CDEI vs. VTMFX

Last updated Jun 3, 2026

CDEI (Calvert US Large-Cap Diversity, Equity And Inclusion Index ETF) and VTMFX (Vanguard Tax-Managed Balanced Fund Admiral Shares) are both funds - CDEI is a Large Cap Blend Equities fund tracking the Russell 1000 Index, while VTMFX is a Diversified Portfolio fund managed by BlackRock. Over the past 3 years, CDEI returned 19.47%/yr vs 12.68%/yr for VTMFX. Their correlation of 0.95 suggests significant overlap in exposure. CDEI charges 0.14%/yr vs 0.09%/yr for VTMFX.

Performance

CDEI vs. VTMFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calvert US Large-Cap Diversity, Equity And Inclusion Index ETF (CDEI) and Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CDEI achieves a 9.87% return, which is significantly higher than VTMFX's 5.85% return.

CDEI

• 1D: -0.11%
• 1M: 4.86%
• YTD: 9.87%
• 6M: 10.18%
• 1Y: 28.56%
• 3Y*: 19.47%
• 5Y*: —
• 10Y*: —

VTMFX

• 1D: 0.15%
• 1M: 2.66%
• YTD: 5.85%
• 6M: 6.14%
• 1Y: 17.04%
• 3Y*: 12.68%
• 5Y*: 7.25%
• 10Y*: 8.68%

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

CDEI vs. VTMFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CDEI Calvert US Large-Cap Diversity, Equity And Inclusion Index ETF	9.87%	16.60%	18.67%	20.47%
VTMFX Vanguard Tax-Managed Balanced Fund Admiral Shares	5.85%	11.28%	12.17%	9.93%

Correlation

The correlation between CDEI and VTMFX is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (All Time) Calculated using the full available price history since Feb 2, 2023	0.95

The correlation between CDEI and VTMFX has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.

CDEI vs. VTMFX - Sectors Allocation Comparison

Sectors	CDEI	VTMFX
Technology	40.9%	15.8%
Financial Services	15.6%	5.6%
Communication Services	12.3%	5.0%
Healthcare	9.8%	4.0%
Consumer Cyclical	6.5%	4.7%
Industrials	5.2%	4.2%
Consumer Defensive	4.9%	2.3%
Utilities	2.3%	1.3%
Real Estate	1.6%	0.9%
Energy	0.5%	1.7%
Basic Materials	0.3%	1.0%

Return for Risk

CDEI vs. VTMFX — Risk / Return Rank

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

CDEI

CDEI Risk / Return Rank: 67
CDEI Sharpe Ratio Rank: 71
CDEI Sortino Ratio Rank: 71
CDEI Omega Ratio Rank: 68
CDEI Calmar Ratio Rank: 57
CDEI Martin Ratio Rank: 67

VTMFX

VTMFX Risk / Return Rank: 81
VTMFX Sharpe Ratio Rank: 87
VTMFX Sortino Ratio Rank: 85
VTMFX Omega Ratio Rank: 82
VTMFX Calmar Ratio Rank: 68
VTMFX Martin Ratio Rank: 81

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.

CDEI vs. VTMFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calvert US Large-Cap Diversity, Equity And Inclusion Index ETF (CDEI) and Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX). 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.

	CDEI	VTMFX	Difference
Sharpe ratio Return per unit of total volatility	2.39	2.82	-0.43
Sortino ratio Return per unit of downside risk	3.30	4.04	-0.74
Omega ratio Gain probability vs. loss probability	1.42	1.55	-0.13
Calmar ratio Return relative to maximum drawdown	2.91	3.19	-0.29
Martin ratio Return relative to average drawdown	12.67	15.32	-2.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CDEI vs. VTMFX - Sharpe Ratio Comparison

The current CDEI Sharpe Ratio is 2.39, which is comparable to the VTMFX Sharpe Ratio of 2.82. The chart below compares the historical Sharpe Ratios of CDEI and VTMFX, 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

	CDEI	VTMFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.39	2.82	-0.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.85	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.95	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.34	0.85	+0.49

Drawdowns

CDEI vs. VTMFX - Drawdown Comparison

The maximum CDEI drawdown since its inception was -19.46%, smaller than the maximum VTMFX drawdown of -28.49%. Use the drawdown chart below to compare losses from any high point for CDEI and VTMFX.

Drawdown Indicators

	CDEI	VTMFX	Difference
Max Drawdown Largest peak-to-trough decline	-19.46%	-28.49%	+9.03%
Max Drawdown (1Y) Largest decline over 1 year	-9.88%	-5.38%	-4.50%
Max Drawdown (3Y) Largest decline over 3 years	-19.46%	-10.61%	-8.85%
Max Drawdown (5Y) Largest decline over 5 years	—	-17.40%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-21.87%	—
Current Drawdown Current decline from peak	-0.11%	0.00%	-0.11%
Average Drawdown Average peak-to-trough decline	-2.29%	-3.55%	+1.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.27%	1.12%	+1.15%

Volatility

CDEI vs. VTMFX - Volatility Comparison

Calvert US Large-Cap Diversity, Equity And Inclusion Index ETF (CDEI) has a higher volatility of 2.78% compared to Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX) at 1.70%. This indicates that CDEI's price experiences larger fluctuations and is considered to be riskier than VTMFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CDEI	VTMFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.78%	1.70%	+1.08%
Volatility (6M) Calculated over the trailing 6-month period	9.13%	4.76%	+4.37%
Volatility (1Y) Calculated over the trailing 1-year period	11.99%	6.14%	+5.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.02%	8.52%	+6.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.02%	9.12%	+5.90%

CDEI vs. VTMFX - Expense Ratio Comparison

CDEI has a 0.14% expense ratio, which is higher than VTMFX's 0.09% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

CDEI vs. VTMFX - Dividend Comparison

CDEI's dividend yield for the trailing twelve months is around 0.96%, less than VTMFX's 2.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CDEI Calvert US Large-Cap Diversity, Equity And Inclusion Index ETF	0.96%	1.05%	1.22%	1.16%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VTMFX Vanguard Tax-Managed Balanced Fund Admiral Shares	2.11%	2.14%	2.08%	1.94%	1.85%	1.38%	1.72%	2.05%	2.22%	2.00%	2.13%	2.06%

Frequently Asked Questions

Can I hold both CDEI and VTMFX in my portfolio?

With a correlation of 0.94, CDEI and VTMFX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, CDEI or VTMFX?

CDEI has higher volatility (2.78%) compared to VTMFX (1.70%). In terms of maximum drawdown, CDEI dropped -19.46% vs VTMFX's -28.49%.

Which has better risk-adjusted returns?

VTMFX currently has the higher Sharpe Ratio (2.82 vs 2.39), 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.