CVAAX vs. CIHEX

Last updated Jun 24, 2026

CVAAX (Calamos Select Fund) and CIHEX (Calamos Hedged Equity Fund) are both mutual funds - CVAAX is a Large Cap Blend Equities fund managed by Calamos, while CIHEX is a Options Trading fund managed by Calamos. Over the past 10 years, CVAAX returned 13.06%/yr vs 8.62%/yr for CIHEX. Their correlation of 0.95 suggests significant overlap in exposure. CVAAX charges 1.15%/yr vs 0.91%/yr for CIHEX.

Performance

CVAAX vs. CIHEX - Performance Comparison

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

Returns By Period

In the year-to-date period, CVAAX achieves a 4.53% return, which is significantly lower than CIHEX's 5.21% return. Over the past 10 years, CVAAX has outperformed CIHEX with an annualized return of 13.06%, while CIHEX has yielded a comparatively lower 8.62% annualized return.

CVAAX

• 1D: -0.49%
• 1M: 0.33%
• YTD: 4.53%
• 6M: 3.86%
• 1Y: 16.73%
• 3Y*: 18.21%
• 5Y*: 11.05%
• 10Y*: 13.06%

CIHEX

• 1D: -0.30%
• 1M: -0.35%
• YTD: 5.21%
• 6M: 4.72%
• 1Y: 14.30%
• 3Y*: 12.88%
• 5Y*: 8.06%
• 10Y*: 8.62%

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

CVAAX vs. CIHEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CVAAX Calamos Select Fund	4.53%	15.03%	24.08%	26.48%	-18.83%	24.78%	16.33%	25.89%	-6.97%	16.75%
CIHEX Calamos Hedged Equity Fund	5.21%	11.36%	14.96%	15.88%	-11.11%	13.31%	9.66%	14.47%	0.87%	8.37%

Correlation

The correlation between CVAAX and CIHEX is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Jan 2, 2015	0.95

The correlation between CVAAX and CIHEX has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.

Return for Risk

CVAAX vs. CIHEX — 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: 20
CVAAX Martin Ratio Rank: 27

CIHEX

CIHEX Risk / Return Rank: 71
CIHEX Sharpe Ratio Rank: 69
CIHEX Sortino Ratio Rank: 68
CIHEX Omega Ratio Rank: 66
CIHEX Calmar Ratio Rank: 75
CIHEX Martin Ratio Rank: 79

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. CIHEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Select Fund (CVAAX) and Calamos Hedged Equity Fund (CIHEX). 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	CIHEX	Difference
Sharpe ratio: Return per unit of total volatility	1.40	2.22	-0.82
Sortino ratio: Return per unit of downside risk	1.98	3.14	-1.15
Omega ratio: Gain probability vs. loss probability	1.25	1.41	-0.16
Calmar ratio: Return relative to maximum drawdown	1.48	3.22	-1.74
Martin ratio: Return relative to average drawdown	5.76	13.74	-7.99

CVAAX vs. CIHEX - Sharpe Ratio Comparison

The current CVAAX Sharpe Ratio is 1.40, which is lower than the CIHEX Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of CVAAX and CIHEX, 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. CIHEX - Drawdown Comparison

The maximum CVAAX drawdown since its inception was -55.70%, which is greater than CIHEX's maximum drawdown of -17.80%. Use the drawdown chart below to compare losses from any high point for CVAAX and CIHEX.

Drawdown Indicators

	CVAAX	CIHEX	Difference
Max Drawdown Largest peak-to-trough decline	-55.70%	-17.80%	-37.90%
Max Drawdown (1Y) Largest decline over 1 year	-12.04%	-4.68%	-7.36%
Max Drawdown (3Y) Largest decline over 3 years	-19.55%	-9.80%	-9.75%
Max Drawdown (5Y) Largest decline over 5 years	-24.13%	-15.77%	-8.36%
Max Drawdown (10Y) Largest decline over 10 years	-35.98%	-17.80%	-18.18%
Current Drawdown Current decline from peak	-1.34%	-1.37%	+0.03%
Average Drawdown Average peak-to-trough decline	-8.05%	-2.31%	-5.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.09%	1.09%	+2.00%

Volatility

CVAAX vs. CIHEX - Volatility Comparison

Calamos Select Fund (CVAAX) has a higher volatility of 4.52% compared to Calamos Hedged Equity Fund (CIHEX) at 2.60%. This indicates that CVAAX's price experiences larger fluctuations and is considered to be riskier than CIHEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVAAX	CIHEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.52%	2.60%	+1.92%
Volatility (6M) Calculated over the trailing 6-month period	10.07%	5.25%	+4.82%
Volatility (1Y) Calculated over the trailing 1-year period	12.75%	6.80%	+5.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.21%	9.20%	+8.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.36%	9.42%	+8.94%

CVAAX vs. CIHEX - Expense Ratio Comparison

CVAAX has a 1.15% expense ratio, which is higher than CIHEX's 0.91% expense ratio.

Dividends

CVAAX vs. CIHEX - Dividend Comparison

CVAAX's dividend yield for the trailing twelve months is around 5.23%, more than CIHEX's 0.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CIHEX Calamos Hedged Equity Fund	0.30%	0.33%	0.46%	0.69%	0.73%	0.44%	1.03%	0.99%	3.16%	0.85%	1.29%	1.69%
CVAAX Calamos Select Fund	5.23%	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 CIHEX in my portfolio?

With a correlation of 0.95, CVAAX and CIHEX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, CVAAX or CIHEX?

CVAAX has higher volatility (4.52%) compared to CIHEX (2.60%). In terms of maximum drawdown, CVAAX dropped -55.70% vs CIHEX's -17.80%.

Which has better risk-adjusted returns?

CIHEX currently has the higher Sharpe Ratio (2.22 vs 1.40), 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.