CVGRX vs. IVE

Last updated Jun 4, 2026

CVGRX (Calamos Growth Fund) and IVE (iShares S&P 500 Value ETF) are both funds - CVGRX is a Large Cap Growth Equities fund managed by Calamos, while IVE is a Large Cap Value Equities fund tracking the S&P 500 Value Index. Over the past 10 years, CVGRX returned 14.85%/yr vs 11.76%/yr for IVE. A 0.78 correlation means they provide meaningful diversification when combined. CVGRX charges 1.28%/yr vs 0.18%/yr for IVE.

Performance

CVGRX vs. IVE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Growth Fund (CVGRX) and iShares S&P 500 Value ETF (IVE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CVGRX achieves a 11.13% return, which is significantly higher than IVE's 7.46% return. Over the past 10 years, CVGRX has outperformed IVE with an annualized return of 14.85%, while IVE has yielded a comparatively lower 11.76% annualized return.

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%

IVE

• 1D: -0.35%
• 1M: 2.24%
• YTD: 7.46%
• 6M: 7.74%
• 1Y: 21.15%
• 3Y*: 15.57%
• 5Y*: 10.54%
• 10Y*: 11.76%

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

CVGRX vs. IVE - 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%
IVE iShares S&P 500 Value ETF	7.46%	13.02%	12.03%	22.07%	-5.41%	24.72%	1.22%	31.62%	-9.22%	15.24%

Correlation

The correlation between CVGRX and IVE is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (10Y) Calculated over the trailing 10-year period	0.69
Correlation (All Time) Calculated using the full available price history since May 30, 2000	0.78

Over the past year, the correlation between CVGRX and IVE has dropped to 0.55 - well below their long-term average of 0.78, suggesting their price drivers have been diverging.

Return for Risk

CVGRX vs. IVE — 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

IVE

IVE Risk / Return Rank: 66
IVE Sharpe Ratio Rank: 64
IVE Sortino Ratio Rank: 64
IVE Omega Ratio Rank: 63
IVE Calmar Ratio Rank: 68
IVE Martin Ratio Rank: 69

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. IVE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Growth Fund (CVGRX) and iShares S&P 500 Value ETF (IVE). 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	IVE	Difference
Sharpe ratio: Return per unit of total volatility	1.75	2.17	-0.42
Sortino ratio: Return per unit of downside risk	2.38	3.03	-0.65
Omega ratio: Gain probability vs. loss probability	1.31	1.39	-0.08
Calmar ratio: Return relative to maximum drawdown	1.80	3.43	-1.63
Martin ratio: Return relative to average drawdown	6.76	13.10	-6.34
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. IVE - Sharpe Ratio Comparison

The current CVGRX Sharpe Ratio is 1.75, which is comparable to the IVE Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of CVGRX and IVE, 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	IVE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.75	2.17	-0.42
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	0.70	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	0.39	+0.12

Drawdowns

CVGRX vs. IVE - Drawdown Comparison

The maximum CVGRX drawdown since its inception was -61.65%, roughly equal to the maximum IVE drawdown of -61.32%. Use the drawdown chart below to compare losses from any high point for CVGRX and IVE.

Drawdown Indicators

	CVGRX	IVE	Difference
Max Drawdown Largest peak-to-trough decline	-61.65%	-61.32%	-0.33%
Max Drawdown (1Y) Largest decline over 1 year	-16.00%	-6.19%	-9.81%
Max Drawdown (3Y) Largest decline over 3 years	-23.81%	-17.58%	-6.23%
Max Drawdown (5Y) Largest decline over 5 years	-37.43%	-18.04%	-19.39%
Max Drawdown (10Y) Largest decline over 10 years	-37.43%	-37.04%	-0.39%
Current Drawdown Current decline from peak	-0.11%	-0.55%	+0.44%
Average Drawdown Average peak-to-trough decline	-11.50%	-10.10%	-1.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.26%	1.62%	+2.64%

Volatility

CVGRX vs. IVE - Volatility Comparison

Calamos Growth Fund (CVGRX) has a higher volatility of 3.69% compared to iShares S&P 500 Value ETF (IVE) at 2.00%. This indicates that CVGRX's price experiences larger fluctuations and is considered to be riskier than IVE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVGRX	IVE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.69%	2.00%	+1.69%
Volatility (6M) Calculated over the trailing 6-month period	12.71%	7.02%	+5.69%
Volatility (1Y) Calculated over the trailing 1-year period	16.48%	9.79%	+6.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.81%	14.40%	+7.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.61%	16.96%	+4.65%

CVGRX vs. IVE - Expense Ratio Comparison

CVGRX has a 1.28% expense ratio, which is higher than IVE's 0.18% expense ratio.

Dividends

CVGRX vs. IVE - Dividend Comparison

CVGRX's dividend yield for the trailing twelve months is around 7.93%, more than IVE's 1.52% 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%
IVE iShares S&P 500 Value ETF	1.52%	1.61%	2.04%	1.65%	2.10%	1.81%	2.37%	2.11%	2.74%	2.12%	2.26%	2.44%

Frequently Asked Questions

Can I hold both CVGRX and IVE in my portfolio?

CVGRX and IVE have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CVGRX or IVE?

CVGRX has higher volatility (3.69%) compared to IVE (2.00%). In terms of maximum drawdown, CVGRX dropped -61.65% vs IVE's -61.32%.

Which has better risk-adjusted returns?

IVE currently has the higher Sharpe Ratio (2.17 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.