CNWIX vs. FHKFX

Last updated Apr 2, 2026

Compare and contrast key facts about Calamos Evolving World Growth Fund Class I (CNWIX) and Fidelity Series Emerging Markets Fund (FHKFX).

CNWIX is managed by Calamos. FHKFX is managed by Fidelity. It was launched on Aug 29, 2018.

Performance

CNWIX vs. FHKFX - 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 Fund (FHKFX). The values are adjusted to include any dividend payments, if applicable.

CNWIX vs. FHKFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
CNWIX Calamos Evolving World Growth Fund Class I	7.40%	19.29%	14.99%	6.60%	-24.35%	-4.70%	54.23%	20.76%	-11.13%
FHKFX Fidelity Series Emerging Markets Fund	7.41%	38.51%	5.42%	12.10%	-24.50%	-4.15%	17.85%	9.64%	-8.52%

Returns By Period

The year-to-date returns for both investments are quite close, with CNWIX having a 7.40% return and FHKFX slightly higher at 7.41%.

CNWIX

• 1D: 2.49%
• 1M: -13.56%
• YTD: 7.40%
• 6M: 5.59%
• 1Y: 30.77%
• 3Y*: 14.38%
• 5Y*: 2.25%
• 10Y*: 8.63%

FHKFX

• 1D: 3.28%
• 1M: -7.69%
• YTD: 7.41%
• 6M: 10.84%
• 1Y: 40.51%
• 3Y*: 18.59%
• 5Y*: 4.00%
• 10Y*: —

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

CNWIX vs. FHKFX - Expense Ratio Comparison

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

CNWIX

Calamos Evolving World Growth Fund Class I

FHKFX

Fidelity Series Emerging Markets Fund

Return for Risk

CNWIX vs. FHKFX — Risk / Return Rank

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

CNWIX

CNWIX Risk / Return Rank: 73
CNWIX Sharpe Ratio Rank: 79
CNWIX Sortino Ratio Rank: 74
CNWIX Omega Ratio Rank: 72
CNWIX Calmar Ratio Rank: 73
CNWIX Martin Ratio Rank: 68

FHKFX

FHKFX Risk / Return Rank: 92
FHKFX Sharpe Ratio Rank: 93
FHKFX Sortino Ratio Rank: 91
FHKFX Omega Ratio Rank: 89
FHKFX Calmar Ratio Rank: 94
FHKFX Martin Ratio Rank: 93

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. FHKFX - 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 Fund (FHKFX). 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	FHKFX	Difference
Sharpe ratio Return per unit of total volatility	1.53	2.14	-0.61
Sortino ratio Return per unit of downside risk	1.96	2.74	-0.77
Omega ratio Gain probability vs. loss probability	1.29	1.41	-0.12
Calmar ratio Return relative to maximum drawdown	1.87	3.23	-1.36
Martin ratio Return relative to average drawdown	7.15	11.96	-4.81
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. FHKFX - Sharpe Ratio Comparison

The current CNWIX Sharpe Ratio is 1.53, which is comparable to the FHKFX Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of CNWIX and FHKFX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CNWIX	FHKFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.53	2.14	-0.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.13	0.21	-0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.36	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	0.28	-0.01

Correlation

The correlation between CNWIX and FHKFX is 0.93, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

CNWIX vs. FHKFX - Dividend Comparison

CNWIX's dividend yield for the trailing twelve months is around 0.06%, less than FHKFX's 2.21% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CNWIX Calamos Evolving World Growth Fund Class I	0.06%	0.06%	0.00%	0.54%	0.97%	2.79%	2.01%	1.04%	0.00%	0.42%	0.00%	0.38%
FHKFX Fidelity Series Emerging Markets Fund	2.21%	2.38%	2.86%	2.43%	2.56%	3.46%	1.38%	2.28%	0.42%	0.00%	0.00%	0.00%

Drawdowns

CNWIX vs. FHKFX - Drawdown Comparison

The maximum CNWIX drawdown since its inception was -43.57%, roughly equal to the maximum FHKFX drawdown of -45.47%. Use the drawdown chart below to compare losses from any high point for CNWIX and FHKFX.

Drawdown Indicators

	CNWIX	FHKFX	Difference
Max Drawdown Largest peak-to-trough decline	-43.57%	-45.47%	+1.90%
Max Drawdown (1Y) Largest decline over 1 year	-16.28%	-12.54%	-3.74%
Max Drawdown (5Y) Largest decline over 5 years	-37.47%	-42.10%	+4.63%
Max Drawdown (10Y) Largest decline over 10 years	-43.57%	—	—
Current Drawdown Current decline from peak	-14.20%	-9.67%	-4.53%
Average Drawdown Average peak-to-trough decline	-16.56%	-17.58%	+1.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.26%	3.39%	+0.87%

Volatility

CNWIX vs. FHKFX - Volatility Comparison

Calamos Evolving World Growth Fund Class I (CNWIX) has a higher volatility of 11.15% compared to Fidelity Series Emerging Markets Fund (FHKFX) at 10.26%. This indicates that CNWIX's price experiences larger fluctuations and is considered to be riskier than FHKFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CNWIX	FHKFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.15%	10.26%	+0.89%
Volatility (6M) Calculated over the trailing 6-month period	17.00%	14.93%	+2.07%
Volatility (1Y) Calculated over the trailing 1-year period	20.27%	19.51%	+0.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.56%	18.75%	-1.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.08%	19.57%	+4.51%