CVLOX vs. CIGIX

Last updated Aug 1, 2026

CVLOX (Calamos Global Opportunities Fund) and CIGIX (Calamos International Growth Fund) are both mutual funds - CVLOX is a Global Allocation fund managed by Calamos, while CIGIX is a Foreign Large Cap Equities fund managed by Calamos. Over the past 10 years, CVLOX returned 10.59%/yr vs 8.71%/yr for CIGIX. Their correlation of 0.92 means they have usually moved in the same direction. CVLOX charges 1.22%/yr vs 0.85%/yr for CIGIX.

Performance

CVLOX vs. CIGIX - Performance Comparison

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

Returns By Period

In the year-to-date period, CVLOX achieves a 12.04% return, which is significantly lower than CIGIX's 16.59% return. Over the past 10 years, CVLOX has outperformed CIGIX with an annualized return of 10.59%, while CIGIX has yielded a comparatively lower 8.71% 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%

CIGIX

• 1D: 3.36%
• 1M: -8.13%
• 6M: 4.57%
• YTD: 16.59%
• 1Y: 26.07%
• 3Y*: 18.47%
• 5Y*: 1.91%
• 10Y*: 8.71%
• ALL TIME*: 7.31%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CIGIX Calamos International Growth Fund	$0.00	$0.00	$0.00
CVLOX Calamos Global Opportunities Fund	$0.00	$0.00	$0.00

CVLOX vs. CIGIX - 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%
CIGIX Calamos International Growth Fund	16.59%	23.11%	12.51%	15.33%	-30.54%	-8.98%	44.95%	29.69%	-20.93%	39.54%

Correlation

The correlation between CVLOX and CIGIX is 0.93, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.93
Correlation (3Y) Balances recent behavior with more history.	0.91
Correlation (5Y) Shows whether the relationship held over a longer period.	0.92
Correlation (10Y) Provides a long-term view across more market conditions.	0.92
Correlation (All Time) Calculated using the full available price history since Mar 17, 2005	0.92

The correlation between CVLOX and CIGIX has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.

Return for Risk

CVLOX vs. CIGIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CVLOX

CVLOX Risk / Return Rank: 34
CVLOX Sharpe Ratio Rank: 31
CVLOX Sortino Ratio Rank: 31
CVLOX Omega Ratio Rank: 31
CVLOX Calmar Ratio Rank: 42
CVLOX Martin Ratio Rank: 38

CIGIX

CIGIX Risk / Return Rank: 29
CIGIX Sharpe Ratio Rank: 27
CIGIX Sortino Ratio Rank: 27
CIGIX Omega Ratio Rank: 29
CIGIX Calmar Ratio Rank: 30
CIGIX Martin Ratio Rank: 29

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CVLOX vs. CIGIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Global Opportunities Fund (CVLOX) and Calamos International Growth Fund (CIGIX). 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	CIGIX	Difference
Sharpe ratio: Return per unit of total volatility	1.03	0.90	+0.13
Sortino ratio: Return per unit of downside risk	1.49	1.37	+0.12
Omega ratio: Gain probability vs. loss probability	1.19	1.18	+0.01
Calmar ratio: Return relative to maximum drawdown	1.69	1.33	+0.36
Martin ratio: Return relative to average drawdown	5.52	4.24	+1.28

CVLOX vs. CIGIX - Sharpe Ratio Comparison

The current CVLOX Sharpe Ratio is 1.03, which is comparable to the CIGIX Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of CVLOX and CIGIX, 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. CIGIX - Drawdown Comparison

The maximum CVLOX drawdown since its inception was -46.61%, smaller than the maximum CIGIX drawdown of -64.46%. Use the drawdown chart below to compare losses from any high point for CVLOX and CIGIX.

Drawdown Indicators

	CVLOX	CIGIX	Difference
Max Drawdown Largest peak-to-trough decline	-46.61%	-64.46%	+17.85%
Max Drawdown (1Y) Largest decline over 1 year	-9.85%	-18.45%	+8.60%
Max Drawdown (3Y) Largest decline over 3 years	-15.16%	-19.38%	+4.22%
Max Drawdown (5Y) Largest decline over 5 years	-29.97%	-50.15%	+20.18%
Max Drawdown (10Y) Largest decline over 10 years	-29.97%	-50.15%	+20.18%
Current Drawdown Current decline from peak	-6.02%	-15.71%	+9.69%
Average Drawdown Average peak-to-trough decline	-8.96%	-15.24%	+6.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.02%	5.79%	-2.77%

Volatility

CVLOX vs. CIGIX - Volatility Comparison

The current volatility for Calamos Global Opportunities Fund (CVLOX) is 5.07%, while Calamos International Growth Fund (CIGIX) has a volatility of 9.03%. This indicates that CVLOX experiences smaller price fluctuations and is considered to be less risky than CIGIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVLOX	CIGIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.07%	9.03%	-3.96%
Volatility (6M) Calculated over the trailing 6-month period	13.87%	24.74%	-10.87%
Volatility (1Y) Calculated over the trailing 1-year period	16.17%	27.37%	-11.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.83%	22.10%	-7.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.91%	20.40%	-5.49%

CVLOX vs. CIGIX - Expense Ratio Comparison

CVLOX has a 1.22% expense ratio, which is higher than CIGIX's 0.85% expense ratio.

Dividends

CVLOX vs. CIGIX - Dividend Comparison

CVLOX's dividend yield for the trailing twelve months is around 8.05%, less than CIGIX's 11.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CIGIX Calamos International Growth Fund	11.57%	13.49%	4.54%	0.28%	0.00%	0.33%	5.42%	0.00%	13.25%	3.76%	0.00%	0.13%
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

Can I hold both CVLOX and CIGIX in my portfolio?

With a correlation of 0.93, CVLOX and CIGIX 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 CIGIX?

CIGIX has higher volatility (9.03%) compared to CVLOX (5.07%). In terms of maximum drawdown, CVLOX dropped -46.61% vs CIGIX's -64.46%.

Which has better risk-adjusted returns?

CVLOX currently has the higher Sharpe Ratio (1.03 vs 0.90), 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.