CVLOX vs. GAOSX

Last updated Aug 1, 2026

CVLOX (Calamos Global Opportunities Fund) and GAOSX (JPMorgan Global Allocation Fund) are both Global Allocation funds. Over the past 10 years, CVLOX returned 10.59%/yr vs 6.88%/yr for GAOSX. Their correlation of 0.92 means they have usually moved in the same direction. CVLOX charges 1.22%/yr vs 0.77%/yr for GAOSX.

Performance

CVLOX vs. GAOSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Global Opportunities Fund (CVLOX) and JPMorgan Global Allocation Fund (GAOSX). 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 higher than GAOSX's 3.57% return. Over the past 10 years, CVLOX has outperformed GAOSX with an annualized return of 10.59%, while GAOSX has yielded a comparatively lower 6.88% 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%

GAOSX

• 1D: 1.65%
• 1M: -0.69%
• 6M: 1.22%
• YTD: 3.57%
• 1Y: 10.68%
• 3Y*: 10.13%
• 5Y*: 3.92%
• 10Y*: 6.88%
• ALL TIME*: 6.70%

*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)
CVLOX Calamos Global Opportunities Fund	$0.00	$0.00	$0.00
GAOSX JPMorgan Global Allocation Fund	$0.00	$0.00	$0.00

CVLOX vs. GAOSX - 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%
GAOSX JPMorgan Global Allocation Fund	3.57%	14.96%	8.21%	13.02%	-18.59%	9.54%	15.55%	16.27%	-5.81%	17.12%

Correlation

The correlation between CVLOX and GAOSX is 0.88, 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.	0.88
Correlation (3Y) Balances recent behavior with more history.	0.87
Correlation (5Y) Shows whether the relationship held over a longer period.	0.91
Correlation (10Y) Provides a long-term view across more market conditions.	0.92
Correlation (All Time) Calculated using the full available price history since Jul 1, 2013	0.92

The correlation between CVLOX and GAOSX has been stable across timeframes, ranging from 0.87 to 0.92 - a consistent structural relationship.

Return for Risk

CVLOX vs. GAOSX — 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

GAOSX

GAOSX Risk / Return Rank: 27
GAOSX Sharpe Ratio Rank: 27
GAOSX Sortino Ratio Rank: 26
GAOSX Omega Ratio Rank: 27
GAOSX Calmar Ratio Rank: 24
GAOSX Martin Ratio Rank: 30

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. GAOSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Global Opportunities Fund (CVLOX) and JPMorgan Global Allocation Fund (GAOSX). 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	GAOSX	Difference
Sharpe ratio: Return per unit of total volatility	1.03	0.92	+0.11
Sortino ratio: Return per unit of downside risk	1.49	1.34	+0.15
Omega ratio: Gain probability vs. loss probability	1.19	1.17	+0.02
Calmar ratio: Return relative to maximum drawdown	1.69	1.12	+0.57
Martin ratio: Return relative to average drawdown	5.52	4.34	+1.17

CVLOX vs. GAOSX - Sharpe Ratio Comparison

The current CVLOX Sharpe Ratio is 1.03, which is comparable to the GAOSX Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of CVLOX and GAOSX, 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. GAOSX - Drawdown Comparison

The maximum CVLOX drawdown since its inception was -46.61%, which is greater than GAOSX's maximum drawdown of -24.98%. Use the drawdown chart below to compare losses from any high point for CVLOX and GAOSX.

Drawdown Indicators

	CVLOX	GAOSX	Difference
Max Drawdown Largest peak-to-trough decline	-46.61%	-24.98%	-21.63%
Max Drawdown (1Y) Largest decline over 1 year	-9.85%	-8.93%	-0.92%
Max Drawdown (3Y) Largest decline over 3 years	-15.16%	-10.84%	-4.32%
Max Drawdown (5Y) Largest decline over 5 years	-29.97%	-24.98%	-4.99%
Max Drawdown (10Y) Largest decline over 10 years	-29.97%	-24.98%	-4.99%
Current Drawdown Current decline from peak	-6.02%	-2.48%	-3.54%
Average Drawdown Average peak-to-trough decline	-8.96%	-4.66%	-4.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.02%	2.30%	+0.72%

Volatility

CVLOX vs. GAOSX - Volatility Comparison

Calamos Global Opportunities Fund (CVLOX) has a higher volatility of 5.07% compared to JPMorgan Global Allocation Fund (GAOSX) at 3.42%. This indicates that CVLOX's price experiences larger fluctuations and is considered to be riskier than GAOSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVLOX	GAOSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.07%	3.42%	+1.65%
Volatility (6M) Calculated over the trailing 6-month period	13.87%	9.35%	+4.52%
Volatility (1Y) Calculated over the trailing 1-year period	16.17%	10.85%	+5.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.83%	11.11%	+3.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.91%	10.84%	+4.07%

CVLOX vs. GAOSX - Expense Ratio Comparison

CVLOX has a 1.22% expense ratio, which is higher than GAOSX's 0.77% expense ratio.

Dividends

CVLOX vs. GAOSX - Dividend Comparison

CVLOX's dividend yield for the trailing twelve months is around 8.05%, less than GAOSX's 9.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
GAOSX JPMorgan Global Allocation Fund	9.71%	10.23%	2.52%	0.00%	4.86%	10.17%	1.67%	2.65%	2.71%	3.18%	2.76%	1.16%

Frequently Asked Questions

Can I hold both CVLOX and GAOSX in my portfolio?

CVLOX and GAOSX have a correlation of 0.88, 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 GAOSX?

CVLOX has higher volatility (5.07%) compared to GAOSX (3.42%). In terms of maximum drawdown, CVLOX dropped -46.61% vs GAOSX's -24.98%.

Which has better risk-adjusted returns?

CVLOX currently has the higher Sharpe Ratio (1.03 vs 0.92), 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.