CICVX vs. CHY

Last updated Aug 4, 2026

CICVX (Calamos Convertible Fund) and CHY (Calamos Convertible and High Income Closed Fund) are both Convertible Bonds funds from Calamos. Over the past 10 years, CICVX returned 11.54%/yr vs 11.54%/yr for CHY. Their 0.53 correlation means they have sometimes moved together and sometimes differently. CICVX charges 0.85%/yr vs 2.64%/yr for CHY.

Performance

CICVX vs. CHY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Convertible Fund (CICVX) and Calamos Convertible and High Income Closed Fund (CHY). 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 CICVX having a 17.82% return and CHY slightly higher at 18.32%. Over a longer period, both investments have demonstrated similar performance, with their 10-year annualized returns being quite close: CICVX at 11.54% and CHY at 11.54%.

CICVX

• 1D: 0.09%
• 1M: -3.10%
• 6M: 11.13%
• YTD: 17.82%
• 1Y: 29.67%
• 3Y*: 15.94%
• 5Y*: 6.51%
• 10Y*: 11.54%
• ALL TIME*: 4.28%

CHY

• 1D: 1.59%
• 1M: -4.44%
• 6M: 14.47%
• YTD: 18.32%
• 1Y: 30.39%
• 3Y*: 15.20%
• 5Y*: 5.45%
• 10Y*: 11.54%
• ALL TIME*: 8.92%

*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)
CHY Calamos Convertible and High Income Closed Fund	$2.89M	$2.53M	$2.63M
CICVX Calamos Convertible Fund	$0.00	$0.00	$0.00

CICVX vs. CHY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CICVX Calamos Convertible Fund	17.82%	19.03%	9.94%	10.95%	-21.02%	5.36%	48.84%	19.51%	0.59%	14.21%
CHY Calamos Convertible and High Income Closed Fund	18.32%	3.97%	17.24%	20.78%	-28.05%	22.17%	36.75%	32.63%	-12.60%	24.44%

Correlation

The correlation between CICVX and CHY is 0.78, 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.	0.78
Correlation (3Y) Balances recent behavior with more history.	0.65
Correlation (5Y) Shows whether the relationship held over a longer period.	0.67
Correlation (10Y) Provides a long-term view across more market conditions.	0.65
Correlation (All Time) Calculated using the full available price history since May 29, 2003	0.53

Over the past year, CICVX and CHY have become more correlated (0.78) than their long-term average of 0.53, meaning their price movements have been converging.

Return for Risk

CICVX vs. CHY — Risk / Return Rank

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

CICVX

CICVX Risk / Return Rank: 67
CICVX Sharpe Ratio Rank: 65
CICVX Sortino Ratio Rank: 58
CICVX Omega Ratio Rank: 54
CICVX Calmar Ratio Rank: 80
CICVX Martin Ratio Rank: 80

CHY

CHY Risk / Return Rank: 73
CHY Sharpe Ratio Rank: 72
CHY Sortino Ratio Rank: 65
CHY Omega Ratio Rank: 67
CHY Calmar Ratio Rank: 79
CHY Martin Ratio Rank: 85

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.

CICVX vs. CHY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Convertible Fund (CICVX) and Calamos Convertible and High Income Closed Fund (CHY). 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.

	CICVX	CHY	Difference
Sharpe ratio: Return per unit of total volatility	1.65	1.75	-0.10
Sortino ratio: Return per unit of downside risk	2.26	2.36	-0.11
Omega ratio: Gain probability vs. loss probability	1.28	1.31	-0.03
Calmar ratio: Return relative to maximum drawdown	2.77	2.67	+0.10
Martin ratio: Return relative to average drawdown	10.28	11.07	-0.79

CICVX vs. CHY - Sharpe Ratio Comparison

The current CICVX Sharpe Ratio is 1.65, which is comparable to the CHY Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of CICVX and CHY, 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

CICVX vs. CHY - Drawdown Comparison

The maximum CICVX drawdown since its inception was -49.33%, smaller than the maximum CHY drawdown of -60.53%. Use the drawdown chart below to compare losses from any high point for CICVX and CHY.

Drawdown Indicators

	CICVX	CHY	Difference
Max Drawdown Largest peak-to-trough decline	-49.33%	-60.53%	+11.20%
Max Drawdown (1Y) Largest decline over 1 year	-10.15%	-11.42%	+1.27%
Max Drawdown (3Y) Largest decline over 3 years	-14.79%	-24.32%	+9.53%
Max Drawdown (5Y) Largest decline over 5 years	-27.17%	-35.99%	+8.82%
Max Drawdown (10Y) Largest decline over 10 years	-27.17%	-50.41%	+23.24%
Current Drawdown Current decline from peak	-7.23%	-6.59%	-0.64%
Average Drawdown Average peak-to-trough decline	-17.40%	-9.06%	-8.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.73%	2.75%	-0.02%

Volatility

CICVX vs. CHY - Volatility Comparison

Calamos Convertible Fund (CICVX) and Calamos Convertible and High Income Closed Fund (CHY) have volatilities of 6.09% and 5.89%, 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

	CICVX	CHY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.09%	5.89%	+0.20%
Volatility (6M) Calculated over the trailing 6-month period	14.11%	14.97%	-0.86%
Volatility (1Y) Calculated over the trailing 1-year period	17.06%	17.49%	-0.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.38%	19.52%	-6.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.12%	23.33%	-10.21%

CICVX vs. CHY - Expense Ratio Comparison

CICVX has a 0.85% expense ratio, which is lower than CHY's 2.64% expense ratio.

Dividends

CICVX vs. CHY - Dividend Comparison

CICVX's dividend yield for the trailing twelve months is around 10.58%, more than CHY's 9.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CHY Calamos Convertible and High Income Closed Fund	9.41%	10.61%	9.88%	10.46%	11.37%	7.42%	7.14%	8.72%	12.13%	10.13%	11.37%	11.42%
CICVX Calamos Convertible Fund	10.58%	12.51%	1.83%	2.48%	0.94%	15.90%	7.74%	1.39%	16.75%	4.55%	3.43%	5.41%

Frequently Asked Questions

Can I hold both CICVX and CHY in my portfolio?

CICVX and CHY have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CICVX or CHY?

CICVX has higher volatility (6.09%) compared to CHY (5.89%). In terms of maximum drawdown, CICVX dropped -49.33% vs CHY's -60.53%.

Which has better risk-adjusted returns?

CHY currently has the higher Sharpe Ratio (1.75 vs 1.65), 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.