CMNIX vs. EMXC
CMNIX (Calamos Market Neutral Income Fund Institutional Class) and EMXC (iShares MSCI Emerging Markets ex China ETF) are both funds - CMNIX is a fund fund managed by Calamos, while EMXC is a Emerging Markets Equities fund tracking the MSCI Emerging Markets ex China Index. Over the past 5 years, CMNIX returned 4.77%/yr vs 12.14%/yr for EMXC. A 0.54 correlation means they provide meaningful diversification when combined. CMNIX charges 0.90%/yr vs 0.49%/yr for EMXC.
Performance
CMNIX vs. EMXC - Performance Comparison
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Returns By Period
In the year-to-date period, CMNIX achieves a 2.67% return, which is significantly lower than EMXC's 37.25% return.
CMNIX
- 1D
- 0.00%
- 1M
- 0.06%
- YTD
- 2.67%
- 6M
- 2.93%
- 1Y
- 6.67%
- 3Y*
- 6.99%
- 5Y*
- 4.77%
- 10Y*
- 4.79%
EMXC
- 1D
- 0.55%
- 1M
- 6.57%
- YTD
- 37.25%
- 6M
- 42.23%
- 1Y
- 67.80%
- 3Y*
- 26.47%
- 5Y*
- 12.14%
- 10Y*
- —
CMNIX vs. EMXC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CMNIX Calamos Market Neutral Income Fund Institutional Class | 2.67% | 6.89% | 7.43% | 9.17% | -4.26% | 5.02% | 5.36% | 6.72% | 1.79% | 1.01% |
EMXC iShares MSCI Emerging Markets ex China ETF | 37.25% | 35.14% | 2.68% | 18.96% | -19.56% | 8.54% | 12.76% | 15.80% | -12.96% | 7.16% |
Correlation
The correlation between CMNIX and EMXC is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.44 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.55 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2017 | 0.54 |
The correlation between CMNIX and EMXC shifts across timeframes, from 0.41 (1 year) to 0.55 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
CMNIX vs. EMXC — Risk / Return Rank
CMNIX
EMXC
CMNIX vs. EMXC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Calamos Market Neutral Income Fund Institutional Class (CMNIX) and iShares MSCI Emerging Markets ex China ETF (EMXC). 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.
| CMNIX | EMXC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.85 | ||
| Sortino ratioReturn per unit of downside risk | +2.45 | ||
| Omega ratioGain probability vs. loss probability | 1.92 | 1.50 | +0.42 |
| Calmar ratioReturn relative to maximum drawdown | 6.45 | 4.55 | +1.90 |
| Martin ratioReturn relative to average drawdown | 39.12 | 17.51 | +21.61 |
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Drawdowns
CMNIX vs. EMXC - Drawdown Comparison
The maximum CMNIX drawdown since its inception was -35.16%, smaller than the maximum EMXC drawdown of -42.81%. Use the drawdown chart below to compare losses from any high point for CMNIX and EMXC.
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Drawdown Indicators
| CMNIX | EMXC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.16% | -42.81% | +7.65% |
Max Drawdown (1Y)Largest decline over 1 year | -1.02% | -14.41% | +13.39% |
Max Drawdown (3Y)Largest decline over 3 years | -2.77% | -19.12% | +16.35% |
Max Drawdown (5Y)Largest decline over 5 years | -7.52% | -28.91% | +21.39% |
Max Drawdown (10Y)Largest decline over 10 years | -8.12% | — | — |
Current DrawdownCurrent decline from peak | -0.25% | -4.12% | +3.87% |
Average DrawdownAverage peak-to-trough decline | -7.15% | -10.17% | +3.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.17% | 3.74% | -3.57% |
Volatility
CMNIX vs. EMXC - Volatility Comparison
The current volatility for Calamos Market Neutral Income Fund Institutional Class (CMNIX) is 0.32%, while iShares MSCI Emerging Markets ex China ETF (EMXC) has a volatility of 12.83%. This indicates that CMNIX experiences smaller price fluctuations and is considered to be less risky than EMXC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CMNIX | EMXC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.32% | 12.83% | -12.51% |
Volatility (6M)Calculated over the trailing 6-month period | 1.53% | 21.90% | -20.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.82% | 23.90% | -22.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.47% | 18.00% | -14.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.62% | 20.07% | -16.45% |
CMNIX vs. EMXC - Expense Ratio Comparison
CMNIX has a 0.90% expense ratio, which is higher than EMXC's 0.49% expense ratio.
Dividends
CMNIX vs. EMXC - Dividend Comparison
CMNIX's dividend yield for the trailing twelve months is around 1.71%, less than EMXC's 2.05% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CMNIX Calamos Market Neutral Income Fund Institutional Class | 1.71% | 1.63% | 2.00% | 5.90% | 1.02% | 0.46% | 0.90% | 1.57% | 5.02% | 2.60% | 2.97% | 2.42% |
EMXC iShares MSCI Emerging Markets ex China ETF | 2.05% | 2.82% | 2.69% | 1.83% | 2.85% | 1.78% | 1.45% | 3.25% | 2.63% | 0.99% | 0.00% | 0.00% |
Frequently Asked Questions
CMNIX and EMXC have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMXC has higher volatility (12.83%) compared to CMNIX (0.32%). In terms of maximum drawdown, CMNIX dropped -35.16% vs EMXC's -42.81%.
CMNIX currently has the higher Sharpe Ratio (3.60 vs 2.74), 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.
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