CFAIX vs. CULAX

Last updated Jun 23, 2026

CFAIX (Calvert Conservative Allocation Fund Class I) and CULAX (Calvert Ultra-Short Duration Income Fund) are both mutual funds - CFAIX is a Diversified Portfolio fund managed by Calvert Research and Management, while CULAX is a Ultrashort Bond fund managed by Calvert Research and Management. Over the past 5 years, CFAIX returned 4.02%/yr vs 3.36%/yr for CULAX. At a 0.22 correlation, their price movements are largely independent. CFAIX charges 0.66%/yr vs 0.72%/yr for CULAX.

Performance

CFAIX vs. CULAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calvert Conservative Allocation Fund Class I (CFAIX) and Calvert Ultra-Short Duration Income Fund (CULAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CFAIX achieves a 4.64% return, which is significantly higher than CULAX's 1.24% return.

CFAIX

• 1D: 0.66%
• 1M: 1.60%
• YTD: 4.64%
• 6M: 4.64%
• 1Y: 12.02%
• 3Y*: 8.84%
• 5Y*: 4.02%
• 10Y*: —

CULAX

• 1D: -0.10%
• 1M: 0.21%
• YTD: 1.24%
• 6M: 1.67%
• 1Y: 4.00%
• 3Y*: 5.07%
• 5Y*: 3.36%
• 10Y*: 2.46%

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

CFAIX vs. CULAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CFAIX Calvert Conservative Allocation Fund Class I	4.64%	10.50%	6.65%	10.34%	-14.13%	7.92%	12.51%	15.89%	-2.54%	8.20%
CULAX Calvert Ultra-Short Duration Income Fund	1.24%	4.55%	5.69%	6.07%	-0.56%	0.43%	0.66%	3.30%	1.15%	1.27%

Correlation

The correlation between CFAIX and CULAX is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (5Y) Calculated over the trailing 5-year period	0.30
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.22

The correlation between CFAIX and CULAX shifts across timeframes, from 0.14 (1 year) to 0.30 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

CFAIX vs. CULAX — Risk / Return Rank

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

CFAIX

CFAIX Risk / Return Rank: 53
CFAIX Sharpe Ratio Rank: 53
CFAIX Sortino Ratio Rank: 55
CFAIX Omega Ratio Rank: 56
CFAIX Calmar Ratio Rank: 43
CFAIX Martin Ratio Rank: 56

CULAX

CULAX Risk / Return Rank: 98
CULAX Sharpe Ratio Rank: 95
CULAX Sortino Ratio Rank: 99
CULAX Omega Ratio Rank: 99
CULAX Calmar Ratio Rank: 99
CULAX Martin Ratio Rank: 99

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.

CFAIX vs. CULAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calvert Conservative Allocation Fund Class I (CFAIX) and Calvert Ultra-Short Duration Income Fund (CULAX). 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.

	CFAIX	CULAX	Difference
Sharpe ratio: Return per unit of total volatility	1.97	3.06	-1.09
Sortino ratio: Return per unit of downside risk	2.87	10.43	-7.57
Omega ratio: Gain probability vs. loss probability	1.38	3.78	-2.41
Calmar ratio: Return relative to maximum drawdown	2.41	13.28	-10.87
Martin ratio: Return relative to average drawdown	10.69	54.31	-43.61

CFAIX vs. CULAX - Sharpe Ratio Comparison

The current CFAIX Sharpe Ratio is 1.97, which is lower than the CULAX Sharpe Ratio of 3.06. The chart below compares the historical Sharpe Ratios of CFAIX and CULAX, 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

CFAIX vs. CULAX - Drawdown Comparison

The maximum CFAIX drawdown since its inception was -18.74%, which is greater than CULAX's maximum drawdown of -7.40%. Use the drawdown chart below to compare losses from any high point for CFAIX and CULAX.

Drawdown Indicators

	CFAIX	CULAX	Difference
Max Drawdown Largest peak-to-trough decline	-18.74%	-7.40%	-11.34%
Max Drawdown (1Y) Largest decline over 1 year	-5.01%	-0.30%	-4.71%
Max Drawdown (3Y) Largest decline over 3 years	-7.83%	-0.30%	-7.53%
Max Drawdown (5Y) Largest decline over 5 years	-18.74%	-2.19%	-16.55%
Max Drawdown (10Y) Largest decline over 10 years	—	-7.40%	—
Current Drawdown Current decline from peak	-0.05%	-0.10%	+0.05%
Average Drawdown Average peak-to-trough decline	-3.24%	-0.21%	-3.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.13%	0.07%	+1.06%

Volatility

CFAIX vs. CULAX - Volatility Comparison

Calvert Conservative Allocation Fund Class I (CFAIX) has a higher volatility of 2.53% compared to Calvert Ultra-Short Duration Income Fund (CULAX) at 0.36%. This indicates that CFAIX's price experiences larger fluctuations and is considered to be riskier than CULAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CFAIX	CULAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.53%	0.36%	+2.17%
Volatility (6M) Calculated over the trailing 6-month period	5.20%	0.86%	+4.34%
Volatility (1Y) Calculated over the trailing 1-year period	6.12%	1.32%	+4.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.22%	1.35%	+5.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.94%	1.42%	+5.52%

CFAIX vs. CULAX - Expense Ratio Comparison

CFAIX has a 0.66% expense ratio, which is lower than CULAX's 0.72% expense ratio.

Dividends

CFAIX vs. CULAX - Dividend Comparison

CFAIX's dividend yield for the trailing twelve months is around 3.37%, less than CULAX's 3.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CFAIX Calvert Conservative Allocation Fund Class I	3.37%	3.56%	3.62%	3.48%	2.48%	5.55%	4.39%	4.38%	5.10%	2.39%	0.00%	0.00%
CULAX Calvert Ultra-Short Duration Income Fund	3.92%	4.13%	4.90%	4.52%	1.47%	0.64%	1.25%	2.44%	2.10%	1.13%	1.10%	0.66%

Frequently Asked Questions

Can I hold both CFAIX and CULAX in my portfolio?

CFAIX and CULAX have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CFAIX or CULAX?

CFAIX has higher volatility (2.53%) compared to CULAX (0.36%). In terms of maximum drawdown, CFAIX dropped -18.74% vs CULAX's -7.40%.

Which has better risk-adjusted returns?

CULAX currently has the higher Sharpe Ratio (3.06 vs 1.97), 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.