CVLOX vs. CIGEX

Last updated Jun 23, 2026

CVLOX (Calamos Global Opportunities Fund) and CIGEX (Calamos Global Equity Fund) are both mutual funds - CVLOX is a Global Allocation fund managed by Calamos, while CIGEX is a Global Equities fund managed by Calamos. Over the past 10 years, CVLOX returned 11.57%/yr vs 15.84%/yr for CIGEX. With a 0.97 correlation, they move nearly in lockstep. CVLOX charges 1.22%/yr vs 1.15%/yr for CIGEX.

Performance

CVLOX vs. CIGEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Global Opportunities Fund (CVLOX) and Calamos Global Equity Fund (CIGEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CVLOX achieves a 18.27% return, which is significantly lower than CIGEX's 21.64% return. Over the past 10 years, CVLOX has underperformed CIGEX with an annualized return of 11.57%, while CIGEX has yielded a comparatively higher 15.84% annualized return.

CVLOX

• 1D: 1.54%
• 1M: 1.52%
• YTD: 18.27%
• 6M: 17.72%
• 1Y: 29.53%
• 3Y*: 20.54%
• 5Y*: 10.40%
• 10Y*: 11.57%

CIGEX

• 1D: 2.29%
• 1M: 2.05%
• YTD: 21.64%
• 6M: 20.90%
• 1Y: 36.09%
• 3Y*: 26.28%
• 5Y*: 12.95%
• 10Y*: 15.84%

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

CVLOX vs. CIGEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CVLOX Calamos Global Opportunities Fund	18.27%	15.84%	23.81%	13.88%	-22.17%	15.72%	31.76%	18.28%	-9.88%	20.04%
CIGEX Calamos Global Equity Fund	21.64%	18.46%	30.61%	24.55%	-27.42%	16.61%	44.24%	29.43%	-15.54%	34.56%

Correlation

The correlation between CVLOX and CIGEX is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since Mar 2, 2007	0.97

The correlation between CVLOX and CIGEX has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

Return for Risk

CVLOX vs. CIGEX — Risk / Return Rank

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

CVLOX

CVLOX Risk / Return Rank: 53
CVLOX Sharpe Ratio Rank: 49
CVLOX Sortino Ratio Rank: 45
CVLOX Omega Ratio Rank: 48
CVLOX Calmar Ratio Rank: 65
CVLOX Martin Ratio Rank: 57

CIGEX

CIGEX Risk / Return Rank: 44
CIGEX Sharpe Ratio Rank: 41
CIGEX Sortino Ratio Rank: 36
CIGEX Omega Ratio Rank: 39
CIGEX Calmar Ratio Rank: 52
CIGEX Martin Ratio Rank: 51

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.

CVLOX vs. CIGEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Global Opportunities Fund (CVLOX) and Calamos Global Equity Fund (CIGEX). 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	CIGEX	Difference
Sharpe ratio: Return per unit of total volatility	1.91	1.73	+0.18
Sortino ratio: Return per unit of downside risk	2.60	2.33	+0.27
Omega ratio: Gain probability vs. loss probability	1.35	1.31	+0.04
Calmar ratio: Return relative to maximum drawdown	2.95	2.65	+0.30
Martin ratio: Return relative to average drawdown	10.75	9.88	+0.86

CVLOX vs. CIGEX - Sharpe Ratio Comparison

The current CVLOX Sharpe Ratio is 1.91, which is comparable to the CIGEX Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of CVLOX and CIGEX, 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

CVLOX vs. CIGEX - Drawdown Comparison

The maximum CVLOX drawdown since its inception was -46.61%, smaller than the maximum CIGEX drawdown of -60.48%. Use the drawdown chart below to compare losses from any high point for CVLOX and CIGEX.

Drawdown Indicators

	CVLOX	CIGEX	Difference
Max Drawdown Largest peak-to-trough decline	-46.61%	-60.48%	+13.87%
Max Drawdown (1Y) Largest decline over 1 year	-9.85%	-13.31%	+3.46%
Max Drawdown (3Y) Largest decline over 3 years	-15.16%	-20.41%	+5.25%
Max Drawdown (5Y) Largest decline over 5 years	-29.97%	-35.81%	+5.84%
Max Drawdown (10Y) Largest decline over 10 years	-29.97%	-35.81%	+5.84%
Current Drawdown Current decline from peak	-0.80%	-0.86%	+0.06%
Average Drawdown Average peak-to-trough decline	-8.98%	-10.32%	+1.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.70%	3.56%	-0.86%

Volatility

CVLOX vs. CIGEX - Volatility Comparison

The current volatility for Calamos Global Opportunities Fund (CVLOX) is 6.10%, while Calamos Global Equity Fund (CIGEX) has a volatility of 8.04%. This indicates that CVLOX experiences smaller price fluctuations and is considered to be less risky than CIGEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVLOX	CIGEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.10%	8.04%	-1.94%
Volatility (6M) Calculated over the trailing 6-month period	12.87%	16.94%	-4.07%
Volatility (1Y) Calculated over the trailing 1-year period	15.18%	20.32%	-5.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.68%	19.67%	-4.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.86%	19.56%	-4.70%

CVLOX vs. CIGEX - Expense Ratio Comparison

CVLOX has a 1.22% expense ratio, which is higher than CIGEX's 1.15% expense ratio.

Dividends

CVLOX vs. CIGEX - Dividend Comparison

CVLOX's dividend yield for the trailing twelve months is around 7.63%, less than CIGEX's 12.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CIGEX Calamos Global Equity Fund	12.63%	15.37%	8.67%	0.10%	4.43%	11.75%	6.51%	7.44%	27.66%	9.21%	4.62%	1.98%
CVLOX Calamos Global Opportunities Fund	7.63%	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

Can I hold both CVLOX and CIGEX in my portfolio?

With a correlation of 0.98, CVLOX and CIGEX 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, CVLOX or CIGEX?

CIGEX has higher volatility (8.04%) compared to CVLOX (6.10%). In terms of maximum drawdown, CVLOX dropped -46.61% vs CIGEX's -60.48%.

Which has better risk-adjusted returns?

CVLOX currently has the higher Sharpe Ratio (1.91 vs 1.73), 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.