CEFIX vs. VOO

Last updated Apr 1, 2026

Compare and contrast key facts about Calvert Emerging Markets Advancement Fund (CEFIX) and Vanguard S&P 500 ETF (VOO).

CEFIX is managed by Calvert Research and Management. It was launched on Sep 30, 2019. VOO is a passively managed fund by Vanguard that tracks the performance of the S&P 500 Index. It was launched on Sep 7, 2010.

Performance

CEFIX vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calvert Emerging Markets Advancement Fund (CEFIX) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

CEFIX vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
CEFIX Calvert Emerging Markets Advancement Fund	-0.90%	38.50%	11.21%	11.61%	-15.07%	0.27%	15.35%	10.46%
VOO Vanguard S&P 500 ETF	-4.42%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	10.36%

Returns By Period

In the year-to-date period, CEFIX achieves a -0.90% return, which is significantly higher than VOO's -4.42% return.

CEFIX

• 1D: -0.90%
• 1M: -13.04%
• YTD: -0.90%
• 6M: 5.45%
• 1Y: 31.55%
• 3Y*: 18.20%
• 5Y*: 7.26%
• 10Y*: —

VOO

• 1D: 2.86%
• 1M: -5.01%
• YTD: -4.42%
• 6M: -1.84%
• 1Y: 17.67%
• 3Y*: 18.27%
• 5Y*: 11.75%
• 10Y*: 14.05%

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

CEFIX vs. VOO - Expense Ratio Comparison

CEFIX has a 0.97% expense ratio, which is higher than VOO's 0.03% expense ratio.

CEFIX

Calvert Emerging Markets Advancement Fund

VOO

Vanguard S&P 500 ETF

Return for Risk

CEFIX vs. VOO — Risk / Return Rank

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

CEFIX

CEFIX Risk / Return Rank: 86
CEFIX Sharpe Ratio Rank: 89
CEFIX Sortino Ratio Rank: 86
CEFIX Omega Ratio Rank: 86
CEFIX Calmar Ratio Rank: 83
CEFIX Martin Ratio Rank: 84

VOO

VOO Risk / Return Rank: 65
VOO Sharpe Ratio Rank: 59
VOO Sortino Ratio Rank: 62
VOO Omega Ratio Rank: 66
VOO Calmar Ratio Rank: 65
VOO Martin Ratio Rank: 75

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. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calvert Emerging Markets Advancement Fund (CEFIX) and Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio Return per unit of total volatility	1.83	0.98	+0.85
Sortino ratio Return per unit of downside risk	2.31	1.50	+0.81
Omega ratio Gain probability vs. loss probability	1.36	1.23	+0.13
Calmar ratio Return relative to maximum drawdown	2.04	1.53	+0.51
Martin ratio Return relative to average drawdown	8.52	7.29	+1.23
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. VOO - Sharpe Ratio Comparison

The current CEFIX Sharpe Ratio is 1.83, which is higher than the VOO Sharpe Ratio of 0.98. The chart below compares the historical Sharpe Ratios of CEFIX and VOO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CEFIX	VOO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.83	0.98	+0.85
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	0.70	-0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.78	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.83	-0.25

Correlation

The correlation between CEFIX and VOO is 0.66, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

CEFIX vs. VOO - Dividend Comparison

CEFIX's dividend yield for the trailing twelve months is around 3.16%, more than VOO's 1.19% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CEFIX Calvert Emerging Markets Advancement Fund	3.16%	3.13%	1.76%	3.20%	5.51%	4.57%	0.13%	0.48%	0.00%	0.00%	0.00%	0.00%
VOO Vanguard S&P 500 ETF	1.19%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Drawdowns

CEFIX vs. VOO - Drawdown Comparison

The maximum CEFIX drawdown since its inception was -30.73%, smaller than the maximum VOO drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for CEFIX and VOO.

Drawdown Indicators

	CEFIX	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-30.73%	-33.99%	+3.26%
Max Drawdown (1Y) Largest decline over 1 year	-13.87%	-11.98%	-1.89%
Max Drawdown (5Y) Largest decline over 5 years	-24.41%	-24.52%	+0.11%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.99%	—
Current Drawdown Current decline from peak	-13.87%	-6.29%	-7.58%
Average Drawdown Average peak-to-trough decline	-9.78%	-3.72%	-6.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.33%	2.52%	+0.81%

Volatility

CEFIX vs. VOO - Volatility Comparison

Calvert Emerging Markets Advancement Fund (CEFIX) has a higher volatility of 8.61% compared to Vanguard S&P 500 ETF (VOO) at 5.29%. This indicates that CEFIX's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CEFIX	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.61%	5.29%	+3.32%
Volatility (6M) Calculated over the trailing 6-month period	12.54%	9.44%	+3.10%
Volatility (1Y) Calculated over the trailing 1-year period	16.61%	18.10%	-1.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.70%	16.82%	-2.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.11%	17.99%	-0.88%