CCVAX vs. CSIEX

Last updated Jun 4, 2026

CCVAX (Calvert Small-Cap Fund) and CSIEX (Calvert Equity Fund) are both mutual funds - CCVAX is a Small Cap Blend Equities 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, CCVAX returned 7.78%/yr vs 11.54%/yr for CSIEX. Their correlation of 0.82 suggests significant overlap in exposure. CCVAX charges 1.19%/yr vs 0.91%/yr for CSIEX.

Performance

CCVAX vs. CSIEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calvert Small-Cap Fund (CCVAX) 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, CCVAX achieves a 2.13% return, which is significantly higher than CSIEX's -9.20% return. Over the past 10 years, CCVAX has underperformed CSIEX with an annualized return of 7.78%, while CSIEX has yielded a comparatively higher 11.54% annualized return.

CCVAX

• 1D: 1.07%
• 1M: 0.21%
• YTD: 2.13%
• 6M: 0.69%
• 1Y: -1.62%
• 3Y*: 4.22%
• 5Y*: 1.18%
• 10Y*: 7.78%

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)

CCVAX vs. CSIEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CCVAX Calvert Small-Cap Fund	2.13%	-6.30%	11.92%	11.45%	-16.14%	19.81%	14.64%	26.02%	-6.94%	13.42%
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 CCVAX and CSIEX is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since Oct 4, 2004	0.82

Over the past year, the correlation between CCVAX and CSIEX has dropped to 0.61 - well below their long-term average of 0.82, suggesting their price drivers have been diverging.

Return for Risk

CCVAX vs. CSIEX — Risk / Return Rank

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

CCVAX

CCVAX Risk / Return Rank: 3
CCVAX Sharpe Ratio Rank: 3
CCVAX Sortino Ratio Rank: 3
CCVAX Omega Ratio Rank: 3
CCVAX Calmar Ratio Rank: 3
CCVAX Martin Ratio Rank: 3

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.

CCVAX vs. CSIEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calvert Small-Cap Fund (CCVAX) 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.

	CCVAX	CSIEX	Difference
Sharpe ratio: Return per unit of total volatility	-0.01	-0.48	+0.46
Sortino ratio: Return per unit of downside risk	0.10	-0.58	+0.68
Omega ratio: Gain probability vs. loss probability	1.01	0.93	+0.08
Calmar ratio: Return relative to maximum drawdown	-0.02	-0.42	+0.40
Martin ratio: Return relative to average drawdown	-0.04	-0.99	+0.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CCVAX vs. CSIEX - Sharpe Ratio Comparison

The current CCVAX Sharpe Ratio is -0.01, which is higher than the CSIEX Sharpe Ratio of -0.48. The chart below compares the historical Sharpe Ratios of CCVAX 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

	CCVAX	CSIEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.01	-0.48	+0.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.06	0.25	-0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.39	0.68	-0.28
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.47	-0.15

Drawdowns

CCVAX vs. CSIEX - Drawdown Comparison

The maximum CCVAX drawdown since its inception was -55.18%, which is greater than CSIEX's maximum drawdown of -50.81%. Use the drawdown chart below to compare losses from any high point for CCVAX and CSIEX.

Drawdown Indicators

	CCVAX	CSIEX	Difference
Max Drawdown Largest peak-to-trough decline	-55.18%	-50.81%	-4.37%
Max Drawdown (1Y) Largest decline over 1 year	-13.23%	-14.12%	+0.89%
Max Drawdown (3Y) Largest decline over 3 years	-22.02%	-14.87%	-7.15%
Max Drawdown (5Y) Largest decline over 5 years	-25.16%	-25.71%	+0.55%
Max Drawdown (10Y) Largest decline over 10 years	-36.27%	-30.50%	-5.77%
Current Drawdown Current decline from peak	-11.88%	-11.38%	-0.50%
Average Drawdown Average peak-to-trough decline	-9.10%	-6.23%	-2.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.94%	5.93%	+0.01%

Volatility

CCVAX vs. CSIEX - Volatility Comparison

Calvert Small-Cap Fund (CCVAX) has a higher volatility of 4.58% compared to Calvert Equity Fund (CSIEX) at 3.95%. This indicates that CCVAX'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

	CCVAX	CSIEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.58%	3.95%	+0.63%
Volatility (6M) Calculated over the trailing 6-month period	11.19%	9.57%	+1.62%
Volatility (1Y) Calculated over the trailing 1-year period	16.21%	12.37%	+3.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.92%	16.24%	+2.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.98%	17.16%	+2.82%

CCVAX vs. CSIEX - Expense Ratio Comparison

CCVAX has a 1.19% expense ratio, which is higher than CSIEX's 0.91% expense ratio.

Dividends

CCVAX vs. CSIEX - Dividend Comparison

CCVAX's dividend yield for the trailing twelve months is around 13.83%, less than CSIEX's 25.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CCVAX Calvert Small-Cap Fund	13.83%	14.12%	1.47%	0.12%	1.43%	7.26%	0.00%	1.23%	5.97%	14.34%	1.39%	9.12%
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 CCVAX and CSIEX in my portfolio?

CCVAX and CSIEX have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CCVAX or CSIEX?

CCVAX has higher volatility (4.58%) compared to CSIEX (3.95%). In terms of maximum drawdown, CCVAX dropped -55.18% vs CSIEX's -50.81%.

Which has better risk-adjusted returns?

CCVAX currently has the higher Sharpe Ratio (-0.01 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.