CAAAX vs. CULAX

Last updated Jun 24, 2026

CAAAX (Calvert Growth Allocation Fund) and CULAX (Calvert Ultra-Short Duration Income Fund) are both mutual funds - CAAAX is a Diversified Portfolio fund managed by Calvert Research and Management, while CULAX is a Ultrashort Bond fund managed by Calvert Research and Management. Over the past 10 years, CAAAX returned 11.27%/yr vs 2.46%/yr for CULAX. At a 0.10 correlation, their price movements are largely independent. CAAAX charges 0.43%/yr vs 0.72%/yr for CULAX.

Performance

CAAAX vs. CULAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calvert Growth Allocation Fund (CAAAX) and Calvert Ultra-Short Duration Income Fund (CULAX). 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 CULAX's 1.24% return. Over the past 10 years, CAAAX has outperformed CULAX with an annualized return of 11.27%, while CULAX has yielded a comparatively lower 2.46% annualized return.

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%

CULAX

• 1D: -0.10%
• 1M: 0.21%
• YTD: 1.24%
• 6M: 1.67%
• 1Y: 4.00%
• 3Y*: 5.07%
• 5Y*: 3.36%
• 10Y*: 2.46%

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

CAAAX vs. CULAX - 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%
CULAX Calvert Ultra-Short Duration Income Fund	1.24%	4.55%	5.69%	6.07%	-0.56%	0.43%	0.66%	3.30%	1.15%	1.27%

Correlation

The correlation between CAAAX and CULAX is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.10
Correlation (5Y) Calculated over the trailing 5-year period	0.17
Correlation (10Y) Calculated over the trailing 10-year period	0.12
Correlation (All Time) Calculated using the full available price history since Oct 31, 2006	0.10

The correlation between CAAAX and CULAX shifts across timeframes, from 0.06 (1 year) to 0.17 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

CAAAX vs. CULAX — 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

CULAX

CULAX Risk / Return Rank: 98
CULAX Sharpe Ratio Rank: 95
CULAX Sortino Ratio Rank: 99
CULAX Omega Ratio Rank: 99
CULAX Calmar Ratio Rank: 99
CULAX Martin Ratio Rank: 99

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. CULAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calvert Growth Allocation Fund (CAAAX) and Calvert Ultra-Short Duration Income Fund (CULAX). 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	CULAX	Difference
Sharpe ratio: Return per unit of total volatility	1.97	3.06	-1.09
Sortino ratio: Return per unit of downside risk	2.77	10.43	-7.66
Omega ratio: Gain probability vs. loss probability	1.36	3.78	-2.43
Calmar ratio: Return relative to maximum drawdown	2.57	13.28	-10.71
Martin ratio: Return relative to average drawdown	11.13	54.31	-43.18

CAAAX vs. CULAX - Sharpe Ratio Comparison

The current CAAAX Sharpe Ratio is 1.97, which is lower than the CULAX Sharpe Ratio of 3.06. The chart below compares the historical Sharpe Ratios of CAAAX and CULAX, 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. CULAX - Drawdown Comparison

The maximum CAAAX drawdown since its inception was -53.45%, which is greater than CULAX's maximum drawdown of -7.40%. Use the drawdown chart below to compare losses from any high point for CAAAX and CULAX.

Drawdown Indicators

	CAAAX	CULAX	Difference
Max Drawdown Largest peak-to-trough decline	-53.45%	-7.40%	-46.05%
Max Drawdown (1Y) Largest decline over 1 year	-9.39%	-0.30%	-9.09%
Max Drawdown (3Y) Largest decline over 3 years	-15.37%	-0.30%	-15.07%
Max Drawdown (5Y) Largest decline over 5 years	-25.90%	-2.19%	-23.71%
Max Drawdown (10Y) Largest decline over 10 years	-32.59%	-7.40%	-25.19%
Current Drawdown Current decline from peak	-0.21%	-0.10%	-0.11%
Average Drawdown Average peak-to-trough decline	-8.24%	-0.21%	-8.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.16%	0.07%	+2.09%

Volatility

CAAAX vs. CULAX - Volatility Comparison

Calvert Growth Allocation Fund (CAAAX) has a higher volatility of 4.88% compared to Calvert Ultra-Short Duration Income Fund (CULAX) at 0.36%. This indicates that CAAAX's price experiences larger fluctuations and is considered to be riskier than CULAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CAAAX	CULAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.88%	0.36%	+4.52%
Volatility (6M) Calculated over the trailing 6-month period	10.23%	0.86%	+9.37%
Volatility (1Y) Calculated over the trailing 1-year period	12.28%	1.32%	+10.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.26%	1.35%	+12.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.55%	1.42%	+14.13%

CAAAX vs. CULAX - Expense Ratio Comparison

CAAAX has a 0.43% expense ratio, which is lower than CULAX's 0.72% expense ratio.

Dividends

CAAAX vs. CULAX - Dividend Comparison

CAAAX's dividend yield for the trailing twelve months is around 3.59%, less than CULAX's 3.92% 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%
CULAX Calvert Ultra-Short Duration Income Fund	3.92%	4.13%	4.90%	4.52%	1.47%	0.64%	1.25%	2.44%	2.10%	1.13%	1.10%	0.66%

Frequently Asked Questions

Can I hold both CAAAX and CULAX in my portfolio?

CAAAX and CULAX have a correlation of 0.06, 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 CULAX?

CAAAX has higher volatility (4.88%) compared to CULAX (0.36%). In terms of maximum drawdown, CAAAX dropped -53.45% vs CULAX's -7.40%.

Which has better risk-adjusted returns?

CULAX currently has the higher Sharpe Ratio (3.06 vs 1.97), 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.