CEYIX vs. PXWIX

Last updated Aug 1, 2026

CEYIX (Calvert Equity Fund Class I) and PXWIX (Pax Ellevate Global Women’s Leadership Fund Institutional Class) are both mutual funds - CEYIX is a Large Cap Growth Equities fund actively managed by Calvert, while PXWIX is a ESG fund managed by Pax World. Over the past 10 years, CEYIX returned 12.12%/yr vs 10.74%/yr for PXWIX. Their correlation of 0.89 means they have usually moved in the same direction. CEYIX charges 0.66%/yr vs 0.51%/yr for PXWIX.

Performance

CEYIX vs. PXWIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calvert Equity Fund Class I (CEYIX) and Pax Ellevate Global Women’s Leadership Fund Institutional Class (PXWIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CEYIX achieves a -4.24% return, which is significantly lower than PXWIX's 11.88% return. Over the past 10 years, CEYIX has outperformed PXWIX with an annualized return of 12.12%, while PXWIX has yielded a comparatively lower 10.74% annualized return.

CEYIX

• 1D: -0.83%
• 1M: 2.50%
• 6M: -3.00%
• YTD: -4.24%
• 1Y: -1.53%
• 3Y*: 5.63%
• 5Y*: 3.51%
• 10Y*: 12.12%
• ALL TIME*: 9.01%

PXWIX

• 1D: 1.71%
• 1M: 2.43%
• 6M: 10.77%
• YTD: 11.88%
• 1Y: 23.10%
• 3Y*: 15.84%
• 5Y*: 7.64%
• 10Y*: 10.74%
• ALL TIME*: 6.95%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CEYIX Calvert Equity Fund Class I	$0.00	$0.00	$0.00
PXWIX Pax Ellevate Global Women’s Leadership Fund Institutional Class	$0.00	$0.00	$0.00

CEYIX vs. PXWIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CEYIX Calvert Equity Fund Class I	-4.24%	7.47%	8.62%	18.22%	-17.43%	29.21%	24.38%	36.79%	5.41%	26.23%
PXWIX Pax Ellevate Global Women’s Leadership Fund Institutional Class	11.88%	17.72%	12.41%	18.41%	-19.77%	17.58%	13.94%	26.80%	-7.55%	25.15%

Correlation

The correlation between CEYIX and PXWIX is 0.57, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.57
Correlation (3Y) Balances recent behavior with more history.	0.73
Correlation (5Y) Shows whether the relationship held over a longer period.	0.82
Correlation (10Y) Provides a long-term view across more market conditions.	0.85
Correlation (All Time) Calculated using the full available price history since Jan 3, 2007	0.89

Over the past year, the correlation between CEYIX and PXWIX has dropped to 0.57 - well below their long-term average of 0.89, suggesting their price drivers have been diverging.

Return for Risk

CEYIX vs. PXWIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CEYIX

CEYIX Risk / Return Rank: 3
CEYIX Sharpe Ratio Rank: 2
CEYIX Sortino Ratio Rank: 2
CEYIX Omega Ratio Rank: 2
CEYIX Calmar Ratio Rank: 3
CEYIX Martin Ratio Rank: 3

PXWIX

PXWIX Risk / Return Rank: 68
PXWIX Sharpe Ratio Rank: 69
PXWIX Sortino Ratio Rank: 67
PXWIX Omega Ratio Rank: 65
PXWIX Calmar Ratio Rank: 64
PXWIX Martin Ratio Rank: 76

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CEYIX vs. PXWIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calvert Equity Fund Class I (CEYIX) and Pax Ellevate Global Women’s Leadership Fund Institutional Class (PXWIX). 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.

	CEYIX	PXWIX	Difference
Sharpe ratio: Return per unit of total volatility	-0.20	1.63	-1.84
Sortino ratio: Return per unit of downside risk	-0.19	2.30	-2.50
Omega ratio: Gain probability vs. loss probability	0.98	1.29	-0.31
Calmar ratio: Return relative to maximum drawdown	-0.20	2.15	-2.35
Martin ratio: Return relative to average drawdown	-0.39	9.32	-9.70

CEYIX vs. PXWIX - Sharpe Ratio Comparison

The current CEYIX Sharpe Ratio is -0.20, which is lower than the PXWIX Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of CEYIX and PXWIX, 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

CEYIX vs. PXWIX - Drawdown Comparison

The maximum CEYIX drawdown since its inception was -50.45%, smaller than the maximum PXWIX drawdown of -53.56%. Use the drawdown chart below to compare losses from any high point for CEYIX and PXWIX.

Drawdown Indicators

	CEYIX	PXWIX	Difference
Max Drawdown Largest peak-to-trough decline	-50.45%	-53.56%	+3.11%
Max Drawdown (1Y) Largest decline over 1 year	-14.17%	-9.55%	-4.62%
Max Drawdown (3Y) Largest decline over 3 years	-14.84%	-18.31%	+3.47%
Max Drawdown (5Y) Largest decline over 5 years	-25.57%	-29.52%	+3.95%
Max Drawdown (10Y) Largest decline over 10 years	-30.48%	-34.47%	+3.99%
Current Drawdown Current decline from peak	-6.54%	0.00%	-6.54%
Average Drawdown Average peak-to-trough decline	-6.22%	-9.74%	+3.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.19%	2.21%	+4.98%

Volatility

CEYIX vs. PXWIX - Volatility Comparison

Calvert Equity Fund Class I (CEYIX) has a higher volatility of 5.60% compared to Pax Ellevate Global Women’s Leadership Fund Institutional Class (PXWIX) at 3.31%. This indicates that CEYIX's price experiences larger fluctuations and is considered to be riskier than PXWIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CEYIX	PXWIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.60%	3.31%	+2.29%
Volatility (6M) Calculated over the trailing 6-month period	11.20%	10.26%	+0.94%
Volatility (1Y) Calculated over the trailing 1-year period	13.72%	12.60%	+1.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.40%	16.14%	+0.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.20%	16.88%	+0.32%

CEYIX vs. PXWIX - Expense Ratio Comparison

CEYIX has a 0.66% expense ratio, which is higher than PXWIX's 0.51% expense ratio.

Dividends

CEYIX vs. PXWIX - Dividend Comparison

CEYIX's dividend yield for the trailing twelve months is around 19.21%, more than PXWIX's 8.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CEYIX Calvert Equity Fund Class I	19.21%	18.40%	7.41%	1.66%	3.03%	3.17%	2.31%	2.66%	7.77%	7.39%	10.43%	23.16%
PXWIX Pax Ellevate Global Women’s Leadership Fund Institutional Class	8.91%	9.98%	9.64%	1.69%	3.24%	1.44%	1.25%	3.24%	5.15%	2.71%	2.04%	2.68%

Frequently Asked Questions

Can I hold both CEYIX and PXWIX in my portfolio?

CEYIX and PXWIX have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CEYIX or PXWIX?

CEYIX has higher volatility (5.60%) compared to PXWIX (3.31%). In terms of maximum drawdown, CEYIX dropped -50.45% vs PXWIX's -53.56%.

Which has better risk-adjusted returns?

PXWIX currently has the higher Sharpe Ratio (1.63 vs -0.20), 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.