CHI vs. LOCFX

Last updated Jun 24, 2026

CHI (Calamos Convertible Opportunities and Income Fund) and LOCFX (Lord Abbett Convertible Fund Class F3) are both Convertible Bonds funds. CHI is actively managed, while LOCFX is passively managed. Over the past 5 years, CHI returned 7.12%/yr vs 6.92%/yr for LOCFX. A 0.60 correlation means they provide meaningful diversification when combined. CHI charges 0.88%/yr vs 0.82%/yr for LOCFX.

Performance

CHI vs. LOCFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Convertible Opportunities and Income Fund (CHI) and Lord Abbett Convertible Fund Class F3 (LOCFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CHI achieves a 29.12% return, which is significantly higher than LOCFX's 21.35% return.

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%

LOCFX

• 1D: 0.00%
• 1M: 2.36%
• YTD: 21.35%
• 6M: 19.62%
• 1Y: 37.80%
• 3Y*: 20.91%
• 5Y*: 6.92%
• 10Y*: —

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

CHI vs. LOCFX - 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%	9.61%
LOCFX Lord Abbett Convertible Fund Class F3	21.35%	22.43%	14.00%	7.30%	-23.12%	1.40%	64.47%	25.07%	-6.42%	10.04%

Correlation

The correlation between CHI and LOCFX is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (All Time) Calculated using the full available price history since Apr 4, 2017	0.60

The correlation between CHI and LOCFX shifts across timeframes, from 0.58 (3 years) to 0.73 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

CHI vs. LOCFX — Risk / Return Rank

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

CHI

CHI Risk / Return Rank: 81
CHI Sharpe Ratio Rank: 82
CHI Sortino Ratio Rank: 75
CHI Omega Ratio Rank: 74
CHI Calmar Ratio Rank: 87
CHI Martin Ratio Rank: 88

LOCFX

LOCFX Risk / Return Rank: 82
LOCFX Sharpe Ratio Rank: 82
LOCFX Sortino Ratio Rank: 71
LOCFX Omega Ratio Rank: 70
LOCFX Calmar Ratio Rank: 95
LOCFX Martin Ratio Rank: 94

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.

CHI vs. LOCFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Convertible Opportunities and Income Fund (CHI) and Lord Abbett Convertible Fund Class F3 (LOCFX). 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	LOCFX	Difference
Sharpe ratio: Return per unit of total volatility	2.48	2.47	+0.01
Sortino ratio: Return per unit of downside risk	3.32	3.21	+0.11
Omega ratio: Gain probability vs. loss probability	1.44	1.43	+0.01
Calmar ratio: Return relative to maximum drawdown	3.98	5.50	-1.52
Martin ratio: Return relative to average drawdown	15.67	19.15	-3.49

CHI vs. LOCFX - Sharpe Ratio Comparison

The current CHI Sharpe Ratio is 2.48, which is comparable to the LOCFX Sharpe Ratio of 2.47. The chart below compares the historical Sharpe Ratios of CHI and LOCFX, 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

CHI vs. LOCFX - Drawdown Comparison

The maximum CHI drawdown since its inception was -64.72%, which is greater than LOCFX's maximum drawdown of -33.29%. Use the drawdown chart below to compare losses from any high point for CHI and LOCFX.

Drawdown Indicators

	CHI	LOCFX	Difference
Max Drawdown Largest peak-to-trough decline	-64.72%	-33.29%	-31.43%
Max Drawdown (1Y) Largest decline over 1 year	-10.71%	-7.02%	-3.69%
Max Drawdown (3Y) Largest decline over 3 years	-27.52%	-12.09%	-15.43%
Max Drawdown (5Y) Largest decline over 5 years	-36.03%	-30.60%	-5.43%
Max Drawdown (10Y) Largest decline over 10 years	-49.64%	—	—
Current Drawdown Current decline from peak	-1.74%	-0.90%	-0.84%
Average Drawdown Average peak-to-trough decline	-9.65%	-11.16%	+1.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.72%	2.01%	+0.71%

Volatility

CHI vs. LOCFX - Volatility Comparison

The current volatility for Calamos Convertible Opportunities and Income Fund (CHI) is 5.49%, while Lord Abbett Convertible Fund Class F3 (LOCFX) has a volatility of 6.03%. This indicates that CHI experiences smaller price fluctuations and is considered to be less risky than LOCFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CHI	LOCFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.49%	6.03%	-0.54%
Volatility (6M) Calculated over the trailing 6-month period	14.08%	13.00%	+1.08%
Volatility (1Y) Calculated over the trailing 1-year period	17.22%	15.66%	+1.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.15%	13.17%	+6.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.22%	14.08%	+9.14%

CHI vs. LOCFX - Expense Ratio Comparison

CHI has a 0.88% expense ratio, which is higher than LOCFX's 0.82% expense ratio.

Dividends

CHI vs. LOCFX - Dividend Comparison

CHI's dividend yield for the trailing twelve months is around 8.77%, more than LOCFX's 1.27% 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%
LOCFX Lord Abbett Convertible Fund Class F3	1.27%	1.86%	2.29%	2.06%	2.72%	18.36%	16.20%	8.75%	5.02%	2.08%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CHI and LOCFX in my portfolio?

CHI and LOCFX have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CHI or LOCFX?

LOCFX has higher volatility (6.03%) compared to CHI (5.49%). In terms of maximum drawdown, CHI dropped -64.72% vs LOCFX's -33.29%.

Which has better risk-adjusted returns?

CHI currently has the higher Sharpe Ratio (2.48 vs 2.47), 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.