CEFIX vs. GLDM

Last updated Jun 23, 2026

CEFIX (Calvert Emerging Markets Advancement Fund) and GLDM (SPDR Gold MiniShares Trust) are both funds - CEFIX is a Emerging Markets Diversified fund managed by Calvert Research and Management, while GLDM is a Gold fund tracking the LBMA Gold Price PM. Over the past 5 years, CEFIX returned 12.87%/yr vs 18.61%/yr for GLDM. At a 0.21 correlation, their price movements are largely independent. CEFIX charges 0.97%/yr vs 0.10%/yr for GLDM.

Performance

CEFIX vs. GLDM - Performance Comparison

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

Returns By Period

In the year-to-date period, CEFIX achieves a 30.36% return, which is significantly higher than GLDM's -2.87% return.

CEFIX

• 1D: 3.28%
• 1M: 10.21%
• YTD: 30.36%
• 6M: 31.64%
• 1Y: 59.66%
• 3Y*: 26.72%
• 5Y*: 12.87%
• 10Y*: —

GLDM

• 1D: -0.62%
• 1M: -7.05%
• YTD: -2.87%
• 6M: -5.63%
• 1Y: 24.39%
• 3Y*: 29.61%
• 5Y*: 18.61%
• 10Y*: —

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

CEFIX vs. GLDM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
CEFIX Calvert Emerging Markets Advancement Fund	30.36%	38.50%	11.21%	11.61%	-15.07%	0.27%	15.35%	10.46%
GLDM SPDR Gold MiniShares Trust	-2.87%	64.20%	27.08%	13.04%	-0.47%	-4.01%	25.10%	2.99%

Correlation

The correlation between CEFIX and GLDM is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (5Y) Calculated over the trailing 5-year period	0.24
Correlation (All Time) Calculated using the full available price history since Oct 1, 2019	0.21

The correlation between CEFIX and GLDM shifts across timeframes, from 0.21 (all time) to 0.33 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

CEFIX vs. GLDM — 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: 85
CEFIX Omega Ratio Rank: 88
CEFIX Calmar Ratio Rank: 90
CEFIX Martin Ratio Rank: 90

GLDM

GLDM Risk / Return Rank: 24
GLDM Sharpe Ratio Rank: 26
GLDM Sortino Ratio Rank: 23
GLDM Omega Ratio Rank: 28
GLDM Calmar Ratio Rank: 22
GLDM Martin Ratio Rank: 23

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. GLDM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calvert Emerging Markets Advancement Fund (CEFIX) and SPDR Gold MiniShares Trust (GLDM). 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	GLDM	Difference
Sharpe ratio: Return per unit of total volatility	2.96	0.90	+2.06
Sortino ratio: Return per unit of downside risk	3.74	1.26	+2.48
Omega ratio: Gain probability vs. loss probability	1.58	1.19	+0.40
Calmar ratio: Return relative to maximum drawdown	4.30	1.01	+3.29
Martin ratio: Return relative to average drawdown	16.66	2.74	+13.92

CEFIX vs. GLDM - Sharpe Ratio Comparison

The current CEFIX Sharpe Ratio is 2.96, which is higher than the GLDM Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of CEFIX and GLDM, 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. GLDM - Drawdown Comparison

The maximum CEFIX drawdown since its inception was -30.73%, which is greater than GLDM's maximum drawdown of -24.35%. Use the drawdown chart below to compare losses from any high point for CEFIX and GLDM.

Drawdown Indicators

	CEFIX	GLDM	Difference
Max Drawdown Largest peak-to-trough decline	-30.73%	-24.35%	-6.38%
Max Drawdown (1Y) Largest decline over 1 year	-13.87%	-24.35%	+10.48%
Max Drawdown (3Y) Largest decline over 3 years	-13.87%	-24.35%	+10.48%
Max Drawdown (5Y) Largest decline over 5 years	-24.41%	-24.35%	-0.06%
Current Drawdown Current decline from peak	0.00%	-22.34%	+22.34%
Average Drawdown Average peak-to-trough decline	-9.54%	-6.31%	-3.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.57%	8.92%	-5.35%

Volatility

CEFIX vs. GLDM - Volatility Comparison

Calvert Emerging Markets Advancement Fund (CEFIX) has a higher volatility of 10.88% compared to SPDR Gold MiniShares Trust (GLDM) at 8.02%. This indicates that CEFIX's price experiences larger fluctuations and is considered to be riskier than GLDM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CEFIX	GLDM	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.88%	8.02%	+2.86%
Volatility (6M) Calculated over the trailing 6-month period	18.55%	24.15%	-5.60%
Volatility (1Y) Calculated over the trailing 1-year period	20.12%	27.34%	-7.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.95%	18.13%	-2.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.79%	17.01%	+0.78%

CEFIX vs. GLDM - Expense Ratio Comparison

CEFIX has a 0.97% expense ratio, which is higher than GLDM's 0.10% expense ratio.

Dividends

CEFIX vs. GLDM - Dividend Comparison

CEFIX's dividend yield for the trailing twelve months is around 2.40%, while GLDM has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
CEFIX Calvert Emerging Markets Advancement Fund	2.40%	3.13%	1.76%	3.20%	5.51%	4.57%	0.13%	0.48%
GLDM SPDR Gold MiniShares Trust	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CEFIX and GLDM in my portfolio?

CEFIX and GLDM have a correlation of 0.33, 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 GLDM?

CEFIX has higher volatility (10.88%) compared to GLDM (8.02%). In terms of maximum drawdown, CEFIX dropped -30.73% vs GLDM's -24.35%.

Which has better risk-adjusted returns?

CEFIX currently has the higher Sharpe Ratio (2.96 vs 0.90), 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.