CSGIX vs. CTSIX

Last updated Jun 23, 2026

CSGIX (Calamos International Small Cap Growth Fund) and CTSIX (Calamos Timpani Small Cap Growth Fund) are both mutual funds - CSGIX is a Foreign Small & Mid Cap Equities fund managed by Calamos, while CTSIX is a Small Cap Growth Equities fund managed by Calamos. Over the past 3 years, CSGIX returned 22.29%/yr vs 34.00%/yr for CTSIX. A 0.68 correlation means they provide meaningful diversification when combined. CSGIX charges 2.67%/yr vs 1.05%/yr for CTSIX.

Performance

CSGIX vs. CTSIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos International Small Cap Growth Fund (CSGIX) and Calamos Timpani Small Cap Growth Fund (CTSIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CSGIX achieves a 32.95% return, which is significantly lower than CTSIX's 36.73% return.

CSGIX

• 1D: 1.56%
• 1M: -0.66%
• YTD: 32.95%
• 6M: 34.02%
• 1Y: 33.65%
• 3Y*: 22.29%
• 5Y*: —
• 10Y*: —

CTSIX

• 1D: 3.44%
• 1M: 5.72%
• YTD: 36.73%
• 6M: 32.94%
• 1Y: 69.70%
• 3Y*: 34.00%
• 5Y*: 10.85%
• 10Y*: —

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

CSGIX vs. CTSIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
CSGIX Calamos International Small Cap Growth Fund	32.95%	15.11%	10.21%	13.62%	-20.14%
CTSIX Calamos Timpani Small Cap Growth Fund	36.73%	25.90%	44.34%	7.57%	-24.75%

Correlation

The correlation between CSGIX and CTSIX is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (All Time) Calculated using the full available price history since Mar 31, 2022	0.68

The correlation between CSGIX and CTSIX has been stable across timeframes, ranging from 0.64 to 0.68 - a consistent structural relationship.

Return for Risk

CSGIX vs. CTSIX — Risk / Return Rank

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

CSGIX

CSGIX Risk / Return Rank: 35
CSGIX Sharpe Ratio Rank: 35
CSGIX Sortino Ratio Rank: 32
CSGIX Omega Ratio Rank: 35
CSGIX Calmar Ratio Rank: 44
CSGIX Martin Ratio Rank: 28

CTSIX

CTSIX Risk / Return Rank: 77
CTSIX Sharpe Ratio Rank: 77
CTSIX Sortino Ratio Rank: 59
CTSIX Omega Ratio Rank: 57
CTSIX Calmar Ratio Rank: 96
CTSIX Martin Ratio Rank: 96

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.

CSGIX vs. CTSIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos International Small Cap Growth Fund (CSGIX) and Calamos Timpani Small Cap Growth Fund (CTSIX). 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.

	CSGIX	CTSIX	Difference
Sharpe ratio: Return per unit of total volatility	1.58	2.36	-0.77
Sortino ratio: Return per unit of downside risk	2.18	2.96	-0.78
Omega ratio: Gain probability vs. loss probability	1.29	1.38	-0.09
Calmar ratio: Return relative to maximum drawdown	2.39	5.58	-3.19
Martin ratio: Return relative to average drawdown	6.16	22.02	-15.86

CSGIX vs. CTSIX - Sharpe Ratio Comparison

The current CSGIX Sharpe Ratio is 1.58, which is lower than the CTSIX Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of CSGIX and CTSIX, 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

CSGIX vs. CTSIX - Drawdown Comparison

The maximum CSGIX drawdown since its inception was -26.50%, smaller than the maximum CTSIX drawdown of -50.83%. Use the drawdown chart below to compare losses from any high point for CSGIX and CTSIX.

Drawdown Indicators

	CSGIX	CTSIX	Difference
Max Drawdown Largest peak-to-trough decline	-26.50%	-50.83%	+24.33%
Max Drawdown (1Y) Largest decline over 1 year	-13.68%	-12.38%	-1.30%
Max Drawdown (3Y) Largest decline over 3 years	-20.13%	-28.40%	+8.27%
Max Drawdown (5Y) Largest decline over 5 years	—	-50.60%	—
Current Drawdown Current decline from peak	-4.03%	0.00%	-4.03%
Average Drawdown Average peak-to-trough decline	-10.20%	-20.51%	+10.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.31%	3.13%	+2.18%

Volatility

CSGIX vs. CTSIX - Volatility Comparison

The current volatility for Calamos International Small Cap Growth Fund (CSGIX) is 9.26%, while Calamos Timpani Small Cap Growth Fund (CTSIX) has a volatility of 11.81%. This indicates that CSGIX experiences smaller price fluctuations and is considered to be less risky than CTSIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CSGIX	CTSIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.26%	11.81%	-2.55%
Volatility (6M) Calculated over the trailing 6-month period	18.20%	23.25%	-5.05%
Volatility (1Y) Calculated over the trailing 1-year period	20.71%	29.34%	-8.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.93%	28.34%	-10.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.93%	29.93%	-12.00%

CSGIX vs. CTSIX - Expense Ratio Comparison

CSGIX has a 2.67% expense ratio, which is higher than CTSIX's 1.05% expense ratio.

Dividends

CSGIX vs. CTSIX - Dividend Comparison

CSGIX's dividend yield for the trailing twelve months is around 0.92%, while CTSIX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
CSGIX Calamos International Small Cap Growth Fund	0.92%	1.22%	0.00%	0.00%	0.71%	0.00%	0.00%	0.00%
CTSIX Calamos Timpani Small Cap Growth Fund	0.00%	0.00%	2.58%	0.00%	0.00%	0.00%	3.77%	4.95%

Frequently Asked Questions

Can I hold both CSGIX and CTSIX in my portfolio?

CSGIX and CTSIX have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CSGIX or CTSIX?

CTSIX has higher volatility (11.81%) compared to CSGIX (9.26%). In terms of maximum drawdown, CSGIX dropped -26.50% vs CTSIX's -50.83%.

Which has better risk-adjusted returns?

CTSIX currently has the higher Sharpe Ratio (2.35 vs 1.58), 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.