CXGCX vs. FIQVX

Last updated Aug 1, 2026

CXGCX (Calamos Global Convertible Fund) and FIQVX (Fidelity Advisor Convertible Securities Fund Class Z) are both Convertible Bonds funds. Over the past 5 years, CXGCX returned 5.30%/yr vs 7.24%/yr for FIQVX. Their correlation of 0.90 means they have usually moved in the same direction. CXGCX charges 1.03%/yr vs 0.59%/yr for FIQVX.

Performance

CXGCX vs. FIQVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Global Convertible Fund (CXGCX) and Fidelity Advisor Convertible Securities Fund Class Z (FIQVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with CXGCX having a 14.10% return and FIQVX slightly higher at 14.14%.

CXGCX

• 1D: 1.49%
• 1M: -0.13%
• 6M: 10.80%
• YTD: 14.10%
• 1Y: 23.25%
• 3Y*: 14.87%
• 5Y*: 5.30%
• 10Y*: 8.96%
• ALL TIME*: 7.92%

FIQVX

• 1D: 3.02%
• 1M: -3.61%
• 6M: 8.67%
• YTD: 14.14%
• 1Y: 25.45%
• 3Y*: 13.96%
• 5Y*: 7.24%
• 10Y*: —
• ALL TIME*: 13.14%

*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)
CXGCX Calamos Global Convertible Fund	$0.00	$0.00	$0.00
FIQVX Fidelity Advisor Convertible Securities Fund Class Z	$0.00	$0.00	$0.00

CXGCX vs. FIQVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
CXGCX Calamos Global Convertible Fund	14.10%	18.49%	10.98%	13.48%	-22.06%	-0.31%	38.60%	15.18%	-4.94%
FIQVX Fidelity Advisor Convertible Securities Fund Class Z	14.14%	18.42%	8.21%	11.53%	-15.27%	10.04%	42.63%	28.74%	-6.03%

Correlation

The correlation between CXGCX and FIQVX is 0.91, 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.	0.91
Correlation (3Y) Balances recent behavior with more history.	0.88
Correlation (5Y) Shows whether the relationship held over a longer period.	0.90
Correlation (All Time) Calculated using the full available price history since Oct 5, 2018	0.90

The correlation between CXGCX and FIQVX has been stable across timeframes, ranging from 0.88 to 0.91 - a consistent structural relationship.

Return for Risk

CXGCX vs. FIQVX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CXGCX

CXGCX Risk / Return Rank: 85
CXGCX Sharpe Ratio Rank: 84
CXGCX Sortino Ratio Rank: 82
CXGCX Omega Ratio Rank: 78
CXGCX Calmar Ratio Rank: 94
CXGCX Martin Ratio Rank: 87

FIQVX

FIQVX Risk / Return Rank: 54
FIQVX Sharpe Ratio Rank: 54
FIQVX Sortino Ratio Rank: 49
FIQVX Omega Ratio Rank: 47
FIQVX Calmar Ratio Rank: 58
FIQVX Martin Ratio Rank: 62

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.

CXGCX vs. FIQVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Global Convertible Fund (CXGCX) and Fidelity Advisor Convertible Securities Fund Class Z (FIQVX). 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.

	CXGCX	FIQVX	Difference
Sharpe ratio: Return per unit of total volatility	2.07	1.40	+0.67
Sortino ratio: Return per unit of downside risk	2.93	1.93	+1.00
Omega ratio: Gain probability vs. loss probability	1.36	1.24	+0.12
Calmar ratio: Return relative to maximum drawdown	3.95	2.03	+1.92
Martin ratio: Return relative to average drawdown	11.29	8.00	+3.29

CXGCX vs. FIQVX - Sharpe Ratio Comparison

The current CXGCX Sharpe Ratio is 2.07, which is higher than the FIQVX Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of CXGCX and FIQVX, 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

CXGCX vs. FIQVX - Drawdown Comparison

The maximum CXGCX drawdown since its inception was -30.74%, which is greater than FIQVX's maximum drawdown of -25.04%. Use the drawdown chart below to compare losses from any high point for CXGCX and FIQVX.

Drawdown Indicators

	CXGCX	FIQVX	Difference
Max Drawdown Largest peak-to-trough decline	-30.74%	-25.04%	-5.70%
Max Drawdown (1Y) Largest decline over 1 year	-5.75%	-11.69%	+5.94%
Max Drawdown (3Y) Largest decline over 3 years	-8.92%	-18.86%	+9.94%
Max Drawdown (5Y) Largest decline over 5 years	-28.88%	-24.16%	-4.72%
Max Drawdown (10Y) Largest decline over 10 years	-30.74%	—	—
Current Drawdown Current decline from peak	-2.83%	-9.02%	+6.19%
Average Drawdown Average peak-to-trough decline	-7.19%	-6.66%	-0.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.01%	2.97%	-0.96%

Volatility

CXGCX vs. FIQVX - Volatility Comparison

The current volatility for Calamos Global Convertible Fund (CXGCX) is 2.92%, while Fidelity Advisor Convertible Securities Fund Class Z (FIQVX) has a volatility of 6.08%. This indicates that CXGCX experiences smaller price fluctuations and is considered to be less risky than FIQVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CXGCX	FIQVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.92%	6.08%	-3.16%
Volatility (6M) Calculated over the trailing 6-month period	8.64%	13.99%	-5.35%
Volatility (1Y) Calculated over the trailing 1-year period	10.98%	17.01%	-6.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.83%	13.92%	-4.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.58%	15.22%	-5.64%

CXGCX vs. FIQVX - Expense Ratio Comparison

CXGCX has a 1.03% expense ratio, which is higher than FIQVX's 0.59% expense ratio.

Dividends

CXGCX vs. FIQVX - Dividend Comparison

CXGCX's dividend yield for the trailing twelve months is around 4.69%, less than FIQVX's 9.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CXGCX Calamos Global Convertible Fund	4.69%	5.15%	0.00%	0.39%	0.00%	14.77%	8.19%	2.36%	5.75%	3.73%	2.22%	1.30%
FIQVX Fidelity Advisor Convertible Securities Fund Class Z	9.24%	11.52%	2.13%	2.24%	3.88%	20.80%	10.85%	3.40%	8.28%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CXGCX and FIQVX in my portfolio?

With a correlation of 0.91, CXGCX and FIQVX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, CXGCX or FIQVX?

FIQVX has higher volatility (6.08%) compared to CXGCX (2.92%). In terms of maximum drawdown, CXGCX dropped -30.74% vs FIQVX's -25.04%.

Which has better risk-adjusted returns?

CXGCX currently has the higher Sharpe Ratio (2.07 vs 1.40), 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.