CHYDX vs. GAIN

Last updated Jun 23, 2026

CHYDX (Calamos High Income Opportunities Fund) is High Yield Bonds fund managed by Calamos, while GAIN (Gladstone Investment Corporation) is a stock. Over the past 10 years, CHYDX returned 5.01%/yr vs 18.56%/yr for GAIN. At a 0.31 correlation, their price movements are largely independent.

Performance

CHYDX vs. GAIN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos High Income Opportunities Fund (CHYDX) and Gladstone Investment Corporation (GAIN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CHYDX achieves a 2.03% return, which is significantly lower than GAIN's 8.56% return. Over the past 10 years, CHYDX has underperformed GAIN with an annualized return of 5.01%, while GAIN has yielded a comparatively higher 18.56% annualized return.

CHYDX

• 1D: 0.13%
• 1M: 0.63%
• YTD: 2.03%
• 6M: 2.17%
• 1Y: 6.08%
• 3Y*: 8.05%
• 5Y*: 3.78%
• 10Y*: 5.01%

GAIN

• 1D: -0.14%
• 1M: -7.17%
• YTD: 8.56%
• 6M: 10.38%
• 1Y: 11.56%
• 3Y*: 19.05%
• 5Y*: 12.21%
• 10Y*: 18.56%

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

CHYDX vs. GAIN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CHYDX Calamos High Income Opportunities Fund	2.03%	6.72%	7.78%	12.26%	-10.35%	6.44%	4.78%	14.29%	-4.30%	6.05%
GAIN Gladstone Investment Corporation	8.56%	17.11%	5.33%	31.01%	-17.55%	82.14%	-16.56%	53.31%	-9.67%	44.63%

Correlation

The correlation between CHYDX and GAIN is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (10Y) Calculated over the trailing 10-year period	0.32
Correlation (All Time) Calculated using the full available price history since Jun 23, 2005	0.31

Return for Risk

CHYDX vs. GAIN — Risk / Return Rank

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

CHYDX

CHYDX Risk / Return Rank: 90
CHYDX Sharpe Ratio Rank: 92
CHYDX Sortino Ratio Rank: 94
CHYDX Omega Ratio Rank: 91
CHYDX Calmar Ratio Rank: 84
CHYDX Martin Ratio Rank: 91

GAIN

GAIN Risk / Return Rank: 61
GAIN Sharpe Ratio Rank: 62
GAIN Sortino Ratio Rank: 55
GAIN Omega Ratio Rank: 55
GAIN Calmar Ratio Rank: 62
GAIN Martin Ratio Rank: 70

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.

CHYDX vs. GAIN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos High Income Opportunities Fund (CHYDX) and Gladstone Investment Corporation (GAIN). 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.

	CHYDX	GAIN	Difference
Sharpe ratio: Return per unit of total volatility	2.82	0.61	+2.21
Sortino ratio: Return per unit of downside risk	4.52	0.97	+3.55
Omega ratio: Gain probability vs. loss probability	1.64	1.13	+0.51
Calmar ratio: Return relative to maximum drawdown	3.70	0.91	+2.78
Martin ratio: Return relative to average drawdown	17.12	3.42	+13.70

CHYDX vs. GAIN - Sharpe Ratio Comparison

The current CHYDX Sharpe Ratio is 2.82, which is higher than the GAIN Sharpe Ratio of 0.61. The chart below compares the historical Sharpe Ratios of CHYDX and GAIN, 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

CHYDX vs. GAIN - Drawdown Comparison

The maximum CHYDX drawdown since its inception was -35.03%, smaller than the maximum GAIN drawdown of -80.87%. Use the drawdown chart below to compare losses from any high point for CHYDX and GAIN.

Drawdown Indicators

	CHYDX	GAIN	Difference
Max Drawdown Largest peak-to-trough decline	-35.03%	-80.87%	+45.84%
Max Drawdown (1Y) Largest decline over 1 year	-1.73%	-12.75%	+11.02%
Max Drawdown (3Y) Largest decline over 3 years	-3.50%	-14.76%	+11.26%
Max Drawdown (5Y) Largest decline over 5 years	-13.66%	-26.26%	+12.60%
Max Drawdown (10Y) Largest decline over 10 years	-23.35%	-56.28%	+32.93%
Current Drawdown Current decline from peak	-0.13%	-12.75%	+12.62%
Average Drawdown Average peak-to-trough decline	-2.76%	-15.90%	+13.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.37%	3.39%	-3.02%

Volatility

CHYDX vs. GAIN - Volatility Comparison

The current volatility for Calamos High Income Opportunities Fund (CHYDX) is 0.63%, while Gladstone Investment Corporation (GAIN) has a volatility of 6.40%. This indicates that CHYDX experiences smaller price fluctuations and is considered to be less risky than GAIN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CHYDX	GAIN	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.63%	6.40%	-5.77%
Volatility (6M) Calculated over the trailing 6-month period	1.77%	16.64%	-14.87%
Volatility (1Y) Calculated over the trailing 1-year period	2.27%	19.02%	-16.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.07%	22.30%	-18.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.96%	25.72%	-20.76%

Dividends

CHYDX vs. GAIN - Dividend Comparison

CHYDX's dividend yield for the trailing twelve months is around 6.06%, more than GAIN's 5.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CHYDX Calamos High Income Opportunities Fund	6.06%	6.39%	6.30%	6.28%	5.47%	4.48%	5.26%	5.85%	6.62%	4.87%	4.94%	5.43%
GAIN Gladstone Investment Corporation	5.96%	10.74%	12.53%	17.24%	9.88%	6.06%	9.22%	7.06%	9.24%	7.94%	8.87%	9.68%

Frequently Asked Questions

Can I hold both CHYDX and GAIN in my portfolio?

CHYDX and GAIN have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CHYDX or GAIN?

GAIN has higher volatility (6.40%) compared to CHYDX (0.63%). In terms of maximum drawdown, CHYDX dropped -35.03% vs GAIN's -80.87%.

Which has better risk-adjusted returns?

CHYDX currently has the higher Sharpe Ratio (2.82 vs 0.61), 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.