LAFFX vs. CMNIX

Last updated Jun 13, 2026

LAFFX (Lord Abbett Affiliated Fund) and CMNIX (Calamos Market Neutral Income Fund Institutional Class) are both mutual funds - LAFFX is a Large Cap Value Equities fund managed by Lord Abbett, while CMNIX is a fund fund managed by Calamos. Over the past 10 years, LAFFX returned 10.91%/yr vs 4.79%/yr for CMNIX. A 0.68 correlation means they provide meaningful diversification when combined. LAFFX charges 0.71%/yr vs 0.90%/yr for CMNIX.

Performance

LAFFX vs. CMNIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Lord Abbett Affiliated Fund (LAFFX) 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, LAFFX achieves a 10.18% return, which is significantly higher than CMNIX's 2.67% return. Over the past 10 years, LAFFX has outperformed CMNIX with an annualized return of 10.91%, while CMNIX has yielded a comparatively lower 4.79% annualized return.

LAFFX

• 1D: 1.61%
• 1M: 2.79%
• YTD: 10.18%
• 6M: 10.49%
• 1Y: 23.30%
• 3Y*: 18.63%
• 5Y*: 10.12%
• 10Y*: 10.91%

CMNIX

• 1D: 0.00%
• 1M: 0.06%
• YTD: 2.67%
• 6M: 2.93%
• 1Y: 6.67%
• 3Y*: 6.99%
• 5Y*: 4.77%
• 10Y*: 4.79%

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

LAFFX vs. CMNIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LAFFX Lord Abbett Affiliated Fund	10.18%	15.75%	17.30%	10.50%	-9.80%	26.77%	-1.29%	25.24%	-7.59%	16.16%
CMNIX Calamos Market Neutral Income Fund Institutional Class	2.67%	6.89%	7.43%	9.17%	-4.26%	5.02%	5.36%	6.72%	1.79%	4.21%

Correlation

The correlation between LAFFX and CMNIX is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (10Y) Calculated over the trailing 10-year period	0.70
Correlation (All Time) Calculated using the full available price history since May 10, 2000	0.68

Over the past year, the correlation between LAFFX and CMNIX has dropped to 0.37 - well below their long-term average of 0.68, suggesting their price drivers have been diverging.

Return for Risk

LAFFX vs. CMNIX — Risk / Return Rank

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

LAFFX

LAFFX Risk / Return Rank: 77
LAFFX Sharpe Ratio Rank: 76
LAFFX Sortino Ratio Rank: 75
LAFFX Omega Ratio Rank: 72
LAFFX Calmar Ratio Rank: 78
LAFFX Martin Ratio Rank: 82

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.

LAFFX vs. CMNIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Lord Abbett Affiliated Fund (LAFFX) 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.

	LAFFX	CMNIX	Difference
Sharpe ratio: Return per unit of total volatility	2.09	3.60	-1.51
Sortino ratio: Return per unit of downside risk	2.96	5.79	-2.84
Omega ratio: Gain probability vs. loss probability	1.38	1.92	-0.54
Calmar ratio: Return relative to maximum drawdown	2.96	6.45	-3.49
Martin ratio: Return relative to average drawdown	12.38	39.12	-26.74

LAFFX vs. CMNIX - Sharpe Ratio Comparison

The current LAFFX Sharpe Ratio is 2.09, which is lower than the CMNIX Sharpe Ratio of 3.60. The chart below compares the historical Sharpe Ratios of LAFFX 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

LAFFX vs. CMNIX - Drawdown Comparison

The maximum LAFFX drawdown since its inception was -60.50%, which is greater than CMNIX's maximum drawdown of -35.16%. Use the drawdown chart below to compare losses from any high point for LAFFX and CMNIX.

Drawdown Indicators

	LAFFX	CMNIX	Difference
Max Drawdown Largest peak-to-trough decline	-60.50%	-35.16%	-25.34%
Max Drawdown (1Y) Largest decline over 1 year	-7.59%	-1.02%	-6.57%
Max Drawdown (3Y) Largest decline over 3 years	-15.38%	-2.77%	-12.61%
Max Drawdown (5Y) Largest decline over 5 years	-19.50%	-7.52%	-11.98%
Max Drawdown (10Y) Largest decline over 10 years	-39.59%	-8.12%	-31.47%
Current Drawdown Current decline from peak	-0.18%	-0.25%	+0.07%
Average Drawdown Average peak-to-trough decline	-9.02%	-7.15%	-1.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.81%	0.17%	+1.64%

Volatility

LAFFX vs. CMNIX - Volatility Comparison

Lord Abbett Affiliated Fund (LAFFX) has a higher volatility of 3.41% compared to Calamos Market Neutral Income Fund Institutional Class (CMNIX) at 0.32%. This indicates that LAFFX'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

	LAFFX	CMNIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.41%	0.32%	+3.09%
Volatility (6M) Calculated over the trailing 6-month period	8.69%	1.53%	+7.16%
Volatility (1Y) Calculated over the trailing 1-year period	10.78%	1.82%	+8.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.65%	3.47%	+11.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.46%	3.62%	+13.84%

LAFFX vs. CMNIX - Expense Ratio Comparison

LAFFX has a 0.71% expense ratio, which is lower than CMNIX's 0.90% expense ratio.

Dividends

LAFFX vs. CMNIX - Dividend Comparison

LAFFX's dividend yield for the trailing twelve months is around 6.53%, more than CMNIX's 1.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CMNIX Calamos Market Neutral Income Fund Institutional Class	1.71%	1.63%	2.00%	5.90%	1.02%	0.46%	0.90%	1.57%	5.02%	2.60%	2.97%	2.42%
LAFFX Lord Abbett Affiliated Fund	6.53%	7.49%	6.32%	1.69%	7.86%	3.86%	1.93%	4.31%	11.75%	11.96%	7.76%	10.67%

Frequently Asked Questions

Can I hold both LAFFX and CMNIX in my portfolio?

LAFFX and CMNIX have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LAFFX or CMNIX?

LAFFX has higher volatility (3.41%) compared to CMNIX (0.32%). In terms of maximum drawdown, LAFFX dropped -60.50% vs CMNIX's -35.16%.

Which has better risk-adjusted returns?

CMNIX currently has the higher Sharpe Ratio (3.60 vs 2.09), 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.