SBFCX vs. CCVIX

Last updated Jun 24, 2026

SBFCX (Victory INCORE Investment Grade Convertible Fund Class A) and CCVIX (Calamos Convertible Fund) are both Preferred Stock/Convertible Bonds funds. Over the past 10 years, SBFCX returned 7.91%/yr vs 12.61%/yr for CCVIX. Their correlation of 0.81 suggests significant overlap in exposure. SBFCX charges 1.39%/yr vs 1.10%/yr for CCVIX.

Performance

SBFCX vs. CCVIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Victory INCORE Investment Grade Convertible Fund Class A (SBFCX) and Calamos Convertible Fund (CCVIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SBFCX achieves a 5.81% return, which is significantly lower than CCVIX's 26.64% return. Over the past 10 years, SBFCX has underperformed CCVIX with an annualized return of 7.91%, while CCVIX has yielded a comparatively higher 12.61% annualized return.

SBFCX

• 1D: -0.26%
• 1M: 2.09%
• YTD: 5.81%
• 6M: 5.34%
• 1Y: 10.94%
• 3Y*: 8.71%
• 5Y*: 3.64%
• 10Y*: 7.91%

CCVIX

• 1D: -0.20%
• 1M: 4.95%
• YTD: 26.64%
• 6M: 24.50%
• 1Y: 43.88%
• 3Y*: 20.24%
• 5Y*: 7.84%
• 10Y*: 12.61%

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

SBFCX vs. CCVIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SBFCX Victory INCORE Investment Grade Convertible Fund Class A	5.81%	5.07%	9.48%	7.98%	-11.63%	10.90%	11.35%	19.84%	-0.44%	18.47%
CCVIX Calamos Convertible Fund	26.64%	18.83%	9.71%	10.61%	-21.23%	5.13%	48.51%	19.18%	0.38%	14.04%

Correlation

The correlation between SBFCX and CCVIX is 0.59, 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	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.78
Correlation (All Time) Calculated using the full available price history since Jan 2, 1990	0.81

Over the past year, the correlation between SBFCX and CCVIX has dropped to 0.59 - well below their long-term average of 0.81, suggesting their price drivers have been diverging.

Return for Risk

SBFCX vs. CCVIX — Risk / Return Rank

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

SBFCX

SBFCX Risk / Return Rank: 46
SBFCX Sharpe Ratio Rank: 42
SBFCX Sortino Ratio Rank: 45
SBFCX Omega Ratio Rank: 39
SBFCX Calmar Ratio Rank: 53
SBFCX Martin Ratio Rank: 52

CCVIX

CCVIX Risk / Return Rank: 90
CCVIX Sharpe Ratio Rank: 92
CCVIX Sortino Ratio Rank: 83
CCVIX Omega Ratio Rank: 81
CCVIX Calmar Ratio Rank: 96
CCVIX Martin Ratio Rank: 96

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.

SBFCX vs. CCVIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Victory INCORE Investment Grade Convertible Fund Class A (SBFCX) and Calamos Convertible Fund (CCVIX). 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.

	SBFCX	CCVIX	Difference
Sharpe ratio: Return per unit of total volatility	1.77	2.85	-1.08
Sortino ratio: Return per unit of downside risk	2.59	3.64	-1.05
Omega ratio: Gain probability vs. loss probability	1.31	1.49	-0.18
Calmar ratio: Return relative to maximum drawdown	2.65	5.81	-3.16
Martin ratio: Return relative to average drawdown	10.09	21.36	-11.26

SBFCX vs. CCVIX - Sharpe Ratio Comparison

The current SBFCX Sharpe Ratio is 1.77, which is lower than the CCVIX Sharpe Ratio of 2.85. The chart below compares the historical Sharpe Ratios of SBFCX and CCVIX, 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

SBFCX vs. CCVIX - Drawdown Comparison

The maximum SBFCX drawdown since its inception was -47.88%, which is greater than CCVIX's maximum drawdown of -36.56%. Use the drawdown chart below to compare losses from any high point for SBFCX and CCVIX.

Drawdown Indicators

	SBFCX	CCVIX	Difference
Max Drawdown Largest peak-to-trough decline	-47.88%	-36.56%	-11.32%
Max Drawdown (1Y) Largest decline over 1 year	-4.28%	-7.71%	+3.43%
Max Drawdown (3Y) Largest decline over 3 years	-8.68%	-14.80%	+6.12%
Max Drawdown (5Y) Largest decline over 5 years	-15.06%	-27.33%	+12.27%
Max Drawdown (10Y) Largest decline over 10 years	-23.79%	-27.33%	+3.54%
Current Drawdown Current decline from peak	-0.62%	-0.20%	-0.42%
Average Drawdown Average peak-to-trough decline	-6.01%	-5.88%	-0.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.12%	2.09%	-0.97%

Volatility

SBFCX vs. CCVIX - Volatility Comparison

The current volatility for Victory INCORE Investment Grade Convertible Fund Class A (SBFCX) is 2.48%, while Calamos Convertible Fund (CCVIX) has a volatility of 6.25%. This indicates that SBFCX experiences smaller price fluctuations and is considered to be less risky than CCVIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SBFCX	CCVIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.48%	6.25%	-3.77%
Volatility (6M) Calculated over the trailing 6-month period	5.08%	13.01%	-7.93%
Volatility (1Y) Calculated over the trailing 1-year period	6.43%	15.76%	-9.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.23%	13.12%	-4.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.57%	13.00%	-3.43%

SBFCX vs. CCVIX - Expense Ratio Comparison

SBFCX has a 1.39% expense ratio, which is higher than CCVIX's 1.10% expense ratio.

Dividends

SBFCX vs. CCVIX - Dividend Comparison

SBFCX's dividend yield for the trailing twelve months is around 3.06%, less than CCVIX's 8.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CCVIX Calamos Convertible Fund	8.00%	10.25%	1.31%	1.87%	0.60%	13.59%	6.56%	1.00%	14.47%	3.90%	2.84%	4.68%
SBFCX Victory INCORE Investment Grade Convertible Fund Class A	3.06%	4.35%	1.87%	2.84%	2.19%	9.86%	4.88%	4.94%	5.66%	3.13%	1.38%	2.53%

Frequently Asked Questions

Can I hold both SBFCX and CCVIX in my portfolio?

SBFCX and CCVIX have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SBFCX or CCVIX?

CCVIX has higher volatility (6.25%) compared to SBFCX (2.48%). In terms of maximum drawdown, SBFCX dropped -47.88% vs CCVIX's -36.56%.

Which has better risk-adjusted returns?

CCVIX currently has the higher Sharpe Ratio (2.85 vs 1.77), 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.