CHW vs. CVLOX

Last updated Jun 25, 2026

CHW (Calamos Global Dynamic Income Fund) and CVLOX (Calamos Global Opportunities Fund) are both Global Allocation funds from Calamos. Over the past 10 years, CHW returned 12.85%/yr vs 11.52%/yr for CVLOX. A 0.67 correlation means they provide meaningful diversification when combined. CHW charges 2.63%/yr vs 1.22%/yr for CVLOX.

Performance

CHW vs. CVLOX - Performance Comparison

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

Returns By Period

In the year-to-date period, CHW achieves a 21.48% return, which is significantly higher than CVLOX's 15.00% return. Over the past 10 years, CHW has outperformed CVLOX with an annualized return of 12.85%, while CVLOX has yielded a comparatively lower 11.52% annualized return.

CHW

• 1D: -1.13%
• 1M: 1.51%
• YTD: 21.48%
• 6M: 21.81%
• 1Y: 35.99%
• 3Y*: 24.55%
• 5Y*: 4.89%
• 10Y*: 12.85%

CVLOX

• 1D: -2.70%
• 1M: -1.29%
• YTD: 15.00%
• 6M: 13.85%
• 1Y: 23.44%
• 3Y*: 20.25%
• 5Y*: 9.24%
• 10Y*: 11.52%

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

CHW vs. CVLOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CHW Calamos Global Dynamic Income Fund	21.48%	19.55%	27.82%	14.55%	-37.74%	13.07%	22.28%	47.12%	-20.33%	43.78%
CVLOX Calamos Global Opportunities Fund	15.00%	15.84%	23.81%	13.88%	-22.17%	15.72%	31.76%	18.28%	-9.88%	20.04%

Correlation

The correlation between CHW and CVLOX is 0.70, 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	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (10Y) Calculated over the trailing 10-year period	0.67
Correlation (All Time) Calculated using the full available price history since Jul 26, 2007	0.67

The correlation between CHW and CVLOX has been stable across timeframes, ranging from 0.67 to 0.73 - a consistent structural relationship.

Return for Risk

CHW vs. CVLOX — Risk / Return Rank

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

CHW

CHW Risk / Return Rank: 60
CHW Sharpe Ratio Rank: 74
CHW Sortino Ratio Rank: 67
CHW Omega Ratio Rank: 67
CHW Calmar Ratio Rank: 47
CHW Martin Ratio Rank: 47

CVLOX

CVLOX Risk / Return Rank: 43
CVLOX Sharpe Ratio Rank: 39
CVLOX Sortino Ratio Rank: 36
CVLOX Omega Ratio Rank: 40
CVLOX Calmar Ratio Rank: 52
CVLOX Martin Ratio Rank: 49

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.

CHW vs. CVLOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Global Dynamic Income Fund (CHW) and Calamos Global Opportunities Fund (CVLOX). 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	CVLOX	Difference
Sharpe ratio: Return per unit of total volatility	2.17	1.63	+0.53
Sortino ratio: Return per unit of downside risk	2.88	2.23	+0.65
Omega ratio: Gain probability vs. loss probability	1.38	1.30	+0.08
Calmar ratio: Return relative to maximum drawdown	2.33	2.56	-0.23
Martin ratio: Return relative to average drawdown	8.73	9.28	-0.55

CHW vs. CVLOX - Sharpe Ratio Comparison

The current CHW Sharpe Ratio is 2.17, which is higher than the CVLOX Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of CHW and CVLOX, 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. CVLOX - Drawdown Comparison

The maximum CHW drawdown since its inception was -66.94%, which is greater than CVLOX's maximum drawdown of -46.61%. Use the drawdown chart below to compare losses from any high point for CHW and CVLOX.

Drawdown Indicators

	CHW	CVLOX	Difference
Max Drawdown Largest peak-to-trough decline	-66.94%	-46.61%	-20.33%
Max Drawdown (1Y) Largest decline over 1 year	-15.51%	-9.85%	-5.66%
Max Drawdown (3Y) Largest decline over 3 years	-20.40%	-15.16%	-5.24%
Max Drawdown (5Y) Largest decline over 5 years	-46.11%	-29.97%	-16.14%
Max Drawdown (10Y) Largest decline over 10 years	-53.58%	-29.97%	-23.61%
Current Drawdown Current decline from peak	-4.03%	-3.54%	-0.49%
Average Drawdown Average peak-to-trough decline	-14.85%	-8.98%	-5.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.13%	2.71%	+1.42%

Volatility

CHW vs. CVLOX - Volatility Comparison

Calamos Global Dynamic Income Fund (CHW) and Calamos Global Opportunities Fund (CVLOX) have volatilities of 6.63% and 6.49%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CHW	CVLOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.63%	6.49%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	14.55%	13.14%	+1.41%
Volatility (1Y) Calculated over the trailing 1-year period	16.79%	15.43%	+1.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.22%	14.73%	+4.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.34%	14.84%	+7.50%

CHW vs. CVLOX - Expense Ratio Comparison

CHW has a 2.63% expense ratio, which is higher than CVLOX's 1.22% expense ratio.

Dividends

CHW vs. CVLOX - Dividend Comparison

CHW's dividend yield for the trailing twelve months is around 6.87%, less than CVLOX's 7.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CHW Calamos Global Dynamic Income Fund	6.87%	8.10%	8.89%	10.40%	13.62%	8.43%	8.79%	9.67%	12.82%	9.25%	12.05%	11.73%
CVLOX Calamos Global Opportunities Fund	7.85%	9.10%	8.15%	0.61%	0.00%	5.71%	6.11%	1.28%	12.65%	6.04%	0.68%	1.28%

Frequently Asked Questions

Can I hold both CHW and CVLOX in my portfolio?

CHW and CVLOX have a correlation of 0.70, 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 CVLOX?

CHW has higher volatility (6.63%) compared to CVLOX (6.49%). In terms of maximum drawdown, CHW dropped -66.94% vs CVLOX's -46.61%.

Which has better risk-adjusted returns?

CHW currently has the higher Sharpe Ratio (2.17 vs 1.63), 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.