CSTIX vs. HOBEX

Last updated Aug 4, 2026

CSTIX (Calamos Short-Term Bond Fund) and HOBEX (Holbrook Income Fund) are both Short-Term Bond funds. Over the past 5 years, CSTIX returned 2.48%/yr vs 3.63%/yr for HOBEX. Their 0.41 correlation means their historical movements had little consistent relationship. CSTIX charges 0.40%/yr vs 1.60%/yr for HOBEX.

Performance

CSTIX vs. HOBEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Short-Term Bond Fund (CSTIX) and Holbrook Income Fund (HOBEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CSTIX achieves a 0.41% return, which is significantly lower than HOBEX's 1.98% return.

CSTIX

• 1D: 0.00%
• 1M: -0.32%
• 6M: 0.13%
• YTD: 0.41%
• 1Y: 2.55%
• 3Y*: 4.74%
• 5Y*: 2.48%
• 10Y*: —
• ALL TIME*: 2.86%

HOBEX

• 1D: 0.00%
• 1M: -0.31%
• 6M: 1.52%
• YTD: 1.98%
• 1Y: 4.42%
• 3Y*: 5.83%
• 5Y*: 3.63%
• 10Y*: —
• ALL TIME*: 4.31%

*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)
CSTIX Calamos Short-Term Bond Fund	$0.00	$0.00	$0.00
HOBEX Holbrook Income Fund	$0.00	$0.00	$0.00

CSTIX vs. HOBEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
CSTIX Calamos Short-Term Bond Fund	0.41%	6.11%	4.91%	4.76%	-3.04%	0.13%	4.06%	4.84%	0.62%
HOBEX Holbrook Income Fund	1.98%	7.23%	7.16%	4.74%	-3.42%	6.25%	6.83%	7.30%	-2.20%

Correlation

The correlation between CSTIX and HOBEX is 0.51, 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.	0.51
Correlation (3Y) Balances recent behavior with more history.	0.44
Correlation (5Y) Shows whether the relationship held over a longer period.	0.47
Correlation (All Time) Calculated using the full available price history since Sep 20, 2018	0.42

The correlation between CSTIX and HOBEX has been stable across timeframes, ranging from 0.41 to 0.51 - a consistent structural relationship.

Return for Risk

CSTIX vs. HOBEX — Risk / Return Rank

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

CSTIX

CSTIX Risk / Return Rank: 67
CSTIX Sharpe Ratio Rank: 55
CSTIX Sortino Ratio Rank: 78
CSTIX Omega Ratio Rank: 77
CSTIX Calmar Ratio Rank: 60
CSTIX Martin Ratio Rank: 63

HOBEX

HOBEX Risk / Return Rank: 96
HOBEX Sharpe Ratio Rank: 89
HOBEX Sortino Ratio Rank: 98
HOBEX Omega Ratio Rank: 98
HOBEX Calmar Ratio Rank: 98
HOBEX Martin Ratio Rank: 98

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.

CSTIX vs. HOBEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Short-Term Bond Fund (CSTIX) and Holbrook Income Fund (HOBEX). 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	HOBEX	Difference
Sharpe ratio: Return per unit of total volatility	1.55	2.26	-0.71
Sortino ratio: Return per unit of downside risk	2.74	5.54	-2.80
Omega ratio: Gain probability vs. loss probability	1.36	2.02	-0.66
Calmar ratio: Return relative to maximum drawdown	2.22	7.49	-5.28
Martin ratio: Return relative to average drawdown	8.67	23.83	-15.16

CSTIX vs. HOBEX - Sharpe Ratio Comparison

The current CSTIX Sharpe Ratio is 1.55, which is lower than the HOBEX Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of CSTIX and HOBEX, 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. HOBEX - Drawdown Comparison

The maximum CSTIX drawdown since its inception was -6.03%, smaller than the maximum HOBEX drawdown of -23.58%. Use the drawdown chart below to compare losses from any high point for CSTIX and HOBEX.

Drawdown Indicators

	CSTIX	HOBEX	Difference
Max Drawdown Largest peak-to-trough decline	-6.03%	-23.58%	+17.55%
Max Drawdown (1Y) Largest decline over 1 year	-1.35%	-0.61%	-0.74%
Max Drawdown (3Y) Largest decline over 3 years	-1.35%	-2.74%	+1.39%
Max Drawdown (5Y) Largest decline over 5 years	-6.03%	-4.57%	-1.46%
Current Drawdown Current decline from peak	-0.32%	-0.41%	+0.09%
Average Drawdown Average peak-to-trough decline	-0.88%	-1.05%	+0.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.34%	0.19%	+0.15%

Volatility

CSTIX vs. HOBEX - Volatility Comparison

Calamos Short-Term Bond Fund (CSTIX) has a higher volatility of 0.41% compared to Holbrook Income Fund (HOBEX) at 0.31%. This indicates that CSTIX's price experiences larger fluctuations and is considered to be riskier than HOBEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CSTIX	HOBEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.41%	0.31%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	1.45%	1.30%	+0.15%
Volatility (1Y) Calculated over the trailing 1-year period	1.96%	2.09%	-0.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.28%	2.61%	-0.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.12%	5.68%	-3.56%

CSTIX vs. HOBEX - Expense Ratio Comparison

CSTIX has a 0.40% expense ratio, which is lower than HOBEX's 1.60% expense ratio.

Dividends

CSTIX vs. HOBEX - Dividend Comparison

CSTIX's dividend yield for the trailing twelve months is around 3.80%, less than HOBEX's 5.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CSTIX Calamos Short-Term Bond Fund	3.80%	4.55%	4.46%	3.02%	2.56%	3.37%	3.38%	3.43%	0.72%	0.00%
HOBEX Holbrook Income Fund	5.37%	5.94%	6.58%	5.05%	4.83%	4.00%	5.44%	3.05%	3.84%	1.69%

Frequently Asked Questions

Can I hold both CSTIX and HOBEX in my portfolio?

CSTIX and HOBEX have a correlation of 0.51, 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 HOBEX?

CSTIX has higher volatility (0.41%) compared to HOBEX (0.31%). In terms of maximum drawdown, CSTIX dropped -6.03% vs HOBEX's -23.58%.

Which has better risk-adjusted returns?

HOBEX currently has the higher Sharpe Ratio (2.26 vs 1.55), 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.