CVLOX vs. CSQ

Last updated Jun 24, 2026

CVLOX (Calamos Global Opportunities Fund) and CSQ (Calamos Strategic Total Return Fund) are both mutual funds - CVLOX is a Global Allocation fund managed by Calamos, while CSQ is a Diversified Portfolio fund actively managed by Calamos. Over the past 10 years, CVLOX returned 11.82%/yr vs 16.44%/yr for CSQ. A 0.70 correlation means they provide meaningful diversification when combined. CVLOX charges 1.22%/yr vs 2.46%/yr for CSQ.

Performance

CVLOX vs. CSQ - Performance Comparison

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

Returns By Period

In the year-to-date period, CVLOX achieves a 18.19% return, which is significantly higher than CSQ's 9.07% return. Over the past 10 years, CVLOX has underperformed CSQ with an annualized return of 11.82%, while CSQ has yielded a comparatively higher 16.44% annualized return.

CVLOX

• 1D: -0.07%
• 1M: 1.45%
• YTD: 18.19%
• 6M: 17.01%
• 1Y: 28.54%
• 3Y*: 21.35%
• 5Y*: 10.06%
• 10Y*: 11.82%

CSQ

• 1D: -0.64%
• 1M: 0.37%
• YTD: 9.07%
• 6M: 8.12%
• 1Y: 23.85%
• 3Y*: 20.73%
• 5Y*: 10.55%
• 10Y*: 16.44%

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

CVLOX vs. CSQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CVLOX Calamos Global Opportunities Fund	18.19%	15.84%	23.81%	13.88%	-22.17%	15.72%	31.76%	18.28%	-9.88%	20.04%
CSQ Calamos Strategic Total Return Fund	9.07%	16.25%	28.11%	20.80%	-24.26%	30.77%	26.22%	38.62%	-4.89%	27.98%

Correlation

The correlation between CVLOX and CSQ is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since Apr 1, 2004	0.70

The correlation between CVLOX and CSQ shifts across timeframes, from 0.70 (all time) to 0.82 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

CVLOX vs. CSQ — Risk / Return Rank

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

CVLOX

CVLOX Risk / Return Rank: 54
CVLOX Sharpe Ratio Rank: 51
CVLOX Sortino Ratio Rank: 46
CVLOX Omega Ratio Rank: 49
CVLOX Calmar Ratio Rank: 66
CVLOX Martin Ratio Rank: 58

CSQ

CSQ Risk / Return Rank: 30
CSQ Sharpe Ratio Rank: 35
CSQ Sortino Ratio Rank: 31
CSQ Omega Ratio Rank: 34
CSQ Calmar Ratio Rank: 21
CSQ Martin Ratio Rank: 31

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. CSQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Global Opportunities Fund (CVLOX) and Calamos Strategic Total Return Fund (CSQ). 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	CSQ	Difference
Sharpe ratio: Return per unit of total volatility	1.95	1.57	+0.38
Sortino ratio: Return per unit of downside risk	2.64	2.14	+0.50
Omega ratio: Gain probability vs. loss probability	1.35	1.28	+0.07
Calmar ratio: Return relative to maximum drawdown	3.00	1.57	+1.43
Martin ratio: Return relative to average drawdown	10.94	6.68	+4.25

CVLOX vs. CSQ - Sharpe Ratio Comparison

The current CVLOX Sharpe Ratio is 1.95, which is comparable to the CSQ Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of CVLOX and CSQ, 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. CSQ - Drawdown Comparison

The maximum CVLOX drawdown since its inception was -46.61%, smaller than the maximum CSQ drawdown of -67.17%. Use the drawdown chart below to compare losses from any high point for CVLOX and CSQ.

Drawdown Indicators

	CVLOX	CSQ	Difference
Max Drawdown Largest peak-to-trough decline	-46.61%	-67.17%	+20.56%
Max Drawdown (1Y) Largest decline over 1 year	-9.85%	-15.25%	+5.40%
Max Drawdown (3Y) Largest decline over 3 years	-15.16%	-24.18%	+9.02%
Max Drawdown (5Y) Largest decline over 5 years	-29.97%	-33.09%	+3.12%
Max Drawdown (10Y) Largest decline over 10 years	-29.97%	-48.21%	+18.24%
Current Drawdown Current decline from peak	-0.87%	-1.47%	+0.60%
Average Drawdown Average peak-to-trough decline	-8.98%	-9.32%	+0.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.70%	3.58%	-0.88%

Volatility

CVLOX vs. CSQ - Volatility Comparison

Calamos Global Opportunities Fund (CVLOX) and Calamos Strategic Total Return Fund (CSQ) have volatilities of 5.93% and 5.97%, 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.

Volatility by Period

	CVLOX	CSQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.93%	5.97%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	12.83%	12.73%	+0.10%
Volatility (1Y) Calculated over the trailing 1-year period	15.20%	15.29%	-0.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.67%	20.12%	-5.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.86%	23.04%	-8.18%

CVLOX vs. CSQ - Expense Ratio Comparison

CVLOX has a 1.22% expense ratio, which is lower than CSQ's 2.46% expense ratio.

Dividends

CVLOX vs. CSQ - Dividend Comparison

CVLOX's dividend yield for the trailing twelve months is around 7.63%, more than CSQ's 6.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSQ Calamos Strategic Total Return Fund	6.66%	6.51%	6.95%	8.27%	9.17%	6.38%	7.03%	7.14%	9.35%	8.20%	9.64%	10.00%
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 CSQ in my portfolio?

CVLOX and CSQ have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CVLOX or CSQ?

CSQ has higher volatility (5.97%) compared to CVLOX (5.93%). In terms of maximum drawdown, CVLOX dropped -46.61% vs CSQ's -67.17%.

Which has better risk-adjusted returns?

CVLOX currently has the higher Sharpe Ratio (1.95 vs 1.57), 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.