CTIGX vs. CMNIX

Last updated Aug 1, 2026

CTIGX (Calamos Timpani SMID Growth Fund) and CMNIX (Calamos Market Neutral Income Fund Institutional Class) are both mutual funds - CTIGX is a Mid Cap Growth Equities fund managed by Calamos, while CMNIX is a fund fund managed by Calamos. Over the past 5 years, CTIGX returned 7.68%/yr vs 4.85%/yr for CMNIX. Their 0.59 correlation means they have sometimes moved together and sometimes differently. CTIGX charges 1.10%/yr vs 0.90%/yr for CMNIX.

Performance

CTIGX vs. CMNIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Timpani SMID Growth Fund (CTIGX) 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, CTIGX achieves a 13.72% return, which is significantly higher than CMNIX's 3.54% return.

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%

CMNIX

• 1D: 0.06%
• 1M: 0.19%
• 6M: 2.82%
• YTD: 3.54%
• 1Y: 6.47%
• 3Y*: 6.82%
• 5Y*: 4.85%
• 10Y*: 4.71%
• ALL TIME*: 2.08%

*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)
CMNIX Calamos Market Neutral Income Fund Institutional Class	$0.00	$0.00	$0.00
CTIGX Calamos Timpani SMID Growth Fund	$0.00	$0.00	$0.00

CTIGX vs. CMNIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
CTIGX Calamos Timpani SMID Growth Fund	13.72%	21.21%	44.09%	12.26%	-34.88%	7.64%	58.94%	-3.80%
CMNIX Calamos Market Neutral Income Fund Institutional Class	3.54%	6.89%	7.43%	9.17%	-4.26%	5.02%	5.36%	1.66%

Correlation

The correlation between CTIGX and CMNIX is 0.40, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.40
Correlation (3Y) Balances recent behavior with more history.	0.45
Correlation (5Y) Shows whether the relationship held over a longer period.	0.59
Correlation (All Time) Calculated using the full available price history since Jul 31, 2019	0.59

The correlation between CTIGX and CMNIX shifts across timeframes, from 0.40 (1 year) to 0.59 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

CTIGX vs. CMNIX — Risk / Return Rank

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

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

CMNIX

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

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.

CTIGX vs. CMNIX - Risk-Adjusted Trends Comparison

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

	CTIGX	CMNIX	Difference
Sharpe ratio: Return per unit of total volatility	1.10	3.67	-2.58
Sortino ratio: Return per unit of downside risk	1.61	6.04	-4.44
Omega ratio: Gain probability vs. loss probability	1.20	1.92	-0.72
Calmar ratio: Return relative to maximum drawdown	1.90	6.66	-4.76
Martin ratio: Return relative to average drawdown	7.98	39.29	-31.31

CTIGX vs. CMNIX - Sharpe Ratio Comparison

The current CTIGX Sharpe Ratio is 1.10, which is lower than the CMNIX Sharpe Ratio of 3.67. The chart below compares the historical Sharpe Ratios of CTIGX 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

CTIGX vs. CMNIX - Drawdown Comparison

The maximum CTIGX drawdown since its inception was -46.26%, which is greater than CMNIX's maximum drawdown of -35.16%. Use the drawdown chart below to compare losses from any high point for CTIGX and CMNIX.

Drawdown Indicators

	CTIGX	CMNIX	Difference
Max Drawdown Largest peak-to-trough decline	-46.26%	-35.16%	-11.10%
Max Drawdown (1Y) Largest decline over 1 year	-16.83%	-1.02%	-15.81%
Max Drawdown (3Y) Largest decline over 3 years	-29.30%	-2.77%	-26.53%
Max Drawdown (5Y) Largest decline over 5 years	-46.26%	-7.52%	-38.74%
Max Drawdown (10Y) Largest decline over 10 years	—	-8.12%	—
Current Drawdown Current decline from peak	-13.83%	-0.12%	-13.71%
Average Drawdown Average peak-to-trough decline	-18.30%	-7.11%	-11.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.00%	0.17%	+3.83%

Volatility

CTIGX vs. CMNIX - Volatility Comparison

Calamos Timpani SMID Growth Fund (CTIGX) has a higher volatility of 9.62% compared to Calamos Market Neutral Income Fund Institutional Class (CMNIX) at 0.41%. This indicates that CTIGX'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

	CTIGX	CMNIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.62%	0.41%	+9.21%
Volatility (6M) Calculated over the trailing 6-month period	23.84%	1.49%	+22.35%
Volatility (1Y) Calculated over the trailing 1-year period	29.20%	1.88%	+27.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.53%	3.46%	+24.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.28%	3.61%	+25.67%

CTIGX vs. CMNIX - Expense Ratio Comparison

CTIGX has a 1.10% expense ratio, which is higher than CMNIX's 0.90% expense ratio.

Dividends

CTIGX vs. CMNIX - Dividend Comparison

CTIGX's dividend yield for the trailing twelve months is around 4.03%, more than CMNIX's 1.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CMNIX Calamos Market Neutral Income Fund Institutional Class	1.68%	1.63%	2.00%	5.90%	1.02%	0.46%	0.90%	1.57%	5.02%	2.60%	2.97%	2.42%
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 CTIGX and CMNIX in my portfolio?

CTIGX and CMNIX have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CTIGX or CMNIX?

CTIGX has higher volatility (9.62%) compared to CMNIX (0.41%). In terms of maximum drawdown, CTIGX dropped -46.26% vs CMNIX's -35.16%.

Which has better risk-adjusted returns?

CMNIX currently has the higher Sharpe Ratio (3.67 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.