CGIOX vs. VTMFX

Last updated Jun 24, 2026

CGIOX (Calamos Growth and Income Fund Class R6) and VTMFX (Vanguard Tax-Managed Balanced Fund Admiral Shares) are both Diversified Portfolio funds. CGIOX is actively managed, while VTMFX is passively managed. Over the past 5 years, CGIOX returned 11.46%/yr vs 7.01%/yr for VTMFX. With a 0.98 correlation, they move nearly in lockstep. CGIOX charges 0.73%/yr vs 0.05%/yr for VTMFX.

Performance

CGIOX vs. VTMFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Growth and Income Fund Class R6 (CGIOX) and Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CGIOX achieves a 11.34% return, which is significantly higher than VTMFX's 5.23% return.

CGIOX

• 1D: -0.23%
• 1M: 1.26%
• YTD: 11.34%
• 6M: 10.25%
• 1Y: 26.66%
• 3Y*: 19.74%
• 5Y*: 11.46%
• 10Y*: —

VTMFX

• 1D: -0.19%
• 1M: 0.76%
• YTD: 5.23%
• 6M: 4.83%
• 1Y: 14.99%
• 3Y*: 12.08%
• 5Y*: 7.01%
• 10Y*: 8.70%

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

CGIOX vs. VTMFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
CGIOX Calamos Growth and Income Fund Class R6	11.34%	17.85%	21.05%	20.78%	-18.19%	21.47%	20.18%
VTMFX Vanguard Tax-Managed Balanced Fund Admiral Shares	5.23%	11.28%	12.17%	15.55%	-12.69%	13.10%	12.86%

Correlation

The correlation between CGIOX and VTMFX is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jun 23, 2020	0.98

The correlation between CGIOX and VTMFX has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.

Return for Risk

CGIOX vs. VTMFX — Risk / Return Rank

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

CGIOX

CGIOX Risk / Return Rank: 68
CGIOX Sharpe Ratio Rank: 69
CGIOX Sortino Ratio Rank: 62
CGIOX Omega Ratio Rank: 61
CGIOX Calmar Ratio Rank: 70
CGIOX Martin Ratio Rank: 77

VTMFX

VTMFX Risk / Return Rank: 76
VTMFX Sharpe Ratio Rank: 80
VTMFX Sortino Ratio Rank: 78
VTMFX Omega Ratio Rank: 78
VTMFX Calmar Ratio Rank: 63
VTMFX 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.

CGIOX vs. VTMFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Growth and Income Fund Class R6 (CGIOX) and Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX). 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.

	CGIOX	VTMFX	Difference
Sharpe ratio: Return per unit of total volatility	2.23	2.43	-0.20
Sortino ratio: Return per unit of downside risk	3.03	3.42	-0.40
Omega ratio: Gain probability vs. loss probability	1.40	1.46	-0.07
Calmar ratio: Return relative to maximum drawdown	3.08	2.91	+0.17
Martin ratio: Return relative to average drawdown	13.52	13.60	-0.09

CGIOX vs. VTMFX - Sharpe Ratio Comparison

The current CGIOX Sharpe Ratio is 2.23, which is comparable to the VTMFX Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of CGIOX and VTMFX, 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

CGIOX vs. VTMFX - Drawdown Comparison

The maximum CGIOX drawdown since its inception was -23.11%, smaller than the maximum VTMFX drawdown of -28.49%. Use the drawdown chart below to compare losses from any high point for CGIOX and VTMFX.

Drawdown Indicators

	CGIOX	VTMFX	Difference
Max Drawdown Largest peak-to-trough decline	-23.11%	-28.49%	+5.38%
Max Drawdown (1Y) Largest decline over 1 year	-9.08%	-5.38%	-3.70%
Max Drawdown (3Y) Largest decline over 3 years	-16.43%	-10.61%	-5.82%
Max Drawdown (5Y) Largest decline over 5 years	-23.11%	-17.40%	-5.71%
Max Drawdown (10Y) Largest decline over 10 years	—	-21.87%	—
Current Drawdown Current decline from peak	-0.74%	-0.75%	+0.01%
Average Drawdown Average peak-to-trough decline	-5.15%	-3.54%	-1.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.06%	1.15%	+0.91%

Volatility

CGIOX vs. VTMFX - Volatility Comparison

Calamos Growth and Income Fund Class R6 (CGIOX) has a higher volatility of 4.92% compared to Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX) at 2.45%. This indicates that CGIOX's price experiences larger fluctuations and is considered to be riskier than VTMFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CGIOX	VTMFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.92%	2.45%	+2.47%
Volatility (6M) Calculated over the trailing 6-month period	10.00%	5.18%	+4.82%
Volatility (1Y) Calculated over the trailing 1-year period	12.53%	6.46%	+6.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.96%	8.57%	+6.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.97%	9.15%	+5.82%

CGIOX vs. VTMFX - Expense Ratio Comparison

CGIOX has a 0.73% expense ratio, which is higher than VTMFX's 0.05% expense ratio.

Dividends

CGIOX vs. VTMFX - Dividend Comparison

CGIOX's dividend yield for the trailing twelve months is around 7.14%, more than VTMFX's 2.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CGIOX Calamos Growth and Income Fund Class R6	7.14%	8.07%	5.43%	4.65%	4.62%	6.12%	2.51%	0.00%	0.00%	0.00%	0.00%	0.00%
VTMFX Vanguard Tax-Managed Balanced Fund Admiral Shares	2.12%	2.14%	2.08%	1.94%	1.85%	1.38%	1.72%	2.05%	2.22%	2.00%	2.13%	2.06%

Frequently Asked Questions

Can I hold both CGIOX and VTMFX in my portfolio?

With a correlation of 0.97, CGIOX and VTMFX 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, CGIOX or VTMFX?

CGIOX has higher volatility (4.92%) compared to VTMFX (2.45%). In terms of maximum drawdown, CGIOX dropped -23.11% vs VTMFX's -28.49%.

Which has better risk-adjusted returns?

VTMFX currently has the higher Sharpe Ratio (2.43 vs 2.23), 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.