VEIEX vs. CNWIX

Last updated Aug 1, 2026

VEIEX (Vanguard Emerging Markets Stock Index Fund Investor Shares) and CNWIX (Calamos Evolving World Growth Fund Class I) are both Emerging Markets Equities funds. Over the past 10 years, VEIEX returned 7.40%/yr vs 9.45%/yr for CNWIX. Their correlation of 0.92 means they have usually moved in the same direction. VEIEX charges 0.29%/yr vs 1.05%/yr for CNWIX.

Performance

VEIEX vs. CNWIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Emerging Markets Stock Index Fund Investor Shares (VEIEX) and Calamos Evolving World Growth Fund Class I (CNWIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VEIEX achieves a 7.68% return, which is significantly lower than CNWIX's 21.73% return. Over the past 10 years, VEIEX has underperformed CNWIX with an annualized return of 7.40%, while CNWIX has yielded a comparatively higher 9.45% annualized return.

VEIEX

• 1D: 1.70%
• 1M: -1.75%
• 6M: 2.58%
• YTD: 7.68%
• 1Y: 19.76%
• 3Y*: 13.49%
• 5Y*: 5.61%
• 10Y*: 7.40%
• ALL TIME*: 6.48%

CNWIX

• 1D: 3.40%
• 1M: -10.76%
• 6M: 6.84%
• YTD: 21.73%
• 1Y: 32.42%
• 3Y*: 18.04%
• 5Y*: 5.56%
• 10Y*: 9.45%
• ALL TIME*: 6.57%

*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)
CNWIX Calamos Evolving World Growth Fund Class I	$0.00	$0.00	$0.00
VEIEX Vanguard Emerging Markets Stock Index Fund Investor Shares	$0.00	$0.00	$0.00

VEIEX vs. CNWIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VEIEX Vanguard Emerging Markets Stock Index Fund Investor Shares	7.68%	24.58%	11.15%	8.66%	-17.91%	0.72%	15.05%	20.11%	-14.73%	31.14%
CNWIX Calamos Evolving World Growth Fund Class I	21.73%	19.29%	14.99%	6.60%	-24.35%	-4.70%	54.23%	20.76%	-17.74%	36.97%

Correlation

The correlation between VEIEX and CNWIX is 0.89, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.89
Correlation (3Y) Balances recent behavior with more history.	0.89
Correlation (5Y) Shows whether the relationship held over a longer period.	0.92
Correlation (10Y) Provides a long-term view across more market conditions.	0.93
Correlation (All Time) Calculated using the full available price history since Aug 18, 2008	0.92

The correlation between VEIEX and CNWIX has been stable across timeframes, ranging from 0.89 to 0.93 - a consistent structural relationship.

Return for Risk

VEIEX vs. CNWIX — Risk / Return Rank

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

VEIEX

VEIEX Risk / Return Rank: 38
VEIEX Sharpe Ratio Rank: 38
VEIEX Sortino Ratio Rank: 37
VEIEX Omega Ratio Rank: 37
VEIEX Calmar Ratio Rank: 41
VEIEX Martin Ratio Rank: 38

CNWIX

CNWIX Risk / Return Rank: 32
CNWIX Sharpe Ratio Rank: 32
CNWIX Sortino Ratio Rank: 30
CNWIX Omega Ratio Rank: 37
CNWIX Calmar Ratio Rank: 31
CNWIX Martin Ratio Rank: 32

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.

VEIEX vs. CNWIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Emerging Markets Stock Index Fund Investor Shares (VEIEX) and Calamos Evolving World Growth Fund Class I (CNWIX). 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.

	VEIEX	CNWIX	Difference
Sharpe ratio: Return per unit of total volatility	1.13	1.04	+0.09
Sortino ratio: Return per unit of downside risk	1.62	1.46	+0.16
Omega ratio: Gain probability vs. loss probability	1.21	1.21	0.00
Calmar ratio: Return relative to maximum drawdown	1.63	1.38	+0.26
Martin ratio: Return relative to average drawdown	5.45	4.77	+0.67

VEIEX vs. CNWIX - Sharpe Ratio Comparison

The current VEIEX Sharpe Ratio is 1.13, which is comparable to the CNWIX Sharpe Ratio of 1.04. The chart below compares the historical Sharpe Ratios of VEIEX and CNWIX, 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

VEIEX vs. CNWIX - Drawdown Comparison

The maximum VEIEX drawdown since its inception was -66.47%, which is greater than CNWIX's maximum drawdown of -43.57%. Use the drawdown chart below to compare losses from any high point for VEIEX and CNWIX.

Drawdown Indicators

	VEIEX	CNWIX	Difference
Max Drawdown Largest peak-to-trough decline	-66.47%	-43.57%	-22.90%
Max Drawdown (1Y) Largest decline over 1 year	-11.06%	-22.46%	+11.40%
Max Drawdown (3Y) Largest decline over 3 years	-15.84%	-22.46%	+6.62%
Max Drawdown (5Y) Largest decline over 5 years	-30.82%	-36.91%	+6.09%
Max Drawdown (10Y) Largest decline over 10 years	-36.30%	-43.57%	+7.27%
Current Drawdown Current decline from peak	-5.44%	-19.82%	+14.38%
Average Drawdown Average peak-to-trough decline	-17.14%	-16.37%	-0.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.31%	6.46%	-3.15%

Volatility

VEIEX vs. CNWIX - Volatility Comparison

The current volatility for Vanguard Emerging Markets Stock Index Fund Investor Shares (VEIEX) is 5.22%, while Calamos Evolving World Growth Fund Class I (CNWIX) has a volatility of 12.13%. This indicates that VEIEX experiences smaller price fluctuations and is considered to be less risky than CNWIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VEIEX	CNWIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.22%	12.13%	-6.91%
Volatility (6M) Calculated over the trailing 6-month period	13.82%	27.59%	-13.77%
Volatility (1Y) Calculated over the trailing 1-year period	15.99%	29.78%	-13.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.59%	20.23%	-4.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.50%	25.13%	-8.63%

VEIEX vs. CNWIX - Expense Ratio Comparison

VEIEX has a 0.29% expense ratio, which is lower than CNWIX's 1.05% expense ratio.

Dividends

VEIEX vs. CNWIX - Dividend Comparison

VEIEX's dividend yield for the trailing twelve months is around 2.23%, more than CNWIX's 0.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CNWIX Calamos Evolving World Growth Fund Class I	0.05%	0.06%	0.00%	0.54%	0.97%	2.79%	2.01%	1.04%	0.00%	0.42%	0.00%	0.38%
VEIEX Vanguard Emerging Markets Stock Index Fund Investor Shares	2.23%	2.59%	2.97%	3.32%	3.87%	2.41%	1.72%	3.07%	2.67%	2.14%	2.33%	3.04%

Frequently Asked Questions

Can I hold both VEIEX and CNWIX in my portfolio?

VEIEX and CNWIX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VEIEX or CNWIX?

CNWIX has higher volatility (12.13%) compared to VEIEX (5.22%). In terms of maximum drawdown, VEIEX dropped -66.47% vs CNWIX's -43.57%.

Which has better risk-adjusted returns?

VEIEX currently has the higher Sharpe Ratio (1.13 vs 1.04), 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.