CIGIX vs. CTSIX

Last updated Jun 5, 2026

CIGIX (Calamos International Growth Fund) and CTSIX (Calamos Timpani Small Cap Growth Fund) are both mutual funds - CIGIX is a Foreign Large Cap Equities fund managed by Calamos, while CTSIX is a Small Cap Growth Equities fund managed by Calamos. Over the past 5 years, CIGIX returned 4.58%/yr vs 10.62%/yr for CTSIX. A 0.75 correlation means they provide meaningful diversification when combined. CIGIX charges 0.85%/yr vs 1.05%/yr for CTSIX.

Performance

CIGIX vs. CTSIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos International Growth Fund (CIGIX) and Calamos Timpani Small Cap Growth Fund (CTSIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with CIGIX having a 33.67% return and CTSIX slightly lower at 33.58%.

CIGIX

• 1D: -0.65%
• 1M: 10.79%
• YTD: 33.67%
• 6M: 36.88%
• 1Y: 46.35%
• 3Y*: 25.42%
• 5Y*: 4.58%
• 10Y*: 10.39%

CTSIX

• 1D: -1.48%
• 1M: 5.82%
• YTD: 33.58%
• 6M: 31.44%
• 1Y: 65.84%
• 3Y*: 34.46%
• 5Y*: 10.62%
• 10Y*: —

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

CIGIX vs. CTSIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
CIGIX Calamos International Growth Fund	33.67%	23.11%	12.51%	15.33%	-30.54%	-8.98%	44.95%	11.24%
CTSIX Calamos Timpani Small Cap Growth Fund	33.58%	25.90%	44.34%	7.57%	-37.30%	9.12%	63.38%	1.20%

Correlation

The correlation between CIGIX and CTSIX is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (All Time) Calculated using the full available price history since Jun 11, 2019	0.75

The correlation between CIGIX and CTSIX has been stable across timeframes, ranging from 0.70 to 0.75 - a consistent structural relationship.

Return for Risk

CIGIX vs. CTSIX — Risk / Return Rank

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

CIGIX

CIGIX Risk / Return Rank: 53
CIGIX Sharpe Ratio Rank: 51
CIGIX Sortino Ratio Rank: 47
CIGIX Omega Ratio Rank: 48
CIGIX Calmar Ratio Rank: 63
CIGIX Martin Ratio Rank: 56

CTSIX

CTSIX Risk / Return Rank: 71
CTSIX Sharpe Ratio Rank: 67
CTSIX Sortino Ratio Rank: 52
CTSIX Omega Ratio Rank: 49
CTSIX Calmar Ratio Rank: 93
CTSIX Martin Ratio Rank: 95

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.

CIGIX vs. CTSIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos International Growth Fund (CIGIX) and Calamos Timpani Small Cap Growth Fund (CTSIX). 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.

	CIGIX	CTSIX	Difference
Sharpe ratio: Return per unit of total volatility	2.08	2.38	-0.30
Sortino ratio: Return per unit of downside risk	2.82	3.04	-0.22
Omega ratio: Gain probability vs. loss probability	1.37	1.38	-0.01
Calmar ratio: Return relative to maximum drawdown	2.99	5.34	-2.35
Martin ratio: Return relative to average drawdown	11.07	21.95	-10.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CIGIX vs. CTSIX - Sharpe Ratio Comparison

The current CIGIX Sharpe Ratio is 2.08, which is comparable to the CTSIX Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of CIGIX and CTSIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CIGIX	CTSIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.08	2.38	-0.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.22	0.38	-0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.57	-0.18

Drawdowns

CIGIX vs. CTSIX - Drawdown Comparison

The maximum CIGIX drawdown since its inception was -64.46%, which is greater than CTSIX's maximum drawdown of -50.83%. Use the drawdown chart below to compare losses from any high point for CIGIX and CTSIX.

Drawdown Indicators

	CIGIX	CTSIX	Difference
Max Drawdown Largest peak-to-trough decline	-64.46%	-50.83%	-13.63%
Max Drawdown (1Y) Largest decline over 1 year	-15.88%	-12.38%	-3.50%
Max Drawdown (3Y) Largest decline over 3 years	-19.38%	-28.40%	+9.02%
Max Drawdown (5Y) Largest decline over 5 years	-50.15%	-50.60%	+0.45%
Max Drawdown (10Y) Largest decline over 10 years	-50.15%	—	—
Current Drawdown Current decline from peak	-0.65%	-1.48%	+0.83%
Average Drawdown Average peak-to-trough decline	-15.29%	-20.62%	+5.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.28%	3.01%	+1.27%

Volatility

CIGIX vs. CTSIX - Volatility Comparison

Calamos International Growth Fund (CIGIX) and Calamos Timpani Small Cap Growth Fund (CTSIX) have volatilities of 9.60% and 9.58%, 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

	CIGIX	CTSIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.60%	9.58%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	19.69%	21.21%	-1.52%
Volatility (1Y) Calculated over the trailing 1-year period	22.80%	27.74%	-4.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.06%	28.00%	-6.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.98%	29.78%	-9.80%

CIGIX vs. CTSIX - Expense Ratio Comparison

CIGIX has a 0.85% expense ratio, which is lower than CTSIX's 1.05% expense ratio.

Dividends

CIGIX vs. CTSIX - Dividend Comparison

CIGIX's dividend yield for the trailing twelve months is around 10.09%, while CTSIX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CIGIX Calamos International Growth Fund	10.09%	13.49%	4.54%	0.28%	0.00%	0.33%	5.42%	0.00%	13.25%	3.76%	0.00%	0.13%
CTSIX Calamos Timpani Small Cap Growth Fund	0.00%	0.00%	2.58%	0.00%	0.00%	0.00%	3.77%	4.95%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CIGIX and CTSIX in my portfolio?

CIGIX and CTSIX have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CIGIX or CTSIX?

CIGIX has higher volatility (9.60%) compared to CTSIX (9.58%). In terms of maximum drawdown, CIGIX dropped -64.46% vs CTSIX's -50.83%.

Which has better risk-adjusted returns?

CTSIX currently has the higher Sharpe Ratio (2.38 vs 2.08), 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.