PIMSX vs. CMNIX

Last updated Aug 1, 2026

PIMSX (Virtus Newfleet Multi-Sector S/T Bd I) and CMNIX (Calamos Market Neutral Income Fund Institutional Class) are both mutual funds - PIMSX is a Short-Term Bond fund managed by Virtus, while CMNIX is a fund fund managed by Calamos. Over the past 10 years, PIMSX returned 2.99%/yr vs 4.71%/yr for CMNIX. Their 0.20 correlation means their historical movements had little consistent relationship. PIMSX charges 0.65%/yr vs 0.90%/yr for CMNIX.

Performance

PIMSX vs. CMNIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus Newfleet Multi-Sector S/T Bd I (PIMSX) 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, PIMSX achieves a 1.42% return, which is significantly lower than CMNIX's 3.54% return. Over the past 10 years, PIMSX has underperformed CMNIX with an annualized return of 2.99%, while CMNIX has yielded a comparatively higher 4.71% annualized return.

PIMSX

• 1D: 0.00%
• 1M: -0.44%
• 6M: 0.81%
• YTD: 1.42%
• 1Y: 3.66%
• 3Y*: 5.74%
• 5Y*: 2.82%
• 10Y*: 2.99%
• ALL TIME*: 3.77%

CMNIX

• 1D: 0.06%
• 1M: 0.19%
• 6M: 2.82%
• YTD: 3.54%
• 1Y: 6.47%
• 3Y*: 6.82%
• 5Y*: 4.85%
• 10Y*: 4.71%
• ALL TIME*: 2.08%

*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)
CMNIX Calamos Market Neutral Income Fund Institutional Class	$0.00	$0.00	$0.00
PIMSX Virtus Newfleet Multi-Sector S/T Bd I	$0.00	$0.00	$0.00

PIMSX vs. CMNIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PIMSX Virtus Newfleet Multi-Sector S/T Bd I	1.42%	6.08%	5.90%	7.16%	-5.52%	0.20%	4.58%	6.40%	-0.53%	3.93%
CMNIX Calamos Market Neutral Income Fund Institutional Class	3.54%	6.89%	7.43%	9.17%	-4.26%	5.02%	5.36%	6.72%	1.79%	4.21%

Correlation

The correlation between PIMSX and CMNIX is 0.18, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.18
Correlation (3Y) Balances recent behavior with more history.	0.13
Correlation (5Y) Shows whether the relationship held over a longer period.	0.19
Correlation (10Y) Provides a long-term view across more market conditions.	0.17
Correlation (All Time) Calculated using the full available price history since Jun 6, 2008	0.20

Return for Risk

PIMSX vs. CMNIX — Risk / Return Rank

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

PIMSX

PIMSX Risk / Return Rank: 87
PIMSX Sharpe Ratio Rank: 76
PIMSX Sortino Ratio Rank: 85
PIMSX Omega Ratio Rank: 91
PIMSX Calmar Ratio Rank: 89
PIMSX Martin Ratio Rank: 91

CMNIX

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

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.

PIMSX vs. CMNIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus Newfleet Multi-Sector S/T Bd I (PIMSX) 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.

	PIMSX	CMNIX	Difference
Sharpe ratio: Return per unit of total volatility	1.80	3.67	-1.88
Sortino ratio: Return per unit of downside risk	3.07	6.04	-2.97
Omega ratio: Gain probability vs. loss probability	1.51	1.92	-0.41
Calmar ratio: Return relative to maximum drawdown	3.31	6.66	-3.35
Martin ratio: Return relative to average drawdown	12.99	39.29	-26.30

PIMSX vs. CMNIX - Sharpe Ratio Comparison

The current PIMSX Sharpe Ratio is 1.80, which is lower than the CMNIX Sharpe Ratio of 3.67. The chart below compares the historical Sharpe Ratios of PIMSX 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

PIMSX vs. CMNIX - Drawdown Comparison

The maximum PIMSX drawdown since its inception was -18.10%, smaller than the maximum CMNIX drawdown of -35.16%. Use the drawdown chart below to compare losses from any high point for PIMSX and CMNIX.

Drawdown Indicators

	PIMSX	CMNIX	Difference
Max Drawdown Largest peak-to-trough decline	-18.10%	-35.16%	+17.06%
Max Drawdown (1Y) Largest decline over 1 year	-1.30%	-1.02%	-0.28%
Max Drawdown (3Y) Largest decline over 3 years	-1.30%	-2.77%	+1.47%
Max Drawdown (5Y) Largest decline over 5 years	-8.06%	-7.52%	-0.54%
Max Drawdown (10Y) Largest decline over 10 years	-10.69%	-8.12%	-2.57%
Current Drawdown Current decline from peak	-0.44%	-0.12%	-0.32%
Average Drawdown Average peak-to-trough decline	-1.48%	-7.11%	+5.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.33%	0.17%	+0.16%

Volatility

PIMSX vs. CMNIX - Volatility Comparison

Virtus Newfleet Multi-Sector S/T Bd I (PIMSX) has a higher volatility of 0.54% compared to Calamos Market Neutral Income Fund Institutional Class (CMNIX) at 0.41%. This indicates that PIMSX'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

	PIMSX	CMNIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.54%	0.41%	+0.13%
Volatility (6M) Calculated over the trailing 6-month period	1.94%	1.49%	+0.45%
Volatility (1Y) Calculated over the trailing 1-year period	2.40%	1.88%	+0.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.73%	3.46%	-0.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.72%	3.61%	-0.89%

PIMSX vs. CMNIX - Expense Ratio Comparison

PIMSX has a 0.65% expense ratio, which is lower than CMNIX's 0.90% expense ratio.

Dividends

PIMSX vs. CMNIX - Dividend Comparison

PIMSX's dividend yield for the trailing twelve months is around 4.28%, more than CMNIX's 1.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CMNIX Calamos Market Neutral Income Fund Institutional Class	1.68%	1.63%	2.00%	5.90%	1.02%	0.46%	0.90%	1.57%	5.02%	2.60%	2.97%	2.42%
PIMSX Virtus Newfleet Multi-Sector S/T Bd I	4.28%	4.77%	4.60%	3.66%	2.77%	1.89%	2.92%	3.18%	3.16%	3.23%	3.16%	3.18%

Frequently Asked Questions

Can I hold both PIMSX and CMNIX in my portfolio?

PIMSX and CMNIX have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PIMSX or CMNIX?

PIMSX has higher volatility (0.54%) compared to CMNIX (0.41%). In terms of maximum drawdown, PIMSX dropped -18.10% vs CMNIX's -35.16%.

Which has better risk-adjusted returns?

CMNIX currently has the higher Sharpe Ratio (3.67 vs 1.80), 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.