JHQTX vs. CMNIX

Last updated Jun 23, 2026

JHQTX (JPMorgan Hedged Equity 3 Fund) and CMNIX (Calamos Market Neutral Income Fund Institutional Class) are both mutual funds - JHQTX is a Options Trading fund managed by JPMorgan, while CMNIX is a fund fund managed by Calamos. Over the past 5 years, JHQTX returned 7.48%/yr vs 4.87%/yr for CMNIX. A 0.77 correlation means they provide meaningful diversification when combined. JHQTX charges 0.60%/yr vs 0.90%/yr for CMNIX.

Performance

JHQTX vs. CMNIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Hedged Equity 3 Fund (JHQTX) and Calamos Market Neutral Income Fund Institutional Class (CMNIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JHQTX achieves a 2.62% return, which is significantly lower than CMNIX's 2.83% return.

JHQTX

• 1D: 0.65%
• 1M: -0.37%
• YTD: 2.62%
• 6M: 2.38%
• 1Y: 12.13%
• 3Y*: 12.21%
• 5Y*: 7.48%
• 10Y*: —

CMNIX

• 1D: 0.00%
• 1M: 0.16%
• YTD: 2.83%
• 6M: 2.97%
• 1Y: 6.78%
• 3Y*: 6.95%
• 5Y*: 4.87%
• 10Y*: 4.80%

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

JHQTX vs. CMNIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
JHQTX JPMorgan Hedged Equity 3 Fund	2.62%	9.32%	16.76%	18.60%	-14.49%	13.16%
CMNIX Calamos Market Neutral Income Fund Institutional Class	2.83%	6.89%	7.43%	9.17%	-4.26%	4.20%

Correlation

The correlation between JHQTX and CMNIX is 0.57, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (All Time) Calculated using the full available price history since Feb 26, 2021	0.77

Over the past year, the correlation between JHQTX and CMNIX has dropped to 0.57 - well below their long-term average of 0.77, suggesting their price drivers have been diverging.

Return for Risk

JHQTX vs. CMNIX — Risk / Return Rank

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

JHQTX

JHQTX Risk / Return Rank: 43
JHQTX Sharpe Ratio Rank: 41
JHQTX Sortino Ratio Rank: 40
JHQTX Omega Ratio Rank: 51
JHQTX Calmar Ratio Rank: 35
JHQTX Martin Ratio Rank: 47

CMNIX

CMNIX Risk / Return Rank: 98
CMNIX Sharpe Ratio Rank: 98
CMNIX Sortino Ratio Rank: 98
CMNIX Omega Ratio Rank: 97
CMNIX Calmar Ratio Rank: 97
CMNIX Martin Ratio Rank: 99

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.

JHQTX vs. CMNIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Hedged Equity 3 Fund (JHQTX) and Calamos Market Neutral Income Fund Institutional Class (CMNIX). 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.

	JHQTX	CMNIX	Difference
Sharpe ratio: Return per unit of total volatility	1.74	3.75	-2.02
Sortino ratio: Return per unit of downside risk	2.46	6.08	-3.62
Omega ratio: Gain probability vs. loss probability	1.36	1.97	-0.61
Calmar ratio: Return relative to maximum drawdown	2.11	6.76	-4.66
Martin ratio: Return relative to average drawdown	9.36	40.98	-31.62

JHQTX vs. CMNIX - Sharpe Ratio Comparison

The current JHQTX Sharpe Ratio is 1.74, which is lower than the CMNIX Sharpe Ratio of 3.75. The chart below compares the historical Sharpe Ratios of JHQTX and CMNIX, 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

JHQTX vs. CMNIX - Drawdown Comparison

The maximum JHQTX drawdown since its inception was -18.72%, smaller than the maximum CMNIX drawdown of -35.16%. Use the drawdown chart below to compare losses from any high point for JHQTX and CMNIX.

Drawdown Indicators

	JHQTX	CMNIX	Difference
Max Drawdown Largest peak-to-trough decline	-18.72%	-35.16%	+16.44%
Max Drawdown (1Y) Largest decline over 1 year	-5.78%	-1.02%	-4.76%
Max Drawdown (3Y) Largest decline over 3 years	-11.37%	-2.77%	-8.60%
Max Drawdown (5Y) Largest decline over 5 years	-18.72%	-7.52%	-11.20%
Max Drawdown (10Y) Largest decline over 10 years	—	-8.12%	—
Current Drawdown Current decline from peak	-0.69%	-0.12%	-0.57%
Average Drawdown Average peak-to-trough decline	-4.10%	-7.14%	+3.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.30%	0.17%	+1.13%

Volatility

JHQTX vs. CMNIX - Volatility Comparison

JPMorgan Hedged Equity 3 Fund (JHQTX) has a higher volatility of 2.72% compared to Calamos Market Neutral Income Fund Institutional Class (CMNIX) at 0.39%. This indicates that JHQTX's price experiences larger fluctuations and is considered to be riskier than CMNIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JHQTX	CMNIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.72%	0.39%	+2.33%
Volatility (6M) Calculated over the trailing 6-month period	5.93%	1.55%	+4.38%
Volatility (1Y) Calculated over the trailing 1-year period	7.01%	1.83%	+5.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.78%	3.47%	+6.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.57%	3.62%	+5.95%

JHQTX vs. CMNIX - Expense Ratio Comparison

JHQTX has a 0.60% expense ratio, which is lower than CMNIX's 0.90% expense ratio.

Dividends

JHQTX vs. CMNIX - Dividend Comparison

JHQTX's dividend yield for the trailing twelve months is around 0.48%, less than CMNIX's 1.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CMNIX Calamos Market Neutral Income Fund Institutional Class	1.69%	1.63%	2.00%	5.90%	1.02%	0.46%	0.90%	1.57%	5.02%	2.60%	2.97%	2.42%
JHQTX JPMorgan Hedged Equity 3 Fund	0.48%	0.50%	0.70%	0.94%	1.99%	0.36%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JHQTX and CMNIX in my portfolio?

JHQTX and CMNIX have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JHQTX or CMNIX?

JHQTX has higher volatility (2.72%) compared to CMNIX (0.39%). In terms of maximum drawdown, JHQTX dropped -18.72% vs CMNIX's -35.16%.

Which has better risk-adjusted returns?

CMNIX currently has the higher Sharpe Ratio (3.75 vs 1.74), 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.