CIHEX vs. CMNIX
Compare and contrast key facts about Calamos Hedged Equity Fund (CIHEX) and Calamos Market Neutral Income Fund Institutional Class (CMNIX).
CIHEX is managed by Calamos. It was launched on Dec 30, 2014. CMNIX is managed by Calamos. It was launched on May 10, 2000.
Performance
CIHEX vs. CMNIX - Performance Comparison
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CIHEX vs. CMNIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CIHEX Calamos Hedged Equity Fund | -3.54% | 11.36% | 14.96% | 15.88% | -11.11% | 13.31% | 9.66% | 14.47% | 0.87% | 8.37% |
CMNIX Calamos Market Neutral Income Fund Institutional Class | -0.07% | 6.89% | 7.43% | 9.17% | -4.26% | 5.02% | 5.36% | 6.72% | 1.79% | 4.21% |
Returns By Period
In the year-to-date period, CIHEX achieves a -3.54% return, which is significantly lower than CMNIX's -0.07% return. Over the past 10 years, CIHEX has outperformed CMNIX with an annualized return of 7.62%, while CMNIX has yielded a comparatively lower 4.63% annualized return.
CIHEX
- 1D
- -0.16%
- 1M
- -3.74%
- YTD
- -3.54%
- 6M
- -1.87%
- 1Y
- 9.82%
- 3Y*
- 11.06%
- 5Y*
- 6.85%
- 10Y*
- 7.62%
CMNIX
- 1D
- -0.06%
- 1M
- -0.95%
- YTD
- -0.07%
- 6M
- 1.40%
- 1Y
- 5.61%
- 3Y*
- 6.70%
- 5Y*
- 4.44%
- 10Y*
- 4.63%
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CIHEX vs. CMNIX - Expense Ratio Comparison
CIHEX has a 0.91% expense ratio, which is higher than CMNIX's 0.90% expense ratio.
Return for Risk
CIHEX vs. CMNIX — Risk / Return Rank
CIHEX
CMNIX
CIHEX vs. CMNIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Calamos Hedged Equity Fund (CIHEX) and Calamos Market Neutral Income Fund Institutional Class (CMNIX). 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.
| CIHEX | CMNIX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.11 | 1.64 | -0.53 |
Sortino ratioReturn per unit of downside risk | 1.66 | 2.45 | -0.78 |
Omega ratioGain probability vs. loss probability | 1.24 | 1.52 | -0.28 |
Calmar ratioReturn relative to maximum drawdown | 1.57 | 2.02 | -0.45 |
Martin ratioReturn relative to average drawdown | 7.09 | 13.84 | -6.75 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CIHEX | CMNIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.11 | 1.64 | -0.53 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.76 | 1.29 | -0.53 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.82 | 1.28 | -0.46 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.73 | 0.36 | +0.37 |
Correlation
The correlation between CIHEX and CMNIX is 0.85, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
CIHEX vs. CMNIX - Dividend Comparison
CIHEX's dividend yield for the trailing twelve months is around 0.34%, less than CMNIX's 1.75% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CIHEX Calamos Hedged Equity Fund | 0.34% | 0.33% | 0.46% | 0.69% | 0.73% | 0.44% | 1.03% | 0.99% | 3.16% | 0.85% | 1.29% | 1.69% |
CMNIX Calamos Market Neutral Income Fund Institutional Class | 1.75% | 1.63% | 2.00% | 5.90% | 1.02% | 0.46% | 0.90% | 1.57% | 5.02% | 2.60% | 2.97% | 2.42% |
Drawdowns
CIHEX vs. CMNIX - Drawdown Comparison
The maximum CIHEX drawdown since its inception was -17.80%, smaller than the maximum CMNIX drawdown of -35.16%. Use the drawdown chart below to compare losses from any high point for CIHEX and CMNIX.
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Drawdown Indicators
| CIHEX | CMNIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.80% | -35.16% | +17.36% |
Max Drawdown (1Y)Largest decline over 1 year | -5.82% | -2.71% | -3.11% |
Max Drawdown (5Y)Largest decline over 5 years | -15.77% | -7.52% | -8.25% |
Max Drawdown (10Y)Largest decline over 10 years | -17.80% | -8.12% | -9.68% |
Current DrawdownCurrent decline from peak | -4.68% | -1.02% | -3.66% |
Average DrawdownAverage peak-to-trough decline | -2.34% | -7.20% | +4.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.29% | 0.40% | +0.89% |
Volatility
CIHEX vs. CMNIX - Volatility Comparison
Calamos Hedged Equity Fund (CIHEX) has a higher volatility of 2.12% compared to Calamos Market Neutral Income Fund Institutional Class (CMNIX) at 0.77%. This indicates that CIHEX's price experiences larger fluctuations and is considered to be riskier than CMNIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CIHEX | CMNIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.12% | 0.77% | +1.35% |
Volatility (6M)Calculated over the trailing 6-month period | 4.79% | 1.33% | +3.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.19% | 3.48% | +5.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.10% | 3.47% | +5.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.36% | 3.63% | +5.73% |