CPLIX vs. CSQ

Last updated Jun 4, 2026

CPLIX (Calamos Phineus Long/Short Fund) and CSQ (Calamos Strategic Total Return Fund) are both mutual funds - CPLIX is a Long-Short fund managed by Calamos, while CSQ is a Diversified Portfolio fund actively managed by Calamos. Over the past 10 years, CPLIX returned 7.02%/yr vs 16.35%/yr for CSQ. At a 0.45 correlation, their price movements are largely independent. CPLIX charges 1.38%/yr vs 2.46%/yr for CSQ.

Performance

CPLIX vs. CSQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Phineus Long/Short Fund (CPLIX) and Calamos Strategic Total Return Fund (CSQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPLIX achieves a -0.36% return, which is significantly lower than CSQ's 9.63% return. Over the past 10 years, CPLIX has underperformed CSQ with an annualized return of 7.02%, while CSQ has yielded a comparatively higher 16.35% annualized return.

CPLIX

• 1D: -0.83%
• 1M: 1.51%
• YTD: -0.36%
• 6M: 0.44%
• 1Y: 2.65%
• 3Y*: 7.17%
• 5Y*: 3.23%
• 10Y*: 7.02%

CSQ

• 1D: -0.97%
• 1M: 5.33%
• YTD: 9.63%
• 6M: 11.37%
• 1Y: 26.44%
• 3Y*: 22.32%
• 5Y*: 11.13%
• 10Y*: 16.35%

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

CPLIX vs. CSQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CPLIX Calamos Phineus Long/Short Fund	-0.36%	9.89%	8.89%	8.04%	-0.96%	7.52%	19.81%	3.97%	-5.96%	9.22%
CSQ Calamos Strategic Total Return Fund	9.63%	16.25%	28.11%	20.80%	-24.26%	30.77%	26.22%	38.62%	-4.89%	27.98%

Correlation

The correlation between CPLIX and CSQ is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (10Y) Calculated over the trailing 10-year period	0.45
Correlation (All Time) Calculated using the full available price history since Apr 6, 2016	0.45

The correlation between CPLIX and CSQ shifts across timeframes, from 0.33 (3 years) to 0.50 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

CPLIX vs. CSQ — Risk / Return Rank

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

CPLIX

CPLIX Risk / Return Rank: 5
CPLIX Sharpe Ratio Rank: 5
CPLIX Sortino Ratio Rank: 5
CPLIX Omega Ratio Rank: 5
CPLIX Calmar Ratio Rank: 5
CPLIX Martin Ratio Rank: 4

CSQ

CSQ Risk / Return Rank: 34
CSQ Sharpe Ratio Rank: 40
CSQ Sortino Ratio Rank: 36
CSQ Omega Ratio Rank: 39
CSQ Calmar Ratio Rank: 22
CSQ Martin Ratio Rank: 33

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.

CPLIX vs. CSQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Phineus Long/Short Fund (CPLIX) and Calamos Strategic Total Return Fund (CSQ). 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.

	CPLIX	CSQ	Difference
Sharpe ratio: Return per unit of total volatility	0.37	1.85	-1.48
Sortino ratio: Return per unit of downside risk	0.63	2.49	-1.87
Omega ratio: Gain probability vs. loss probability	1.07	1.33	-0.26
Calmar ratio: Return relative to maximum drawdown	0.37	1.74	-1.37
Martin ratio: Return relative to average drawdown	0.92	7.53	-6.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CPLIX vs. CSQ - Sharpe Ratio Comparison

The current CPLIX Sharpe Ratio is 0.37, which is lower than the CSQ Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of CPLIX and CSQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CPLIX	CSQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.37	1.85	-1.48
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.26	0.56	-0.30
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	0.71	-0.25
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.43	+0.06

Drawdowns

CPLIX vs. CSQ - Drawdown Comparison

The maximum CPLIX drawdown since its inception was -33.71%, smaller than the maximum CSQ drawdown of -67.17%. Use the drawdown chart below to compare losses from any high point for CPLIX and CSQ.

Drawdown Indicators

	CPLIX	CSQ	Difference
Max Drawdown Largest peak-to-trough decline	-33.71%	-67.17%	+33.46%
Max Drawdown (1Y) Largest decline over 1 year	-8.73%	-15.25%	+6.52%
Max Drawdown (3Y) Largest decline over 3 years	-8.73%	-24.18%	+15.45%
Max Drawdown (5Y) Largest decline over 5 years	-18.28%	-33.09%	+14.81%
Max Drawdown (10Y) Largest decline over 10 years	-33.71%	-48.21%	+14.50%
Current Drawdown Current decline from peak	-4.71%	-0.97%	-3.74%
Average Drawdown Average peak-to-trough decline	-4.70%	-9.34%	+4.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.56%	3.52%	+0.04%

Volatility

CPLIX vs. CSQ - Volatility Comparison

Calamos Phineus Long/Short Fund (CPLIX) and Calamos Strategic Total Return Fund (CSQ) have volatilities of 3.83% and 4.02%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPLIX	CSQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.83%	4.02%	-0.19%
Volatility (6M) Calculated over the trailing 6-month period	7.88%	11.62%	-3.74%
Volatility (1Y) Calculated over the trailing 1-year period	8.81%	14.37%	-5.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.36%	19.97%	-7.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.27%	22.98%	-7.71%

CPLIX vs. CSQ - Expense Ratio Comparison

CPLIX has a 1.38% expense ratio, which is lower than CSQ's 2.46% expense ratio.

Dividends

CPLIX vs. CSQ - Dividend Comparison

CPLIX's dividend yield for the trailing twelve months is around 5.54%, less than CSQ's 6.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CPLIX Calamos Phineus Long/Short Fund	5.54%	5.52%	6.90%	1.86%	0.03%	0.00%	0.00%	0.43%	3.88%	1.21%	0.85%	0.00%
CSQ Calamos Strategic Total Return Fund	6.48%	6.51%	6.95%	8.27%	9.17%	6.38%	7.03%	7.14%	9.35%	8.20%	9.64%	10.00%

Frequently Asked Questions

Can I hold both CPLIX and CSQ in my portfolio?

CPLIX and CSQ have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CPLIX or CSQ?

CSQ has higher volatility (4.02%) compared to CPLIX (3.83%). In terms of maximum drawdown, CPLIX dropped -33.71% vs CSQ's -67.17%.

Which has better risk-adjusted returns?

CSQ currently has the higher Sharpe Ratio (1.85 vs 0.37), 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.