CIGIX vs. TIVFX

Last updated Jun 5, 2026

CIGIX (Calamos International Growth Fund) and TIVFX (American Beacon Tocqueville International Value Fund) are both Foreign Large Cap Equities funds. Over the past 10 years, CIGIX returned 10.39%/yr vs 9.62%/yr for TIVFX. Their correlation of 0.84 suggests significant overlap in exposure. CIGIX charges 0.85%/yr vs 1.20%/yr for TIVFX.

Performance

CIGIX vs. TIVFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos International Growth Fund (CIGIX) and American Beacon Tocqueville International Value Fund (TIVFX). 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 CIGIX having a 33.67% return and TIVFX slightly higher at 35.27%. Over the past 10 years, CIGIX has outperformed TIVFX with an annualized return of 10.39%, while TIVFX has yielded a comparatively lower 9.62% annualized return.

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%

TIVFX

• 1D: 0.07%
• 1M: 2.84%
• YTD: 35.27%
• 6M: 39.51%
• 1Y: 64.35%
• 3Y*: 26.52%
• 5Y*: 10.95%
• 10Y*: 9.62%

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

CIGIX vs. TIVFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CIGIX Calamos International Growth Fund	33.67%	23.11%	12.51%	15.33%	-30.54%	-8.98%	44.95%	29.69%	-20.93%	39.54%
TIVFX American Beacon Tocqueville International Value Fund	35.27%	36.15%	3.73%	15.43%	-20.57%	7.53%	12.61%	19.38%	-19.87%	24.18%

Correlation

The correlation between CIGIX and TIVFX is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Mar 18, 2005	0.84

The correlation between CIGIX and TIVFX has been stable across timeframes, ranging from 0.81 to 0.85 - a consistent structural relationship.

Return for Risk

CIGIX vs. TIVFX — 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

TIVFX

TIVFX Risk / Return Rank: 92
TIVFX Sharpe Ratio Rank: 96
TIVFX Sortino Ratio Rank: 90
TIVFX Omega Ratio Rank: 87
TIVFX Calmar Ratio Rank: 95
TIVFX Martin Ratio Rank: 94

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. TIVFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos International Growth Fund (CIGIX) and American Beacon Tocqueville International Value Fund (TIVFX). 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	TIVFX	Difference
Sharpe ratio: Return per unit of total volatility	2.08	3.61	-1.53
Sortino ratio: Return per unit of downside risk	2.82	4.41	-1.58
Omega ratio: Gain probability vs. loss probability	1.37	1.61	-0.24
Calmar ratio: Return relative to maximum drawdown	2.99	5.70	-2.71
Martin ratio: Return relative to average drawdown	11.07	20.83	-9.75
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. TIVFX - Sharpe Ratio Comparison

The current CIGIX Sharpe Ratio is 2.08, which is lower than the TIVFX Sharpe Ratio of 3.61. The chart below compares the historical Sharpe Ratios of CIGIX and TIVFX, 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	TIVFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.08	3.61	-1.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.22	0.59	-0.37
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	0.55	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.40	-0.02

Drawdowns

CIGIX vs. TIVFX - Drawdown Comparison

The maximum CIGIX drawdown since its inception was -64.46%, which is greater than TIVFX's maximum drawdown of -54.21%. Use the drawdown chart below to compare losses from any high point for CIGIX and TIVFX.

Drawdown Indicators

	CIGIX	TIVFX	Difference
Max Drawdown Largest peak-to-trough decline	-64.46%	-54.21%	-10.25%
Max Drawdown (1Y) Largest decline over 1 year	-15.88%	-11.69%	-4.19%
Max Drawdown (3Y) Largest decline over 3 years	-19.38%	-23.99%	+4.61%
Max Drawdown (5Y) Largest decline over 5 years	-50.15%	-36.31%	-13.84%
Max Drawdown (10Y) Largest decline over 10 years	-50.15%	-41.51%	-8.64%
Current Drawdown Current decline from peak	-0.65%	-1.83%	+1.18%
Average Drawdown Average peak-to-trough decline	-15.29%	-13.38%	-1.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.28%	3.19%	+1.09%

Volatility

CIGIX vs. TIVFX - Volatility Comparison

Calamos International Growth Fund (CIGIX) has a higher volatility of 9.60% compared to American Beacon Tocqueville International Value Fund (TIVFX) at 6.54%. This indicates that CIGIX's price experiences larger fluctuations and is considered to be riskier than TIVFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CIGIX	TIVFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.60%	6.54%	+3.06%
Volatility (6M) Calculated over the trailing 6-month period	19.69%	14.99%	+4.70%
Volatility (1Y) Calculated over the trailing 1-year period	22.80%	18.45%	+4.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.06%	18.61%	+2.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.98%	17.62%	+2.36%

CIGIX vs. TIVFX - Expense Ratio Comparison

CIGIX has a 0.85% expense ratio, which is lower than TIVFX's 1.20% expense ratio.

Dividends

CIGIX vs. TIVFX - Dividend Comparison

CIGIX's dividend yield for the trailing twelve months is around 10.09%, more than TIVFX's 6.52% yield.

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%
TIVFX American Beacon Tocqueville International Value Fund	6.52%	8.82%	10.23%	1.66%	1.39%	3.65%	0.34%	1.69%	1.37%	1.28%	1.57%	3.01%

Frequently Asked Questions

Can I hold both CIGIX and TIVFX in my portfolio?

CIGIX and TIVFX have a correlation of 0.83, 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 TIVFX?

CIGIX has higher volatility (9.60%) compared to TIVFX (6.54%). In terms of maximum drawdown, CIGIX dropped -64.46% vs TIVFX's -54.21%.

Which has better risk-adjusted returns?

TIVFX currently has the higher Sharpe Ratio (3.61 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.