CVLOX vs. CGO
CVLOX (Calamos Global Opportunities Fund) and CGO (Calamos Global Total Return Fund) are both Global Allocation funds from Calamos. Over the past 10 years, CVLOX returned 11.18%/yr vs 11.56%/yr for CGO. A 0.56 correlation means they provide meaningful diversification when combined. CVLOX charges 1.22%/yr vs 2.86%/yr for CGO.
Performance
CVLOX vs. CGO - Performance Comparison
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Returns By Period
In the year-to-date period, CVLOX achieves a 16.09% return, which is significantly lower than CGO's 21.26% return. Both investments have delivered pretty close results over the past 10 years, with CVLOX having a 11.18% annualized return and CGO not far ahead at 11.56%.
CVLOX
- 1D
- 0.20%
- 1M
- 0.25%
- 6M
- 11.41%
- YTD
- 16.09%
- 1Y
- 22.73%
- 3Y*
- 20.27%
- 5Y*
- 9.35%
- 10Y*
- 11.18%
CGO
- 1D
- -1.18%
- 1M
- 0.60%
- 6M
- 15.58%
- YTD
- 21.26%
- 1Y
- 24.13%
- 3Y*
- 21.68%
- 5Y*
- 5.19%
- 10Y*
- 11.56%
CVLOX vs. CGO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CVLOX Calamos Global Opportunities Fund | 16.09% | 15.84% | 23.81% | 13.88% | -22.17% | 15.72% | 31.76% | 18.28% | -9.88% | 20.04% |
CGO Calamos Global Total Return Fund | 21.26% | 8.87% | 36.81% | 14.03% | -36.60% | 13.04% | 20.87% | 45.08% | -26.14% | 56.67% |
Correlation
The correlation between CVLOX and CGO is 0.70, 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 | 0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.60 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.62 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.55 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 2005 | 0.56 |
The correlation between CVLOX and CGO shifts across timeframes, from 0.55 (10 years) to 0.70 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
CVLOX vs. CGO — Risk / Return Rank
CVLOX
CGO
CVLOX vs. CGO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Calamos Global Opportunities Fund (CVLOX) and Calamos Global Total Return Fund (CGO). 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.
| CVLOX | CGO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.25 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.28 | 1.59 | +0.69 |
| Martin ratioReturn relative to average drawdown | 8.05 | 5.36 | +2.69 |
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Drawdowns
CVLOX vs. CGO - Drawdown Comparison
The maximum CVLOX drawdown since its inception was -46.61%, smaller than the maximum CGO drawdown of -60.03%. Use the drawdown chart below to compare losses from any high point for CVLOX and CGO.
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Drawdown Indicators
| CVLOX | CGO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.61% | -60.03% | +13.42% |
Max Drawdown (1Y)Largest decline over 1 year | -9.85% | -15.24% | +5.39% |
Max Drawdown (3Y)Largest decline over 3 years | -15.16% | -26.70% | +11.54% |
Max Drawdown (5Y)Largest decline over 5 years | -29.97% | -43.69% | +13.72% |
Max Drawdown (10Y)Largest decline over 10 years | -29.97% | -50.89% | +20.92% |
Current DrawdownCurrent decline from peak | -2.63% | -4.60% | +1.97% |
Average DrawdownAverage peak-to-trough decline | -8.97% | -11.52% | +2.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.78% | 4.51% | -1.73% |
Volatility
CVLOX vs. CGO - Volatility Comparison
Calamos Global Opportunities Fund (CVLOX) and Calamos Global Total Return Fund (CGO) have volatilities of 6.18% and 5.92%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CVLOX | CGO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.18% | 5.92% | +0.26% |
Volatility (6M)Calculated over the trailing 6-month period | 13.44% | 14.56% | -1.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.70% | 17.09% | -1.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.78% | 20.59% | -5.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.86% | 24.74% | -9.88% |
CVLOX vs. CGO - Expense Ratio Comparison
CVLOX has a 1.22% expense ratio, which is lower than CGO's 2.86% expense ratio.
Dividends
CVLOX vs. CGO - Dividend Comparison
CVLOX's dividend yield for the trailing twelve months is around 7.77%, more than CGO's 7.17% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CGO Calamos Global Total Return Fund | 7.17% | 8.43% | 8.43% | 10.57% | 12.68% | 7.80% | 8.18% | 8.96% | 11.81% | 7.97% | 11.40% | 10.51% |
CVLOX Calamos Global Opportunities Fund | 7.77% | 9.10% | 8.15% | 0.61% | 0.00% | 5.71% | 6.11% | 1.28% | 12.65% | 6.04% | 0.68% | 1.28% |
Frequently Asked Questions
CVLOX and CGO have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CVLOX has higher volatility (6.18%) compared to CGO (5.92%). In terms of maximum drawdown, CVLOX dropped -46.61% vs CGO's -60.03%.
CVLOX currently has the higher Sharpe Ratio (1.43 vs 1.42), 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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