CFICX vs. CSIEX

Last updated Jun 3, 2026

CFICX (Calvert Income Fund) and CSIEX (Calvert Equity Fund) are both mutual funds - CFICX is a Corporate Bonds fund managed by Calvert Research and Management, while CSIEX is a Large Cap Growth Equities fund managed by Calvert Research and Management. Over the past 10 years, CFICX returned 3.00%/yr vs 11.72%/yr for CSIEX. At a 0.03 correlation, their price movements are largely independent. CFICX charges 0.92%/yr vs 0.91%/yr for CSIEX.

Performance

CFICX vs. CSIEX - Performance Comparison

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

Returns By Period

In the year-to-date period, CFICX achieves a 0.52% return, which is significantly higher than CSIEX's -7.75% return. Over the past 10 years, CFICX has underperformed CSIEX with an annualized return of 3.00%, while CSIEX has yielded a comparatively higher 11.72% annualized return.

CFICX

• 1D: -0.13%
• 1M: 0.18%
• YTD: 0.52%
• 6M: 0.79%
• 1Y: 6.30%
• 3Y*: 6.10%
• 5Y*: 1.02%
• 10Y*: 3.00%

CSIEX

• 1D: 0.56%
• 1M: -0.37%
• YTD: -7.75%
• 6M: -6.81%
• 1Y: -4.36%
• 3Y*: 6.36%
• 5Y*: 4.36%
• 10Y*: 11.72%

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

CFICX vs. CSIEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CFICX Calvert Income Fund	0.52%	8.94%	4.11%	7.61%	-16.07%	1.71%	8.26%	14.75%	-3.36%	6.57%
CSIEX Calvert Equity Fund	-7.75%	7.27%	8.35%	17.93%	-17.61%	28.90%	24.26%	36.46%	5.03%	25.78%

Correlation

The correlation between CFICX and CSIEX 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	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.28
Correlation (10Y) Calculated over the trailing 10-year period	0.15
Correlation (All Time) Calculated using the full available price history since Aug 25, 1987	0.03

Over the past year, CFICX and CSIEX have become more correlated (0.33) than their long-term average of 0.03, meaning their price movements have been converging.

Return for Risk

CFICX vs. CSIEX — Risk / Return Rank

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

CFICX

CFICX Risk / Return Rank: 33
CFICX Sharpe Ratio Rank: 32
CFICX Sortino Ratio Rank: 36
CFICX Omega Ratio Rank: 33
CFICX Calmar Ratio Rank: 32
CFICX Martin Ratio Rank: 31

CSIEX

CSIEX Risk / Return Rank: 1
CSIEX Sharpe Ratio Rank: 1
CSIEX Sortino Ratio Rank: 1
CSIEX Omega Ratio Rank: 1
CSIEX Calmar Ratio Rank: 1
CSIEX Martin Ratio Rank: 1

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.

CFICX vs. CSIEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calvert Income Fund (CFICX) and Calvert Equity Fund (CSIEX). 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.

	CFICX	CSIEX	Difference
Sharpe ratio Return per unit of total volatility	1.65	-0.36	+2.02
Sortino ratio Return per unit of downside risk	2.53	-0.43	+2.96
Omega ratio Gain probability vs. loss probability	1.30	0.95	+0.35
Calmar ratio Return relative to maximum drawdown	2.17	-0.30	+2.46
Martin ratio Return relative to average drawdown	7.30	-0.71	+8.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CFICX vs. CSIEX - Sharpe Ratio Comparison

The current CFICX Sharpe Ratio is 1.65, which is higher than the CSIEX Sharpe Ratio of -0.36. The chart below compares the historical Sharpe Ratios of CFICX and CSIEX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CFICX	CSIEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.65	-0.36	+2.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.18	0.27	-0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.58	0.69	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	1.00	0.48	+0.53

Drawdowns

CFICX vs. CSIEX - Drawdown Comparison

The maximum CFICX drawdown since its inception was -21.28%, smaller than the maximum CSIEX drawdown of -50.81%. Use the drawdown chart below to compare losses from any high point for CFICX and CSIEX.

Drawdown Indicators

	CFICX	CSIEX	Difference
Max Drawdown Largest peak-to-trough decline	-21.28%	-50.81%	+29.53%
Max Drawdown (1Y) Largest decline over 1 year	-3.08%	-14.12%	+11.04%
Max Drawdown (3Y) Largest decline over 3 years	-6.11%	-14.87%	+8.76%
Max Drawdown (5Y) Largest decline over 5 years	-21.28%	-25.71%	+4.43%
Max Drawdown (10Y) Largest decline over 10 years	-21.28%	-30.50%	+9.22%
Current Drawdown Current decline from peak	-1.15%	-9.96%	+8.81%
Average Drawdown Average peak-to-trough decline	-3.46%	-6.23%	+2.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.92%	5.89%	-4.97%

Volatility

CFICX vs. CSIEX - Volatility Comparison

The current volatility for Calvert Income Fund (CFICX) is 1.50%, while Calvert Equity Fund (CSIEX) has a volatility of 3.66%. This indicates that CFICX experiences smaller price fluctuations and is considered to be less risky than CSIEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CFICX	CSIEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.50%	3.66%	-2.16%
Volatility (6M) Calculated over the trailing 6-month period	2.84%	9.45%	-6.61%
Volatility (1Y) Calculated over the trailing 1-year period	3.70%	12.30%	-8.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.64%	16.22%	-10.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.22%	17.15%	-11.93%

CFICX vs. CSIEX - Expense Ratio Comparison

CFICX has a 0.92% expense ratio, which is higher than CSIEX's 0.91% expense ratio.

Dividends

CFICX vs. CSIEX - Dividend Comparison

CFICX's dividend yield for the trailing twelve months is around 4.75%, less than CSIEX's 24.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CFICX Calvert Income Fund	4.75%	4.86%	4.91%	4.05%	3.22%	2.70%	2.96%	3.25%	3.60%	2.96%	3.23%	2.87%
CSIEX Calvert Equity Fund	24.90%	22.97%	8.74%	1.79%	3.40%	3.56%	2.70%	2.87%	8.78%	8.10%	11.30%	25.62%

Frequently Asked Questions

Can I hold both CFICX and CSIEX in my portfolio?

CFICX and CSIEX 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, CFICX or CSIEX?

CSIEX has higher volatility (3.66%) compared to CFICX (1.50%). In terms of maximum drawdown, CFICX dropped -21.28% vs CSIEX's -50.81%.

Which has better risk-adjusted returns?

CFICX currently has the higher Sharpe Ratio (1.65 vs -0.36), 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.