CCLAX vs. CSIEX

Last updated Jun 3, 2026

CCLAX (Calvert Conservative Allocation Fund) and CSIEX (Calvert Equity Fund) are both mutual funds - CCLAX 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, CCLAX returned 5.68%/yr vs 11.54%/yr for CSIEX. Their correlation of 0.82 suggests significant overlap in exposure. CCLAX charges 0.41%/yr vs 0.91%/yr for CSIEX.

Performance

CCLAX vs. CSIEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calvert Conservative Allocation Fund (CCLAX) 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, CCLAX achieves a 4.31% return, which is significantly higher than CSIEX's -9.20% return. Over the past 10 years, CCLAX has underperformed CSIEX with an annualized return of 5.68%, while CSIEX has yielded a comparatively higher 11.54% annualized return.

CCLAX

• 1D: 0.20%
• 1M: 2.03%
• YTD: 4.31%
• 6M: 4.80%
• 1Y: 12.02%
• 3Y*: 8.91%
• 5Y*: 3.64%
• 10Y*: 5.68%

CSIEX

• 1D: -1.58%
• 1M: -1.43%
• YTD: -9.20%
• 6M: -8.41%
• 1Y: -6.46%
• 3Y*: 5.80%
• 5Y*: 4.09%
• 10Y*: 11.54%

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

CCLAX vs. CSIEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CCLAX Calvert Conservative Allocation Fund	4.31%	10.23%	6.39%	10.07%	-14.32%	7.73%	12.18%	15.62%	-2.96%	8.28%
CSIEX Calvert Equity Fund	-9.20%	7.27%	8.35%	17.93%	-17.61%	28.90%	24.26%	36.46%	5.03%	25.78%

Correlation

The correlation between CCLAX and CSIEX is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since May 2, 2005	0.82

The correlation between CCLAX and CSIEX shifts across timeframes, from 0.69 (1 year) to 0.82 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CCLAX vs. CSIEX — Risk / Return Rank

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

CCLAX

CCLAX Risk / Return Rank: 50
CCLAX Sharpe Ratio Rank: 51
CCLAX Sortino Ratio Rank: 54
CCLAX Omega Ratio Rank: 53
CCLAX Calmar Ratio Rank: 40
CCLAX Martin Ratio Rank: 53

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.

CCLAX vs. CSIEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calvert Conservative Allocation Fund (CCLAX) 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.

	CCLAX	CSIEX	Difference
Sharpe ratio Return per unit of total volatility	2.11	-0.48	+2.59
Sortino ratio Return per unit of downside risk	3.10	-0.58	+3.69
Omega ratio Gain probability vs. loss probability	1.40	0.93	+0.47
Calmar ratio Return relative to maximum drawdown	2.40	-0.42	+2.82
Martin ratio Return relative to average drawdown	10.75	-0.99	+11.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CCLAX vs. CSIEX - Sharpe Ratio Comparison

The current CCLAX Sharpe Ratio is 2.11, which is higher than the CSIEX Sharpe Ratio of -0.48. The chart below compares the historical Sharpe Ratios of CCLAX 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.

Sharpe Ratios by Period

	CCLAX	CSIEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.11	-0.48	+2.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	0.25	+0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.84	0.68	+0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.84	0.47	+0.36

Drawdowns

CCLAX vs. CSIEX - Drawdown Comparison

The maximum CCLAX drawdown since its inception was -23.98%, smaller than the maximum CSIEX drawdown of -50.81%. Use the drawdown chart below to compare losses from any high point for CCLAX and CSIEX.

Drawdown Indicators

	CCLAX	CSIEX	Difference
Max Drawdown Largest peak-to-trough decline	-23.98%	-50.81%	+26.83%
Max Drawdown (1Y) Largest decline over 1 year	-5.02%	-14.12%	+9.10%
Max Drawdown (3Y) Largest decline over 3 years	-7.90%	-14.87%	+6.97%
Max Drawdown (5Y) Largest decline over 5 years	-18.86%	-25.71%	+6.85%
Max Drawdown (10Y) Largest decline over 10 years	-18.86%	-30.50%	+11.64%
Current Drawdown Current decline from peak	0.00%	-11.38%	+11.38%
Average Drawdown Average peak-to-trough decline	-2.85%	-6.23%	+3.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.12%	5.93%	-4.81%

Volatility

CCLAX vs. CSIEX - Volatility Comparison

The current volatility for Calvert Conservative Allocation Fund (CCLAX) is 2.20%, while Calvert Equity Fund (CSIEX) has a volatility of 3.95%. This indicates that CCLAX experiences smaller price fluctuations and is considered to be less risky than CSIEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CCLAX	CSIEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.20%	3.95%	-1.75%
Volatility (6M) Calculated over the trailing 6-month period	4.75%	9.57%	-4.82%
Volatility (1Y) Calculated over the trailing 1-year period	5.73%	12.37%	-6.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.13%	16.24%	-9.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.75%	17.16%	-10.41%

CCLAX vs. CSIEX - Expense Ratio Comparison

CCLAX has a 0.41% expense ratio, which is lower than CSIEX's 0.91% expense ratio.

Dividends

CCLAX vs. CSIEX - Dividend Comparison

CCLAX's dividend yield for the trailing twelve months is around 3.14%, less than CSIEX's 25.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CCLAX Calvert Conservative Allocation Fund	3.14%	3.31%	3.37%	3.24%	2.22%	5.37%	4.16%	4.14%	4.83%	2.22%	3.52%	5.82%
CSIEX Calvert Equity Fund	25.29%	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 CCLAX and CSIEX in my portfolio?

CCLAX and CSIEX have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CCLAX or CSIEX?

CSIEX has higher volatility (3.95%) compared to CCLAX (2.20%). In terms of maximum drawdown, CCLAX dropped -23.98% vs CSIEX's -50.81%.

Which has better risk-adjusted returns?

CCLAX currently has the higher Sharpe Ratio (2.11 vs -0.48), 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.