CXGCX vs. GCV

Last updated Aug 1, 2026

CXGCX (Calamos Global Convertible Fund) and GCV (The Gabelli Convertible and Income Securities Fund Inc) are both Convertible Bonds funds. Over the past 10 years, CXGCX returned 8.96%/yr vs 9.53%/yr for GCV. Their 0.44 correlation means their historical movements had little consistent relationship. CXGCX charges 1.03%/yr vs 0.01%/yr for GCV.

Performance

CXGCX vs. GCV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Global Convertible Fund (CXGCX) and The Gabelli Convertible and Income Securities Fund Inc (GCV). 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 GCV slightly higher at 14.70%. Over the past 10 years, CXGCX has underperformed GCV with an annualized return of 8.96%, while GCV has yielded a comparatively higher 9.53% annualized return.

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%

GCV

• 1D: 0.00%
• 1M: -2.80%
• 6M: 6.72%
• YTD: 14.70%
• 1Y: 29.40%
• 3Y*: 14.61%
• 5Y*: 4.17%
• 10Y*: 9.53%
• ALL TIME*: 4.89%

*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
GCV The Gabelli Convertible and Income Securities Fund Inc	$93.89K	$135.15K	$276.43K

CXGCX vs. GCV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CXGCX Calamos Global Convertible Fund	14.10%	18.49%	10.98%	13.48%	-22.06%	-0.31%	38.60%	15.18%	-2.76%	14.25%
GCV The Gabelli Convertible and Income Securities Fund Inc	14.70%	22.86%	19.93%	-15.58%	-23.95%	19.99%	16.97%	45.72%	-19.03%	37.30%

Correlation

The correlation between CXGCX and GCV is 0.56, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.56
Correlation (3Y) Balances recent behavior with more history.	0.47
Correlation (5Y) Shows whether the relationship held over a longer period.	0.41
Correlation (10Y) Provides a long-term view across more market conditions.	0.43
Correlation (All Time) Calculated using the full available price history since Jan 2, 2015	0.44

The correlation between CXGCX and GCV shifts across timeframes, from 0.41 (5 years) to 0.56 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

CXGCX vs. GCV — 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

GCV

GCV Risk / Return Rank: 81
GCV Sharpe Ratio Rank: 75
GCV Sortino Ratio Rank: 73
GCV Omega Ratio Rank: 71
GCV Calmar Ratio Rank: 94
GCV Martin Ratio Rank: 92

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. GCV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Global Convertible Fund (CXGCX) and The Gabelli Convertible and Income Securities Fund Inc (GCV). 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	GCV	Difference
Sharpe ratio: Return per unit of total volatility	2.07	1.79	+0.29
Sortino ratio: Return per unit of downside risk	2.93	2.51	+0.42
Omega ratio: Gain probability vs. loss probability	1.36	1.31	+0.05
Calmar ratio: Return relative to maximum drawdown	3.95	4.00	-0.05
Martin ratio: Return relative to average drawdown	11.29	13.57	-2.27

CXGCX vs. GCV - Sharpe Ratio Comparison

The current CXGCX Sharpe Ratio is 2.07, which is comparable to the GCV Sharpe Ratio of 1.79. The chart below compares the historical Sharpe Ratios of CXGCX and GCV, 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. GCV - Drawdown Comparison

The maximum CXGCX drawdown since its inception was -30.74%, smaller than the maximum GCV drawdown of -55.67%. Use the drawdown chart below to compare losses from any high point for CXGCX and GCV.

Drawdown Indicators

	CXGCX	GCV	Difference
Max Drawdown Largest peak-to-trough decline	-30.74%	-55.67%	+24.93%
Max Drawdown (1Y) Largest decline over 1 year	-5.75%	-7.09%	+1.34%
Max Drawdown (3Y) Largest decline over 3 years	-8.92%	-22.33%	+13.41%
Max Drawdown (5Y) Largest decline over 5 years	-28.88%	-45.90%	+17.02%
Max Drawdown (10Y) Largest decline over 10 years	-30.74%	-45.90%	+15.16%
Current Drawdown Current decline from peak	-2.83%	-4.04%	+1.21%
Average Drawdown Average peak-to-trough decline	-7.19%	-12.50%	+5.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.01%	2.09%	-0.08%

Volatility

CXGCX vs. GCV - Volatility Comparison

The current volatility for Calamos Global Convertible Fund (CXGCX) is 2.92%, while The Gabelli Convertible and Income Securities Fund Inc (GCV) has a volatility of 3.53%. This indicates that CXGCX experiences smaller price fluctuations and is considered to be less risky than GCV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CXGCX	GCV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.92%	3.53%	-0.61%
Volatility (6M) Calculated over the trailing 6-month period	8.64%	11.75%	-3.11%
Volatility (1Y) Calculated over the trailing 1-year period	10.98%	15.90%	-4.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.83%	21.12%	-11.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.58%	23.52%	-13.94%

CXGCX vs. GCV - Expense Ratio Comparison

CXGCX has a 1.03% expense ratio, which is higher than GCV's 0.01% expense ratio.

Dividends

CXGCX vs. GCV - Dividend Comparison

CXGCX's dividend yield for the trailing twelve months is around 4.69%, less than GCV's 10.64% 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%
GCV The Gabelli Convertible and Income Securities Fund Inc	10.64%	11.57%	12.60%	13.33%	10.00%	8.14%	7.68%	8.21%	10.93%	8.14%	8.72%	10.04%

Frequently Asked Questions

Can I hold both CXGCX and GCV in my portfolio?

CXGCX and GCV have a correlation of 0.56, 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 GCV?

GCV has higher volatility (3.53%) compared to CXGCX (2.92%). In terms of maximum drawdown, CXGCX dropped -30.74% vs GCV's -55.67%.

Which has better risk-adjusted returns?

CXGCX currently has the higher Sharpe Ratio (2.07 vs 1.79), 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.