CVTRX vs. CHW

Last updated Jun 24, 2026

CVTRX (Calamos Growth and Income Fund) and CHW (Calamos Global Dynamic Income Fund) are both mutual funds - CVTRX is a Diversified Portfolio fund managed by Calamos, while CHW is a Global Allocation fund actively managed by Calamos. Over the past 10 years, CVTRX returned 13.35%/yr vs 12.98%/yr for CHW. A 0.68 correlation means they provide meaningful diversification when combined. CVTRX charges 1.05%/yr vs 2.63%/yr for CHW.

Performance

CVTRX vs. CHW - Performance Comparison

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

Returns By Period

In the year-to-date period, CVTRX achieves a 11.18% return, which is significantly lower than CHW's 22.87% return. Both investments have delivered pretty close results over the past 10 years, with CVTRX having a 13.35% annualized return and CHW not far behind at 12.98%.

CVTRX

• 1D: -0.24%
• 1M: 1.23%
• YTD: 11.18%
• 6M: 10.06%
• 1Y: 26.25%
• 3Y*: 19.35%
• 5Y*: 11.10%
• 10Y*: 13.35%

CHW

• 1D: -1.78%
• 1M: 2.68%
• YTD: 22.87%
• 6M: 23.20%
• 1Y: 40.18%
• 3Y*: 25.02%
• 5Y*: 5.20%
• 10Y*: 12.98%

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

CVTRX vs. CHW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CVTRX Calamos Growth and Income Fund	11.18%	17.46%	20.66%	20.36%	-18.45%	21.05%	22.43%	25.97%	-3.97%	16.06%
CHW Calamos Global Dynamic Income Fund	22.87%	19.55%	27.82%	14.55%	-37.74%	13.07%	22.28%	47.12%	-20.33%	43.78%

Correlation

The correlation between CVTRX and CHW is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Jul 26, 2007	0.68

The correlation between CVTRX and CHW has been stable across timeframes, ranging from 0.68 to 0.74 - a consistent structural relationship.

Return for Risk

CVTRX vs. CHW — Risk / Return Rank

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

CVTRX

CVTRX Risk / Return Rank: 66
CVTRX Sharpe Ratio Rank: 67
CVTRX Sortino Ratio Rank: 61
CVTRX Omega Ratio Rank: 60
CVTRX Calmar Ratio Rank: 67
CVTRX Martin Ratio Rank: 74

CHW

CHW Risk / Return Rank: 64
CHW Sharpe Ratio Rank: 79
CHW Sortino Ratio Rank: 69
CHW Omega Ratio Rank: 69
CHW Calmar Ratio Rank: 51
CHW Martin Ratio Rank: 51

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.

CVTRX vs. CHW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Growth and Income Fund (CVTRX) and Calamos Global Dynamic Income Fund (CHW). 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.

	CVTRX	CHW	Difference
Sharpe ratio: Return per unit of total volatility	2.20	2.41	-0.21
Sortino ratio: Return per unit of downside risk	2.99	3.17	-0.19
Omega ratio: Gain probability vs. loss probability	1.39	1.42	-0.03
Calmar ratio: Return relative to maximum drawdown	3.01	2.60	+0.41
Martin ratio: Return relative to average drawdown	13.21	9.77	+3.45

CVTRX vs. CHW - Sharpe Ratio Comparison

The current CVTRX Sharpe Ratio is 2.20, which is comparable to the CHW Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of CVTRX and CHW, 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

CVTRX vs. CHW - Drawdown Comparison

The maximum CVTRX drawdown since its inception was -44.13%, smaller than the maximum CHW drawdown of -66.94%. Use the drawdown chart below to compare losses from any high point for CVTRX and CHW.

Drawdown Indicators

	CVTRX	CHW	Difference
Max Drawdown Largest peak-to-trough decline	-44.13%	-66.94%	+22.81%
Max Drawdown (1Y) Largest decline over 1 year	-9.14%	-15.51%	+6.37%
Max Drawdown (3Y) Largest decline over 3 years	-16.45%	-20.40%	+3.95%
Max Drawdown (5Y) Largest decline over 5 years	-23.30%	-46.11%	+22.81%
Max Drawdown (10Y) Largest decline over 10 years	-28.20%	-53.58%	+25.38%
Current Drawdown Current decline from peak	-0.75%	-2.94%	+2.19%
Average Drawdown Average peak-to-trough decline	-5.17%	-14.85%	+9.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.08%	4.12%	-2.04%

Volatility

CVTRX vs. CHW - Volatility Comparison

The current volatility for Calamos Growth and Income Fund (CVTRX) is 4.92%, while Calamos Global Dynamic Income Fund (CHW) has a volatility of 6.51%. This indicates that CVTRX experiences smaller price fluctuations and is considered to be less risky than CHW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVTRX	CHW	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.92%	6.51%	-1.59%
Volatility (6M) Calculated over the trailing 6-month period	9.99%	14.54%	-4.55%
Volatility (1Y) Calculated over the trailing 1-year period	12.53%	16.75%	-4.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.95%	19.21%	-4.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.43%	22.34%	-6.91%

CVTRX vs. CHW - Expense Ratio Comparison

CVTRX has a 1.05% expense ratio, which is lower than CHW's 2.63% expense ratio.

Dividends

CVTRX vs. CHW - Dividend Comparison

CVTRX's dividend yield for the trailing twelve months is around 6.57%, less than CHW's 6.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CHW Calamos Global Dynamic Income Fund	6.80%	8.10%	8.89%	10.40%	13.62%	8.43%	8.79%	9.67%	12.82%	9.25%	12.05%	11.73%
CVTRX Calamos Growth and Income Fund	6.57%	7.38%	4.83%	4.18%	4.02%	5.52%	3.22%	3.56%	8.61%	7.21%	7.31%	6.96%

Frequently Asked Questions

Can I hold both CVTRX and CHW in my portfolio?

CVTRX and CHW have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CVTRX or CHW?

CHW has higher volatility (6.51%) compared to CVTRX (4.92%). In terms of maximum drawdown, CVTRX dropped -44.13% vs CHW's -66.94%.

Which has better risk-adjusted returns?

CHW currently has the higher Sharpe Ratio (2.41 vs 2.20), 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.