CIGEX vs. CVLOX

Last updated Jun 23, 2026

CIGEX (Calamos Global Equity Fund) and CVLOX (Calamos Global Opportunities Fund) are both mutual funds - CIGEX is a Global Equities fund managed by Calamos, while CVLOX is a Global Allocation fund managed by Calamos. Over the past 10 years, CIGEX returned 15.84%/yr vs 11.57%/yr for CVLOX. With a 0.97 correlation, they move nearly in lockstep. CIGEX charges 1.15%/yr vs 1.22%/yr for CVLOX.

Performance

CIGEX vs. CVLOX - Performance Comparison

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

Returns By Period

In the year-to-date period, CIGEX achieves a 21.64% return, which is significantly higher than CVLOX's 18.27% return. Over the past 10 years, CIGEX has outperformed CVLOX with an annualized return of 15.84%, while CVLOX has yielded a comparatively lower 11.57% annualized return.

CIGEX

• 1D: 2.29%
• 1M: 2.05%
• YTD: 21.64%
• 6M: 20.90%
• 1Y: 36.09%
• 3Y*: 26.28%
• 5Y*: 12.95%
• 10Y*: 15.84%

CVLOX

• 1D: 1.54%
• 1M: 1.52%
• YTD: 18.27%
• 6M: 17.72%
• 1Y: 29.53%
• 3Y*: 20.54%
• 5Y*: 10.40%
• 10Y*: 11.57%

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

CIGEX vs. CVLOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CIGEX Calamos Global Equity Fund	21.64%	18.46%	30.61%	24.55%	-27.42%	16.61%	44.24%	29.43%	-15.54%	34.56%
CVLOX Calamos Global Opportunities Fund	18.27%	15.84%	23.81%	13.88%	-22.17%	15.72%	31.76%	18.28%	-9.88%	20.04%

Correlation

The correlation between CIGEX and CVLOX is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since Mar 2, 2007	0.97

The correlation between CIGEX and CVLOX has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

Return for Risk

CIGEX vs. CVLOX — Risk / Return Rank

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

CIGEX

CIGEX Risk / Return Rank: 44
CIGEX Sharpe Ratio Rank: 41
CIGEX Sortino Ratio Rank: 36
CIGEX Omega Ratio Rank: 39
CIGEX Calmar Ratio Rank: 52
CIGEX Martin Ratio Rank: 51

CVLOX

CVLOX Risk / Return Rank: 53
CVLOX Sharpe Ratio Rank: 49
CVLOX Sortino Ratio Rank: 45
CVLOX Omega Ratio Rank: 48
CVLOX Calmar Ratio Rank: 65
CVLOX Martin Ratio Rank: 57

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. CVLOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Global Equity Fund (CIGEX) and Calamos Global Opportunities Fund (CVLOX). 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	CVLOX	Difference
Sharpe ratio: Return per unit of total volatility	1.73	1.91	-0.18
Sortino ratio: Return per unit of downside risk	2.33	2.60	-0.27
Omega ratio: Gain probability vs. loss probability	1.31	1.35	-0.04
Calmar ratio: Return relative to maximum drawdown	2.65	2.95	-0.30
Martin ratio: Return relative to average drawdown	9.88	10.75	-0.86

CIGEX vs. CVLOX - Sharpe Ratio Comparison

The current CIGEX Sharpe Ratio is 1.73, which is comparable to the CVLOX Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of CIGEX and CVLOX, 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. CVLOX - Drawdown Comparison

The maximum CIGEX drawdown since its inception was -60.48%, which is greater than CVLOX's maximum drawdown of -46.61%. Use the drawdown chart below to compare losses from any high point for CIGEX and CVLOX.

Drawdown Indicators

	CIGEX	CVLOX	Difference
Max Drawdown Largest peak-to-trough decline	-60.48%	-46.61%	-13.87%
Max Drawdown (1Y) Largest decline over 1 year	-13.31%	-9.85%	-3.46%
Max Drawdown (3Y) Largest decline over 3 years	-20.41%	-15.16%	-5.25%
Max Drawdown (5Y) Largest decline over 5 years	-35.81%	-29.97%	-5.84%
Max Drawdown (10Y) Largest decline over 10 years	-35.81%	-29.97%	-5.84%
Current Drawdown Current decline from peak	-0.86%	-0.80%	-0.06%
Average Drawdown Average peak-to-trough decline	-10.32%	-8.98%	-1.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.56%	2.70%	+0.86%

Volatility

CIGEX vs. CVLOX - Volatility Comparison

Calamos Global Equity Fund (CIGEX) has a higher volatility of 8.04% compared to Calamos Global Opportunities Fund (CVLOX) at 6.10%. This indicates that CIGEX's price experiences larger fluctuations and is considered to be riskier than CVLOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CIGEX	CVLOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.04%	6.10%	+1.94%
Volatility (6M) Calculated over the trailing 6-month period	16.94%	12.87%	+4.07%
Volatility (1Y) Calculated over the trailing 1-year period	20.32%	15.18%	+5.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.67%	14.68%	+4.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.56%	14.86%	+4.70%

CIGEX vs. CVLOX - Expense Ratio Comparison

CIGEX has a 1.15% expense ratio, which is lower than CVLOX's 1.22% expense ratio.

Dividends

CIGEX vs. CVLOX - Dividend Comparison

CIGEX's dividend yield for the trailing twelve months is around 12.63%, more than CVLOX's 7.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CIGEX Calamos Global Equity Fund	12.63%	15.37%	8.67%	0.10%	4.43%	11.75%	6.51%	7.44%	27.66%	9.21%	4.62%	1.98%
CVLOX Calamos Global Opportunities Fund	7.63%	9.10%	8.15%	0.61%	0.00%	5.71%	6.11%	1.28%	12.65%	6.04%	0.68%	1.28%

Frequently Asked Questions

Can I hold both CIGEX and CVLOX in my portfolio?

With a correlation of 0.98, CIGEX and CVLOX 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 CVLOX?

CIGEX has higher volatility (8.04%) compared to CVLOX (6.10%). In terms of maximum drawdown, CIGEX dropped -60.48% vs CVLOX's -46.61%.

Which has better risk-adjusted returns?

CVLOX currently has the higher Sharpe Ratio (1.91 vs 1.73), 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.