CHYDX vs. GAIN
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 4.70%/yr vs 18.67%/yr for GAIN. Their 0.31 correlation means their historical movements had little consistent relationship.
Performance
CHYDX vs. GAIN - Performance Comparison
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Returns By Period
In the year-to-date period, CHYDX achieves a 1.75% return, which is significantly lower than GAIN's 25.24% return. Over the past 10 years, CHYDX has underperformed GAIN with an annualized return of 4.70%, while GAIN has yielded a comparatively higher 18.67% annualized return.
CHYDX
- 1D
- 0.13%
- 1M
- -0.52%
- 6M
- 1.12%
- YTD
- 1.75%
- 1Y
- 4.48%
- 3Y*
- 7.47%
- 5Y*
- 3.57%
- 10Y*
- 4.70%
- ALL TIME*
- 5.46%
GAIN
- 1D
- 1.38%
- 1M
- 8.83%
- 6M
- 26.60%
- YTD
- 25.24%
- 1Y
- 29.62%
- 3Y*
- 22.42%
- 5Y*
- 15.21%
- 10Y*
- 18.67%
- ALL TIME*
- 10.44%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $3.03M | $3.32M | $4.34M |
CHYDX vs. GAIN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CHYDX Calamos High Income Opportunities Fund | 1.75% | 6.72% | 7.78% | 12.26% | -10.35% | 6.44% | 4.78% | 14.29% | -4.30% | 6.05% |
GAIN Gladstone Investment Corporation | 25.24% | 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 0.33, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.33 |
Correlation (3Y) Balances recent behavior with more history. | 0.30 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.36 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.32 |
Correlation (All Time) Calculated using the full available price history since Jun 23, 2005 | 0.31 |
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Return for Risk
CHYDX vs. GAIN — Risk / Return Rank
CHYDX
GAIN
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 ratioReturn per unit of total volatility | +0.56 | ||
| Sortino ratioReturn per unit of downside risk | +0.98 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.28 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 2.68 | 2.33 | +0.35 |
| Martin ratioReturn relative to average drawdown | 12.19 | 7.62 | +4.57 |
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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.
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Drawdown Indicators
| CHYDX | GAIN | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -0.65% | 0.00% | -0.65% |
Average DrawdownAverage peak-to-trough decline | -2.75% | -15.84% | +13.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.38% | 3.90% | -3.52% |
Volatility
CHYDX vs. GAIN - Volatility Comparison
The current volatility for Calamos High Income Opportunities Fund (CHYDX) is 0.72%, while Gladstone Investment Corporation (GAIN) has a volatility of 7.26%. 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.
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Volatility by Period
| CHYDX | GAIN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.72% | 7.26% | -6.54% |
Volatility (6M)Calculated over the trailing 6-month period | 1.85% | 17.79% | -15.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.29% | 20.26% | -17.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.07% | 22.49% | -18.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.94% | 25.75% | -20.81% |
Dividends
CHYDX vs. GAIN - Dividend Comparison
CHYDX's dividend yield for the trailing twelve months is around 5.61%, less than GAIN's 5.70% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CHYDX Calamos High Income Opportunities Fund | 5.61% | 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 | 5.70% | 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
CHYDX and GAIN have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GAIN has higher volatility (7.26%) compared to CHYDX (0.72%). In terms of maximum drawdown, CHYDX dropped -35.03% vs GAIN's -80.87%.
CHYDX currently has the higher Sharpe Ratio (2.03 vs 1.47), 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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