CNSDX vs. CXGCX

Last updated Jun 4, 2026

CNSDX (Invesco Convertible Securities Fund) and CXGCX (Calamos Global Convertible Fund) are both Convertible Bonds funds. Over the past 10 years, CNSDX returned 11.70%/yr vs 9.43%/yr for CXGCX. Their correlation of 0.89 suggests significant overlap in exposure. CNSDX charges 0.68%/yr vs 1.03%/yr for CXGCX.

Performance

CNSDX vs. CXGCX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Convertible Securities Fund (CNSDX) and Calamos Global Convertible Fund (CXGCX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CNSDX achieves a 23.57% return, which is significantly higher than CXGCX's 17.42% return. Over the past 10 years, CNSDX has outperformed CXGCX with an annualized return of 11.70%, while CXGCX has yielded a comparatively lower 9.43% annualized return.

CNSDX

• 1D: 1.29%
• 1M: 7.20%
• YTD: 23.57%
• 6M: 23.18%
• 1Y: 40.10%
• 3Y*: 18.90%
• 5Y*: 8.58%
• 10Y*: 11.70%

CXGCX

• 1D: 0.81%
• 1M: 6.17%
• YTD: 17.42%
• 6M: 18.29%
• 1Y: 30.70%
• 3Y*: 18.26%
• 5Y*: 6.21%
• 10Y*: 9.43%

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

CNSDX vs. CXGCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CNSDX Invesco Convertible Securities Fund	23.57%	16.24%	9.95%	8.18%	-15.51%	4.69%	44.68%	21.25%	-1.60%	10.68%
CXGCX Calamos Global Convertible Fund	17.42%	18.49%	10.98%	13.48%	-22.06%	-0.31%	38.60%	15.18%	-2.76%	14.25%

Correlation

The correlation between CNSDX and CXGCX is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Jan 5, 2015	0.89

The correlation between CNSDX and CXGCX has been stable across timeframes, ranging from 0.89 to 0.91 - a consistent structural relationship.

Return for Risk

CNSDX vs. CXGCX — Risk / Return Rank

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

CNSDX

CNSDX Risk / Return Rank: 80
CNSDX Sharpe Ratio Rank: 81
CNSDX Sortino Ratio Rank: 67
CNSDX Omega Ratio Rank: 66
CNSDX Calmar Ratio Rank: 92
CNSDX Martin Ratio Rank: 91

CXGCX

CXGCX Risk / Return Rank: 90
CXGCX Sharpe Ratio Rank: 91
CXGCX Sortino Ratio Rank: 89
CXGCX Omega Ratio Rank: 83
CXGCX Calmar Ratio Rank: 94
CXGCX Martin Ratio Rank: 90

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.

CNSDX vs. CXGCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Convertible Securities Fund (CNSDX) and Calamos Global Convertible Fund (CXGCX). 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.

	CNSDX	CXGCX	Difference
Sharpe ratio: Return per unit of total volatility	2.65	3.08	-0.42
Sortino ratio: Return per unit of downside risk	3.42	4.33	-0.91
Omega ratio: Gain probability vs. loss probability	1.45	1.56	-0.11
Calmar ratio: Return relative to maximum drawdown	5.12	5.42	-0.30
Martin ratio: Return relative to average drawdown	18.70	18.43	+0.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CNSDX vs. CXGCX - Sharpe Ratio Comparison

The current CNSDX Sharpe Ratio is 2.65, which is comparable to the CXGCX Sharpe Ratio of 3.08. The chart below compares the historical Sharpe Ratios of CNSDX and CXGCX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CNSDX	CXGCX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.65	3.08	-0.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	0.65	+0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.92	0.99	-0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.73	0.89	-0.17

Drawdowns

CNSDX vs. CXGCX - Drawdown Comparison

The maximum CNSDX drawdown since its inception was -39.33%, which is greater than CXGCX's maximum drawdown of -30.74%. Use the drawdown chart below to compare losses from any high point for CNSDX and CXGCX.

Drawdown Indicators

	CNSDX	CXGCX	Difference
Max Drawdown Largest peak-to-trough decline	-39.33%	-30.74%	-8.59%
Max Drawdown (1Y) Largest decline over 1 year	-8.09%	-5.75%	-2.34%
Max Drawdown (3Y) Largest decline over 3 years	-13.32%	-8.92%	-4.40%
Max Drawdown (5Y) Largest decline over 5 years	-22.73%	-28.88%	+6.15%
Max Drawdown (10Y) Largest decline over 10 years	-24.19%	-30.74%	+6.55%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-6.90%	-7.26%	+0.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.21%	1.69%	+0.52%

Volatility

CNSDX vs. CXGCX - Volatility Comparison

Invesco Convertible Securities Fund (CNSDX) has a higher volatility of 5.37% compared to Calamos Global Convertible Fund (CXGCX) at 3.46%. This indicates that CNSDX's price experiences larger fluctuations and is considered to be riskier than CXGCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CNSDX	CXGCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.37%	3.46%	+1.91%
Volatility (6M) Calculated over the trailing 6-month period	12.67%	7.93%	+4.74%
Volatility (1Y) Calculated over the trailing 1-year period	15.61%	10.12%	+5.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.21%	9.67%	+2.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.82%	9.56%	+3.26%

CNSDX vs. CXGCX - Expense Ratio Comparison

CNSDX has a 0.68% expense ratio, which is lower than CXGCX's 1.03% expense ratio.

Dividends

CNSDX vs. CXGCX - Dividend Comparison

CNSDX's dividend yield for the trailing twelve months is around 9.53%, more than CXGCX's 4.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CNSDX Invesco Convertible Securities Fund	9.53%	11.77%	3.46%	1.46%	3.97%	28.36%	10.96%	5.21%	12.65%	4.57%	3.74%	2.74%
CXGCX Calamos Global Convertible Fund	4.44%	5.15%	0.00%	0.39%	0.00%	14.77%	8.19%	2.36%	5.75%	3.73%	2.22%	1.30%

Frequently Asked Questions

Can I hold both CNSDX and CXGCX in my portfolio?

With a correlation of 0.91, CNSDX and CXGCX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, CNSDX or CXGCX?

CNSDX has higher volatility (5.37%) compared to CXGCX (3.46%). In terms of maximum drawdown, CNSDX dropped -39.33% vs CXGCX's -30.74%.

Which has better risk-adjusted returns?

CXGCX currently has the higher Sharpe Ratio (3.08 vs 2.65), 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.