CIHEX vs. JHQTX

Last updated Apr 2, 2026

Compare and contrast key facts about Calamos Hedged Equity Fund (CIHEX) and JPMorgan Hedged Equity 3 Fund (JHQTX).

CIHEX is managed by Calamos. It was launched on Dec 30, 2014. JHQTX is managed by JPMorgan. It was launched on Feb 25, 2021.

Performance

CIHEX vs. JHQTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Hedged Equity Fund (CIHEX) and JPMorgan Hedged Equity 3 Fund (JHQTX). The values are adjusted to include any dividend payments, if applicable.

CIHEX vs. JHQTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
CIHEX Calamos Hedged Equity Fund	-2.14%	11.36%	14.96%	15.88%	-11.11%	12.21%
JHQTX JPMorgan Hedged Equity 3 Fund	-3.00%	9.32%	16.76%	18.60%	-14.49%	13.16%

Returns By Period

In the year-to-date period, CIHEX achieves a -2.14% return, which is significantly higher than JHQTX's -3.00% return.

CIHEX

• 1D: 1.46%
• 1M: -2.44%
• YTD: -2.14%
• 6M: -0.60%
• 1Y: 11.29%
• 3Y*: 11.60%
• 5Y*: 7.06%
• 10Y*: 7.78%

JHQTX

• 1D: 1.50%
• 1M: -2.96%
• YTD: -3.00%
• 6M: -0.33%
• 1Y: 9.68%
• 3Y*: 12.41%
• 5Y*: 6.59%
• 10Y*: —

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

CIHEX vs. JHQTX - Expense Ratio Comparison

CIHEX has a 0.91% expense ratio, which is higher than JHQTX's 0.60% expense ratio.

CIHEX

Calamos Hedged Equity Fund

JHQTX

JPMorgan Hedged Equity 3 Fund

Return for Risk

CIHEX vs. JHQTX — Risk / Return Rank

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

CIHEX

CIHEX Risk / Return Rank: 73
CIHEX Sharpe Ratio Rank: 65
CIHEX Sortino Ratio Rank: 70
CIHEX Omega Ratio Rank: 67
CIHEX Calmar Ratio Rank: 79
CIHEX Martin Ratio Rank: 84

JHQTX

JHQTX Risk / Return Rank: 58
JHQTX Sharpe Ratio Rank: 51
JHQTX Sortino Ratio Rank: 55
JHQTX Omega Ratio Rank: 55
JHQTX Calmar Ratio Rank: 65
JHQTX Martin Ratio Rank: 63

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. JHQTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Hedged Equity Fund (CIHEX) and JPMorgan Hedged Equity 3 Fund (JHQTX). 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	JHQTX	Difference
Sharpe ratio Return per unit of total volatility	1.24	1.07	+0.17
Sortino ratio Return per unit of downside risk	1.85	1.60	+0.25
Omega ratio Gain probability vs. loss probability	1.27	1.24	+0.03
Calmar ratio Return relative to maximum drawdown	2.02	1.71	+0.31
Martin ratio Return relative to average drawdown	9.02	6.76	+2.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CIHEX vs. JHQTX - Sharpe Ratio Comparison

The current CIHEX Sharpe Ratio is 1.24, which is comparable to the JHQTX Sharpe Ratio of 1.07. The chart below compares the historical Sharpe Ratios of CIHEX and JHQTX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CIHEX	JHQTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.24	1.07	+0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.78	0.68	+0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.83	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	0.74	0.00

Correlation

The correlation between CIHEX and JHQTX is 0.94, 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. JHQTX - Dividend Comparison

CIHEX's dividend yield for the trailing twelve months is around 0.33%, less than JHQTX's 0.51% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CIHEX Calamos Hedged Equity Fund	0.33%	0.33%	0.46%	0.69%	0.73%	0.44%	1.03%	0.99%	3.16%	0.85%	1.29%	1.69%
JHQTX JPMorgan Hedged Equity 3 Fund	0.51%	0.50%	0.70%	0.94%	1.99%	0.36%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

CIHEX vs. JHQTX - Drawdown Comparison

The maximum CIHEX drawdown since its inception was -17.80%, roughly equal to the maximum JHQTX drawdown of -18.72%. Use the drawdown chart below to compare losses from any high point for CIHEX and JHQTX.

Drawdown Indicators

	CIHEX	JHQTX	Difference
Max Drawdown Largest peak-to-trough decline	-17.80%	-18.72%	+0.92%
Max Drawdown (1Y) Largest decline over 1 year	-5.82%	-5.98%	+0.16%
Max Drawdown (5Y) Largest decline over 5 years	-15.77%	-18.72%	+2.95%
Max Drawdown (10Y) Largest decline over 10 years	-17.80%	—	—
Current Drawdown Current decline from peak	-3.29%	-4.37%	+1.08%
Average Drawdown Average peak-to-trough decline	-2.34%	-4.25%	+1.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.30%	1.51%	-0.21%

Volatility

CIHEX vs. JHQTX - Volatility Comparison

The current volatility for Calamos Hedged Equity Fund (CIHEX) is 2.66%, while JPMorgan Hedged Equity 3 Fund (JHQTX) has a volatility of 2.92%. This indicates that CIHEX experiences smaller price fluctuations and is considered to be less risky than JHQTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CIHEX	JHQTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.66%	2.92%	-0.26%
Volatility (6M) Calculated over the trailing 6-month period	5.01%	5.80%	-0.79%
Volatility (1Y) Calculated over the trailing 1-year period	9.28%	9.50%	-0.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.13%	9.69%	-0.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.38%	9.66%	-0.28%