CVGRX vs. ITOT

Last updated Jun 4, 2026

CVGRX (Calamos Growth Fund) and ITOT (iShares Core S&P Total U.S. Stock Market ETF) are both Large Cap Growth Equities funds. Over the past 10 years, CVGRX returned 14.85%/yr vs 15.01%/yr for ITOT. Their correlation of 0.91 suggests significant overlap in exposure. CVGRX charges 1.28%/yr vs 0.03%/yr for ITOT.

Performance

CVGRX vs. ITOT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Growth Fund (CVGRX) and iShares Core S&P Total U.S. Stock Market ETF (ITOT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with CVGRX having a 11.13% return and ITOT slightly higher at 11.25%. Both investments have delivered pretty close results over the past 10 years, with CVGRX having a 14.85% annualized return and ITOT not far ahead at 15.01%.

CVGRX

• 1D: -0.11%
• 1M: 6.96%
• YTD: 11.13%
• 6M: 10.25%
• 1Y: 28.10%
• 3Y*: 24.26%
• 5Y*: 12.77%
• 10Y*: 14.85%

ITOT

• 1D: -0.73%
• 1M: 5.01%
• YTD: 11.25%
• 6M: 11.12%
• 1Y: 28.12%
• 3Y*: 22.09%
• 5Y*: 12.69%
• 10Y*: 15.01%

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

CVGRX vs. ITOT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CVGRX Calamos Growth Fund	11.13%	16.08%	32.32%	37.64%	-33.33%	23.06%	32.97%	31.11%	-6.14%	26.58%
ITOT iShares Core S&P Total U.S. Stock Market ETF	11.25%	17.00%	23.80%	26.12%	-19.47%	25.68%	20.71%	30.67%	-5.33%	21.37%

Correlation

The correlation between CVGRX and ITOT is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jan 26, 2004	0.91

The correlation between CVGRX and ITOT has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

Return for Risk

CVGRX vs. ITOT — Risk / Return Rank

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

CVGRX

CVGRX Risk / Return Rank: 31
CVGRX Sharpe Ratio Rank: 36
CVGRX Sortino Ratio Rank: 32
CVGRX Omega Ratio Rank: 34
CVGRX Calmar Ratio Rank: 24
CVGRX Martin Ratio Rank: 29

ITOT

ITOT Risk / Return Rank: 68
ITOT Sharpe Ratio Rank: 69
ITOT Sortino Ratio Rank: 68
ITOT Omega Ratio Rank: 67
ITOT Calmar Ratio Rank: 63
ITOT Martin Ratio Rank: 75

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.

CVGRX vs. ITOT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Growth Fund (CVGRX) and iShares Core S&P Total U.S. Stock Market ETF (ITOT). 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.

	CVGRX	ITOT	Difference
Sharpe ratio: Return per unit of total volatility	1.75	2.32	-0.57
Sortino ratio: Return per unit of downside risk	2.38	3.17	-0.79
Omega ratio: Gain probability vs. loss probability	1.31	1.42	-0.11
Calmar ratio: Return relative to maximum drawdown	1.80	3.17	-1.37
Martin ratio: Return relative to average drawdown	6.76	14.57	-7.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CVGRX vs. ITOT - Sharpe Ratio Comparison

The current CVGRX Sharpe Ratio is 1.75, which is comparable to the ITOT Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of CVGRX and ITOT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CVGRX	ITOT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.75	2.32	-0.57
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	0.74	-0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.69	0.82	-0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	0.57	-0.06

Drawdowns

CVGRX vs. ITOT - Drawdown Comparison

The maximum CVGRX drawdown since its inception was -61.65%, which is greater than ITOT's maximum drawdown of -55.20%. Use the drawdown chart below to compare losses from any high point for CVGRX and ITOT.

Drawdown Indicators

	CVGRX	ITOT	Difference
Max Drawdown Largest peak-to-trough decline	-61.65%	-55.20%	-6.45%
Max Drawdown (1Y) Largest decline over 1 year	-16.00%	-8.90%	-7.10%
Max Drawdown (3Y) Largest decline over 3 years	-23.81%	-19.44%	-4.37%
Max Drawdown (5Y) Largest decline over 5 years	-37.43%	-25.36%	-12.07%
Max Drawdown (10Y) Largest decline over 10 years	-37.43%	-35.00%	-2.43%
Current Drawdown Current decline from peak	-0.11%	-0.73%	+0.62%
Average Drawdown Average peak-to-trough decline	-11.50%	-6.97%	-4.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.26%	1.94%	+2.32%

Volatility

CVGRX vs. ITOT - Volatility Comparison

Calamos Growth Fund (CVGRX) has a higher volatility of 3.69% compared to iShares Core S&P Total U.S. Stock Market ETF (ITOT) at 2.99%. This indicates that CVGRX's price experiences larger fluctuations and is considered to be riskier than ITOT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVGRX	ITOT	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.69%	2.99%	+0.70%
Volatility (6M) Calculated over the trailing 6-month period	12.71%	9.13%	+3.58%
Volatility (1Y) Calculated over the trailing 1-year period	16.48%	12.20%	+4.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.81%	17.36%	+4.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.61%	18.26%	+3.35%

CVGRX vs. ITOT - Expense Ratio Comparison

CVGRX has a 1.28% expense ratio, which is higher than ITOT's 0.03% expense ratio.

Dividends

CVGRX vs. ITOT - Dividend Comparison

CVGRX's dividend yield for the trailing twelve months is around 7.93%, more than ITOT's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CVGRX Calamos Growth Fund	7.93%	8.81%	6.66%	4.48%	0.00%	12.17%	11.25%	9.71%	16.86%	13.75%	4.12%	35.24%
ITOT iShares Core S&P Total U.S. Stock Market ETF	0.98%	1.11%	1.23%	1.47%	1.66%	1.18%	1.41%	1.88%	2.14%	1.69%	1.83%	2.01%

Frequently Asked Questions

Can I hold both CVGRX and ITOT in my portfolio?

With a correlation of 0.92, CVGRX and ITOT 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, CVGRX or ITOT?

CVGRX has higher volatility (3.69%) compared to ITOT (2.99%). In terms of maximum drawdown, CVGRX dropped -61.65% vs ITOT's -55.20%.

Which has better risk-adjusted returns?

ITOT currently has the higher Sharpe Ratio (2.32 vs 1.75), 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.