CIHEX vs. CTRIX

Last updated Jun 24, 2026

CIHEX (Calamos Hedged Equity Fund) and CTRIX (Calamos Total Return Bond Fund) are both mutual funds - CIHEX is a Options Trading fund managed by Calamos, while CTRIX is a Intermediate Core-Plus Bond fund managed by Calamos. Over the past 10 years, CIHEX returned 8.62%/yr vs 1.48%/yr for CTRIX. At a 0.00 correlation, their price movements are largely independent. CIHEX charges 0.91%/yr vs 0.65%/yr for CTRIX.

Performance

CIHEX vs. CTRIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Hedged Equity Fund (CIHEX) and Calamos Total Return Bond Fund (CTRIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CIHEX achieves a 5.21% return, which is significantly higher than CTRIX's -0.15% return. Over the past 10 years, CIHEX has outperformed CTRIX with an annualized return of 8.62%, while CTRIX has yielded a comparatively lower 1.48% annualized return.

CIHEX

• 1D: -0.30%
• 1M: -0.35%
• YTD: 5.21%
• 6M: 4.72%
• 1Y: 14.30%
• 3Y*: 12.88%
• 5Y*: 8.06%
• 10Y*: 8.62%

CTRIX

• 1D: -0.33%
• 1M: 0.63%
• YTD: -0.15%
• 6M: 0.20%
• 1Y: 4.06%
• 3Y*: 3.80%
• 5Y*: -0.11%
• 10Y*: 1.48%

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

CIHEX vs. CTRIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CIHEX Calamos Hedged Equity Fund	5.21%	11.36%	14.96%	15.88%	-11.11%	13.31%	9.66%	14.47%	0.87%	8.37%
CTRIX Calamos Total Return Bond Fund	-0.15%	7.31%	1.49%	4.78%	-12.91%	-1.27%	6.97%	9.24%	-1.10%	3.32%

Correlation

The correlation between CIHEX and CTRIX is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (5Y) Calculated over the trailing 5-year period	0.19
Correlation (10Y) Calculated over the trailing 10-year period	0.04
Correlation (All Time) Calculated using the full available price history since Jan 2, 2015	0.00

Over the past year, CIHEX and CTRIX have become more correlated (0.37) than their long-term average of 0.00, meaning their price movements have been converging.

Return for Risk

CIHEX vs. CTRIX — Risk / Return Rank

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

CIHEX

CIHEX Risk / Return Rank: 71
CIHEX Sharpe Ratio Rank: 69
CIHEX Sortino Ratio Rank: 68
CIHEX Omega Ratio Rank: 66
CIHEX Calmar Ratio Rank: 75
CIHEX Martin Ratio Rank: 79

CTRIX

CTRIX Risk / Return Rank: 19
CTRIX Sharpe Ratio Rank: 18
CTRIX Sortino Ratio Rank: 19
CTRIX Omega Ratio Rank: 18
CTRIX Calmar Ratio Rank: 21
CTRIX Martin Ratio Rank: 18

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.

CIHEX vs. CTRIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Hedged Equity Fund (CIHEX) and Calamos Total Return Bond Fund (CTRIX). 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.

	CIHEX	CTRIX	Difference
Sharpe ratio: Return per unit of total volatility	2.22	1.13	+1.09
Sortino ratio: Return per unit of downside risk	3.14	1.68	+1.46
Omega ratio: Gain probability vs. loss probability	1.41	1.20	+0.21
Calmar ratio: Return relative to maximum drawdown	3.22	1.54	+1.68
Martin ratio: Return relative to average drawdown	13.74	4.37	+9.37

CIHEX vs. CTRIX - Sharpe Ratio Comparison

The current CIHEX Sharpe Ratio is 2.22, which is higher than the CTRIX Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of CIHEX and CTRIX, 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

CIHEX vs. CTRIX - Drawdown Comparison

The maximum CIHEX drawdown since its inception was -17.80%, roughly equal to the maximum CTRIX drawdown of -17.84%. Use the drawdown chart below to compare losses from any high point for CIHEX and CTRIX.

Drawdown Indicators

	CIHEX	CTRIX	Difference
Max Drawdown Largest peak-to-trough decline	-17.80%	-17.84%	+0.04%
Max Drawdown (1Y) Largest decline over 1 year	-4.68%	-2.79%	-1.89%
Max Drawdown (3Y) Largest decline over 3 years	-9.80%	-6.23%	-3.57%
Max Drawdown (5Y) Largest decline over 5 years	-15.77%	-17.84%	+2.07%
Max Drawdown (10Y) Largest decline over 10 years	-17.80%	-17.84%	+0.04%
Current Drawdown Current decline from peak	-1.37%	-2.17%	+0.80%
Average Drawdown Average peak-to-trough decline	-2.31%	-3.03%	+0.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.09%	0.98%	+0.11%

Volatility

CIHEX vs. CTRIX - Volatility Comparison

Calamos Hedged Equity Fund (CIHEX) has a higher volatility of 2.60% compared to Calamos Total Return Bond Fund (CTRIX) at 1.10%. This indicates that CIHEX's price experiences larger fluctuations and is considered to be riskier than CTRIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CIHEX	CTRIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.60%	1.10%	+1.50%
Volatility (6M) Calculated over the trailing 6-month period	5.25%	2.83%	+2.42%
Volatility (1Y) Calculated over the trailing 1-year period	6.80%	3.82%	+2.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.20%	5.55%	+3.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.42%	4.60%	+4.82%

CIHEX vs. CTRIX - Expense Ratio Comparison

CIHEX has a 0.91% expense ratio, which is higher than CTRIX's 0.65% expense ratio.

Dividends

CIHEX vs. CTRIX - Dividend Comparison

CIHEX's dividend yield for the trailing twelve months is around 0.30%, less than CTRIX's 3.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CIHEX Calamos Hedged Equity Fund	0.30%	0.33%	0.46%	0.69%	0.73%	0.44%	1.03%	0.99%	3.16%	0.85%	1.29%	1.69%
CTRIX Calamos Total Return Bond Fund	3.56%	3.90%	3.63%	2.61%	2.71%	3.46%	2.42%	2.79%	2.89%	3.29%	2.76%	4.68%

Frequently Asked Questions

Can I hold both CIHEX and CTRIX in my portfolio?

CIHEX and CTRIX have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CIHEX or CTRIX?

CIHEX has higher volatility (2.60%) compared to CTRIX (1.10%). In terms of maximum drawdown, CIHEX dropped -17.80% vs CTRIX's -17.84%.

Which has better risk-adjusted returns?

CIHEX currently has the higher Sharpe Ratio (2.22 vs 1.13), 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.