CMNIX vs. PNGAX

Last updated Jun 13, 2026

CMNIX (Calamos Market Neutral Income Fund Institutional Class) and PNGAX (Putnam International Value Fund) are both mutual funds - CMNIX is a fund fund managed by Calamos, while PNGAX is a Foreign Large Cap Equities fund managed by Putnam. Over the past 10 years, CMNIX returned 4.79%/yr vs 10.25%/yr for PNGAX. A 0.61 correlation means they provide meaningful diversification when combined. CMNIX charges 0.90%/yr vs 1.27%/yr for PNGAX.

Performance

CMNIX vs. PNGAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Market Neutral Income Fund Institutional Class (CMNIX) and Putnam International Value Fund (PNGAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CMNIX achieves a 2.67% return, which is significantly lower than PNGAX's 8.75% return. Over the past 10 years, CMNIX has underperformed PNGAX with an annualized return of 4.79%, while PNGAX has yielded a comparatively higher 10.25% annualized 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%

PNGAX

• 1D: 2.34%
• 1M: 1.24%
• YTD: 8.75%
• 6M: 10.27%
• 1Y: 21.88%
• 3Y*: 18.42%
• 5Y*: 10.87%
• 10Y*: 10.25%

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

CMNIX vs. PNGAX - 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%	4.21%
PNGAX Putnam International Value Fund	8.75%	34.66%	5.86%	18.50%	-6.85%	14.24%	4.19%	19.96%	-18.02%	24.09%

Correlation

The correlation between CMNIX and PNGAX is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (3Y) Calculated over the trailing 3-year period	0.36
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (10Y) Calculated over the trailing 10-year period	0.57
Correlation (All Time) Calculated using the full available price history since May 10, 2000	0.61

Over the past year, the correlation between CMNIX and PNGAX has dropped to 0.29 - well below their long-term average of 0.61, suggesting their price drivers have been diverging.

Return for Risk

CMNIX vs. PNGAX — Risk / Return Rank

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

CMNIX

CMNIX Risk / Return Rank: 98
CMNIX Sharpe Ratio Rank: 98
CMNIX Sortino Ratio Rank: 98
CMNIX Omega Ratio Rank: 97
CMNIX Calmar Ratio Rank: 97
CMNIX Martin Ratio Rank: 99

PNGAX

PNGAX Risk / Return Rank: 39
PNGAX Sharpe Ratio Rank: 39
PNGAX Sortino Ratio Rank: 38
PNGAX Omega Ratio Rank: 38
PNGAX Calmar Ratio Rank: 41
PNGAX Martin Ratio Rank: 41

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.

CMNIX vs. PNGAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Market Neutral Income Fund Institutional Class (CMNIX) and Putnam International Value Fund (PNGAX). 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	PNGAX	Difference
Sharpe ratio: Return per unit of total volatility	3.60	1.48	+2.12
Sortino ratio: Return per unit of downside risk	5.79	2.11	+3.68
Omega ratio: Gain probability vs. loss probability	1.92	1.27	+0.65
Calmar ratio: Return relative to maximum drawdown	6.45	2.05	+4.40
Martin ratio: Return relative to average drawdown	39.12	7.51	+31.61

CMNIX vs. PNGAX - Sharpe Ratio Comparison

The current CMNIX Sharpe Ratio is 3.60, which is higher than the PNGAX Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of CMNIX and PNGAX, 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

CMNIX vs. PNGAX - Drawdown Comparison

The maximum CMNIX drawdown since its inception was -35.16%, smaller than the maximum PNGAX drawdown of -64.78%. Use the drawdown chart below to compare losses from any high point for CMNIX and PNGAX.

Drawdown Indicators

	CMNIX	PNGAX	Difference
Max Drawdown Largest peak-to-trough decline	-35.16%	-64.78%	+29.62%
Max Drawdown (1Y) Largest decline over 1 year	-1.02%	-10.51%	+9.49%
Max Drawdown (3Y) Largest decline over 3 years	-2.77%	-13.87%	+11.10%
Max Drawdown (5Y) Largest decline over 5 years	-7.52%	-27.37%	+19.85%
Max Drawdown (10Y) Largest decline over 10 years	-8.12%	-41.58%	+33.46%
Current Drawdown Current decline from peak	-0.25%	-1.37%	+1.12%
Average Drawdown Average peak-to-trough decline	-7.15%	-15.80%	+8.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.17%	2.87%	-2.70%

Volatility

CMNIX vs. PNGAX - Volatility Comparison

The current volatility for Calamos Market Neutral Income Fund Institutional Class (CMNIX) is 0.32%, while Putnam International Value Fund (PNGAX) has a volatility of 4.33%. This indicates that CMNIX experiences smaller price fluctuations and is considered to be less risky than PNGAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CMNIX	PNGAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.32%	4.33%	-4.01%
Volatility (6M) Calculated over the trailing 6-month period	1.53%	11.87%	-10.34%
Volatility (1Y) Calculated over the trailing 1-year period	1.82%	14.61%	-12.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.47%	15.82%	-12.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.62%	17.06%	-13.44%

CMNIX vs. PNGAX - Expense Ratio Comparison

CMNIX has a 0.90% expense ratio, which is lower than PNGAX's 1.27% expense ratio.

Dividends

CMNIX vs. PNGAX - Dividend Comparison

CMNIX's dividend yield for the trailing twelve months is around 1.71%, less than PNGAX's 2.73% 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%
PNGAX Putnam International Value Fund	2.73%	2.97%	3.89%	2.35%	1.63%	5.70%	1.84%	3.91%	4.34%	1.11%	2.23%	1.09%

Frequently Asked Questions

Can I hold both CMNIX and PNGAX in my portfolio?

CMNIX and PNGAX have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CMNIX or PNGAX?

PNGAX has higher volatility (4.33%) compared to CMNIX (0.32%). In terms of maximum drawdown, CMNIX dropped -35.16% vs PNGAX's -64.78%.

Which has better risk-adjusted returns?

CMNIX currently has the higher Sharpe Ratio (3.60 vs 1.48), 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.