CGIIX vs. CSQ

Last updated Jul 19, 2026

CGIIX (Calamos Growth and Income Fund Class I) and CSQ (Calamos Strategic Total Return Fund) are both Diversified Portfolio funds from Calamos. Both are actively managed. Over the past 10 years, CGIIX returned 12.92%/yr vs 15.75%/yr for CSQ. A 0.73 correlation means they provide meaningful diversification when combined. CGIIX charges 1.32%/yr vs 2.46%/yr for CSQ.

Performance

CGIIX vs. CSQ - 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 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, CGIIX achieves a 9.96% return, which is significantly higher than CSQ's 9.36% return. Over the past 10 years, CGIIX has underperformed CSQ with an annualized return of 12.92%, while CSQ has yielded a comparatively higher 15.75% 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%

CSQ

• 1D: -1.32%
• 1M: -0.91%
• 6M: 7.90%
• YTD: 9.36%
• 1Y: 18.37%
• 3Y*: 18.54%
• 5Y*: 10.47%
• 10Y*: 15.75%

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

CGIIX vs. CSQ - 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%
CSQ Calamos Strategic Total Return Fund	9.36%	16.25%	28.11%	20.80%	-24.26%	30.77%	26.22%	38.62%	-4.89%	27.98%

Correlation

The correlation between CGIIX and CSQ is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Apr 1, 2004	0.73

The correlation between CGIIX and CSQ shifts across timeframes, from 0.73 (all time) to 0.89 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

CGIIX vs. CSQ — 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

CSQ

CSQ Risk / Return Rank: 25
CSQ Sharpe Ratio Rank: 27
CSQ Sortino Ratio Rank: 25
CSQ Omega Ratio Rank: 26
CSQ Calmar Ratio Rank: 18
CSQ Martin Ratio Rank: 27

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. CSQ - 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 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.

	CGIIX	CSQ	Difference
Sharpe ratio: Return per unit of total volatility	1.56	1.22	+0.34
Sortino ratio: Return per unit of downside risk	2.17	1.71	+0.46
Omega ratio: Gain probability vs. loss probability	1.28	1.22	+0.06
Calmar ratio: Return relative to maximum drawdown	2.18	1.24	+0.94
Martin ratio: Return relative to average drawdown	9.38	5.25	+4.14

CGIIX vs. CSQ - Sharpe Ratio Comparison

The current CGIIX Sharpe Ratio is 1.56, which is comparable to the CSQ Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of CGIIX 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

CGIIX vs. CSQ - Drawdown Comparison

The maximum CGIIX drawdown since its inception was -49.16%, smaller than the maximum CSQ drawdown of -67.17%. Use the drawdown chart below to compare losses from any high point for CGIIX and CSQ.

Drawdown Indicators

	CGIIX	CSQ	Difference
Max Drawdown Largest peak-to-trough decline	-49.16%	-67.17%	+18.01%
Max Drawdown (1Y) Largest decline over 1 year	-9.09%	-15.25%	+6.16%
Max Drawdown (3Y) Largest decline over 3 years	-16.42%	-24.18%	+7.76%
Max Drawdown (5Y) Largest decline over 5 years	-23.16%	-33.09%	+9.93%
Max Drawdown (10Y) Largest decline over 10 years	-28.21%	-48.21%	+20.00%
Current Drawdown Current decline from peak	-1.94%	-2.27%	+0.33%
Average Drawdown Average peak-to-trough decline	-9.25%	-9.29%	+0.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.11%	3.59%	-1.48%

Volatility

CGIIX vs. CSQ - Volatility Comparison

The current volatility for Calamos Growth and Income Fund Class I (CGIIX) is 3.69%, while Calamos Strategic Total Return Fund (CSQ) has a volatility of 4.85%. This indicates that CGIIX experiences smaller price fluctuations and is considered to be less risky than CSQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CGIIX	CSQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.69%	4.85%	-1.16%
Volatility (6M) Calculated over the trailing 6-month period	10.29%	12.86%	-2.57%
Volatility (1Y) Calculated over the trailing 1-year period	12.74%	15.51%	-2.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.99%	20.15%	-5.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.41%	23.01%	-7.60%

CGIIX vs. CSQ - Expense Ratio Comparison

CGIIX has a 1.32% expense ratio, which is lower than CSQ's 2.46% expense ratio.

Dividends

CGIIX vs. CSQ - Dividend Comparison

CGIIX's dividend yield for the trailing twelve months is around 7.19%, more than CSQ's 6.85% 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%
CSQ Calamos Strategic Total Return Fund	6.85%	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 CGIIX and CSQ in my portfolio?

CGIIX and CSQ have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CGIIX or CSQ?

CSQ has higher volatility (4.85%) compared to CGIIX (3.69%). In terms of maximum drawdown, CGIIX dropped -49.16% vs CSQ's -67.17%.

Which has better risk-adjusted returns?

CGIIX currently has the higher Sharpe Ratio (1.56 vs 1.22), 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.