AQWA vs. CFWAX

Last updated Aug 2, 2026

AQWA (Global X Clean Water ETF) and CFWAX (Calvert Global Water Fund) are both funds - AQWA is a Water Equities fund tracking the Solactive Global Clean Water Industry Index, while CFWAX is a Energy Equities fund managed by Calvert. Over the past 5 years, AQWA returned 4.27%/yr vs 5.03%/yr for CFWAX. Their correlation of 0.90 means they have usually moved in the same direction. AQWA charges 0.50%/yr vs 1.24%/yr for CFWAX.

Performance

AQWA vs. CFWAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Clean Water ETF (AQWA) and Calvert Global Water Fund (CFWAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AQWA achieves a 2.35% return, which is significantly lower than CFWAX's 7.16% return.

AQWA

• 1D: 0.25%
• 1M: -1.90%
• 6M: -3.47%
• YTD: 2.35%
• 1Y: 1.78%
• 3Y*: 8.08%
• 5Y*: 4.27%
• 10Y*: —
• ALL TIME*: 5.75%

CFWAX

• 1D: 0.90%
• 1M: -0.06%
• 6M: 0.87%
• YTD: 7.16%
• 1Y: 11.71%
• 3Y*: 9.39%
• 5Y*: 5.03%
• 10Y*: 8.50%
• ALL TIME*: 7.63%

*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)
AQWA Global X Clean Water ETF	$117.29K	$132.55K	$162.20K
CFWAX Calvert Global Water Fund	$0.00	$0.00	$0.00

AQWA vs. CFWAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
AQWA Global X Clean Water ETF	2.35%	13.15%	4.34%	20.13%	-19.89%	15.67%
CFWAX Calvert Global Water Fund	7.16%	14.38%	3.91%	18.34%	-19.63%	11.90%

Correlation

The correlation between AQWA and CFWAX is 0.90, 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.	0.90
Correlation (3Y) Balances recent behavior with more history.	0.89
Correlation (5Y) Shows whether the relationship held over a longer period.	0.90
Correlation (All Time) Calculated using the full available price history since Apr 12, 2021	0.90

The correlation between AQWA and CFWAX has been stable across timeframes, ranging from 0.89 to 0.90 - a consistent structural relationship.

Return for Risk

AQWA vs. CFWAX — Risk / Return Rank

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

AQWA

AQWA Risk / Return Rank: 13
AQWA Sharpe Ratio Rank: 14
AQWA Sortino Ratio Rank: 13
AQWA Omega Ratio Rank: 12
AQWA Calmar Ratio Rank: 13
AQWA Martin Ratio Rank: 13

CFWAX

CFWAX Risk / Return Rank: 18
CFWAX Sharpe Ratio Rank: 20
CFWAX Sortino Ratio Rank: 20
CFWAX Omega Ratio Rank: 18
CFWAX Calmar Ratio Rank: 16
CFWAX Martin Ratio Rank: 15

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.

AQWA vs. CFWAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Clean Water ETF (AQWA) and Calvert Global Water Fund (CFWAX). 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.

	AQWA	CFWAX	Difference
Sharpe ratio: Return per unit of total volatility	0.12	0.75	-0.63
Sortino ratio: Return per unit of downside risk	0.28	1.16	-0.88
Omega ratio: Gain probability vs. loss probability	1.03	1.13	-0.10
Calmar ratio: Return relative to maximum drawdown	0.15	0.83	-0.68
Martin ratio: Return relative to average drawdown	0.31	2.20	-1.88

AQWA vs. CFWAX - Sharpe Ratio Comparison

The current AQWA Sharpe Ratio is 0.12, which is lower than the CFWAX Sharpe Ratio of 0.75. The chart below compares the historical Sharpe Ratios of AQWA and CFWAX, 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

AQWA vs. CFWAX - Drawdown Comparison

The maximum AQWA drawdown since its inception was -29.44%, smaller than the maximum CFWAX drawdown of -39.67%. Use the drawdown chart below to compare losses from any high point for AQWA and CFWAX.

Drawdown Indicators

	AQWA	CFWAX	Difference
Max Drawdown Largest peak-to-trough decline	-29.44%	-39.67%	+10.23%
Max Drawdown (1Y) Largest decline over 1 year	-12.34%	-12.79%	+0.45%
Max Drawdown (3Y) Largest decline over 3 years	-14.43%	-17.64%	+3.21%
Max Drawdown (5Y) Largest decline over 5 years	-29.44%	-29.17%	-0.27%
Max Drawdown (10Y) Largest decline over 10 years	—	-36.25%	—
Current Drawdown Current decline from peak	-8.06%	-4.35%	-3.71%
Average Drawdown Average peak-to-trough decline	-8.27%	-7.94%	-0.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.93%	4.82%	+1.11%

Volatility

AQWA vs. CFWAX - Volatility Comparison

Global X Clean Water ETF (AQWA) has a higher volatility of 4.51% compared to Calvert Global Water Fund (CFWAX) at 4.05%. This indicates that AQWA's price experiences larger fluctuations and is considered to be riskier than CFWAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AQWA	CFWAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.51%	4.05%	+0.46%
Volatility (6M) Calculated over the trailing 6-month period	11.47%	11.13%	+0.34%
Volatility (1Y) Calculated over the trailing 1-year period	15.03%	14.15%	+0.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.86%	15.79%	+1.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.63%	16.87%	-0.24%

AQWA vs. CFWAX - Expense Ratio Comparison

AQWA has a 0.50% expense ratio, which is lower than CFWAX's 1.24% expense ratio.

Dividends

AQWA vs. CFWAX - Dividend Comparison

AQWA's dividend yield for the trailing twelve months is around 1.57%, less than CFWAX's 4.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AQWA Global X Clean Water ETF	1.57%	1.47%	1.40%	1.53%	1.56%	1.20%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
CFWAX Calvert Global Water Fund	4.45%	4.77%	9.25%	2.57%	1.47%	0.93%	0.77%	0.83%	1.30%	0.93%	0.00%	0.03%

Frequently Asked Questions

Can I hold both AQWA and CFWAX in my portfolio?

With a correlation of 0.90, AQWA and CFWAX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, AQWA or CFWAX?

AQWA has higher volatility (4.51%) compared to CFWAX (4.05%). In terms of maximum drawdown, AQWA dropped -29.44% vs CFWAX's -39.67%.

Which has better risk-adjusted returns?

CFWAX currently has the higher Sharpe Ratio (0.75 vs 0.12), 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.