CVAAX vs. CMNIX

Last updated Jun 24, 2026

CVAAX (Calamos Select Fund) and CMNIX (Calamos Market Neutral Income Fund Institutional Class) are both mutual funds - CVAAX is a Large Cap Blend Equities fund managed by Calamos, while CMNIX is a fund fund managed by Calamos. Over the past 10 years, CVAAX returned 13.06%/yr vs 4.84%/yr for CMNIX. A 0.74 correlation means they provide meaningful diversification when combined. CVAAX charges 1.15%/yr vs 0.90%/yr for CMNIX.

Performance

CVAAX vs. CMNIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Select Fund (CVAAX) 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, CVAAX achieves a 4.53% return, which is significantly higher than CMNIX's 2.83% return. Over the past 10 years, CVAAX has outperformed CMNIX with an annualized return of 13.06%, while CMNIX has yielded a comparatively lower 4.84% 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%

CMNIX

• 1D: 0.00%
• 1M: 0.16%
• YTD: 2.83%
• 6M: 2.90%
• 1Y: 6.71%
• 3Y*: 6.97%
• 5Y*: 4.82%
• 10Y*: 4.84%

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

CVAAX vs. CMNIX - 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%
CMNIX Calamos Market Neutral Income Fund Institutional Class	2.83%	6.89%	7.43%	9.17%	-4.26%	5.02%	5.36%	6.72%	1.79%	4.21%

Correlation

The correlation between CVAAX and CMNIX is 0.58, 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	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since Dec 31, 2001	0.74

The correlation between CVAAX and CMNIX shifts across timeframes, from 0.58 (1 year) to 0.78 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

CVAAX vs. CMNIX — 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

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.

CVAAX vs. CMNIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Select Fund (CVAAX) 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.

	CVAAX	CMNIX	Difference
Sharpe ratio: Return per unit of total volatility	1.40	3.72	-2.32
Sortino ratio: Return per unit of downside risk	1.98	6.02	-4.04
Omega ratio: Gain probability vs. loss probability	1.25	1.96	-0.71
Calmar ratio: Return relative to maximum drawdown	1.48	6.69	-5.21
Martin ratio: Return relative to average drawdown	5.76	40.52	-34.76

CVAAX vs. CMNIX - Sharpe Ratio Comparison

The current CVAAX Sharpe Ratio is 1.40, which is lower than the CMNIX Sharpe Ratio of 3.72. The chart below compares the historical Sharpe Ratios of CVAAX 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

CVAAX vs. CMNIX - Drawdown Comparison

The maximum CVAAX drawdown since its inception was -55.70%, which is greater than CMNIX's maximum drawdown of -35.16%. Use the drawdown chart below to compare losses from any high point for CVAAX and CMNIX.

Drawdown Indicators

	CVAAX	CMNIX	Difference
Max Drawdown Largest peak-to-trough decline	-55.70%	-35.16%	-20.54%
Max Drawdown (1Y) Largest decline over 1 year	-12.04%	-1.02%	-11.02%
Max Drawdown (3Y) Largest decline over 3 years	-19.55%	-2.77%	-16.78%
Max Drawdown (5Y) Largest decline over 5 years	-24.13%	-7.52%	-16.61%
Max Drawdown (10Y) Largest decline over 10 years	-35.98%	-8.12%	-27.86%
Current Drawdown Current decline from peak	-1.34%	-0.12%	-1.22%
Average Drawdown Average peak-to-trough decline	-8.05%	-7.14%	-0.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.09%	0.17%	+2.92%

Volatility

CVAAX vs. CMNIX - Volatility Comparison

Calamos Select Fund (CVAAX) has a higher volatility of 4.52% compared to Calamos Market Neutral Income Fund Institutional Class (CMNIX) at 0.39%. This indicates that CVAAX'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

	CVAAX	CMNIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.52%	0.39%	+4.13%
Volatility (6M) Calculated over the trailing 6-month period	10.07%	1.50%	+8.57%
Volatility (1Y) Calculated over the trailing 1-year period	12.75%	1.84%	+10.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.21%	3.47%	+13.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.36%	3.62%	+14.74%

CVAAX vs. CMNIX - Expense Ratio Comparison

CVAAX has a 1.15% expense ratio, which is higher than CMNIX's 0.90% expense ratio.

Dividends

CVAAX vs. CMNIX - Dividend Comparison

CVAAX's dividend yield for the trailing twelve months is around 5.23%, 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%
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 CMNIX in my portfolio?

CVAAX and CMNIX have a correlation of 0.58, 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 CMNIX?

CVAAX has higher volatility (4.52%) compared to CMNIX (0.39%). In terms of maximum drawdown, CVAAX dropped -55.70% vs CMNIX's -35.16%.

Which has better risk-adjusted returns?

CMNIX currently has the higher Sharpe Ratio (3.72 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.