CHW vs. CIGIX

Last updated Aug 1, 2026

CHW (Calamos Global Dynamic Income Fund) and CIGIX (Calamos International Growth Fund) are both mutual funds - CHW is a Global Allocation fund actively managed by Calamos, while CIGIX is a Foreign Large Cap Equities fund managed by Calamos. Over the past 10 years, CHW returned 11.54%/yr vs 8.71%/yr for CIGIX. Their 0.65 correlation means they have sometimes moved together and sometimes differently. CHW charges 2.63%/yr vs 0.85%/yr for CIGIX.

Performance

CHW vs. CIGIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Global Dynamic Income Fund (CHW) and Calamos International Growth Fund (CIGIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with CHW having a 16.29% return and CIGIX slightly higher at 16.59%. Over the past 10 years, CHW has outperformed CIGIX with an annualized return of 11.54%, while CIGIX has yielded a comparatively lower 8.71% annualized return.

CHW

• 1D: 1.34%
• 1M: -4.60%
• 6M: 7.58%
• YTD: 16.29%
• 1Y: 26.53%
• 3Y*: 20.54%
• 5Y*: 3.45%
• 10Y*: 11.54%
• ALL TIME*: 6.89%

CIGIX

• 1D: 3.36%
• 1M: -8.13%
• 6M: 4.57%
• YTD: 16.59%
• 1Y: 26.07%
• 3Y*: 18.47%
• 5Y*: 1.91%
• 10Y*: 8.71%
• ALL TIME*: 7.31%

*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)
CHW Calamos Global Dynamic Income Fund	$2.39M	$2.48M	$2.03M
CIGIX Calamos International Growth Fund	$0.00	$0.00	$0.00

CHW vs. CIGIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CHW Calamos Global Dynamic Income Fund	16.29%	19.55%	27.82%	14.55%	-37.74%	13.07%	22.28%	47.12%	-20.33%	43.78%
CIGIX Calamos International Growth Fund	16.59%	23.11%	12.51%	15.33%	-30.54%	-8.98%	44.95%	29.69%	-20.93%	39.54%

Correlation

The correlation between CHW and CIGIX is 0.68, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.68
Correlation (3Y) Balances recent behavior with more history.	0.66
Correlation (5Y) Shows whether the relationship held over a longer period.	0.70
Correlation (10Y) Provides a long-term view across more market conditions.	0.64
Correlation (All Time) Calculated using the full available price history since Jul 26, 2007	0.65

The correlation between CHW and CIGIX has been stable across timeframes, ranging from 0.64 to 0.70 - a consistent structural relationship.

Return for Risk

CHW vs. CIGIX — Risk / Return Rank

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

CHW

CHW Risk / Return Rank: 46
CHW Sharpe Ratio Rank: 54
CHW Sortino Ratio Rank: 50
CHW Omega Ratio Rank: 51
CHW Calmar Ratio Rank: 37
CHW Martin Ratio Rank: 37

CIGIX

CIGIX Risk / Return Rank: 29
CIGIX Sharpe Ratio Rank: 27
CIGIX Sortino Ratio Rank: 27
CIGIX Omega Ratio Rank: 29
CIGIX Calmar Ratio Rank: 30
CIGIX Martin Ratio Rank: 29

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.

CHW vs. CIGIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Global Dynamic Income Fund (CHW) and Calamos International Growth Fund (CIGIX). 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.

	CHW	CIGIX	Difference
Sharpe ratio: Return per unit of total volatility	1.44	0.90	+0.54
Sortino ratio: Return per unit of downside risk	1.99	1.37	+0.62
Omega ratio: Gain probability vs. loss probability	1.26	1.18	+0.08
Calmar ratio: Return relative to maximum drawdown	1.62	1.33	+0.28
Martin ratio: Return relative to average drawdown	5.65	4.24	+1.40

CHW vs. CIGIX - Sharpe Ratio Comparison

The current CHW Sharpe Ratio is 1.44, which is higher than the CIGIX Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of CHW and CIGIX, 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

CHW vs. CIGIX - Drawdown Comparison

The maximum CHW drawdown since its inception was -66.94%, roughly equal to the maximum CIGIX drawdown of -64.46%. Use the drawdown chart below to compare losses from any high point for CHW and CIGIX.

Drawdown Indicators

	CHW	CIGIX	Difference
Max Drawdown Largest peak-to-trough decline	-66.94%	-64.46%	-2.48%
Max Drawdown (1Y) Largest decline over 1 year	-15.51%	-18.45%	+2.94%
Max Drawdown (3Y) Largest decline over 3 years	-20.40%	-19.38%	-1.02%
Max Drawdown (5Y) Largest decline over 5 years	-45.48%	-50.15%	+4.67%
Max Drawdown (10Y) Largest decline over 10 years	-53.58%	-50.15%	-3.43%
Current Drawdown Current decline from peak	-8.14%	-15.71%	+7.57%
Average Drawdown Average peak-to-trough decline	-14.79%	-15.24%	+0.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.43%	5.79%	-1.36%

Volatility

CHW vs. CIGIX - Volatility Comparison

The current volatility for Calamos Global Dynamic Income Fund (CHW) is 5.13%, while Calamos International Growth Fund (CIGIX) has a volatility of 9.03%. This indicates that CHW experiences smaller price fluctuations and is considered to be less risky than CIGIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CHW	CIGIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.13%	9.03%	-3.90%
Volatility (6M) Calculated over the trailing 6-month period	15.11%	24.74%	-9.63%
Volatility (1Y) Calculated over the trailing 1-year period	17.41%	27.37%	-9.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.17%	22.10%	-2.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.32%	20.40%	+1.92%

CHW vs. CIGIX - Expense Ratio Comparison

CHW has a 2.63% expense ratio, which is higher than CIGIX's 0.85% expense ratio.

Dividends

CHW vs. CIGIX - Dividend Comparison

CHW's dividend yield for the trailing twelve months is around 7.35%, less than CIGIX's 11.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CHW Calamos Global Dynamic Income Fund	7.35%	8.10%	8.89%	10.40%	13.62%	8.43%	8.79%	9.67%	12.82%	9.25%	12.05%	11.73%
CIGIX Calamos International Growth Fund	11.57%	13.49%	4.54%	0.28%	0.00%	0.33%	5.42%	0.00%	13.25%	3.76%	0.00%	0.13%

Frequently Asked Questions

Can I hold both CHW and CIGIX in my portfolio?

CHW and CIGIX have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CHW or CIGIX?

CIGIX has higher volatility (9.03%) compared to CHW (5.13%). In terms of maximum drawdown, CHW dropped -66.94% vs CIGIX's -64.46%.

Which has better risk-adjusted returns?

CHW currently has the higher Sharpe Ratio (1.44 vs 0.90), 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.