CCLAX vs. CYBIX

Last updated Jun 23, 2026

CCLAX (Calvert Conservative Allocation Fund) and CYBIX (Calvert High Yield Bond Fund) are both mutual funds - CCLAX is a Diversified Portfolio fund managed by Calvert Research and Management, while CYBIX is a High Yield Bonds fund managed by Calvert Research and Management. Over the past 10 years, CCLAX returned 5.71%/yr vs 4.22%/yr for CYBIX. At a 0.48 correlation, their price movements are largely independent. CCLAX charges 0.41%/yr vs 0.76%/yr for CYBIX.

Performance

CCLAX vs. CYBIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calvert Conservative Allocation Fund (CCLAX) and Calvert High Yield Bond Fund (CYBIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CCLAX achieves a 4.47% return, which is significantly higher than CYBIX's 0.60% return. Over the past 10 years, CCLAX has outperformed CYBIX with an annualized return of 5.71%, while CYBIX has yielded a comparatively lower 4.22% annualized return.

CCLAX

• 1D: 0.67%
• 1M: 1.55%
• YTD: 4.47%
• 6M: 4.52%
• 1Y: 11.69%
• 3Y*: 8.56%
• 5Y*: 3.77%
• 10Y*: 5.71%

CYBIX

• 1D: 0.04%
• 1M: 0.82%
• YTD: 0.60%
• 6M: 1.29%
• 1Y: 5.30%
• 3Y*: 6.90%
• 5Y*: 2.79%
• 10Y*: 4.22%

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

CCLAX vs. CYBIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CCLAX Calvert Conservative Allocation Fund	4.47%	10.23%	6.39%	10.07%	-14.32%	7.73%	12.18%	15.62%	-2.96%	8.28%
CYBIX Calvert High Yield Bond Fund	0.60%	7.73%	6.70%	10.02%	-11.50%	3.66%	5.46%	12.82%	-2.53%	6.09%

Correlation

The correlation between CCLAX and CYBIX is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (10Y) Calculated over the trailing 10-year period	0.63
Correlation (All Time) Calculated using the full available price history since Apr 29, 2005	0.48

Over the past year, CCLAX and CYBIX have become more correlated (0.71) than their long-term average of 0.48, meaning their price movements have been converging.

Return for Risk

CCLAX vs. CYBIX — Risk / Return Rank

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

CCLAX

CCLAX Risk / Return Rank: 51
CCLAX Sharpe Ratio Rank: 51
CCLAX Sortino Ratio Rank: 54
CCLAX Omega Ratio Rank: 54
CCLAX Calmar Ratio Rank: 42
CCLAX Martin Ratio Rank: 54

CYBIX

CYBIX Risk / Return Rank: 51
CYBIX Sharpe Ratio Rank: 42
CYBIX Sortino Ratio Rank: 63
CYBIX Omega Ratio Rank: 58
CYBIX Calmar Ratio Rank: 34
CYBIX Martin Ratio Rank: 59

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. CYBIX - Risk-Adjusted Trends Comparison

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

	CCLAX	CYBIX	Difference
Sharpe ratio: Return per unit of total volatility	1.94	1.76	+0.18
Sortino ratio: Return per unit of downside risk	2.83	3.03	-0.20
Omega ratio: Gain probability vs. loss probability	1.37	1.39	-0.02
Calmar ratio: Return relative to maximum drawdown	2.34	2.08	+0.25
Martin ratio: Return relative to average drawdown	10.32	11.07	-0.76

CCLAX vs. CYBIX - Sharpe Ratio Comparison

The current CCLAX Sharpe Ratio is 1.94, which is comparable to the CYBIX Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of CCLAX and CYBIX, 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

CCLAX vs. CYBIX - Drawdown Comparison

The maximum CCLAX drawdown since its inception was -23.98%, smaller than the maximum CYBIX drawdown of -32.13%. Use the drawdown chart below to compare losses from any high point for CCLAX and CYBIX.

Drawdown Indicators

	CCLAX	CYBIX	Difference
Max Drawdown Largest peak-to-trough decline	-23.98%	-32.13%	+8.15%
Max Drawdown (1Y) Largest decline over 1 year	-5.02%	-2.60%	-2.42%
Max Drawdown (3Y) Largest decline over 3 years	-7.90%	-3.62%	-4.28%
Max Drawdown (5Y) Largest decline over 5 years	-18.86%	-14.95%	-3.91%
Max Drawdown (10Y) Largest decline over 10 years	-18.86%	-17.55%	-1.31%
Current Drawdown Current decline from peak	-0.05%	-0.16%	+0.11%
Average Drawdown Average peak-to-trough decline	-2.85%	-3.34%	+0.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.14%	0.49%	+0.65%

Volatility

CCLAX vs. CYBIX - Volatility Comparison

Calvert Conservative Allocation Fund (CCLAX) has a higher volatility of 2.50% compared to Calvert High Yield Bond Fund (CYBIX) at 0.93%. This indicates that CCLAX's price experiences larger fluctuations and is considered to be riskier than CYBIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CCLAX	CYBIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.50%	0.93%	+1.57%
Volatility (6M) Calculated over the trailing 6-month period	5.14%	2.50%	+2.64%
Volatility (1Y) Calculated over the trailing 1-year period	6.06%	3.08%	+2.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.19%	4.57%	+2.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.78%	4.61%	+2.17%

CCLAX vs. CYBIX - Expense Ratio Comparison

CCLAX has a 0.41% expense ratio, which is lower than CYBIX's 0.76% expense ratio.

Dividends

CCLAX vs. CYBIX - Dividend Comparison

CCLAX's dividend yield for the trailing twelve months is around 3.14%, less than CYBIX's 5.82% 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%
CYBIX Calvert High Yield Bond Fund	5.82%	5.44%	5.25%	4.47%	4.12%	4.22%	4.49%	4.98%	5.20%	4.92%	5.51%	5.78%

Frequently Asked Questions

Can I hold both CCLAX and CYBIX in my portfolio?

CCLAX and CYBIX have a correlation of 0.71, 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 CYBIX?

CCLAX has higher volatility (2.50%) compared to CYBIX (0.93%). In terms of maximum drawdown, CCLAX dropped -23.98% vs CYBIX's -32.13%.

Which has better risk-adjusted returns?

CCLAX currently has the higher Sharpe Ratio (1.94 vs 1.76), 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.