CFICX vs. CFAIX

Last updated Aug 4, 2026

CFICX (Calvert Income Fund) and CFAIX (Calvert Conservative Allocation Fund Class I) are both mutual funds - CFICX is a Corporate Bonds fund managed by Calvert, while CFAIX is a Diversified Portfolio fund managed by Calvert. Over the past 5 years, CFICX returned 0.19%/yr vs 3.44%/yr for CFAIX. Their 0.49 correlation means their historical movements had little consistent relationship. CFICX charges 0.92%/yr vs 0.66%/yr for CFAIX.

Performance

CFICX vs. CFAIX - Performance Comparison

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

Returns By Period

In the year-to-date period, CFICX achieves a -0.74% return, which is significantly lower than CFAIX's 3.62% return.

CFICX

• 1D: -0.27%
• 1M: -1.38%
• 6M: -1.13%
• YTD: -0.74%
• 1Y: 2.19%
• 3Y*: 5.53%
• 5Y*: 0.19%
• 10Y*: 2.61%
• ALL TIME*: 4.75%

CFAIX

• 1D: 0.68%
• 1M: -0.82%
• 6M: 2.64%
• YTD: 3.62%
• 1Y: 8.71%
• 3Y*: 8.07%
• 5Y*: 3.44%
• 10Y*: —
• ALL TIME*: 5.81%

*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)
CFAIX Calvert Conservative Allocation Fund Class I	$0.00	$0.00	$0.00
CFICX Calvert Income Fund	$0.00	$0.00	$0.00

CFICX vs. CFAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CFICX Calvert Income Fund	-0.74%	8.94%	4.11%	7.61%	-16.07%	1.71%	8.26%	14.75%	-3.36%	6.57%
CFAIX Calvert Conservative Allocation Fund Class I	3.62%	10.50%	6.65%	10.34%	-14.13%	7.92%	12.51%	15.89%	-2.54%	8.20%

Correlation

The correlation between CFICX and CFAIX is 0.70, 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.	0.70
Correlation (3Y) Balances recent behavior with more history.	0.68
Correlation (5Y) Shows whether the relationship held over a longer period.	0.67
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.49

Over the past year, CFICX and CFAIX have become more correlated (0.70) than their long-term average of 0.49, meaning their price movements have been converging.

Return for Risk

CFICX vs. CFAIX — Risk / Return Rank

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

CFICX

CFICX Risk / Return Rank: 18
CFICX Sharpe Ratio Rank: 19
CFICX Sortino Ratio Rank: 19
CFICX Omega Ratio Rank: 17
CFICX Calmar Ratio Rank: 17
CFICX Martin Ratio Rank: 17

CFAIX

CFAIX Risk / Return Rank: 48
CFAIX Sharpe Ratio Rank: 49
CFAIX Sortino Ratio Rank: 50
CFAIX Omega Ratio Rank: 49
CFAIX Calmar Ratio Rank: 41
CFAIX Martin Ratio Rank: 53

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.

CFICX vs. CFAIX - Risk-Adjusted Trends Comparison

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

	CFICX	CFAIX	Difference
Sharpe ratio: Return per unit of total volatility	0.77	1.36	-0.59
Sortino ratio: Return per unit of downside risk	1.14	1.98	-0.84
Omega ratio: Gain probability vs. loss probability	1.13	1.25	-0.12
Calmar ratio: Return relative to maximum drawdown	0.91	1.70	-0.79
Martin ratio: Return relative to average drawdown	2.56	7.30	-4.74

CFICX vs. CFAIX - Sharpe Ratio Comparison

The current CFICX Sharpe Ratio is 0.77, which is lower than the CFAIX Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of CFICX and CFAIX, 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

CFICX vs. CFAIX - Drawdown Comparison

The maximum CFICX drawdown since its inception was -21.28%, which is greater than CFAIX's maximum drawdown of -18.74%. Use the drawdown chart below to compare losses from any high point for CFICX and CFAIX.

Drawdown Indicators

	CFICX	CFAIX	Difference
Max Drawdown Largest peak-to-trough decline	-21.28%	-18.74%	-2.54%
Max Drawdown (1Y) Largest decline over 1 year	-3.08%	-5.01%	+1.93%
Max Drawdown (3Y) Largest decline over 3 years	-5.41%	-6.41%	+1.00%
Max Drawdown (5Y) Largest decline over 5 years	-21.28%	-18.74%	-2.54%
Max Drawdown (10Y) Largest decline over 10 years	-21.28%	—	—
Current Drawdown Current decline from peak	-2.39%	-1.22%	-1.17%
Average Drawdown Average peak-to-trough decline	-3.45%	-3.21%	-0.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.10%	1.16%	-0.06%

Volatility

CFICX vs. CFAIX - Volatility Comparison

The current volatility for Calvert Income Fund (CFICX) is 0.97%, while Calvert Conservative Allocation Fund Class I (CFAIX) has a volatility of 1.76%. This indicates that CFICX experiences smaller price fluctuations and is considered to be less risky than CFAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CFICX	CFAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.97%	1.76%	-0.79%
Volatility (6M) Calculated over the trailing 6-month period	3.05%	5.35%	-2.30%
Volatility (1Y) Calculated over the trailing 1-year period	3.68%	6.26%	-2.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.65%	7.26%	-1.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.22%	6.93%	-1.71%

CFICX vs. CFAIX - Expense Ratio Comparison

CFICX has a 0.92% expense ratio, which is higher than CFAIX's 0.66% expense ratio.

Dividends

CFICX vs. CFAIX - Dividend Comparison

CFICX's dividend yield for the trailing twelve months is around 4.39%, more than CFAIX's 3.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CFAIX Calvert Conservative Allocation Fund Class I	3.42%	3.56%	3.62%	3.48%	2.48%	5.55%	4.39%	4.38%	5.10%	2.39%	0.00%	0.00%
CFICX Calvert Income Fund	4.39%	4.86%	4.91%	4.05%	3.22%	2.70%	2.96%	3.25%	3.60%	2.96%	3.23%	2.87%

Frequently Asked Questions

Can I hold both CFICX and CFAIX in my portfolio?

CFICX and CFAIX have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CFICX or CFAIX?

CFAIX has higher volatility (1.76%) compared to CFICX (0.97%). In terms of maximum drawdown, CFICX dropped -21.28% vs CFAIX's -18.74%.

Which has better risk-adjusted returns?

CFAIX currently has the higher Sharpe Ratio (1.36 vs 0.77), 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.