CVLOX vs. IGA

Last updated Jun 4, 2026

CVLOX (Calamos Global Opportunities Fund) and IGA (Voya Global Advantage and Premium Opportunity Fund) are both Global Allocation funds. Over the past 10 years, CVLOX returned 11.57%/yr vs 10.00%/yr for IGA. A 0.62 correlation means they provide meaningful diversification when combined. CVLOX charges 1.22%/yr vs 0.01%/yr for IGA.

Performance

CVLOX vs. IGA - Performance Comparison

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

Returns By Period

In the year-to-date period, CVLOX achieves a 19.22% return, which is significantly higher than IGA's 5.15% return. Over the past 10 years, CVLOX has outperformed IGA with an annualized return of 11.57%, while IGA has yielded a comparatively lower 10.00% annualized return.

CVLOX

• 1D: 0.59%
• 1M: 6.83%
• YTD: 19.22%
• 6M: 19.51%
• 1Y: 31.04%
• 3Y*: 21.82%
• 5Y*: 10.13%
• 10Y*: 11.57%

IGA

• 1D: -0.34%
• 1M: 2.19%
• YTD: 5.15%
• 6M: 6.50%
• 1Y: 9.52%
• 3Y*: 18.86%
• 5Y*: 10.96%
• 10Y*: 10.00%

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

CVLOX vs. IGA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CVLOX Calamos Global Opportunities Fund	19.22%	15.84%	23.81%	13.88%	-22.17%	15.72%	31.76%	18.28%	-9.88%	20.04%
IGA Voya Global Advantage and Premium Opportunity Fund	5.15%	18.32%	21.06%	7.55%	-8.33%	28.35%	-8.03%	23.40%	-12.35%	26.19%

Correlation

The correlation between CVLOX and IGA is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (10Y) Calculated over the trailing 10-year period	0.62
Correlation (All Time) Calculated using the full available price history since Oct 28, 2005	0.62

The correlation between CVLOX and IGA shifts across timeframes, from 0.44 (1 year) to 0.62 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CVLOX vs. IGA — Risk / Return Rank

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

CVLOX

CVLOX Risk / Return Rank: 57
CVLOX Sharpe Ratio Rank: 55
CVLOX Sortino Ratio Rank: 50
CVLOX Omega Ratio Rank: 53
CVLOX Calmar Ratio Rank: 67
CVLOX Martin Ratio Rank: 60

IGA

IGA Risk / Return Rank: 15
IGA Sharpe Ratio Rank: 14
IGA Sortino Ratio Rank: 14
IGA Omega Ratio Rank: 13
IGA Calmar Ratio Rank: 15
IGA Martin Ratio Rank: 17

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. IGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Global Opportunities Fund (CVLOX) and Voya Global Advantage and Premium Opportunity Fund (IGA). 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.

	CVLOX	IGA	Difference
Sharpe ratio: Return per unit of total volatility	2.19	1.02	+1.17
Sortino ratio: Return per unit of downside risk	2.97	1.53	+1.44
Omega ratio: Gain probability vs. loss probability	1.40	1.18	+0.21
Calmar ratio: Return relative to maximum drawdown	3.18	1.37	+1.80
Martin ratio: Return relative to average drawdown	11.94	4.76	+7.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CVLOX vs. IGA - Sharpe Ratio Comparison

The current CVLOX Sharpe Ratio is 2.19, which is higher than the IGA Sharpe Ratio of 1.02. The chart below compares the historical Sharpe Ratios of CVLOX and IGA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CVLOX	IGA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.19	1.02	+1.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.70	0.79	-0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.79	0.62	+0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	0.34	+0.26

Drawdowns

CVLOX vs. IGA - Drawdown Comparison

The maximum CVLOX drawdown since its inception was -46.61%, smaller than the maximum IGA drawdown of -57.16%. Use the drawdown chart below to compare losses from any high point for CVLOX and IGA.

Drawdown Indicators

	CVLOX	IGA	Difference
Max Drawdown Largest peak-to-trough decline	-46.61%	-57.16%	+10.55%
Max Drawdown (1Y) Largest decline over 1 year	-9.85%	-6.95%	-2.90%
Max Drawdown (3Y) Largest decline over 3 years	-15.16%	-11.22%	-3.94%
Max Drawdown (5Y) Largest decline over 5 years	-29.97%	-16.98%	-12.99%
Max Drawdown (10Y) Largest decline over 10 years	-29.97%	-41.68%	+11.71%
Current Drawdown Current decline from peak	0.00%	-0.34%	+0.34%
Average Drawdown Average peak-to-trough decline	-8.99%	-8.06%	-0.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.61%	2.01%	+0.60%

Volatility

CVLOX vs. IGA - Volatility Comparison

Calamos Global Opportunities Fund (CVLOX) has a higher volatility of 5.39% compared to Voya Global Advantage and Premium Opportunity Fund (IGA) at 2.36%. This indicates that CVLOX's price experiences larger fluctuations and is considered to be riskier than IGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVLOX	IGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.39%	2.36%	+3.03%
Volatility (6M) Calculated over the trailing 6-month period	11.85%	7.38%	+4.47%
Volatility (1Y) Calculated over the trailing 1-year period	14.30%	9.37%	+4.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.51%	13.94%	+0.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.78%	16.28%	-1.50%

CVLOX vs. IGA - Expense Ratio Comparison

CVLOX has a 1.22% expense ratio, which is higher than IGA's 0.01% expense ratio.

Dividends

CVLOX vs. IGA - Dividend Comparison

CVLOX's dividend yield for the trailing twelve months is around 7.61%, less than IGA's 11.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CVLOX Calamos Global Opportunities Fund	7.61%	9.10%	8.15%	0.61%	0.00%	5.71%	6.11%	1.28%	12.65%	6.04%	0.68%	1.28%
IGA Voya Global Advantage and Premium Opportunity Fund	11.29%	11.37%	11.38%	9.25%	9.06%	7.60%	9.01%	8.05%	9.78%	7.87%	10.83%	10.72%

Frequently Asked Questions

Can I hold both CVLOX and IGA in my portfolio?

CVLOX and IGA have a correlation of 0.44, 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 IGA?

CVLOX has higher volatility (5.39%) compared to IGA (2.36%). In terms of maximum drawdown, CVLOX dropped -46.61% vs IGA's -57.16%.

Which has better risk-adjusted returns?

CVLOX currently has the higher Sharpe Ratio (2.19 vs 1.02), 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.