GGSIX vs. CVLOX

Last updated Jun 23, 2026

GGSIX (Goldman Sachs Growth Strategy Portfolio) and CVLOX (Calamos Global Opportunities Fund) are both Global Allocation funds. Over the past 10 years, GGSIX returned 11.42%/yr vs 11.57%/yr for CVLOX. Their correlation of 0.90 suggests significant overlap in exposure. GGSIX charges 0.19%/yr vs 1.22%/yr for CVLOX.

Performance

GGSIX vs. CVLOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Growth Strategy Portfolio (GGSIX) and Calamos Global Opportunities Fund (CVLOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GGSIX achieves a 10.13% return, which is significantly lower than CVLOX's 18.27% return. Both investments have delivered pretty close results over the past 10 years, with GGSIX having a 11.42% annualized return and CVLOX not far ahead at 11.57%.

GGSIX

• 1D: 1.13%
• 1M: 1.78%
• YTD: 10.13%
• 6M: 9.97%
• 1Y: 25.75%
• 3Y*: 18.61%
• 5Y*: 10.39%
• 10Y*: 11.42%

CVLOX

• 1D: 1.54%
• 1M: 1.52%
• YTD: 18.27%
• 6M: 17.72%
• 1Y: 29.53%
• 3Y*: 20.54%
• 5Y*: 10.40%
• 10Y*: 11.57%

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

GGSIX vs. CVLOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GGSIX Goldman Sachs Growth Strategy Portfolio	10.13%	19.29%	19.26%	17.83%	-16.86%	17.04%	14.34%	24.92%	-10.65%	21.54%
CVLOX Calamos Global Opportunities Fund	18.27%	15.84%	23.81%	13.88%	-22.17%	15.72%	31.76%	18.28%	-9.88%	20.04%

Correlation

The correlation between GGSIX and CVLOX is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Jan 2, 1998	0.90

The correlation between GGSIX and CVLOX has been stable across timeframes, ranging from 0.87 to 0.92 - a consistent structural relationship.

Return for Risk

GGSIX vs. CVLOX — Risk / Return Rank

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

GGSIX

GGSIX Risk / Return Rank: 66
GGSIX Sharpe Ratio Rank: 68
GGSIX Sortino Ratio Rank: 64
GGSIX Omega Ratio Rank: 65
GGSIX Calmar Ratio Rank: 64
GGSIX Martin Ratio Rank: 71

CVLOX

CVLOX Risk / Return Rank: 53
CVLOX Sharpe Ratio Rank: 49
CVLOX Sortino Ratio Rank: 45
CVLOX Omega Ratio Rank: 48
CVLOX Calmar Ratio Rank: 65
CVLOX Martin Ratio Rank: 57

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.

GGSIX vs. CVLOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Growth Strategy Portfolio (GGSIX) and Calamos Global Opportunities Fund (CVLOX). 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.

	GGSIX	CVLOX	Difference
Sharpe ratio: Return per unit of total volatility	2.21	1.91	+0.30
Sortino ratio: Return per unit of downside risk	3.04	2.60	+0.44
Omega ratio: Gain probability vs. loss probability	1.41	1.35	+0.06
Calmar ratio: Return relative to maximum drawdown	2.94	2.95	-0.01
Martin ratio: Return relative to average drawdown	12.81	10.75	+2.07

GGSIX vs. CVLOX - Sharpe Ratio Comparison

The current GGSIX Sharpe Ratio is 2.21, which is comparable to the CVLOX Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of GGSIX and CVLOX, 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

GGSIX vs. CVLOX - Drawdown Comparison

The maximum GGSIX drawdown since its inception was -52.85%, which is greater than CVLOX's maximum drawdown of -46.61%. Use the drawdown chart below to compare losses from any high point for GGSIX and CVLOX.

Drawdown Indicators

	GGSIX	CVLOX	Difference
Max Drawdown Largest peak-to-trough decline	-52.85%	-46.61%	-6.24%
Max Drawdown (1Y) Largest decline over 1 year	-8.71%	-9.85%	+1.14%
Max Drawdown (3Y) Largest decline over 3 years	-14.78%	-15.16%	+0.38%
Max Drawdown (5Y) Largest decline over 5 years	-26.74%	-29.97%	+3.23%
Max Drawdown (10Y) Largest decline over 10 years	-30.36%	-29.97%	-0.39%
Current Drawdown Current decline from peak	-0.31%	-0.80%	+0.49%
Average Drawdown Average peak-to-trough decline	-9.19%	-8.98%	-0.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.99%	2.70%	-0.71%

Volatility

GGSIX vs. CVLOX - Volatility Comparison

The current volatility for Goldman Sachs Growth Strategy Portfolio (GGSIX) is 4.67%, while Calamos Global Opportunities Fund (CVLOX) has a volatility of 6.10%. This indicates that GGSIX experiences smaller price fluctuations and is considered to be less risky than CVLOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GGSIX	CVLOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.67%	6.10%	-1.43%
Volatility (6M) Calculated over the trailing 6-month period	9.58%	12.87%	-3.29%
Volatility (1Y) Calculated over the trailing 1-year period	11.59%	15.18%	-3.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.54%	14.68%	-1.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.37%	14.86%	-0.49%

GGSIX vs. CVLOX - Expense Ratio Comparison

GGSIX has a 0.19% expense ratio, which is lower than CVLOX's 1.22% expense ratio.

Dividends

GGSIX vs. CVLOX - Dividend Comparison

GGSIX's dividend yield for the trailing twelve months is around 10.78%, more than CVLOX's 7.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CVLOX Calamos Global Opportunities Fund	7.63%	9.10%	8.15%	0.61%	0.00%	5.71%	6.11%	1.28%	12.65%	6.04%	0.68%	1.28%
GGSIX Goldman Sachs Growth Strategy Portfolio	10.78%	11.87%	12.21%	1.73%	5.76%	6.57%	3.47%	5.77%	3.02%	2.77%	1.35%	2.03%

Frequently Asked Questions

Can I hold both GGSIX and CVLOX in my portfolio?

GGSIX and CVLOX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GGSIX or CVLOX?

CVLOX has higher volatility (6.10%) compared to GGSIX (4.67%). In terms of maximum drawdown, GGSIX dropped -52.85% vs CVLOX's -46.61%.

Which has better risk-adjusted returns?

GGSIX currently has the higher Sharpe Ratio (2.21 vs 1.91), 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.