CNWIX vs. FEMSX

Last updated Jul 14, 2026

CNWIX (Calamos Evolving World Growth Fund Class I) and FEMSX (Fidelity Series Emerging Markets Opportunities Fund) are both Emerging Markets Equities funds. Over the past 10 years, CNWIX returned 10.82%/yr vs 12.31%/yr for FEMSX. Their correlation of 0.93 suggests significant overlap in exposure. CNWIX charges 1.05%/yr vs 0.01%/yr for FEMSX.

Performance

CNWIX vs. FEMSX - 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 Series Emerging Markets Opportunities Fund (FEMSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CNWIX achieves a 35.58% return, which is significantly higher than FEMSX's 27.26% return. Over the past 10 years, CNWIX has underperformed FEMSX with an annualized return of 10.82%, while FEMSX has yielded a comparatively higher 12.31% annualized return.

CNWIX

• 1D: 0.06%
• 1M: -2.78%
• 6M: 26.49%
• YTD: 35.58%
• 1Y: 47.28%
• 3Y*: 24.37%
• 5Y*: 7.09%
• 10Y*: 10.82%

FEMSX

• 1D: 0.35%
• 1M: -0.44%
• 6M: 19.92%
• YTD: 27.26%
• 1Y: 49.98%
• 3Y*: 25.54%
• 5Y*: 8.38%
• 10Y*: 12.31%

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

CNWIX vs. FEMSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CNWIX Calamos Evolving World Growth Fund Class I	35.58%	19.29%	14.99%	6.60%	-24.35%	-4.70%	54.23%	20.76%	-17.74%	36.97%
FEMSX Fidelity Series Emerging Markets Opportunities Fund	27.26%	37.92%	7.84%	14.23%	-23.95%	-5.14%	24.72%	28.87%	-16.20%	49.92%

Correlation

The correlation between CNWIX and FEMSX is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Dec 10, 2008	0.93

The correlation between CNWIX and FEMSX has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.

Return for Risk

CNWIX vs. FEMSX — Risk / Return Rank

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

CNWIX

CNWIX Risk / Return Rank: 59
CNWIX Sharpe Ratio Rank: 55
CNWIX Sortino Ratio Rank: 42
CNWIX Omega Ratio Rank: 60
CNWIX Calmar Ratio Rank: 78
CNWIX Martin Ratio Rank: 59

FEMSX

FEMSX Risk / Return Rank: 84
FEMSX Sharpe Ratio Rank: 84
FEMSX Sortino Ratio Rank: 74
FEMSX Omega Ratio Rank: 82
FEMSX Calmar Ratio Rank: 90
FEMSX Martin Ratio Rank: 89

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. FEMSX - 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 Series Emerging Markets Opportunities Fund (FEMSX). 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.

	CNWIX	FEMSX	Difference
Sharpe ratio: Return per unit of total volatility	1.65	2.21	-0.55
Sortino ratio: Return per unit of downside risk	2.10	2.76	-0.66
Omega ratio: Gain probability vs. loss probability	1.32	1.41	-0.09
Calmar ratio: Return relative to maximum drawdown	2.84	3.71	-0.87
Martin ratio: Return relative to average drawdown	9.14	13.36	-4.21

CNWIX vs. FEMSX - Sharpe Ratio Comparison

The current CNWIX Sharpe Ratio is 1.65, which is comparable to the FEMSX Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of CNWIX and FEMSX, 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

CNWIX vs. FEMSX - Drawdown Comparison

The maximum CNWIX drawdown since its inception was -43.57%, roughly equal to the maximum FEMSX drawdown of -44.16%. Use the drawdown chart below to compare losses from any high point for CNWIX and FEMSX.

Drawdown Indicators

	CNWIX	FEMSX	Difference
Max Drawdown Largest peak-to-trough decline	-43.57%	-44.16%	+0.59%
Max Drawdown (1Y) Largest decline over 1 year	-16.28%	-13.42%	-2.86%
Max Drawdown (3Y) Largest decline over 3 years	-19.34%	-17.04%	-2.30%
Max Drawdown (5Y) Largest decline over 5 years	-36.91%	-39.84%	+2.93%
Max Drawdown (10Y) Largest decline over 10 years	-43.57%	-44.16%	+0.59%
Current Drawdown Current decline from peak	-10.70%	-4.80%	-5.90%
Average Drawdown Average peak-to-trough decline	-16.37%	-13.35%	-3.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.05%	3.72%	+1.33%

Volatility

CNWIX vs. FEMSX - Volatility Comparison

Calamos Evolving World Growth Fund Class I (CNWIX) has a higher volatility of 14.45% compared to Fidelity Series Emerging Markets Opportunities Fund (FEMSX) at 10.59%. This indicates that CNWIX's price experiences larger fluctuations and is considered to be riskier than FEMSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CNWIX	FEMSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.45%	10.59%	+3.86%
Volatility (6M) Calculated over the trailing 6-month period	25.78%	20.51%	+5.27%
Volatility (1Y) Calculated over the trailing 1-year period	27.96%	22.51%	+5.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.77%	19.77%	0.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.92%	19.60%	+5.32%

CNWIX vs. FEMSX - Expense Ratio Comparison

CNWIX has a 1.05% expense ratio, which is higher than FEMSX's 0.01% expense ratio.

Dividends

CNWIX vs. FEMSX - Dividend Comparison

CNWIX's dividend yield for the trailing twelve months is around 0.05%, less than FEMSX's 1.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CNWIX Calamos Evolving World Growth Fund Class I	0.05%	0.06%	0.00%	0.54%	0.97%	2.79%	2.01%	1.04%	0.00%	0.42%	0.00%	0.38%
FEMSX Fidelity Series Emerging Markets Opportunities Fund	1.92%	2.45%	2.08%	2.82%	2.39%	12.83%	2.99%	2.48%	9.42%	8.98%	1.46%	1.27%

Frequently Asked Questions

Can I hold both CNWIX and FEMSX in my portfolio?

With a correlation of 0.93, CNWIX and FEMSX 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 FEMSX?

CNWIX has higher volatility (14.45%) compared to FEMSX (10.59%). In terms of maximum drawdown, CNWIX dropped -43.57% vs FEMSX's -44.16%.

Which has better risk-adjusted returns?

FEMSX currently has the higher Sharpe Ratio (2.21 vs 1.65), 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.