CEFIX vs. CVMIX

Last updated Jun 4, 2026

CEFIX (Calvert Emerging Markets Advancement Fund) and CVMIX (Calvert Emerging Markets Equity Fund) are both Emerging Markets Diversified funds from Calvert Research and Management. Over the past 5 years, CEFIX returned 12.10%/yr vs 7.26%/yr for CVMIX. Their correlation of 0.90 suggests significant overlap in exposure. CEFIX charges 0.97%/yr vs 0.99%/yr for CVMIX.

Performance

CEFIX vs. CVMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calvert Emerging Markets Advancement Fund (CEFIX) and Calvert Emerging Markets Equity Fund (CVMIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CEFIX achieves a 27.78% return, which is significantly lower than CVMIX's 36.06% return.

CEFIX

• 1D: 0.25%
• 1M: 12.00%
• YTD: 27.78%
• 6M: 30.92%
• 1Y: 57.58%
• 3Y*: 27.81%
• 5Y*: 12.10%
• 10Y*: —

CVMIX

• 1D: 1.29%
• 1M: 13.03%
• YTD: 36.06%
• 6M: 39.70%
• 1Y: 67.68%
• 3Y*: 26.24%
• 5Y*: 7.26%
• 10Y*: 11.35%

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

CEFIX vs. CVMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
CEFIX Calvert Emerging Markets Advancement Fund	27.78%	38.50%	11.21%	11.61%	-15.07%	0.27%	15.35%	10.46%
CVMIX Calvert Emerging Markets Equity Fund	36.06%	36.77%	6.37%	4.74%	-22.57%	-7.43%	24.88%	12.06%

Correlation

The correlation between CEFIX and CVMIX is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (All Time) Calculated using the full available price history since Oct 2, 2019	0.90

The correlation between CEFIX and CVMIX has been stable across timeframes, ranging from 0.86 to 0.91 - a consistent structural relationship.

Return for Risk

CEFIX vs. CVMIX — Risk / Return Rank

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

CEFIX

CEFIX Risk / Return Rank: 89
CEFIX Sharpe Ratio Rank: 94
CEFIX Sortino Ratio Rank: 88
CEFIX Omega Ratio Rank: 89
CEFIX Calmar Ratio Rank: 86
CEFIX Martin Ratio Rank: 87

CVMIX

CVMIX Risk / Return Rank: 90
CVMIX Sharpe Ratio Rank: 95
CVMIX Sortino Ratio Rank: 87
CVMIX Omega Ratio Rank: 88
CVMIX Calmar Ratio Rank: 89
CVMIX Martin Ratio Rank: 91

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. CVMIX - Risk-Adjusted Trends Comparison

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

	CEFIX	CVMIX	Difference
Sharpe ratio: Return per unit of total volatility	3.26	3.36	-0.10
Sortino ratio: Return per unit of downside risk	4.19	4.13	+0.06
Omega ratio: Gain probability vs. loss probability	1.64	1.62	+0.01
Calmar ratio: Return relative to maximum drawdown	4.19	4.52	-0.33
Martin ratio: Return relative to average drawdown	16.86	19.06	-2.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CEFIX vs. CVMIX - Sharpe Ratio Comparison

The current CEFIX Sharpe Ratio is 3.26, which is comparable to the CVMIX Sharpe Ratio of 3.36. The chart below compares the historical Sharpe Ratios of CEFIX and CVMIX, 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

	CEFIX	CVMIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.26	3.36	-0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.79	0.39	+0.40
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.62	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.80	0.49	+0.31

Drawdowns

CEFIX vs. CVMIX - Drawdown Comparison

The maximum CEFIX drawdown since its inception was -30.73%, smaller than the maximum CVMIX drawdown of -43.96%. Use the drawdown chart below to compare losses from any high point for CEFIX and CVMIX.

Drawdown Indicators

	CEFIX	CVMIX	Difference
Max Drawdown Largest peak-to-trough decline	-30.73%	-43.96%	+13.23%
Max Drawdown (1Y) Largest decline over 1 year	-13.87%	-14.95%	+1.08%
Max Drawdown (3Y) Largest decline over 3 years	-13.87%	-17.48%	+3.61%
Max Drawdown (5Y) Largest decline over 5 years	-24.41%	-40.71%	+16.30%
Max Drawdown (10Y) Largest decline over 10 years	—	-43.96%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-9.59%	-14.22%	+4.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.44%	3.54%	-0.10%

Volatility

CEFIX vs. CVMIX - Volatility Comparison

The current volatility for Calvert Emerging Markets Advancement Fund (CEFIX) is 8.29%, while Calvert Emerging Markets Equity Fund (CVMIX) has a volatility of 8.99%. This indicates that CEFIX experiences smaller price fluctuations and is considered to be less risky than CVMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CEFIX	CVMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.29%	8.99%	-0.70%
Volatility (6M) Calculated over the trailing 6-month period	15.90%	17.59%	-1.69%
Volatility (1Y) Calculated over the trailing 1-year period	17.81%	20.13%	-2.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.38%	18.48%	-3.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.46%	18.47%	-1.01%

CEFIX vs. CVMIX - Expense Ratio Comparison

CEFIX has a 0.97% expense ratio, which is lower than CVMIX's 0.99% expense ratio.

Dividends

CEFIX vs. CVMIX - Dividend Comparison

CEFIX's dividend yield for the trailing twelve months is around 2.45%, more than CVMIX's 1.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CEFIX Calvert Emerging Markets Advancement Fund	2.45%	3.13%	1.76%	3.20%	5.51%	4.57%	0.13%	0.48%	0.00%	0.00%	0.00%	0.00%
CVMIX Calvert Emerging Markets Equity Fund	1.66%	2.26%	0.63%	0.92%	0.79%	0.76%	0.41%	0.68%	1.24%	0.27%	0.84%	1.26%

Frequently Asked Questions

Can I hold both CEFIX and CVMIX in my portfolio?

With a correlation of 0.91, CEFIX and CVMIX 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, CEFIX or CVMIX?

CVMIX has higher volatility (8.99%) compared to CEFIX (8.29%). In terms of maximum drawdown, CEFIX dropped -30.73% vs CVMIX's -43.96%.

Which has better risk-adjusted returns?

CVMIX currently has the higher Sharpe Ratio (3.36 vs 3.26), 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.