CNWIX vs. JEMSX

Last updated Aug 1, 2026

CNWIX (Calamos Evolving World Growth Fund Class I) and JEMSX (JPMorgan Emerging Markets Equity Fund Class I) are both Emerging Markets Equities funds. Over the past 10 years, CNWIX returned 9.45%/yr vs 9.80%/yr for JEMSX. Their correlation of 0.92 means they have usually moved in the same direction. CNWIX charges 1.05%/yr vs 0.99%/yr for JEMSX.

Performance

CNWIX vs. JEMSX - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with CNWIX having a 21.73% return and JEMSX slightly lower at 20.99%. Both investments have delivered pretty close results over the past 10 years, with CNWIX having a 9.45% annualized return and JEMSX not far ahead at 9.80%.

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%

JEMSX

• 1D: 4.24%
• 1M: -4.53%
• 6M: 9.76%
• YTD: 20.99%
• 1Y: 45.52%
• 3Y*: 19.45%
• 5Y*: 5.56%
• 10Y*: 9.80%
• ALL TIME*: 5.92%

*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
JEMSX JPMorgan Emerging Markets Equity Fund Class I	$0.00	$0.00	$0.00

CNWIX vs. JEMSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CNWIX Calamos Evolving World Growth Fund Class I	21.73%	19.29%	14.99%	6.60%	-24.35%	-4.70%	54.23%	20.76%	-17.74%	36.97%
JEMSX JPMorgan Emerging Markets Equity Fund Class I	20.99%	40.13%	3.39%	7.21%	-25.77%	-10.36%	34.73%	31.96%	-16.02%	42.49%

Correlation

The correlation between CNWIX and JEMSX is 0.95, 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.	0.95
Correlation (3Y) Balances recent behavior with more history.	0.91
Correlation (5Y) Shows whether the relationship held over a longer period.	0.92
Correlation (10Y) Provides a long-term view across more market conditions.	0.93
Correlation (All Time) Calculated using the full available price history since Aug 18, 2008	0.92

The correlation between CNWIX and JEMSX has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.

Return for Risk

CNWIX vs. JEMSX — 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

JEMSX

JEMSX Risk / Return Rank: 76
JEMSX Sharpe Ratio Rank: 75
JEMSX Sortino Ratio Rank: 65
JEMSX Omega Ratio Rank: 73
JEMSX Calmar Ratio Rank: 85
JEMSX Martin Ratio Rank: 83

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. JEMSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Evolving World Growth Fund Class I (CNWIX) and JPMorgan Emerging Markets Equity Fund Class I (JEMSX). 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	JEMSX	Difference
Sharpe ratio: Return per unit of total volatility	1.04	1.74	-0.70
Sortino ratio: Return per unit of downside risk	1.46	2.23	-0.77
Omega ratio: Gain probability vs. loss probability	1.21	1.32	-0.11
Calmar ratio: Return relative to maximum drawdown	1.38	2.90	-1.52
Martin ratio: Return relative to average drawdown	4.77	10.28	-5.51

CNWIX vs. JEMSX - Sharpe Ratio Comparison

The current CNWIX Sharpe Ratio is 1.04, which is lower than the JEMSX Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of CNWIX and JEMSX, 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. JEMSX - Drawdown Comparison

The maximum CNWIX drawdown since its inception was -43.57%, smaller than the maximum JEMSX drawdown of -62.07%. Use the drawdown chart below to compare losses from any high point for CNWIX and JEMSX.

Drawdown Indicators

	CNWIX	JEMSX	Difference
Max Drawdown Largest peak-to-trough decline	-43.57%	-62.07%	+18.50%
Max Drawdown (1Y) Largest decline over 1 year	-22.46%	-14.85%	-7.61%
Max Drawdown (3Y) Largest decline over 3 years	-22.46%	-15.10%	-7.36%
Max Drawdown (5Y) Largest decline over 5 years	-36.91%	-43.40%	+6.49%
Max Drawdown (10Y) Largest decline over 10 years	-43.57%	-49.59%	+6.02%
Current Drawdown Current decline from peak	-19.82%	-11.24%	-8.58%
Average Drawdown Average peak-to-trough decline	-16.37%	-21.61%	+5.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.46%	4.18%	+2.28%

Volatility

CNWIX vs. JEMSX - Volatility Comparison

Calamos Evolving World Growth Fund Class I (CNWIX) has a higher volatility of 12.13% compared to JPMorgan Emerging Markets Equity Fund Class I (JEMSX) at 10.61%. This indicates that CNWIX's price experiences larger fluctuations and is considered to be riskier than JEMSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CNWIX	JEMSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.13%	10.61%	+1.52%
Volatility (6M) Calculated over the trailing 6-month period	27.59%	22.38%	+5.21%
Volatility (1Y) Calculated over the trailing 1-year period	29.78%	24.77%	+5.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.23%	20.23%	0.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.13%	19.91%	+5.22%

CNWIX vs. JEMSX - Expense Ratio Comparison

CNWIX has a 1.05% expense ratio, which is higher than JEMSX's 0.99% expense ratio.

Dividends

CNWIX vs. JEMSX - Dividend Comparison

CNWIX's dividend yield for the trailing twelve months is around 0.05%, less than JEMSX's 1.04% 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%
JEMSX JPMorgan Emerging Markets Equity Fund Class I	1.04%	1.26%	1.41%	1.45%	0.37%	3.80%	0.09%	0.76%	0.87%	0.39%	0.66%	0.67%

Frequently Asked Questions

Can I hold both CNWIX and JEMSX in my portfolio?

With a correlation of 0.95, CNWIX and JEMSX 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 JEMSX?

CNWIX has higher volatility (12.13%) compared to JEMSX (10.61%). In terms of maximum drawdown, CNWIX dropped -43.57% vs JEMSX's -62.07%.

Which has better risk-adjusted returns?

JEMSX currently has the higher Sharpe Ratio (1.74 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.