CVAAX vs. CHY

Last updated Jun 23, 2026

CVAAX (Calamos Select Fund) and CHY (Calamos Convertible and High Income Closed Fund) are both mutual funds - CVAAX is a Large Cap Blend Equities fund managed by Calamos, while CHY is a Convertible Bonds fund actively managed by Calamos. Over the past 10 years, CVAAX returned 12.85%/yr vs 13.02%/yr for CHY. At a 0.49 correlation, their price movements are largely independent. CVAAX charges 1.15%/yr vs 2.64%/yr for CHY.

Performance

CVAAX vs. CHY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Select Fund (CVAAX) and Calamos Convertible and High Income Closed Fund (CHY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CVAAX achieves a 5.05% return, which is significantly lower than CHY's 22.15% return. Both investments have delivered pretty close results over the past 10 years, with CVAAX having a 12.85% annualized return and CHY not far ahead at 13.02%.

CVAAX

• 1D: 1.16%
• 1M: 0.83%
• YTD: 5.05%
• 6M: 4.96%
• 1Y: 18.33%
• 3Y*: 17.95%
• 5Y*: 11.61%
• 10Y*: 12.85%

CHY

• 1D: -1.49%
• 1M: 3.44%
• YTD: 22.15%
• 6M: 18.49%
• 1Y: 38.80%
• 3Y*: 18.86%
• 5Y*: 6.07%
• 10Y*: 13.02%

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

CVAAX vs. CHY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CVAAX Calamos Select Fund	5.05%	15.03%	24.08%	26.48%	-18.83%	24.78%	16.33%	25.89%	-6.97%	16.75%
CHY Calamos Convertible and High Income Closed Fund	22.15%	3.97%	17.24%	20.78%	-28.05%	22.17%	36.75%	32.63%	-12.60%	24.44%

Correlation

The correlation between CVAAX and CHY is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (10Y) Calculated over the trailing 10-year period	0.58
Correlation (All Time) Calculated using the full available price history since May 29, 2003	0.49

The correlation between CVAAX and CHY shifts across timeframes, from 0.49 (all time) to 0.61 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

CVAAX vs. CHY — Risk / Return Rank

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

CVAAX

CVAAX Risk / Return Rank: 26
CVAAX Sharpe Ratio Rank: 28
CVAAX Sortino Ratio Rank: 27
CVAAX Omega Ratio Rank: 28
CVAAX Calmar Ratio Rank: 19
CVAAX Martin Ratio Rank: 27

CHY

CHY Risk / Return Rank: 77
CHY Sharpe Ratio Rank: 78
CHY Sortino Ratio Rank: 68
CHY Omega Ratio Rank: 72
CHY Calmar Ratio Rank: 79
CHY Martin Ratio Rank: 90

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.

CVAAX vs. CHY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Select Fund (CVAAX) and Calamos Convertible and High Income Closed Fund (CHY). 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.

	CVAAX	CHY	Difference
Sharpe ratio: Return per unit of total volatility	1.42	2.38	-0.95
Sortino ratio: Return per unit of downside risk	2.01	3.12	-1.11
Omega ratio: Gain probability vs. loss probability	1.26	1.43	-0.17
Calmar ratio: Return relative to maximum drawdown	1.50	3.41	-1.91
Martin ratio: Return relative to average drawdown	5.84	16.67	-10.82

CVAAX vs. CHY - Sharpe Ratio Comparison

The current CVAAX Sharpe Ratio is 1.42, which is lower than the CHY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of CVAAX and CHY, 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

CVAAX vs. CHY - Drawdown Comparison

The maximum CVAAX drawdown since its inception was -55.70%, smaller than the maximum CHY drawdown of -60.53%. Use the drawdown chart below to compare losses from any high point for CVAAX and CHY.

Drawdown Indicators

	CVAAX	CHY	Difference
Max Drawdown Largest peak-to-trough decline	-55.70%	-60.53%	+4.83%
Max Drawdown (1Y) Largest decline over 1 year	-12.04%	-11.42%	-0.62%
Max Drawdown (3Y) Largest decline over 3 years	-19.55%	-24.32%	+4.77%
Max Drawdown (5Y) Largest decline over 5 years	-24.13%	-35.99%	+11.86%
Max Drawdown (10Y) Largest decline over 10 years	-35.98%	-50.41%	+14.43%
Current Drawdown Current decline from peak	-0.86%	-1.56%	+0.70%
Average Drawdown Average peak-to-trough decline	-8.05%	-9.09%	+1.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.09%	2.33%	+0.76%

Volatility

CVAAX vs. CHY - Volatility Comparison

The current volatility for Calamos Select Fund (CVAAX) is 4.59%, while Calamos Convertible and High Income Closed Fund (CHY) has a volatility of 5.89%. This indicates that CVAAX experiences smaller price fluctuations and is considered to be less risky than CHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVAAX	CHY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.59%	5.89%	-1.30%
Volatility (6M) Calculated over the trailing 6-month period	10.13%	14.17%	-4.04%
Volatility (1Y) Calculated over the trailing 1-year period	12.72%	16.41%	-3.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.22%	19.44%	-2.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.35%	23.30%	-4.95%

CVAAX vs. CHY - Expense Ratio Comparison

CVAAX has a 1.15% expense ratio, which is lower than CHY's 2.64% expense ratio.

Dividends

CVAAX vs. CHY - Dividend Comparison

CVAAX's dividend yield for the trailing twelve months is around 5.21%, less than CHY's 9.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CHY Calamos Convertible and High Income Closed Fund	9.05%	10.61%	9.88%	10.46%	11.37%	7.42%	7.14%	8.72%	12.13%	10.13%	11.37%	11.42%
CVAAX Calamos Select Fund	5.21%	5.47%	7.56%	4.15%	2.73%	7.84%	4.85%	0.60%	18.86%	3.08%	0.71%	7.45%

Frequently Asked Questions

Can I hold both CVAAX and CHY in my portfolio?

CVAAX and CHY have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CVAAX or CHY?

CHY has higher volatility (5.89%) compared to CVAAX (4.59%). In terms of maximum drawdown, CVAAX dropped -55.70% vs CHY's -60.53%.

Which has better risk-adjusted returns?

CHY currently has the higher Sharpe Ratio (2.38 vs 1.42), 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.