CVLOX vs. CIGEX
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 10.59%/yr vs 14.24%/yr for CIGEX. Their 0.97 correlation means they have historically moved very closely together. CVLOX charges 1.22%/yr vs 1.15%/yr for CIGEX.
Performance
CVLOX vs. CIGEX - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with CVLOX having a 12.04% return and CIGEX slightly higher at 12.12%. Over the past 10 years, CVLOX has underperformed CIGEX with an annualized return of 10.59%, while CIGEX has yielded a comparatively higher 14.24% annualized return.
CVLOX
- 1D
- 1.91%
- 1M
- -2.77%
- 6M
- 6.64%
- YTD
- 12.04%
- 1Y
- 18.36%
- 3Y*
- 17.78%
- 5Y*
- 8.49%
- 10Y*
- 10.59%
- ALL TIME*
- 8.04%
CIGEX
- 1D
- 2.75%
- 1M
- -3.63%
- 6M
- 6.72%
- YTD
- 12.12%
- 1Y
- 19.16%
- 3Y*
- 21.69%
- 5Y*
- 10.34%
- 10Y*
- 14.24%
- ALL TIME*
- 10.12%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
CVLOX vs. CIGEX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CVLOX Calamos Global Opportunities Fund | 12.04% | 15.84% | 23.81% | 13.88% | -22.17% | 15.72% | 31.76% | 18.28% | -9.88% | 20.04% |
CIGEX Calamos Global Equity Fund | 12.12% | 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 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.98 |
Correlation (3Y) Balances recent behavior with more history. | 0.98 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.98 |
Correlation (10Y) Provides a long-term view across more market conditions. | 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.
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Return for Risk
CVLOX vs. CIGEX — Risk / Return Rank
CVLOX
CIGEX
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 ratioReturn per unit of total volatility | +0.24 | ||
| Sortino ratioReturn per unit of downside risk | +0.29 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.15 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.69 | 1.29 | +0.40 |
| Martin ratioReturn relative to average drawdown | 5.52 | 4.17 | +1.35 |
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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.
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Drawdown Indicators
| CVLOX | CIGEX | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -6.02% | -8.61% | +2.59% |
Average DrawdownAverage peak-to-trough decline | -8.96% | -10.29% | +1.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.02% | 4.12% | -1.10% |
Volatility
CVLOX vs. CIGEX - Volatility Comparison
The current volatility for Calamos Global Opportunities Fund (CVLOX) is 5.07%, while Calamos Global Equity Fund (CIGEX) has a volatility of 6.55%. 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.
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Volatility by Period
| CVLOX | CIGEX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.07% | 6.55% | -1.48% |
Volatility (6M)Calculated over the trailing 6-month period | 13.87% | 18.29% | -4.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.17% | 21.59% | -5.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.83% | 19.89% | -5.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.91% | 19.60% | -4.69% |
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 8.05%, less than CIGEX's 13.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CIGEX Calamos Global Equity Fund | 13.71% | 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 | 8.05% | 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
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.
CIGEX has higher volatility (6.55%) compared to CVLOX (5.07%). In terms of maximum drawdown, CVLOX dropped -46.61% vs CIGEX's -60.48%.
CVLOX currently has the higher Sharpe Ratio (1.03 vs 0.80), 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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