CNWIX vs. FFLEX

Last updated Jun 23, 2026

CNWIX (Calamos Evolving World Growth Fund Class I) and FFLEX (Fidelity Freedom Index 2060 Fund Institutional Premium Class) are both mutual funds - CNWIX is a Emerging Markets Equities fund managed by Calamos, while FFLEX is a Target Retirement Date fund managed by Fidelity. Over the past 10 years, CNWIX returned 12.35%/yr vs 11.99%/yr for FFLEX. A 0.78 correlation means they provide meaningful diversification when combined. CNWIX charges 1.05%/yr vs 0.08%/yr for FFLEX.

Performance

CNWIX vs. FFLEX - 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 Freedom Index 2060 Fund Institutional Premium Class (FFLEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CNWIX achieves a 50.26% return, which is significantly higher than FFLEX's 12.07% return. Both investments have delivered pretty close results over the past 10 years, with CNWIX having a 12.35% annualized return and FFLEX not far behind at 11.99%.

CNWIX

• 1D: 5.12%
• 1M: 7.78%
• YTD: 50.26%
• 6M: 52.86%
• 1Y: 67.91%
• 3Y*: 27.70%
• 5Y*: 9.23%
• 10Y*: 12.35%

FFLEX

• 1D: 1.21%
• 1M: 1.94%
• YTD: 12.07%
• 6M: 11.96%
• 1Y: 28.09%
• 3Y*: 18.29%
• 5Y*: 10.19%
• 10Y*: 11.99%

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

CNWIX vs. FFLEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CNWIX Calamos Evolving World Growth Fund Class I	50.26%	19.29%	14.99%	6.60%	-24.35%	-4.70%	54.23%	20.76%	-17.74%	36.97%
FFLEX Fidelity Freedom Index 2060 Fund Institutional Premium Class	12.07%	21.47%	14.20%	19.97%	-18.19%	15.98%	16.46%	26.17%	-7.21%	20.63%

Correlation

The correlation between CNWIX and FFLEX is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since Jun 29, 2015	0.78

The correlation between CNWIX and FFLEX has been stable across timeframes, ranging from 0.74 to 0.78 - a consistent structural relationship.

Return for Risk

CNWIX vs. FFLEX — Risk / Return Rank

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

CNWIX

CNWIX Risk / Return Rank: 81
CNWIX Sharpe Ratio Rank: 86
CNWIX Sortino Ratio Rank: 67
CNWIX Omega Ratio Rank: 80
CNWIX Calmar Ratio Rank: 89
CNWIX Martin Ratio Rank: 83

FFLEX

FFLEX Risk / Return Rank: 69
FFLEX Sharpe Ratio Rank: 70
FFLEX Sortino Ratio Rank: 65
FFLEX Omega Ratio Rank: 66
FFLEX Calmar Ratio Rank: 69
FFLEX Martin Ratio Rank: 75

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. FFLEX - 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 Freedom Index 2060 Fund Institutional Premium Class (FFLEX). 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	FFLEX	Difference
Sharpe ratio: Return per unit of total volatility	2.59	2.23	+0.36
Sortino ratio: Return per unit of downside risk	3.11	3.06	+0.06
Omega ratio: Gain probability vs. loss probability	1.48	1.41	+0.07
Calmar ratio: Return relative to maximum drawdown	4.15	3.06	+1.09
Martin ratio: Return relative to average drawdown	14.45	13.20	+1.25

CNWIX vs. FFLEX - Sharpe Ratio Comparison

The current CNWIX Sharpe Ratio is 2.59, which is comparable to the FFLEX Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of CNWIX and FFLEX, 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. FFLEX - Drawdown Comparison

The maximum CNWIX drawdown since its inception was -43.57%, which is greater than FFLEX's maximum drawdown of -30.71%. Use the drawdown chart below to compare losses from any high point for CNWIX and FFLEX.

Drawdown Indicators

	CNWIX	FFLEX	Difference
Max Drawdown Largest peak-to-trough decline	-43.57%	-30.71%	-12.86%
Max Drawdown (1Y) Largest decline over 1 year	-16.28%	-9.07%	-7.21%
Max Drawdown (3Y) Largest decline over 3 years	-19.34%	-14.68%	-4.66%
Max Drawdown (5Y) Largest decline over 5 years	-37.36%	-26.17%	-11.19%
Max Drawdown (10Y) Largest decline over 10 years	-43.57%	-30.71%	-12.86%
Current Drawdown Current decline from peak	-0.55%	-0.49%	-0.06%
Average Drawdown Average peak-to-trough decline	-16.40%	-4.65%	-11.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.66%	2.10%	+2.56%

Volatility

CNWIX vs. FFLEX - Volatility Comparison

Calamos Evolving World Growth Fund Class I (CNWIX) has a higher volatility of 14.11% compared to Fidelity Freedom Index 2060 Fund Institutional Premium Class (FFLEX) at 5.18%. This indicates that CNWIX's price experiences larger fluctuations and is considered to be riskier than FFLEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CNWIX	FFLEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.11%	5.18%	+8.93%
Volatility (6M) Calculated over the trailing 6-month period	23.68%	10.43%	+13.25%
Volatility (1Y) Calculated over the trailing 1-year period	26.07%	12.44%	+13.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.27%	14.53%	+4.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.76%	15.22%	+9.54%

CNWIX vs. FFLEX - Expense Ratio Comparison

CNWIX has a 1.05% expense ratio, which is higher than FFLEX's 0.08% expense ratio.

Dividends

CNWIX vs. FFLEX - Dividend Comparison

CNWIX's dividend yield for the trailing twelve months is around 0.04%, less than FFLEX's 1.72% 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%
FFLEX Fidelity Freedom Index 2060 Fund Institutional Premium Class	1.72%	1.98%	1.98%	1.94%	2.03%	1.95%	1.85%	6.75%	2.36%	2.16%	2.44%	1.82%

Frequently Asked Questions

Can I hold both CNWIX and FFLEX in my portfolio?

CNWIX and FFLEX have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CNWIX or FFLEX?

CNWIX has higher volatility (14.11%) compared to FFLEX (5.18%). In terms of maximum drawdown, CNWIX dropped -43.57% vs FFLEX's -30.71%.

Which has better risk-adjusted returns?

CNWIX currently has the higher Sharpe Ratio (2.59 vs 2.23), 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.