CNWIX vs. FEMKX

Last updated Jun 4, 2026

CNWIX (Calamos Evolving World Growth Fund Class I) and FEMKX (Fidelity Emerging Markets) are both Emerging Markets Equities funds. Over the past 10 years, CNWIX returned 12.33%/yr vs 12.37%/yr for FEMKX. Their correlation of 0.92 suggests significant overlap in exposure. CNWIX charges 1.05%/yr vs 0.88%/yr for FEMKX.

Performance

CNWIX vs. FEMKX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Evolving World Growth Fund Class I (CNWIX) and Fidelity Emerging Markets (FEMKX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CNWIX achieves a 51.09% return, which is significantly higher than FEMKX's 28.21% return. Both investments have delivered pretty close results over the past 10 years, with CNWIX having a 12.33% annualized return and FEMKX not far ahead at 12.37%.

CNWIX

• 1D: 1.17%
• 1M: 14.41%
• YTD: 51.09%
• 6M: 54.41%
• 1Y: 72.44%
• 3Y*: 29.77%
• 5Y*: 8.94%
• 10Y*: 12.33%

FEMKX

• 1D: 1.69%
• 1M: 9.75%
• YTD: 28.21%
• 6M: 30.66%
• 1Y: 58.46%
• 3Y*: 23.78%
• 5Y*: 7.37%
• 10Y*: 12.37%

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

CNWIX vs. FEMKX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CNWIX Calamos Evolving World Growth Fund Class I	51.09%	19.29%	14.99%	6.60%	-24.35%	-4.70%	54.23%	20.76%	-17.74%	36.97%
FEMKX Fidelity Emerging Markets	28.21%	31.02%	7.12%	15.16%	-27.48%	1.25%	32.56%	33.67%	-18.03%	46.92%

Correlation

The correlation between CNWIX and FEMKX is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Aug 19, 2008	0.92

The correlation between CNWIX and FEMKX has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.

Return for Risk

CNWIX vs. FEMKX — Risk / Return Rank

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

CNWIX

CNWIX Risk / Return Rank: 86
CNWIX Sharpe Ratio Rank: 93
CNWIX Sortino Ratio Rank: 80
CNWIX Omega Ratio Rank: 84
CNWIX Calmar Ratio Rank: 89
CNWIX Martin Ratio Rank: 86

FEMKX

FEMKX Risk / Return Rank: 87
FEMKX Sharpe Ratio Rank: 92
FEMKX Sortino Ratio Rank: 83
FEMKX Omega Ratio Rank: 84
FEMKX Calmar Ratio Rank: 89
FEMKX Martin Ratio Rank: 88

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.

CNWIX vs. FEMKX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Evolving World Growth Fund Class I (CNWIX) and Fidelity Emerging Markets (FEMKX). 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.

	CNWIX	FEMKX	Difference
Sharpe ratio: Return per unit of total volatility	3.17	3.10	+0.07
Sortino ratio: Return per unit of downside risk	3.79	3.92	-0.13
Omega ratio: Gain probability vs. loss probability	1.57	1.56	+0.01
Calmar ratio: Return relative to maximum drawdown	4.48	4.51	-0.04
Martin ratio: Return relative to average drawdown	16.56	17.09	-0.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CNWIX vs. FEMKX - Sharpe Ratio Comparison

The current CNWIX Sharpe Ratio is 3.17, which is comparable to the FEMKX Sharpe Ratio of 3.10. The chart below compares the historical Sharpe Ratios of CNWIX and FEMKX, 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

	CNWIX	FEMKX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.17	3.10	+0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	0.39	+0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	0.66	-0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.33	+0.03

Drawdowns

CNWIX vs. FEMKX - Drawdown Comparison

The maximum CNWIX drawdown since its inception was -43.57%, smaller than the maximum FEMKX drawdown of -71.14%. Use the drawdown chart below to compare losses from any high point for CNWIX and FEMKX.

Drawdown Indicators

	CNWIX	FEMKX	Difference
Max Drawdown Largest peak-to-trough decline	-43.57%	-71.14%	+27.57%
Max Drawdown (1Y) Largest decline over 1 year	-16.28%	-13.00%	-3.28%
Max Drawdown (3Y) Largest decline over 3 years	-19.34%	-19.13%	-0.21%
Max Drawdown (5Y) Largest decline over 5 years	-37.36%	-40.88%	+3.52%
Max Drawdown (10Y) Largest decline over 10 years	-43.57%	-43.24%	-0.33%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-16.43%	-25.95%	+9.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.39%	3.43%	+0.96%

Volatility

CNWIX vs. FEMKX - Volatility Comparison

Calamos Evolving World Growth Fund Class I (CNWIX) has a higher volatility of 10.53% compared to Fidelity Emerging Markets (FEMKX) at 7.92%. This indicates that CNWIX's price experiences larger fluctuations and is considered to be riskier than FEMKX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CNWIX	FEMKX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.53%	7.92%	+2.61%
Volatility (6M) Calculated over the trailing 6-month period	20.15%	16.07%	+4.08%
Volatility (1Y) Calculated over the trailing 1-year period	22.99%	18.92%	+4.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.45%	18.90%	-0.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.47%	18.68%	+5.79%

CNWIX vs. FEMKX - Expense Ratio Comparison

CNWIX has a 1.05% expense ratio, which is higher than FEMKX's 0.88% expense ratio.

Dividends

CNWIX vs. FEMKX - Dividend Comparison

CNWIX's dividend yield for the trailing twelve months is around 0.04%, which matches FEMKX's 0.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CNWIX Calamos Evolving World Growth Fund Class I	0.04%	0.06%	0.00%	0.54%	0.97%	2.79%	2.01%	1.04%	0.00%	0.42%	0.00%	0.38%
FEMKX Fidelity Emerging Markets	0.04%	0.05%	0.65%	1.11%	0.77%	6.00%	1.39%	1.71%	0.83%	0.08%	0.67%	0.51%

Frequently Asked Questions

Can I hold both CNWIX and FEMKX in my portfolio?

With a correlation of 0.90, CNWIX and FEMKX 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, CNWIX or FEMKX?

CNWIX has higher volatility (10.53%) compared to FEMKX (7.92%). In terms of maximum drawdown, CNWIX dropped -43.57% vs FEMKX's -71.14%.

Which has better risk-adjusted returns?

CNWIX currently has the higher Sharpe Ratio (3.17 vs 3.10), 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.