CHI vs. CHY
CHI (Calamos Convertible Opportunities and Income Fund) and CHY (Calamos Convertible and High Income Closed Fund) are both Convertible Bonds funds from Calamos. Both are actively managed. Over the past 10 years, CHI returned 13.49%/yr vs 13.02%/yr for CHY. A 0.75 correlation means they provide meaningful diversification when combined. CHI charges 0.88%/yr vs 2.64%/yr for CHY.
Performance
CHI vs. CHY - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, CHI achieves a 29.12% return, which is significantly higher than CHY's 22.15% return. Both investments have delivered pretty close results over the past 10 years, with CHI having a 13.49% annualized return and CHY not far behind at 13.02%.
CHI
- 1D
- -1.37%
- 1M
- 5.21%
- YTD
- 29.12%
- 6M
- 25.13%
- 1Y
- 42.44%
- 3Y*
- 17.77%
- 5Y*
- 7.12%
- 10Y*
- 13.49%
CHY
- 1D
- -1.49%
- 1M
- 3.44%
- YTD
- 22.15%
- 6M
- 18.49%
- 1Y
- 38.80%
- 3Y*
- 18.86%
- 5Y*
- 6.07%
- 10Y*
- 13.02%
CHI vs. CHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CHI Calamos Convertible Opportunities and Income Fund | 29.12% | -2.15% | 27.23% | 9.49% | -23.31% | 20.31% | 33.82% | 35.66% | -12.67% | 22.70% |
CHY Calamos Convertible and High Income Closed Fund | 22.15% | 3.97% | 17.24% | 20.78% | -28.05% | 22.17% | 36.75% | 32.63% | -12.60% | 24.44% |
Correlation
The correlation between CHI and CHY 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 | 0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.82 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.82 |
Correlation (All Time) Calculated using the full available price history since May 29, 2003 | 0.75 |
The correlation between CHI and CHY shifts across timeframes, from 0.75 (all time) to 0.87 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
CHI vs. CHY — Risk / Return Rank
CHI
CHY
CHI vs. CHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Calamos Convertible Opportunities and Income Fund (CHI) and Calamos Convertible and High Income Closed Fund (CHY). 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.
| CHI | CHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.10 | ||
| Sortino ratioReturn per unit of downside risk | +0.19 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.43 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.98 | 3.41 | +0.57 |
| Martin ratioReturn relative to average drawdown | 15.67 | 16.67 | -1.00 |
Loading charts...
Drawdowns
CHI vs. CHY - Drawdown Comparison
The maximum CHI drawdown since its inception was -64.72%, which is greater than CHY's maximum drawdown of -60.53%. Use the drawdown chart below to compare losses from any high point for CHI and CHY.
Loading charts...
Drawdown Indicators
| CHI | CHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.72% | -60.53% | -4.19% |
Max Drawdown (1Y)Largest decline over 1 year | -10.71% | -11.42% | +0.71% |
Max Drawdown (3Y)Largest decline over 3 years | -27.52% | -24.32% | -3.20% |
Max Drawdown (5Y)Largest decline over 5 years | -36.03% | -35.99% | -0.04% |
Max Drawdown (10Y)Largest decline over 10 years | -49.64% | -50.41% | +0.77% |
Current DrawdownCurrent decline from peak | -1.74% | -1.56% | -0.18% |
Average DrawdownAverage peak-to-trough decline | -9.65% | -9.09% | -0.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.72% | 2.33% | +0.39% |
Volatility
CHI vs. CHY - Volatility Comparison
The current volatility for Calamos Convertible Opportunities and Income Fund (CHI) is 5.49%, while Calamos Convertible and High Income Closed Fund (CHY) has a volatility of 5.89%. This indicates that CHI experiences smaller price fluctuations and is considered to be less risky than CHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| CHI | CHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.49% | 5.89% | -0.40% |
Volatility (6M)Calculated over the trailing 6-month period | 14.08% | 14.17% | -0.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.22% | 16.41% | +0.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.15% | 19.44% | +0.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.22% | 23.30% | -0.08% |
CHI vs. CHY - Expense Ratio Comparison
CHI has a 0.88% expense ratio, which is lower than CHY's 2.64% expense ratio.
Dividends
CHI vs. CHY - Dividend Comparison
CHI's dividend yield for the trailing twelve months is around 8.77%, less than CHY's 9.05% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CHI Calamos Convertible Opportunities and Income Fund | 8.77% | 10.88% | 9.55% | 11.00% | 10.85% | 7.54% | 6.75% | 8.49% | 12.19% | 10.19% | 11.30% | 11.50% |
CHY Calamos Convertible and High Income Closed Fund | 9.05% | 10.61% | 9.88% | 10.46% | 11.37% | 7.42% | 7.14% | 8.72% | 12.13% | 10.13% | 11.37% | 11.42% |
Frequently Asked Questions
CHI and CHY 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.
CHY has higher volatility (5.89%) compared to CHI (5.49%). In terms of maximum drawdown, CHI dropped -64.72% vs CHY's -60.53%.
CHI currently has the higher Sharpe Ratio (2.48 vs 2.38), 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.
Find the right allocation for CHI and CHY
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer