CSQ vs. CMNIX

Last updated Jun 4, 2026

CSQ (Calamos Strategic Total Return Fund) and CMNIX (Calamos Market Neutral Income Fund Institutional Class) are both mutual funds - CSQ is a Diversified Portfolio fund actively managed by Calamos, while CMNIX is a fund fund managed by Calamos. Over the past 10 years, CSQ returned 16.35%/yr vs 4.79%/yr for CMNIX. A 0.62 correlation means they provide meaningful diversification when combined. CSQ charges 2.46%/yr vs 0.90%/yr for CMNIX.

Performance

CSQ vs. CMNIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Strategic Total Return Fund (CSQ) and Calamos Market Neutral Income Fund Institutional Class (CMNIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CSQ achieves a 9.63% return, which is significantly higher than CMNIX's 2.86% return. Over the past 10 years, CSQ has outperformed CMNIX with an annualized return of 16.35%, while CMNIX has yielded a comparatively lower 4.79% annualized return.

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%

CMNIX

• 1D: -0.06%
• 1M: 0.75%
• YTD: 2.86%
• 6M: 3.25%
• 1Y: 6.94%
• 3Y*: 7.18%
• 5Y*: 4.84%
• 10Y*: 4.79%

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

CSQ vs. CMNIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
CMNIX Calamos Market Neutral Income Fund Institutional Class	2.86%	6.89%	7.43%	9.17%	-4.26%	5.02%	5.36%	6.72%	1.79%	4.21%

Correlation

The correlation between CSQ and CMNIX is 0.57, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (10Y) Calculated over the trailing 10-year period	0.66
Correlation (All Time) Calculated using the full available price history since Apr 2, 2004	0.62

The correlation between CSQ and CMNIX shifts across timeframes, from 0.57 (1 year) to 0.71 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

CSQ vs. CMNIX — Risk / Return Rank

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

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

CMNIX

CMNIX Risk / Return Rank: 98
CMNIX Sharpe Ratio Rank: 98
CMNIX Sortino Ratio Rank: 98
CMNIX Omega Ratio Rank: 97
CMNIX Calmar Ratio Rank: 97
CMNIX Martin Ratio Rank: 99

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.

CSQ vs. CMNIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Strategic Total Return Fund (CSQ) and Calamos Market Neutral Income Fund Institutional Class (CMNIX). 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.

	CSQ	CMNIX	Difference
Sharpe ratio: Return per unit of total volatility	1.85	3.91	-2.06
Sortino ratio: Return per unit of downside risk	2.49	6.31	-3.82
Omega ratio: Gain probability vs. loss probability	1.33	2.02	-0.69
Calmar ratio: Return relative to maximum drawdown	1.74	6.99	-5.25
Martin ratio: Return relative to average drawdown	7.53	42.93	-35.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CSQ vs. CMNIX - Sharpe Ratio Comparison

The current CSQ Sharpe Ratio is 1.85, which is lower than the CMNIX Sharpe Ratio of 3.91. The chart below compares the historical Sharpe Ratios of CSQ and CMNIX, 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

	CSQ	CMNIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.85	3.91	-2.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.56	1.40	-0.84
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.71	1.33	-0.61
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.38	+0.05

Drawdowns

CSQ vs. CMNIX - Drawdown Comparison

The maximum CSQ drawdown since its inception was -67.17%, which is greater than CMNIX's maximum drawdown of -35.16%. Use the drawdown chart below to compare losses from any high point for CSQ and CMNIX.

Drawdown Indicators

	CSQ	CMNIX	Difference
Max Drawdown Largest peak-to-trough decline	-67.17%	-35.16%	-32.01%
Max Drawdown (1Y) Largest decline over 1 year	-15.25%	-1.02%	-14.23%
Max Drawdown (3Y) Largest decline over 3 years	-24.18%	-2.77%	-21.41%
Max Drawdown (5Y) Largest decline over 5 years	-33.09%	-7.52%	-25.57%
Max Drawdown (10Y) Largest decline over 10 years	-48.21%	-8.12%	-40.09%
Current Drawdown Current decline from peak	-0.97%	-0.06%	-0.91%
Average Drawdown Average peak-to-trough decline	-9.34%	-7.16%	-2.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.52%	0.17%	+3.35%

Volatility

CSQ vs. CMNIX - Volatility Comparison

Calamos Strategic Total Return Fund (CSQ) has a higher volatility of 4.02% compared to Calamos Market Neutral Income Fund Institutional Class (CMNIX) at 0.33%. This indicates that CSQ's price experiences larger fluctuations and is considered to be riskier than CMNIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CSQ	CMNIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.02%	0.33%	+3.69%
Volatility (6M) Calculated over the trailing 6-month period	11.62%	1.52%	+10.10%
Volatility (1Y) Calculated over the trailing 1-year period	14.37%	1.82%	+12.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.97%	3.47%	+16.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.98%	3.62%	+19.36%

CSQ vs. CMNIX - Expense Ratio Comparison

CSQ has a 2.46% expense ratio, which is higher than CMNIX's 0.90% expense ratio.

Dividends

CSQ vs. CMNIX - Dividend Comparison

CSQ's dividend yield for the trailing twelve months is around 6.48%, more than CMNIX's 1.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CMNIX Calamos Market Neutral Income Fund Institutional Class	1.70%	1.63%	2.00%	5.90%	1.02%	0.46%	0.90%	1.57%	5.02%	2.60%	2.97%	2.42%
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 CSQ and CMNIX in my portfolio?

CSQ and CMNIX have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CSQ or CMNIX?

CSQ has higher volatility (4.02%) compared to CMNIX (0.33%). In terms of maximum drawdown, CSQ dropped -67.17% vs CMNIX's -35.16%.

Which has better risk-adjusted returns?

CMNIX currently has the higher Sharpe Ratio (3.91 vs 1.85), 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.