CVAAX vs. CVTRX
CVAAX (Calamos Select Fund) and CVTRX (Calamos Growth and Income Fund) are both mutual funds - CVAAX is a Large Cap Blend Equities fund managed by Calamos, while CVTRX is a Diversified Portfolio fund managed by Calamos. Over the past 10 years, CVAAX returned 13.06%/yr vs 13.35%/yr for CVTRX. Their correlation of 0.95 suggests significant overlap in exposure. CVAAX charges 1.15%/yr vs 1.05%/yr for CVTRX.
Performance
CVAAX vs. CVTRX - Performance Comparison
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Returns By Period
In the year-to-date period, CVAAX achieves a 4.53% return, which is significantly lower than CVTRX's 11.18% return. Both investments have delivered pretty close results over the past 10 years, with CVAAX having a 13.06% annualized return and CVTRX not far ahead at 13.35%.
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%
CVTRX
- 1D
- -0.24%
- 1M
- 1.23%
- YTD
- 11.18%
- 6M
- 10.06%
- 1Y
- 26.25%
- 3Y*
- 19.35%
- 5Y*
- 11.10%
- 10Y*
- 13.35%
CVAAX vs. CVTRX - 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% |
CVTRX Calamos Growth and Income Fund | 11.18% | 17.46% | 20.66% | 20.36% | -18.45% | 21.05% | 22.43% | 25.97% | -3.97% | 16.06% |
Correlation
The correlation between CVAAX and CVTRX is 0.94, 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 | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.97 |
Correlation (All Time) Calculated using the full available price history since Dec 31, 2001 | 0.95 |
The correlation between CVAAX and CVTRX has been stable across timeframes, ranging from 0.94 to 0.98 - a consistent structural relationship.
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Return for Risk
CVAAX vs. CVTRX — Risk / Return Rank
CVAAX
CVTRX
CVAAX vs. CVTRX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Calamos Select Fund (CVAAX) and Calamos Growth and Income Fund (CVTRX). 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 | CVTRX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.80 | ||
| Sortino ratioReturn per unit of downside risk | -1.00 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.39 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.48 | 3.01 | -1.53 |
| Martin ratioReturn relative to average drawdown | 5.76 | 13.21 | -7.46 |
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Drawdowns
CVAAX vs. CVTRX - Drawdown Comparison
The maximum CVAAX drawdown since its inception was -55.70%, which is greater than CVTRX's maximum drawdown of -44.13%. Use the drawdown chart below to compare losses from any high point for CVAAX and CVTRX.
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Drawdown Indicators
| CVAAX | CVTRX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.70% | -44.13% | -11.57% |
Max Drawdown (1Y)Largest decline over 1 year | -12.04% | -9.14% | -2.90% |
Max Drawdown (3Y)Largest decline over 3 years | -19.55% | -16.45% | -3.10% |
Max Drawdown (5Y)Largest decline over 5 years | -24.13% | -23.30% | -0.83% |
Max Drawdown (10Y)Largest decline over 10 years | -35.98% | -28.20% | -7.78% |
Current DrawdownCurrent decline from peak | -1.34% | -0.75% | -0.59% |
Average DrawdownAverage peak-to-trough decline | -8.05% | -5.17% | -2.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.09% | 2.08% | +1.01% |
Volatility
CVAAX vs. CVTRX - Volatility Comparison
The current volatility for Calamos Select Fund (CVAAX) is 4.52%, while Calamos Growth and Income Fund (CVTRX) has a volatility of 4.92%. This indicates that CVAAX experiences smaller price fluctuations and is considered to be less risky than CVTRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CVAAX | CVTRX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.52% | 4.92% | -0.40% |
Volatility (6M)Calculated over the trailing 6-month period | 10.07% | 9.99% | +0.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.75% | 12.53% | +0.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.21% | 14.95% | +2.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.36% | 15.43% | +2.93% |
CVAAX vs. CVTRX - Expense Ratio Comparison
CVAAX has a 1.15% expense ratio, which is higher than CVTRX's 1.05% expense ratio.
Dividends
CVAAX vs. CVTRX - Dividend Comparison
CVAAX's dividend yield for the trailing twelve months is around 5.23%, less than CVTRX's 6.57% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
CVTRX Calamos Growth and Income Fund | 6.57% | 7.38% | 4.83% | 4.18% | 4.02% | 5.52% | 3.22% | 3.56% | 8.61% | 7.21% | 7.31% | 6.96% |
Frequently Asked Questions
With a correlation of 0.94, CVAAX and CVTRX 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.
CVTRX has higher volatility (4.92%) compared to CVAAX (4.52%). In terms of maximum drawdown, CVAAX dropped -55.70% vs CVTRX's -44.13%.
CVTRX currently has the higher Sharpe Ratio (2.20 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.
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