CXGCX vs. CPLIX

Last updated Jun 3, 2026

CXGCX (Calamos Global Convertible Fund) and CPLIX (Calamos Phineus Long/Short Fund) are both mutual funds - CXGCX is a Convertible Bonds fund managed by Calamos, while CPLIX is a Long-Short fund managed by Calamos. Over the past 10 years, CXGCX returned 9.34%/yr vs 7.02%/yr for CPLIX. At a 0.49 correlation, their price movements are largely independent. CXGCX charges 1.03%/yr vs 1.38%/yr for CPLIX.

Performance

CXGCX vs. CPLIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Global Convertible Fund (CXGCX) and Calamos Phineus Long/Short Fund (CPLIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CXGCX achieves a 16.48% return, which is significantly higher than CPLIX's -0.36% return. Over the past 10 years, CXGCX has outperformed CPLIX with an annualized return of 9.34%, while CPLIX has yielded a comparatively lower 7.02% annualized return.

CXGCX

• 1D: 1.45%
• 1M: 5.67%
• YTD: 16.48%
• 6M: 17.51%
• 1Y: 29.94%
• 3Y*: 17.94%
• 5Y*: 5.88%
• 10Y*: 9.34%

CPLIX

• 1D: -0.83%
• 1M: 1.51%
• YTD: -0.36%
• 6M: 0.44%
• 1Y: 2.65%
• 3Y*: 7.17%
• 5Y*: 3.23%
• 10Y*: 7.02%

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

CXGCX vs. CPLIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CXGCX Calamos Global Convertible Fund	16.48%	18.49%	10.98%	13.48%	-22.06%	-0.31%	38.60%	15.18%	-2.76%	14.25%
CPLIX Calamos Phineus Long/Short Fund	-0.36%	9.89%	8.89%	8.04%	-0.96%	7.52%	19.81%	3.97%	-5.96%	9.22%

Correlation

The correlation between CXGCX and CPLIX is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (10Y) Calculated over the trailing 10-year period	0.49
Correlation (All Time) Calculated using the full available price history since Apr 6, 2016	0.49

The correlation between CXGCX and CPLIX shifts across timeframes, from 0.37 (3 years) to 0.55 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

CXGCX vs. CPLIX — Risk / Return Rank

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

CXGCX

CXGCX Risk / Return Rank: 89
CXGCX Sharpe Ratio Rank: 91
CXGCX Sortino Ratio Rank: 89
CXGCX Omega Ratio Rank: 83
CXGCX Calmar Ratio Rank: 93
CXGCX Martin Ratio Rank: 90

CPLIX

CPLIX Risk / Return Rank: 5
CPLIX Sharpe Ratio Rank: 5
CPLIX Sortino Ratio Rank: 5
CPLIX Omega Ratio Rank: 5
CPLIX Calmar Ratio Rank: 5
CPLIX Martin Ratio Rank: 4

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.

CXGCX vs. CPLIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Global Convertible Fund (CXGCX) and Calamos Phineus Long/Short Fund (CPLIX). 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.

	CXGCX	CPLIX	Difference
Sharpe ratio Return per unit of total volatility	3.04	0.37	+2.67
Sortino ratio Return per unit of downside risk	4.28	0.63	+3.65
Omega ratio Gain probability vs. loss probability	1.55	1.07	+0.48
Calmar ratio Return relative to maximum drawdown	5.26	0.37	+4.89
Martin ratio Return relative to average drawdown	17.94	0.92	+17.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CXGCX vs. CPLIX - Sharpe Ratio Comparison

The current CXGCX Sharpe Ratio is 3.04, which is higher than the CPLIX Sharpe Ratio of 0.37. The chart below compares the historical Sharpe Ratios of CXGCX and CPLIX, 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

	CXGCX	CPLIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.04	0.37	+2.67
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	0.26	+0.35
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.98	0.46	+0.52
Sharpe Ratio (All Time) Calculated using the full available price history	0.88	0.49	+0.40

Drawdowns

CXGCX vs. CPLIX - Drawdown Comparison

The maximum CXGCX drawdown since its inception was -30.74%, smaller than the maximum CPLIX drawdown of -33.71%. Use the drawdown chart below to compare losses from any high point for CXGCX and CPLIX.

Drawdown Indicators

	CXGCX	CPLIX	Difference
Max Drawdown Largest peak-to-trough decline	-30.74%	-33.71%	+2.97%
Max Drawdown (1Y) Largest decline over 1 year	-5.75%	-8.73%	+2.98%
Max Drawdown (3Y) Largest decline over 3 years	-8.92%	-8.73%	-0.19%
Max Drawdown (5Y) Largest decline over 5 years	-28.88%	-18.28%	-10.60%
Max Drawdown (10Y) Largest decline over 10 years	-30.74%	-33.71%	+2.97%
Current Drawdown Current decline from peak	0.00%	-4.71%	+4.71%
Average Drawdown Average peak-to-trough decline	-7.26%	-4.70%	-2.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.69%	3.56%	-1.87%

Volatility

CXGCX vs. CPLIX - Volatility Comparison

The current volatility for Calamos Global Convertible Fund (CXGCX) is 3.45%, while Calamos Phineus Long/Short Fund (CPLIX) has a volatility of 3.83%. This indicates that CXGCX experiences smaller price fluctuations and is considered to be less risky than CPLIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CXGCX	CPLIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.45%	3.83%	-0.38%
Volatility (6M) Calculated over the trailing 6-month period	7.92%	7.88%	+0.04%
Volatility (1Y) Calculated over the trailing 1-year period	10.12%	8.81%	+1.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.66%	12.36%	-2.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.55%	15.27%	-5.72%

CXGCX vs. CPLIX - Expense Ratio Comparison

CXGCX has a 1.03% expense ratio, which is lower than CPLIX's 1.38% expense ratio.

Dividends

CXGCX vs. CPLIX - Dividend Comparison

CXGCX's dividend yield for the trailing twelve months is around 4.48%, less than CPLIX's 5.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CPLIX Calamos Phineus Long/Short Fund	5.54%	5.52%	6.90%	1.86%	0.03%	0.00%	0.00%	0.43%	3.88%	1.21%	0.85%	0.00%
CXGCX Calamos Global Convertible Fund	4.48%	5.15%	0.00%	0.39%	0.00%	14.77%	8.19%	2.36%	5.75%	3.73%	2.22%	1.30%

Frequently Asked Questions

Can I hold both CXGCX and CPLIX in my portfolio?

CXGCX and CPLIX have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CXGCX or CPLIX?

CPLIX has higher volatility (3.83%) compared to CXGCX (3.45%). In terms of maximum drawdown, CXGCX dropped -30.74% vs CPLIX's -33.71%.

Which has better risk-adjusted returns?

CXGCX currently has the higher Sharpe Ratio (3.04 vs 0.37), 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.