CNWIX vs. FQEMX

Last updated Aug 1, 2026

CNWIX (Calamos Evolving World Growth Fund Class I) and FQEMX (Franklin Templeton SMACS: Series EM) are both Emerging Markets Equities funds. Over the past 3 years, CNWIX returned 18.04%/yr vs 36.13%/yr for FQEMX. Their correlation of 0.84 means they have usually moved in the same direction. CNWIX charges 1.05%/yr vs 0.00%/yr for FQEMX.

Performance

CNWIX vs. FQEMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Evolving World Growth Fund Class I (CNWIX) and Franklin Templeton SMACS: Series EM (FQEMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CNWIX achieves a 21.73% return, which is significantly lower than FQEMX's 50.59% return.

CNWIX

• 1D: 3.40%
• 1M: -10.76%
• 6M: 6.84%
• YTD: 21.73%
• 1Y: 32.42%
• 3Y*: 18.04%
• 5Y*: 5.56%
• 10Y*: 9.45%
• ALL TIME*: 6.57%

FQEMX

• 1D: 7.06%
• 1M: -8.87%
• 6M: 28.08%
• YTD: 50.59%
• 1Y: 93.48%
• 3Y*: 36.13%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 18.36%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CNWIX Calamos Evolving World Growth Fund Class I	$0.00	$0.00	$0.00
FQEMX Franklin Templeton SMACS: Series EM	$0.00	$0.00	$0.00

CNWIX vs. FQEMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
CNWIX Calamos Evolving World Growth Fund Class I	21.73%	19.29%	14.99%	6.60%	-24.35%	-6.62%
FQEMX Franklin Templeton SMACS: Series EM	50.59%	55.98%	6.67%	12.18%	-20.68%	0.32%

Correlation

The correlation between CNWIX and FQEMX is 0.90, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.90
Correlation (3Y) Balances recent behavior with more history.	0.84
Correlation (All Time) Calculated using the full available price history since Oct 20, 2021	0.84

The correlation between CNWIX and FQEMX has been stable across timeframes, ranging from 0.84 to 0.90 - a consistent structural relationship.

Return for Risk

CNWIX vs. FQEMX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CNWIX

CNWIX Risk / Return Rank: 32
CNWIX Sharpe Ratio Rank: 32
CNWIX Sortino Ratio Rank: 30
CNWIX Omega Ratio Rank: 37
CNWIX Calmar Ratio Rank: 31
CNWIX Martin Ratio Rank: 32

FQEMX

FQEMX Risk / Return Rank: 87
FQEMX Sharpe Ratio Rank: 92
FQEMX Sortino Ratio Rank: 78
FQEMX Omega Ratio Rank: 86
FQEMX Calmar Ratio Rank: 90
FQEMX Martin Ratio Rank: 90

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CNWIX vs. FQEMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Evolving World Growth Fund Class I (CNWIX) and Franklin Templeton SMACS: Series EM (FQEMX). 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	FQEMX	Difference
Sharpe ratio: Return per unit of total volatility	1.04	2.36	-1.33
Sortino ratio: Return per unit of downside risk	1.46	2.67	-1.21
Omega ratio: Gain probability vs. loss probability	1.21	1.42	-0.21
Calmar ratio: Return relative to maximum drawdown	1.38	3.32	-1.94
Martin ratio: Return relative to average drawdown	4.77	12.24	-7.46

CNWIX vs. FQEMX - Sharpe Ratio Comparison

The current CNWIX Sharpe Ratio is 1.04, which is lower than the FQEMX Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of CNWIX and FQEMX, 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. FQEMX - Drawdown Comparison

The maximum CNWIX drawdown since its inception was -43.57%, which is greater than FQEMX's maximum drawdown of -34.46%. Use the drawdown chart below to compare losses from any high point for CNWIX and FQEMX.

Drawdown Indicators

	CNWIX	FQEMX	Difference
Max Drawdown Largest peak-to-trough decline	-43.57%	-34.46%	-9.11%
Max Drawdown (1Y) Largest decline over 1 year	-22.46%	-26.96%	+4.50%
Max Drawdown (3Y) Largest decline over 3 years	-22.46%	-26.96%	+4.50%
Max Drawdown (5Y) Largest decline over 5 years	-36.91%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-43.57%	—	—
Current Drawdown Current decline from peak	-19.82%	-21.81%	+1.99%
Average Drawdown Average peak-to-trough decline	-16.37%	-10.81%	-5.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.46%	7.26%	-0.80%

Volatility

CNWIX vs. FQEMX - Volatility Comparison

The current volatility for Calamos Evolving World Growth Fund Class I (CNWIX) is 12.13%, while Franklin Templeton SMACS: Series EM (FQEMX) has a volatility of 17.42%. This indicates that CNWIX experiences smaller price fluctuations and is considered to be less risky than FQEMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CNWIX	FQEMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.13%	17.42%	-5.29%
Volatility (6M) Calculated over the trailing 6-month period	27.59%	35.65%	-8.06%
Volatility (1Y) Calculated over the trailing 1-year period	29.78%	37.87%	-8.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.23%	23.92%	-3.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.13%	23.92%	+1.21%

CNWIX vs. FQEMX - Expense Ratio Comparison

CNWIX has a 1.05% expense ratio, which is higher than FQEMX's 0.00% expense ratio.

Dividends

CNWIX vs. FQEMX - Dividend Comparison

CNWIX's dividend yield for the trailing twelve months is around 0.05%, less than FQEMX's 2.11% 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%
FQEMX Franklin Templeton SMACS: Series EM	2.11%	3.18%	3.15%	4.82%	3.93%	0.62%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CNWIX and FQEMX in my portfolio?

CNWIX and FQEMX have a correlation of 0.90, 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 FQEMX?

FQEMX has higher volatility (17.42%) compared to CNWIX (12.13%). In terms of maximum drawdown, CNWIX dropped -43.57% vs FQEMX's -34.46%.

Which has better risk-adjusted returns?

FQEMX currently has the higher Sharpe Ratio (2.36 vs 1.04), 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.