CSQ vs. CTIGX

Last updated Aug 1, 2026

CSQ (Calamos Strategic Total Return Fund) and CTIGX (Calamos Timpani SMID Growth Fund) are both mutual funds - CSQ is a Diversified Portfolio fund actively managed by Calamos, while CTIGX is a Mid Cap Growth Equities fund managed by Calamos. Over the past 5 years, CSQ returned 10.05%/yr vs 7.68%/yr for CTIGX. Their 0.72 correlation means they have sometimes moved together and sometimes differently. CSQ charges 2.46%/yr vs 1.10%/yr for CTIGX.

Performance

CSQ vs. CTIGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Strategic Total Return Fund (CSQ) and Calamos Timpani SMID Growth Fund (CTIGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CSQ achieves a 9.03% return, which is significantly lower than CTIGX's 13.72% return.

CSQ

• 1D: 0.70%
• 1M: -1.20%
• 6M: 8.41%
• YTD: 9.03%
• 1Y: 20.12%
• 3Y*: 18.14%
• 5Y*: 10.05%
• 10Y*: 15.65%
• ALL TIME*: 10.08%

CTIGX

• 1D: 3.61%
• 1M: -9.09%
• 6M: 13.72%
• YTD: 13.72%
• 1Y: 33.66%
• 3Y*: 25.27%
• 5Y*: 7.68%
• 10Y*: —
• ALL TIME*: 13.26%

*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)
CSQ Calamos Strategic Total Return Fund	$4.78M	$4.12M	$4.36M
CTIGX Calamos Timpani SMID Growth Fund	$0.00	$0.00	$0.00

CSQ vs. CTIGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
CSQ Calamos Strategic Total Return Fund	9.03%	16.25%	28.11%	20.80%	-24.26%	30.77%	26.22%	7.60%
CTIGX Calamos Timpani SMID Growth Fund	13.72%	21.21%	44.09%	12.26%	-34.88%	7.64%	58.94%	-3.80%

Correlation

The correlation between CSQ and CTIGX is 0.72, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.72
Correlation (3Y) Balances recent behavior with more history.	0.71
Correlation (5Y) Shows whether the relationship held over a longer period.	0.74
Correlation (All Time) Calculated using the full available price history since Jul 31, 2019	0.72

The correlation between CSQ and CTIGX has been stable across timeframes, ranging from 0.71 to 0.74 - a consistent structural relationship.

Return for Risk

CSQ vs. CTIGX — Risk / Return Rank

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

CSQ

CSQ Risk / Return Rank: 34
CSQ Sharpe Ratio Rank: 38
CSQ Sortino Ratio Rank: 36
CSQ Omega Ratio Rank: 36
CSQ Calmar Ratio Rank: 27
CSQ Martin Ratio Rank: 35

CTIGX

CTIGX Risk / Return Rank: 43
CTIGX Sharpe Ratio Rank: 35
CTIGX Sortino Ratio Rank: 35
CTIGX Omega Ratio Rank: 33
CTIGX Calmar Ratio Rank: 52
CTIGX Martin Ratio Rank: 62

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.

CSQ vs. CTIGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Strategic Total Return Fund (CSQ) and Calamos Timpani SMID Growth Fund (CTIGX). 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.

	CSQ	CTIGX	Difference
Sharpe ratio: Return per unit of total volatility	1.13	1.10	+0.04
Sortino ratio: Return per unit of downside risk	1.61	1.61	0.00
Omega ratio: Gain probability vs. loss probability	1.20	1.20	0.00
Calmar ratio: Return relative to maximum drawdown	1.19	1.90	-0.72
Martin ratio: Return relative to average drawdown	4.98	7.98	-3.00

CSQ vs. CTIGX - Sharpe Ratio Comparison

The current CSQ Sharpe Ratio is 1.13, which is comparable to the CTIGX Sharpe Ratio of 1.10. The chart below compares the historical Sharpe Ratios of CSQ and CTIGX, 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

CSQ vs. CTIGX - Drawdown Comparison

The maximum CSQ drawdown since its inception was -67.17%, which is greater than CTIGX's maximum drawdown of -46.26%. Use the drawdown chart below to compare losses from any high point for CSQ and CTIGX.

Drawdown Indicators

	CSQ	CTIGX	Difference
Max Drawdown Largest peak-to-trough decline	-67.17%	-46.26%	-20.91%
Max Drawdown (1Y) Largest decline over 1 year	-15.25%	-16.83%	+1.58%
Max Drawdown (3Y) Largest decline over 3 years	-24.18%	-29.30%	+5.12%
Max Drawdown (5Y) Largest decline over 5 years	-33.09%	-46.26%	+13.17%
Max Drawdown (10Y) Largest decline over 10 years	-48.21%	—	—
Current Drawdown Current decline from peak	-2.56%	-13.83%	+11.27%
Average Drawdown Average peak-to-trough decline	-9.28%	-18.30%	+9.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.63%	4.00%	-0.37%

Volatility

CSQ vs. CTIGX - Volatility Comparison

The current volatility for Calamos Strategic Total Return Fund (CSQ) is 5.14%, while Calamos Timpani SMID Growth Fund (CTIGX) has a volatility of 9.62%. This indicates that CSQ experiences smaller price fluctuations and is considered to be less risky than CTIGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CSQ	CTIGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.14%	9.62%	-4.48%
Volatility (6M) Calculated over the trailing 6-month period	13.19%	23.84%	-10.65%
Volatility (1Y) Calculated over the trailing 1-year period	15.96%	29.20%	-13.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.20%	27.53%	-7.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.04%	29.28%	-6.24%

CSQ vs. CTIGX - Expense Ratio Comparison

CSQ has a 2.46% expense ratio, which is higher than CTIGX's 1.10% expense ratio.

Dividends

CSQ vs. CTIGX - Dividend Comparison

CSQ's dividend yield for the trailing twelve months is around 6.87%, more than CTIGX's 4.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSQ Calamos Strategic Total Return Fund	6.87%	6.51%	6.95%	8.27%	9.17%	6.38%	7.03%	7.14%	9.35%	8.20%	9.64%	10.00%
CTIGX Calamos Timpani SMID Growth Fund	4.03%	4.59%	2.80%	0.00%	0.00%	11.76%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CSQ and CTIGX in my portfolio?

CSQ and CTIGX have a correlation of 0.72, 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 CTIGX?

CTIGX has higher volatility (9.62%) compared to CSQ (5.14%). In terms of maximum drawdown, CSQ dropped -67.17% vs CTIGX's -46.26%.

Which has better risk-adjusted returns?

CSQ currently has the higher Sharpe Ratio (1.13 vs 1.10), 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.