CGIOX vs. CSQ

Last updated Jun 4, 2026

CGIOX (Calamos Growth and Income Fund Class R6) and CSQ (Calamos Strategic Total Return Fund) are both Diversified Portfolio funds from Calamos. Both are actively managed. Over the past 5 years, CGIOX returned 11.86%/yr vs 11.13%/yr for CSQ. Their correlation of 0.85 suggests significant overlap in exposure. CGIOX charges 0.73%/yr vs 2.46%/yr for CSQ.

Performance

CGIOX vs. CSQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Growth and Income Fund Class R6 (CGIOX) 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, CGIOX achieves a 12.17% return, which is significantly higher than CSQ's 9.63% return.

CGIOX

• 1D: 0.25%
• 1M: 5.37%
• YTD: 12.17%
• 6M: 12.39%
• 1Y: 29.14%
• 3Y*: 20.55%
• 5Y*: 11.86%
• 10Y*: —

CSQ

• 1D: -0.97%
• 1M: 5.33%
• YTD: 9.63%
• 6M: 11.37%
• 1Y: 26.44%
• 3Y*: 22.32%
• 5Y*: 11.13%
• 10Y*: 16.35%

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

CGIOX vs. CSQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
CGIOX Calamos Growth and Income Fund Class R6	12.17%	17.85%	21.05%	20.78%	-18.19%	21.47%	20.18%
CSQ Calamos Strategic Total Return Fund	9.63%	16.25%	28.11%	20.80%	-24.26%	30.77%	30.94%

Correlation

The correlation between CGIOX and CSQ is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since Jun 24, 2020	0.85

The correlation between CGIOX and CSQ has been stable across timeframes, ranging from 0.85 to 0.87 - a consistent structural relationship.

Return for Risk

CGIOX vs. CSQ — Risk / Return Rank

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

CGIOX

CGIOX Risk / Return Rank: 72
CGIOX Sharpe Ratio Rank: 75
CGIOX Sortino Ratio Rank: 68
CGIOX Omega Ratio Rank: 65
CGIOX Calmar Ratio Rank: 71
CGIOX Martin Ratio Rank: 79

CSQ

CSQ Risk / Return Rank: 34
CSQ Sharpe Ratio Rank: 40
CSQ Sortino Ratio Rank: 36
CSQ Omega Ratio Rank: 39
CSQ Calmar Ratio Rank: 22
CSQ Martin Ratio Rank: 33

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.

CGIOX vs. CSQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Growth and Income Fund Class R6 (CGIOX) 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.

	CGIOX	CSQ	Difference
Sharpe ratio: Return per unit of total volatility	2.54	1.85	+0.69
Sortino ratio: Return per unit of downside risk	3.46	2.49	+0.97
Omega ratio: Gain probability vs. loss probability	1.45	1.33	+0.12
Calmar ratio: Return relative to maximum drawdown	3.29	1.74	+1.55
Martin ratio: Return relative to average drawdown	14.94	7.53	+7.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CGIOX vs. CSQ - Sharpe Ratio Comparison

The current CGIOX Sharpe Ratio is 2.54, which is higher than the CSQ Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of CGIOX 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.

Sharpe Ratios by Period

	CGIOX	CSQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.54	1.85	+0.69
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.80	0.56	+0.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.71	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.02	0.43	+0.59

Drawdowns

CGIOX vs. CSQ - Drawdown Comparison

The maximum CGIOX drawdown since its inception was -23.11%, smaller than the maximum CSQ drawdown of -67.17%. Use the drawdown chart below to compare losses from any high point for CGIOX and CSQ.

Drawdown Indicators

	CGIOX	CSQ	Difference
Max Drawdown Largest peak-to-trough decline	-23.11%	-67.17%	+44.06%
Max Drawdown (1Y) Largest decline over 1 year	-9.08%	-15.25%	+6.17%
Max Drawdown (3Y) Largest decline over 3 years	-16.43%	-24.18%	+7.75%
Max Drawdown (5Y) Largest decline over 5 years	-23.11%	-33.09%	+9.98%
Max Drawdown (10Y) Largest decline over 10 years	—	-48.21%	—
Current Drawdown Current decline from peak	0.00%	-0.97%	+0.97%
Average Drawdown Average peak-to-trough decline	-5.18%	-9.34%	+4.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.00%	3.52%	-1.52%

Volatility

CGIOX vs. CSQ - Volatility Comparison

The current volatility for Calamos Growth and Income Fund Class R6 (CGIOX) is 3.30%, while Calamos Strategic Total Return Fund (CSQ) has a volatility of 4.02%. This indicates that CGIOX 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

	CGIOX	CSQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.30%	4.02%	-0.72%
Volatility (6M) Calculated over the trailing 6-month period	9.05%	11.62%	-2.57%
Volatility (1Y) Calculated over the trailing 1-year period	11.76%	14.37%	-2.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.83%	19.97%	-5.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.92%	22.98%	-8.06%

CGIOX vs. CSQ - Expense Ratio Comparison

CGIOX has a 0.73% expense ratio, which is lower than CSQ's 2.46% expense ratio.

Dividends

CGIOX vs. CSQ - Dividend Comparison

CGIOX's dividend yield for the trailing twelve months is around 7.20%, more than CSQ's 6.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CGIOX Calamos Growth and Income Fund Class R6	7.20%	8.07%	5.43%	4.65%	4.62%	6.12%	2.51%	0.00%	0.00%	0.00%	0.00%	0.00%
CSQ Calamos Strategic Total Return Fund	6.48%	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 CGIOX and CSQ in my portfolio?

CGIOX and CSQ have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CGIOX or CSQ?

CSQ has higher volatility (4.02%) compared to CGIOX (3.30%). In terms of maximum drawdown, CGIOX dropped -23.11% vs CSQ's -67.17%.

Which has better risk-adjusted returns?

CGIOX currently has the higher Sharpe Ratio (2.54 vs 1.85), 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.