CHI vs. USA
CHI (Calamos Convertible Opportunities and Income Fund) is Convertible Bonds fund actively managed by Calamos, while USA (Liberty All-Star Equity Fund) is a stock. Over the past 10 years, CHI returned 13.49%/yr vs 12.16%/yr for USA. At a 0.45 correlation, their price movements are largely independent.
Performance
CHI vs. USA - Performance Comparison
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Returns By Period
In the year-to-date period, CHI achieves a 29.12% return, which is significantly higher than USA's -4.98% return. Over the past 10 years, CHI has outperformed USA with an annualized return of 13.49%, while USA has yielded a comparatively lower 12.16% annualized 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%
USA
- 1D
- -1.22%
- 1M
- -2.75%
- YTD
- -4.98%
- 6M
- -4.67%
- 1Y
- -4.39%
- 3Y*
- 7.02%
- 5Y*
- 0.89%
- 10Y*
- 12.16%
CHI vs. USA - 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% |
USA Liberty All-Star Equity Fund | -4.98% | 0.09% | 20.81% | 23.17% | -25.20% | 33.76% | 12.89% | 39.70% | -5.06% | 34.66% |
Correlation
The correlation between CHI and USA is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.49 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.45 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.50 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.53 |
Correlation (All Time) Calculated using the full available price history since Jun 27, 2002 | 0.45 |
The correlation between CHI and USA has been stable across timeframes, ranging from 0.45 to 0.53 - a consistent structural relationship.
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Return for Risk
CHI vs. USA — Risk / Return Rank
CHI
USA
CHI vs. USA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Calamos Convertible Opportunities and Income Fund (CHI) and Liberty All-Star Equity Fund (USA). 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 | USA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.79 | ||
| Sortino ratioReturn per unit of downside risk | +3.68 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 0.96 | +0.48 |
| Calmar ratioReturn relative to maximum drawdown | 3.98 | -0.29 | +4.27 |
| Martin ratioReturn relative to average drawdown | 15.67 | -0.67 | +16.34 |
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Drawdowns
CHI vs. USA - Drawdown Comparison
The maximum CHI drawdown since its inception was -64.72%, smaller than the maximum USA drawdown of -69.15%. Use the drawdown chart below to compare losses from any high point for CHI and USA.
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Drawdown Indicators
| CHI | USA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.72% | -69.15% | +4.43% |
Max Drawdown (1Y)Largest decline over 1 year | -10.71% | -15.28% | +4.57% |
Max Drawdown (3Y)Largest decline over 3 years | -27.52% | -17.69% | -9.83% |
Max Drawdown (5Y)Largest decline over 5 years | -36.03% | -34.05% | -1.98% |
Max Drawdown (10Y)Largest decline over 10 years | -49.64% | -47.07% | -2.57% |
Current DrawdownCurrent decline from peak | -1.74% | -10.08% | +8.34% |
Average DrawdownAverage peak-to-trough decline | -9.65% | -11.51% | +1.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.72% | 6.52% | -3.80% |
Volatility
CHI vs. USA - Volatility Comparison
Calamos Convertible Opportunities and Income Fund (CHI) has a higher volatility of 5.49% compared to Liberty All-Star Equity Fund (USA) at 4.56%. This indicates that CHI's price experiences larger fluctuations and is considered to be riskier than USA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CHI | USA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.49% | 4.56% | +0.93% |
Volatility (6M)Calculated over the trailing 6-month period | 14.08% | 10.82% | +3.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.22% | 13.94% | +3.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.15% | 20.31% | -0.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.22% | 22.58% | +0.64% |
Dividends
CHI vs. USA - Dividend Comparison
CHI's dividend yield for the trailing twelve months is around 8.77%, less than USA's 12.04% 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% |
USA Liberty All-Star Equity Fund | 12.04% | 10.67% | 10.22% | 9.56% | 12.11% | 9.67% | 9.13% | 9.75% | 12.64% | 8.89% | 9.30% | 9.53% |
Frequently Asked Questions
CHI and USA have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CHI has higher volatility (5.49%) compared to USA (4.56%). In terms of maximum drawdown, CHI dropped -64.72% vs USA's -69.15%.
CHI currently has the higher Sharpe Ratio (2.48 vs -0.32), 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.
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