CEFIX vs. CSIEX

Last updated Jul 15, 2026

CEFIX (Calvert Emerging Markets Advancement Fund) and CSIEX (Calvert Equity Fund) are both mutual funds - CEFIX is a Emerging Markets Diversified 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 5 years, CEFIX returned 11.05%/yr vs 3.32%/yr for CSIEX. A 0.53 correlation means they provide meaningful diversification when combined. CEFIX charges 0.97%/yr vs 0.91%/yr for CSIEX.

Performance

CEFIX vs. CSIEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calvert Emerging Markets Advancement Fund (CEFIX) 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, CEFIX achieves a 20.09% return, which is significantly higher than CSIEX's -6.60% return.

CEFIX

• 1D: -2.31%
• 1M: -3.28%
• 6M: 13.91%
• YTD: 20.09%
• 1Y: 38.49%
• 3Y*: 22.55%
• 5Y*: 11.05%
• 10Y*: —

CSIEX

• 1D: 0.99%
• 1M: 3.06%
• 6M: -8.14%
• YTD: -6.60%
• 1Y: -4.71%
• 3Y*: 4.96%
• 5Y*: 3.32%
• 10Y*: 11.71%

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

CEFIX vs. CSIEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
CEFIX Calvert Emerging Markets Advancement Fund	20.09%	38.50%	11.21%	11.61%	-15.07%	0.27%	15.35%	10.46%
CSIEX Calvert Equity Fund	-6.60%	7.27%	8.35%	17.93%	-17.61%	28.90%	24.26%	5.30%

Correlation

The correlation between CEFIX and CSIEX is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (All Time) Calculated using the full available price history since Oct 1, 2019	0.53

Over the past year, the correlation between CEFIX and CSIEX has dropped to 0.23 - well below their long-term average of 0.53, suggesting their price drivers have been diverging.

Return for Risk

CEFIX vs. CSIEX — Risk / Return Rank

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

CEFIX

CEFIX Risk / Return Rank: 70
CEFIX Sharpe Ratio Rank: 68
CEFIX Sortino Ratio Rank: 57
CEFIX Omega Ratio Rank: 75
CEFIX Calmar Ratio Rank: 78
CEFIX Martin Ratio Rank: 71

CSIEX

CSIEX Risk / Return Rank: 2
CSIEX Sharpe Ratio Rank: 2
CSIEX Sortino Ratio Rank: 2
CSIEX Omega Ratio Rank: 2
CSIEX Calmar Ratio Rank: 2
CSIEX Martin Ratio Rank: 2

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.

CEFIX vs. CSIEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calvert Emerging Markets Advancement Fund (CEFIX) 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.

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.

	CEFIX	CSIEX	Difference
Sharpe ratio: Return per unit of total volatility	1.81	-0.35	+2.16
Sortino ratio: Return per unit of downside risk	2.37	-0.40	+2.78
Omega ratio: Gain probability vs. loss probability	1.36	0.95	+0.41
Calmar ratio: Return relative to maximum drawdown	2.81	-0.32	+3.13
Martin ratio: Return relative to average drawdown	10.19	-0.65	+10.84

CEFIX vs. CSIEX - Sharpe Ratio Comparison

The current CEFIX Sharpe Ratio is 1.81, which is higher than the CSIEX Sharpe Ratio of -0.35. The chart below compares the historical Sharpe Ratios of CEFIX 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.

Drawdowns

CEFIX vs. CSIEX - Drawdown Comparison

The maximum CEFIX drawdown since its inception was -30.73%, smaller than the maximum CSIEX drawdown of -50.81%. Use the drawdown chart below to compare losses from any high point for CEFIX and CSIEX.

Drawdown Indicators

	CEFIX	CSIEX	Difference
Max Drawdown Largest peak-to-trough decline	-30.73%	-50.81%	+20.08%
Max Drawdown (1Y) Largest decline over 1 year	-13.87%	-14.28%	+0.41%
Max Drawdown (3Y) Largest decline over 3 years	-13.87%	-14.87%	+1.00%
Max Drawdown (5Y) Largest decline over 5 years	-22.57%	-25.71%	+3.14%
Max Drawdown (10Y) Largest decline over 10 years	—	-30.50%	—
Current Drawdown Current decline from peak	-7.97%	-8.85%	+0.88%
Average Drawdown Average peak-to-trough decline	-9.50%	-6.24%	-3.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.82%	7.00%	-3.18%

Volatility

CEFIX vs. CSIEX - Volatility Comparison

Calvert Emerging Markets Advancement Fund (CEFIX) has a higher volatility of 11.01% compared to Calvert Equity Fund (CSIEX) at 5.12%. This indicates that CEFIX'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

	CEFIX	CSIEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.01%	5.12%	+5.89%
Volatility (6M) Calculated over the trailing 6-month period	20.26%	10.62%	+9.64%
Volatility (1Y) Calculated over the trailing 1-year period	21.59%	13.17%	+8.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.34%	16.38%	-0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.99%	17.18%	+0.81%

CEFIX vs. CSIEX - Expense Ratio Comparison

CEFIX has a 0.97% expense ratio, which is higher than CSIEX's 0.91% expense ratio.

Dividends

CEFIX vs. CSIEX - Dividend Comparison

CEFIX's dividend yield for the trailing twelve months is around 2.61%, less than CSIEX's 24.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CEFIX Calvert Emerging Markets Advancement Fund	2.61%	3.13%	1.76%	3.20%	5.51%	4.57%	0.13%	0.48%	0.00%	0.00%	0.00%	0.00%
CSIEX Calvert Equity Fund	24.59%	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 CEFIX and CSIEX in my portfolio?

CEFIX and CSIEX have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CEFIX or CSIEX?

CEFIX has higher volatility (11.01%) compared to CSIEX (5.12%). In terms of maximum drawdown, CEFIX dropped -30.73% vs CSIEX's -50.81%.

Which has better risk-adjusted returns?

CEFIX currently has the higher Sharpe Ratio (1.81 vs -0.35), 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.