CHI vs. SBFCX

Last updated Aug 1, 2026

CHI (Calamos Convertible Opportunities and Income Fund) and SBFCX (Victory INCORE Investment Grade Convertible Fund Class A) are both Convertible Bonds funds. Over the past 10 years, CHI returned 12.23%/yr vs 7.22%/yr for SBFCX. Their 0.46 correlation means their historical movements had little consistent relationship. CHI charges 0.88%/yr vs 1.39%/yr for SBFCX.

Performance

CHI vs. SBFCX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Convertible Opportunities and Income Fund (CHI) and Victory INCORE Investment Grade Convertible Fund Class A (SBFCX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CHI achieves a 25.35% return, which is significantly higher than SBFCX's 3.98% return. Over the past 10 years, CHI has outperformed SBFCX with an annualized return of 12.23%, while SBFCX has yielded a comparatively lower 7.22% annualized return.

CHI

• 1D: 1.21%
• 1M: -3.44%
• 6M: 16.98%
• YTD: 25.35%
• 1Y: 35.42%
• 3Y*: 14.65%
• 5Y*: 6.12%
• 10Y*: 12.23%
• ALL TIME*: 9.73%

SBFCX

• 1D: 0.59%
• 1M: -0.95%
• 6M: 3.13%
• YTD: 3.98%
• 1Y: 5.86%
• 3Y*: 6.96%
• 5Y*: 3.18%
• 10Y*: 7.22%
• ALL TIME*: 6.69%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CHI Calamos Convertible Opportunities and Income Fund	$2.29M	$2.24M	$2.26M
SBFCX Victory INCORE Investment Grade Convertible Fund Class A	$0.00	$0.00	$0.00

CHI vs. SBFCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CHI Calamos Convertible Opportunities and Income Fund	25.35%	-2.15%	27.23%	9.49%	-23.31%	20.31%	33.82%	35.66%	-12.67%	22.70%
SBFCX Victory INCORE Investment Grade Convertible Fund Class A	3.98%	5.07%	9.48%	7.98%	-11.63%	10.90%	11.35%	19.84%	-0.44%	18.47%

Correlation

The correlation between CHI and SBFCX is 0.48, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.48
Correlation (3Y) Balances recent behavior with more history.	0.48
Correlation (5Y) Shows whether the relationship held over a longer period.	0.54
Correlation (10Y) Provides a long-term view across more market conditions.	0.54
Correlation (All Time) Calculated using the full available price history since Jun 27, 2002	0.46

The correlation between CHI and SBFCX has been stable across timeframes, ranging from 0.46 to 0.54 - a consistent structural relationship.

Return for Risk

CHI vs. SBFCX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CHI

CHI Risk / Return Rank: 82
CHI Sharpe Ratio Rank: 80
CHI Sortino Ratio Rank: 76
CHI Omega Ratio Rank: 75
CHI Calmar Ratio Rank: 89
CHI Martin Ratio Rank: 89

SBFCX

SBFCX Risk / Return Rank: 23
SBFCX Sharpe Ratio Rank: 21
SBFCX Sortino Ratio Rank: 21
SBFCX Omega Ratio Rank: 19
SBFCX Calmar Ratio Rank: 25
SBFCX Martin Ratio Rank: 28

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CHI vs. SBFCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Convertible Opportunities and Income Fund (CHI) and Victory INCORE Investment Grade Convertible Fund Class A (SBFCX). 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	SBFCX	Difference
Sharpe ratio: Return per unit of total volatility	1.86	0.84	+1.03
Sortino ratio: Return per unit of downside risk	2.56	1.23	+1.33
Omega ratio: Gain probability vs. loss probability	1.33	1.14	+0.18
Calmar ratio: Return relative to maximum drawdown	3.25	1.25	+2.00
Martin ratio: Return relative to average drawdown	11.72	4.28	+7.44

CHI vs. SBFCX - Sharpe Ratio Comparison

The current CHI Sharpe Ratio is 1.86, which is higher than the SBFCX Sharpe Ratio of 0.84. The chart below compares the historical Sharpe Ratios of CHI and SBFCX, 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. SBFCX - Drawdown Comparison

The maximum CHI drawdown since its inception was -64.72%, which is greater than SBFCX's maximum drawdown of -47.88%. Use the drawdown chart below to compare losses from any high point for CHI and SBFCX.

Drawdown Indicators

	CHI	SBFCX	Difference
Max Drawdown Largest peak-to-trough decline	-64.72%	-47.88%	-16.84%
Max Drawdown (1Y) Largest decline over 1 year	-10.71%	-4.28%	-6.43%
Max Drawdown (3Y) Largest decline over 3 years	-27.52%	-8.68%	-18.84%
Max Drawdown (5Y) Largest decline over 5 years	-36.03%	-15.06%	-20.97%
Max Drawdown (10Y) Largest decline over 10 years	-49.64%	-23.79%	-25.85%
Current Drawdown Current decline from peak	-6.10%	-2.34%	-3.76%
Average Drawdown Average peak-to-trough decline	-9.62%	-6.00%	-3.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.96%	1.25%	+1.71%

Volatility

CHI vs. SBFCX - Volatility Comparison

Calamos Convertible Opportunities and Income Fund (CHI) has a higher volatility of 6.95% compared to Victory INCORE Investment Grade Convertible Fund Class A (SBFCX) at 1.53%. This indicates that CHI's price experiences larger fluctuations and is considered to be riskier than SBFCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CHI	SBFCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.95%	1.53%	+5.42%
Volatility (6M) Calculated over the trailing 6-month period	15.30%	5.13%	+10.17%
Volatility (1Y) Calculated over the trailing 1-year period	18.67%	6.42%	+12.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.33%	8.22%	+12.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.27%	9.52%	+13.75%

CHI vs. SBFCX - Expense Ratio Comparison

CHI has a 0.88% expense ratio, which is lower than SBFCX's 1.39% expense ratio.

Dividends

CHI vs. SBFCX - Dividend Comparison

CHI's dividend yield for the trailing twelve months is around 9.10%, more than SBFCX's 3.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CHI Calamos Convertible Opportunities and Income Fund	9.10%	10.88%	9.55%	11.00%	10.85%	7.54%	6.75%	8.49%	12.19%	10.19%	11.30%	11.50%
SBFCX Victory INCORE Investment Grade Convertible Fund Class A	3.12%	4.35%	1.87%	2.84%	2.19%	9.86%	4.88%	4.94%	5.66%	3.13%	1.38%	2.53%

Frequently Asked Questions

Can I hold both CHI and SBFCX in my portfolio?

CHI and SBFCX have a correlation of 0.48, 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 SBFCX?

CHI has higher volatility (6.95%) compared to SBFCX (1.53%). In terms of maximum drawdown, CHI dropped -64.72% vs SBFCX's -47.88%.

Which has better risk-adjusted returns?

CHI currently has the higher Sharpe Ratio (1.86 vs 0.84), 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.