CIGEX vs. CNWIX

Last updated Jul 14, 2026

CIGEX (Calamos Global Equity Fund) and CNWIX (Calamos Evolving World Growth Fund Class I) are both mutual funds - CIGEX is a Global Equities fund managed by Calamos, while CNWIX is a Emerging Markets Equities fund managed by Calamos. Over the past 10 years, CIGEX returned 15.16%/yr vs 10.82%/yr for CNWIX. Their correlation of 0.85 suggests significant overlap in exposure. CIGEX charges 1.15%/yr vs 1.05%/yr for CNWIX.

Performance

CIGEX vs. CNWIX - Performance Comparison

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

Returns By Period

In the year-to-date period, CIGEX achieves a 17.02% return, which is significantly lower than CNWIX's 35.58% return. Over the past 10 years, CIGEX has outperformed CNWIX with an annualized return of 15.16%, while CNWIX has yielded a comparatively lower 10.82% annualized return.

CIGEX

• 1D: 0.14%
• 1M: -0.52%
• 6M: 11.21%
• YTD: 17.02%
• 1Y: 25.51%
• 3Y*: 24.91%
• 5Y*: 11.30%
• 10Y*: 15.16%

CNWIX

• 1D: 0.06%
• 1M: -2.78%
• 6M: 26.49%
• YTD: 35.58%
• 1Y: 47.28%
• 3Y*: 24.37%
• 5Y*: 7.09%
• 10Y*: 10.82%

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

CIGEX vs. CNWIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CIGEX Calamos Global Equity Fund	17.02%	18.46%	30.61%	24.55%	-27.42%	16.61%	44.24%	29.43%	-15.54%	34.56%
CNWIX Calamos Evolving World Growth Fund Class I	35.58%	19.29%	14.99%	6.60%	-24.35%	-4.70%	54.23%	20.76%	-17.74%	36.97%

Correlation

The correlation between CIGEX and CNWIX is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since Aug 18, 2008	0.85

The correlation between CIGEX and CNWIX has been stable across timeframes, ranging from 0.76 to 0.85 - a consistent structural relationship.

Return for Risk

CIGEX vs. CNWIX — Risk / Return Rank

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

CIGEX

CIGEX Risk / Return Rank: 33
CIGEX Sharpe Ratio Rank: 30
CIGEX Sortino Ratio Rank: 28
CIGEX Omega Ratio Rank: 30
CIGEX Calmar Ratio Rank: 39
CIGEX Martin Ratio Rank: 39

CNWIX

CNWIX Risk / Return Rank: 59
CNWIX Sharpe Ratio Rank: 55
CNWIX Sortino Ratio Rank: 42
CNWIX Omega Ratio Rank: 60
CNWIX Calmar Ratio Rank: 78
CNWIX Martin Ratio Rank: 59

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. CNWIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Global Equity Fund (CIGEX) and Calamos Evolving World Growth Fund Class I (CNWIX). 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	CNWIX	Difference
Sharpe ratio: Return per unit of total volatility	1.19	1.65	-0.47
Sortino ratio: Return per unit of downside risk	1.67	2.10	-0.43
Omega ratio: Gain probability vs. loss probability	1.22	1.32	-0.10
Calmar ratio: Return relative to maximum drawdown	1.87	2.84	-0.97
Martin ratio: Return relative to average drawdown	6.72	9.14	-2.42

CIGEX vs. CNWIX - Sharpe Ratio Comparison

The current CIGEX Sharpe Ratio is 1.19, which is comparable to the CNWIX Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of CIGEX and CNWIX, 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. CNWIX - Drawdown Comparison

The maximum CIGEX drawdown since its inception was -60.48%, which is greater than CNWIX's maximum drawdown of -43.57%. Use the drawdown chart below to compare losses from any high point for CIGEX and CNWIX.

Drawdown Indicators

	CIGEX	CNWIX	Difference
Max Drawdown Largest peak-to-trough decline	-60.48%	-43.57%	-16.91%
Max Drawdown (1Y) Largest decline over 1 year	-13.31%	-16.28%	+2.97%
Max Drawdown (3Y) Largest decline over 3 years	-20.41%	-19.34%	-1.07%
Max Drawdown (5Y) Largest decline over 5 years	-35.81%	-36.91%	+1.10%
Max Drawdown (10Y) Largest decline over 10 years	-35.81%	-43.57%	+7.76%
Current Drawdown Current decline from peak	-4.62%	-10.70%	+6.08%
Average Drawdown Average peak-to-trough decline	-10.30%	-16.37%	+6.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.70%	5.05%	-1.35%

Volatility

CIGEX vs. CNWIX - Volatility Comparison

The current volatility for Calamos Global Equity Fund (CIGEX) is 8.46%, while Calamos Evolving World Growth Fund Class I (CNWIX) has a volatility of 14.45%. This indicates that CIGEX experiences smaller price fluctuations and is considered to be less risky than CNWIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CIGEX	CNWIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.46%	14.45%	-5.99%
Volatility (6M) Calculated over the trailing 6-month period	17.72%	25.78%	-8.06%
Volatility (1Y) Calculated over the trailing 1-year period	21.03%	27.96%	-6.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.82%	19.77%	+0.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.53%	24.92%	-5.39%

CIGEX vs. CNWIX - Expense Ratio Comparison

CIGEX has a 1.15% expense ratio, which is higher than CNWIX's 1.05% expense ratio.

Dividends

CIGEX vs. CNWIX - Dividend Comparison

CIGEX's dividend yield for the trailing twelve months is around 13.13%, more than CNWIX's 0.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CIGEX Calamos Global Equity Fund	13.13%	15.37%	8.67%	0.10%	4.43%	11.75%	6.51%	7.44%	27.66%	9.21%	4.62%	1.98%
CNWIX Calamos Evolving World Growth Fund Class I	0.05%	0.06%	0.00%	0.54%	0.97%	2.79%	2.01%	1.04%	0.00%	0.42%	0.00%	0.38%

Frequently Asked Questions

Can I hold both CIGEX and CNWIX in my portfolio?

CIGEX and CNWIX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CIGEX or CNWIX?

CNWIX has higher volatility (14.45%) compared to CIGEX (8.46%). In terms of maximum drawdown, CIGEX dropped -60.48% vs CNWIX's -43.57%.

Which has better risk-adjusted returns?

CNWIX currently has the higher Sharpe Ratio (1.65 vs 1.19), 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.