CSTIX vs. CMNIX

Last updated Jun 23, 2026

CSTIX (Calamos Short-Term Bond Fund) and CMNIX (Calamos Market Neutral Income Fund Institutional Class) are both mutual funds - CSTIX is a Short-Term Bond fund managed by Calamos, while CMNIX is a fund fund managed by Calamos. Over the past 5 years, CSTIX returned 2.53%/yr vs 4.87%/yr for CMNIX. At a 0.13 correlation, their price movements are largely independent. CSTIX charges 0.40%/yr vs 0.90%/yr for CMNIX.

Performance

CSTIX vs. CMNIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Short-Term Bond Fund (CSTIX) 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, CSTIX achieves a 0.24% return, which is significantly lower than CMNIX's 2.83% return.

CSTIX

• 1D: 0.00%
• 1M: 0.27%
• YTD: 0.24%
• 6M: 0.62%
• 1Y: 3.72%
• 3Y*: 4.88%
• 5Y*: 2.53%
• 10Y*: —

CMNIX

• 1D: 0.00%
• 1M: 0.16%
• YTD: 2.83%
• 6M: 2.97%
• 1Y: 6.78%
• 3Y*: 6.95%
• 5Y*: 4.87%
• 10Y*: 4.80%

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

CSTIX vs. CMNIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
CSTIX Calamos Short-Term Bond Fund	0.24%	6.11%	4.91%	4.76%	-3.04%	0.13%	4.06%	4.84%	0.62%
CMNIX Calamos Market Neutral Income Fund Institutional Class	2.83%	6.89%	7.43%	9.17%	-4.26%	5.02%	5.36%	6.72%	-1.60%

Correlation

The correlation between CSTIX and CMNIX is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (5Y) Calculated over the trailing 5-year period	0.17
Correlation (All Time) Calculated using the full available price history since Sep 20, 2018	0.13

Return for Risk

CSTIX vs. CMNIX — Risk / Return Rank

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

CSTIX

CSTIX Risk / Return Rank: 63
CSTIX Sharpe Ratio Rank: 47
CSTIX Sortino Ratio Rank: 78
CSTIX Omega Ratio Rank: 73
CSTIX Calmar Ratio Rank: 57
CSTIX Martin Ratio Rank: 58

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.

CSTIX vs. CMNIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Short-Term Bond Fund (CSTIX) 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.

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.

	CSTIX	CMNIX	Difference
Sharpe ratio: Return per unit of total volatility	1.86	3.75	-1.90
Sortino ratio: Return per unit of downside risk	3.41	6.08	-2.67
Omega ratio: Gain probability vs. loss probability	1.43	1.97	-0.54
Calmar ratio: Return relative to maximum drawdown	2.77	6.76	-3.99
Martin ratio: Return relative to average drawdown	10.92	40.98	-30.06

CSTIX vs. CMNIX - Sharpe Ratio Comparison

The current CSTIX Sharpe Ratio is 1.86, which is lower than the CMNIX Sharpe Ratio of 3.75. The chart below compares the historical Sharpe Ratios of CSTIX 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.

Drawdowns

CSTIX vs. CMNIX - Drawdown Comparison

The maximum CSTIX drawdown since its inception was -6.03%, smaller than the maximum CMNIX drawdown of -35.16%. Use the drawdown chart below to compare losses from any high point for CSTIX and CMNIX.

Drawdown Indicators

	CSTIX	CMNIX	Difference
Max Drawdown Largest peak-to-trough decline	-6.03%	-35.16%	+29.13%
Max Drawdown (1Y) Largest decline over 1 year	-1.35%	-1.02%	-0.33%
Max Drawdown (3Y) Largest decline over 3 years	-1.35%	-2.77%	+1.42%
Max Drawdown (5Y) Largest decline over 5 years	-6.03%	-7.52%	+1.49%
Max Drawdown (10Y) Largest decline over 10 years	—	-8.12%	—
Current Drawdown Current decline from peak	-0.34%	-0.12%	-0.22%
Average Drawdown Average peak-to-trough decline	-0.89%	-7.14%	+6.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.34%	0.17%	+0.17%

Volatility

CSTIX vs. CMNIX - Volatility Comparison

Calamos Short-Term Bond Fund (CSTIX) has a higher volatility of 0.66% compared to Calamos Market Neutral Income Fund Institutional Class (CMNIX) at 0.39%. This indicates that CSTIX'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

	CSTIX	CMNIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.66%	0.39%	+0.27%
Volatility (6M) Calculated over the trailing 6-month period	1.42%	1.55%	-0.13%
Volatility (1Y) Calculated over the trailing 1-year period	2.01%	1.83%	+0.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.28%	3.47%	-1.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.13%	3.62%	-1.49%

CSTIX vs. CMNIX - Expense Ratio Comparison

CSTIX has a 0.40% expense ratio, which is lower than CMNIX's 0.90% expense ratio.

Dividends

CSTIX vs. CMNIX - Dividend Comparison

CSTIX's dividend yield for the trailing twelve months is around 4.20%, more than CMNIX's 1.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CMNIX Calamos Market Neutral Income Fund Institutional Class	1.69%	1.63%	2.00%	5.90%	1.02%	0.46%	0.90%	1.57%	5.02%	2.60%	2.97%	2.42%
CSTIX Calamos Short-Term Bond Fund	4.20%	4.55%	4.46%	3.02%	2.56%	3.37%	3.38%	3.43%	0.72%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CSTIX and CMNIX in my portfolio?

CSTIX and CMNIX have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CSTIX or CMNIX?

CSTIX has higher volatility (0.66%) compared to CMNIX (0.39%). In terms of maximum drawdown, CSTIX dropped -6.03% vs CMNIX's -35.16%.

Which has better risk-adjusted returns?

CMNIX currently has the higher Sharpe Ratio (3.75 vs 1.86), 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.