74%	16.23%
CIHEX Calamos Hedged Equity Fund	6.35%	11.36%	14.96%	15.88%	-11.11%	13.31%	9.66%	14.47%	0.87%	8.37%

Correlation

The correlation between CGIIX and CIHEX is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Jan 2, 2015	0.96

The correlation between CGIIX and CIHEX has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

Return for Risk

CGIIX vs. CIHEX — Risk / Return Rank

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

CGIIX

CGIIX Risk / Return Rank: 48
CGIIX Sharpe Ratio Rank: 46
CGIIX Sortino Ratio Rank: 44
CGIIX Omega Ratio Rank: 43
CGIIX Calmar Ratio Rank: 48
CGIIX Martin Ratio Rank: 59

CIHEX

CIHEX Risk / Return Rank: 71
CIHEX Sharpe Ratio Rank: 69
CIHEX Sortino Ratio Rank: 68
CIHEX Omega Ratio Rank: 67
CIHEX Calmar Ratio Rank: 73
CIHEX 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.

CGIIX vs. CIHEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Growth and Income Fund Class I (CGIIX) and Calamos Hedged Equity Fund (CIHEX). 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.

	CGIIX	CIHEX	Difference
Sharpe ratio: Return per unit of total volatility	1.56	1.91	-0.36
Sortino ratio: Return per unit of downside risk	2.17	2.70	-0.53
Omega ratio: Gain probability vs. loss probability	1.28	1.35	-0.07
Calmar ratio: Return relative to maximum drawdown	2.18	2.77	-0.59
Martin ratio: Return relative to average drawdown	9.38	11.37	-1.99

CGIIX vs. CIHEX - Sharpe Ratio Comparison

The current CGIIX Sharpe Ratio is 1.56, which is comparable to the CIHEX Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of CGIIX and CIHEX, 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

CGIIX vs. CIHEX - Drawdown Comparison

The maximum CGIIX drawdown since its inception was -49.16%, which is greater than CIHEX's maximum drawdown of -17.80%. Use the drawdown chart below to compare losses from any high point for CGIIX and CIHEX.

Drawdown Indicators

	CGIIX	CIHEX	Difference
Max Drawdown Largest peak-to-trough decline	-49.16%	-17.80%	-31.36%
Max Drawdown (1Y) Largest decline over 1 year	-9.09%	-4.68%	-4.41%
Max Drawdown (3Y) Largest decline over 3 years	-16.42%	-9.80%	-6.62%
Max Drawdown (5Y) Largest decline over 5 years	-23.16%	-15.77%	-7.39%
Max Drawdown (10Y) Largest decline over 10 years	-28.21%	-17.80%	-10.41%
Current Drawdown Current decline from peak	-1.94%	-0.29%	-1.65%
Average Drawdown Average peak-to-trough decline	-9.25%	-2.30%	-6.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.11%	1.14%	+0.97%

Volatility

CGIIX vs. CIHEX - Volatility Comparison

Calamos Growth and Income Fund Class I (CGIIX) has a higher volatility of 3.69% compared to Calamos Hedged Equity Fund (CIHEX) at 1.82%. This indicates that CGIIX's price experiences larger fluctuations and is considered to be riskier than CIHEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CGIIX	CIHEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.69%	1.82%	+1.87%
Volatility (6M) Calculated over the trailing 6-month period	10.29%	5.34%	+4.95%
Volatility (1Y) Calculated over the trailing 1-year period	12.74%	6.80%	+5.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.99%	9.21%	+5.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.41%	9.39%	+6.02%

CGIIX vs. CIHEX - Expense Ratio Comparison

CGIIX has a 1.32% expense ratio, which is higher than CIHEX's 0.91% expense ratio.

Dividends

CGIIX vs. CIHEX - Dividend Comparison

CGIIX's dividend yield for the trailing twelve months is around 7.19%, more than CIHEX's 0.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CGIIX Calamos Growth and Income Fund Class I	7.19%	8.02%	5.36%	4.59%	4.53%	6.05%	3.59%	3.95%	9.30%	7.69%	7.84%	7.41%
CIHEX Calamos Hedged Equity Fund	0.30%	0.33%	0.46%	0.69%	0.73%	0.44%	1.03%	0.99%	3.16%	0.85%	1.29%	1.69%

Frequently Asked Questions

Can I hold both CGIIX and CIHEX in my portfolio?

With a correlation of 0.95, CGIIX and CIHEX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, CGIIX or CIHEX?

CGIIX has higher volatility (3.69%) compared to CIHEX (1.82%). In terms of maximum drawdown, CGIIX dropped -49.16% vs CIHEX's -17.80%.

Which has better risk-adjusted returns?

CIHEX currently has the higher Sharpe Ratio (1.91 vs 1.56), 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.