CAAAX vs. CSIEX

Last updated Jun 24, 2026

CAAAX (Calvert Growth Allocation Fund) and CSIEX (Calvert Equity Fund) are both mutual funds - CAAAX is a Diversified Portfolio fund managed by Calvert Research and Management, while CSIEX is a Large Cap Growth Equities fund managed by Calvert Research and Management. Over the past 10 years, CAAAX returned 11.27%/yr vs 11.61%/yr for CSIEX. Their correlation of 0.91 suggests significant overlap in exposure. CAAAX charges 0.43%/yr vs 0.91%/yr for CSIEX.

Performance

CAAAX vs. CSIEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calvert Growth Allocation Fund (CAAAX) and Calvert Equity Fund (CSIEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CAAAX achieves a 11.34% return, which is significantly higher than CSIEX's -12.17% return. Both investments have delivered pretty close results over the past 10 years, with CAAAX having a 11.27% annualized return and CSIEX not far ahead at 11.61%.

CAAAX

• 1D: -0.18%
• 1M: 2.73%
• YTD: 11.34%
• 6M: 10.75%
• 1Y: 22.98%
• 3Y*: 15.61%
• 5Y*: 7.56%
• 10Y*: 11.27%

CSIEX

• 1D: -1.28%
• 1M: -3.26%
• YTD: -12.17%
• 6M: -12.57%
• 1Y: -8.64%
• 3Y*: 4.09%
• 5Y*: 2.90%
• 10Y*: 11.61%

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

CAAAX vs. CSIEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CAAAX Calvert Growth Allocation Fund	11.34%	14.93%	12.56%	15.14%	-18.26%	16.67%	18.55%	27.33%	-7.73%	20.27%
CSIEX Calvert Equity Fund	-12.17%	7.27%	8.35%	17.93%	-17.61%	28.90%	24.26%	36.46%	5.03%	25.78%

Correlation

The correlation between CAAAX and CSIEX is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Jun 30, 2005	0.91

Over the past year, the correlation between CAAAX and CSIEX has dropped to 0.68 - well below their long-term average of 0.91, suggesting their price drivers have been diverging.

Return for Risk

CAAAX vs. CSIEX — Risk / Return Rank

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

CAAAX

CAAAX Risk / Return Rank: 52
CAAAX Sharpe Ratio Rank: 52
CAAAX Sortino Ratio Rank: 52
CAAAX Omega Ratio Rank: 50
CAAAX Calmar Ratio Rank: 49
CAAAX Martin Ratio Rank: 59

CSIEX

CSIEX Risk / Return Rank: 1
CSIEX Sharpe Ratio Rank: 1
CSIEX Sortino Ratio Rank: 1
CSIEX Omega Ratio Rank: 1
CSIEX Calmar Ratio Rank: 1
CSIEX Martin Ratio Rank: 1

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.

CAAAX vs. CSIEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calvert Growth Allocation Fund (CAAAX) and Calvert Equity Fund (CSIEX). 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.

	CAAAX	CSIEX	Difference
Sharpe ratio: Return per unit of total volatility	1.97	-0.61	+2.58
Sortino ratio: Return per unit of downside risk	2.77	-0.77	+3.54
Omega ratio: Gain probability vs. loss probability	1.36	0.91	+0.44
Calmar ratio: Return relative to maximum drawdown	2.57	-0.54	+3.11
Martin ratio: Return relative to average drawdown	11.13	-1.18	+12.31

CAAAX vs. CSIEX - Sharpe Ratio Comparison

The current CAAAX Sharpe Ratio is 1.97, which is higher than the CSIEX Sharpe Ratio of -0.61. The chart below compares the historical Sharpe Ratios of CAAAX and CSIEX, 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

CAAAX vs. CSIEX - Drawdown Comparison

The maximum CAAAX drawdown since its inception was -53.45%, which is greater than CSIEX's maximum drawdown of -50.81%. Use the drawdown chart below to compare losses from any high point for CAAAX and CSIEX.

Drawdown Indicators

	CAAAX	CSIEX	Difference
Max Drawdown Largest peak-to-trough decline	-53.45%	-50.81%	-2.64%
Max Drawdown (1Y) Largest decline over 1 year	-9.39%	-14.28%	+4.89%
Max Drawdown (3Y) Largest decline over 3 years	-15.37%	-14.87%	-0.50%
Max Drawdown (5Y) Largest decline over 5 years	-25.90%	-25.71%	-0.19%
Max Drawdown (10Y) Largest decline over 10 years	-32.59%	-30.50%	-2.09%
Current Drawdown Current decline from peak	-0.21%	-14.28%	+14.07%
Average Drawdown Average peak-to-trough decline	-8.24%	-6.24%	-2.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.16%	6.50%	-4.34%

Volatility

CAAAX vs. CSIEX - Volatility Comparison

Calvert Growth Allocation Fund (CAAAX) has a higher volatility of 4.88% compared to Calvert Equity Fund (CSIEX) at 4.54%. This indicates that CAAAX's price experiences larger fluctuations and is considered to be riskier than CSIEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CAAAX	CSIEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.88%	4.54%	+0.34%
Volatility (6M) Calculated over the trailing 6-month period	10.23%	10.03%	+0.20%
Volatility (1Y) Calculated over the trailing 1-year period	12.28%	12.69%	-0.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.26%	16.30%	-2.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.55%	17.19%	-1.64%

CAAAX vs. CSIEX - Expense Ratio Comparison

CAAAX has a 0.43% expense ratio, which is lower than CSIEX's 0.91% expense ratio.

Dividends

CAAAX vs. CSIEX - Dividend Comparison

CAAAX's dividend yield for the trailing twelve months is around 3.59%, less than CSIEX's 26.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CAAAX Calvert Growth Allocation Fund	3.59%	4.00%	2.50%	4.47%	2.81%	3.68%	3.34%	3.53%	6.44%	5.57%	5.13%	15.27%
CSIEX Calvert Equity Fund	26.15%	22.97%	8.74%	1.79%	3.40%	3.56%	2.70%	2.87%	8.78%	8.10%	11.30%	25.62%

Frequently Asked Questions

Can I hold both CAAAX and CSIEX in my portfolio?

CAAAX and CSIEX have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CAAAX or CSIEX?

CAAAX has higher volatility (4.88%) compared to CSIEX (4.54%). In terms of maximum drawdown, CAAAX dropped -53.45% vs CSIEX's -50.81%.

Which has better risk-adjusted returns?

CAAAX currently has the higher Sharpe Ratio (1.97 vs -0.61), 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.