CFJIX vs. VOO

Last updated Aug 1, 2026

CFJIX (Calvert US Large-Cap Value Responsible Index Fund) and VOO (Vanguard S&P 500 ETF) are both funds - CFJIX is a Large Cap Value Equities fund managed by Calvert, while VOO is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, CFJIX returned 12.26%/yr vs 15.14%/yr for VOO. Their correlation of 0.84 means they have usually moved in the same direction. CFJIX charges 0.24%/yr vs 0.03%/yr for VOO.

Performance

CFJIX vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calvert US Large-Cap Value Responsible Index Fund (CFJIX) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CFJIX achieves a 23.32% return, which is significantly higher than VOO's 10.16% return. Over the past 10 years, CFJIX has underperformed VOO with an annualized return of 12.26%, while VOO has yielded a comparatively higher 15.14% annualized return.

CFJIX

• 1D: -0.24%
• 1M: 0.76%
• 6M: 18.52%
• YTD: 23.32%
• 1Y: 37.23%
• 3Y*: 19.43%
• 5Y*: 11.16%
• 10Y*: 12.26%
• ALL TIME*: 12.45%

VOO

• 1D: 0.71%
• 1M: 0.26%
• 6M: 8.58%
• YTD: 10.16%
• 1Y: 21.58%
• 3Y*: 19.42%
• 5Y*: 12.83%
• 10Y*: 15.14%
• ALL TIME*: 14.78%

*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)
CFJIX Calvert US Large-Cap Value Responsible Index Fund	$0.00	$0.00	$0.00
VOO Vanguard S&P 500 ETF	$3.82B	$3.78B	$5.44B

CFJIX vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CFJIX Calvert US Large-Cap Value Responsible Index Fund	23.32%	16.76%	14.63%	9.86%	-11.70%	24.40%	9.06%	29.36%	-10.08%	15.17%
VOO Vanguard S&P 500 ETF	10.16%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Correlation

The correlation between CFJIX and VOO is 0.63, 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.	0.63
Correlation (3Y) Balances recent behavior with more history.	0.71
Correlation (5Y) Shows whether the relationship held over a longer period.	0.80
Correlation (10Y) Provides a long-term view across more market conditions.	0.83
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.84

Over the past year, the correlation between CFJIX and VOO has dropped to 0.63 - well below their long-term average of 0.84, suggesting their price drivers have been diverging.

Return for Risk

CFJIX vs. VOO — Risk / Return Rank

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

CFJIX

CFJIX Risk / Return Rank: 93
CFJIX Sharpe Ratio Rank: 95
CFJIX Sortino Ratio Rank: 94
CFJIX Omega Ratio Rank: 89
CFJIX Calmar Ratio Rank: 93
CFJIX Martin Ratio Rank: 95

VOO

VOO Risk / Return Rank: 68
VOO Sharpe Ratio Rank: 68
VOO Sortino Ratio Rank: 65
VOO Omega Ratio Rank: 66
VOO Calmar Ratio Rank: 64
VOO 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.

CFJIX vs. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calvert US Large-Cap Value Responsible Index Fund (CFJIX) 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.

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.

	CFJIX	VOO	Difference
Sharpe ratio: Return per unit of total volatility	2.63	1.53	+1.10
Sortino ratio: Return per unit of downside risk	3.77	2.13	+1.64
Omega ratio: Gain probability vs. loss probability	1.46	1.28	+0.19
Calmar ratio: Return relative to maximum drawdown	3.80	2.21	+1.59
Martin ratio: Return relative to average drawdown	15.34	9.44	+5.90

CFJIX vs. VOO - Sharpe Ratio Comparison

The current CFJIX Sharpe Ratio is 2.63, which is higher than the VOO Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of CFJIX and VOO, 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

CFJIX vs. VOO - Drawdown Comparison

The maximum CFJIX drawdown since its inception was -36.91%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for CFJIX and VOO.

Drawdown Indicators

	CFJIX	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-36.91%	-33.99%	-2.92%
Max Drawdown (1Y) Largest decline over 1 year	-9.00%	-8.90%	-0.10%
Max Drawdown (3Y) Largest decline over 3 years	-16.60%	-18.69%	+2.09%
Max Drawdown (5Y) Largest decline over 5 years	-22.62%	-24.52%	+1.90%
Max Drawdown (10Y) Largest decline over 10 years	-36.91%	-33.99%	-2.92%
Current Drawdown Current decline from peak	-1.49%	-1.38%	-0.11%
Average Drawdown Average peak-to-trough decline	-5.03%	-3.67%	-1.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.24%	2.08%	+0.16%

Volatility

CFJIX vs. VOO - Volatility Comparison

Calvert US Large-Cap Value Responsible Index Fund (CFJIX) and Vanguard S&P 500 ETF (VOO) have volatilities of 3.46% and 3.54%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CFJIX	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.46%	3.54%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	9.95%	10.10%	-0.15%
Volatility (1Y) Calculated over the trailing 1-year period	13.03%	12.82%	+0.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.97%	16.93%	-0.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.94%	18.01%	-0.07%

CFJIX vs. VOO - Expense Ratio Comparison

CFJIX has a 0.24% expense ratio, which is higher than VOO's 0.03% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

CFJIX vs. VOO - Dividend Comparison

CFJIX's dividend yield for the trailing twelve months is around 7.43%, more than VOO's 1.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CFJIX Calvert US Large-Cap Value Responsible Index Fund	7.43%	9.16%	6.31%	2.07%	2.02%	4.17%	1.88%	2.17%	4.87%	6.79%	2.28%	0.00%
VOO Vanguard S&P 500 ETF	1.07%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both CFJIX and VOO in my portfolio?

CFJIX and VOO have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CFJIX or VOO?

VOO has higher volatility (3.54%) compared to CFJIX (3.46%). In terms of maximum drawdown, CFJIX dropped -36.91% vs VOO's -33.99%.

Which has better risk-adjusted returns?

CFJIX currently has the higher Sharpe Ratio (2.63 vs 1.53), 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.