CIGEX vs. CGIOX

Last updated Jul 15, 2026

CIGEX (Calamos Global Equity Fund) and CGIOX (Calamos Growth and Income Fund Class R6) are both mutual funds - CIGEX is a Global Equities fund managed by Calamos, while CGIOX is a Diversified Portfolio fund actively managed by Calamos. Over the past 5 years, CIGEX returned 10.88%/yr vs 10.86%/yr for CGIOX. Their correlation of 0.93 suggests significant overlap in exposure. CIGEX charges 1.15%/yr vs 0.73%/yr for CGIOX.

Performance

CIGEX vs. CGIOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Global Equity Fund (CIGEX) and Calamos Growth and Income Fund Class R6 (CGIOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CIGEX achieves a 14.85% return, which is significantly higher than CGIOX's 10.71% return.

CIGEX

• 1D: -1.85%
• 1M: -2.36%
• 6M: 9.20%
• YTD: 14.85%
• 1Y: 22.11%
• 3Y*: 22.90%
• 5Y*: 10.88%
• 10Y*: 14.92%

CGIOX

• 1D: -0.87%
• 1M: 1.10%
• 6M: 8.42%
• YTD: 10.71%
• 1Y: 21.20%
• 3Y*: 18.36%
• 5Y*: 10.86%
• 10Y*: —

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

CIGEX vs. CGIOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
CIGEX Calamos Global Equity Fund	14.85%	18.46%	30.61%	24.55%	-27.42%	16.61%	32.21%
CGIOX Calamos Growth and Income Fund Class R6	10.71%	17.85%	21.05%	20.78%	-18.19%	21.47%	20.18%

Correlation

The correlation between CIGEX and CGIOX is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jun 23, 2020	0.93

The correlation between CIGEX and CGIOX has been stable across timeframes, ranging from 0.92 to 0.93 - a consistent structural relationship.

Return for Risk

CIGEX vs. CGIOX — Risk / Return Rank

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

CIGEX

CIGEX Risk / Return Rank: 30
CIGEX Sharpe Ratio Rank: 27
CIGEX Sortino Ratio Rank: 26
CIGEX Omega Ratio Rank: 27
CIGEX Calmar Ratio Rank: 35
CIGEX Martin Ratio Rank: 36

CGIOX

CGIOX Risk / Return Rank: 62
CGIOX Sharpe Ratio Rank: 62
CGIOX Sortino Ratio Rank: 59
CGIOX Omega Ratio Rank: 57
CGIOX Calmar Ratio Rank: 62
CGIOX Martin Ratio Rank: 72

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.

CIGEX vs. CGIOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Global Equity Fund (CIGEX) and Calamos Growth and Income Fund Class R6 (CGIOX). 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.

	CIGEX	CGIOX	Difference
Sharpe ratio: Return per unit of total volatility	1.10	1.70	-0.60
Sortino ratio: Return per unit of downside risk	1.57	2.36	-0.79
Omega ratio: Gain probability vs. loss probability	1.20	1.30	-0.10
Calmar ratio: Return relative to maximum drawdown	1.75	2.37	-0.62
Martin ratio: Return relative to average drawdown	6.25	10.26	-4.01

CIGEX vs. CGIOX - Sharpe Ratio Comparison

The current CIGEX Sharpe Ratio is 1.10, which is lower than the CGIOX Sharpe Ratio of 1.70. The chart below compares the historical Sharpe Ratios of CIGEX and CGIOX, 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

CIGEX vs. CGIOX - Drawdown Comparison

The maximum CIGEX drawdown since its inception was -60.48%, which is greater than CGIOX's maximum drawdown of -23.11%. Use the drawdown chart below to compare losses from any high point for CIGEX and CGIOX.

Drawdown Indicators

	CIGEX	CGIOX	Difference
Max Drawdown Largest peak-to-trough decline	-60.48%	-23.11%	-37.37%
Max Drawdown (1Y) Largest decline over 1 year	-13.31%	-9.08%	-4.23%
Max Drawdown (3Y) Largest decline over 3 years	-20.41%	-16.43%	-3.98%
Max Drawdown (5Y) Largest decline over 5 years	-35.81%	-23.11%	-12.70%
Max Drawdown (10Y) Largest decline over 10 years	-35.81%	—	—
Current Drawdown Current decline from peak	-6.39%	-1.30%	-5.09%
Average Drawdown Average peak-to-trough decline	-10.30%	-5.12%	-5.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.72%	2.10%	+1.62%

Volatility

CIGEX vs. CGIOX - Volatility Comparison

Calamos Global Equity Fund (CIGEX) has a higher volatility of 8.36% compared to Calamos Growth and Income Fund Class R6 (CGIOX) at 4.39%. This indicates that CIGEX's price experiences larger fluctuations and is considered to be riskier than CGIOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CIGEX	CGIOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.36%	4.39%	+3.97%
Volatility (6M) Calculated over the trailing 6-month period	17.83%	10.25%	+7.58%
Volatility (1Y) Calculated over the trailing 1-year period	21.13%	12.70%	+8.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.84%	15.00%	+4.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.55%	14.96%	+4.59%

CIGEX vs. CGIOX - Expense Ratio Comparison

CIGEX has a 1.15% expense ratio, which is higher than CGIOX's 0.73% expense ratio.

Dividends

CIGEX vs. CGIOX - Dividend Comparison

CIGEX's dividend yield for the trailing twelve months is around 13.38%, more than CGIOX's 7.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CGIOX Calamos Growth and Income Fund Class R6	7.18%	8.07%	5.43%	4.65%	4.62%	6.12%	2.51%	0.00%	0.00%	0.00%	0.00%	0.00%
CIGEX Calamos Global Equity Fund	13.38%	15.37%	8.67%	0.10%	4.43%	11.75%	6.51%	7.44%	27.66%	9.21%	4.62%	1.98%

Frequently Asked Questions

Can I hold both CIGEX and CGIOX in my portfolio?

With a correlation of 0.93, CIGEX and CGIOX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, CIGEX or CGIOX?

CIGEX has higher volatility (8.36%) compared to CGIOX (4.39%). In terms of maximum drawdown, CIGEX dropped -60.48% vs CGIOX's -23.11%.

Which has better risk-adjusted returns?

CGIOX currently has the higher Sharpe Ratio (1.70 vs 1.10), 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.