CFOIX vs. FDAAX

Last updated Jun 4, 2026

CFOIX (Calvert Floating-Rate Advantage Fund) and FDAAX (Franklin Floating Rate Daily Access Fund) are both Bank Loan funds. Over the past 5 years, CFOIX returned 4.30%/yr vs 6.12%/yr for FDAAX. A 0.60 correlation means they provide meaningful diversification when combined. CFOIX charges 0.78%/yr vs 0.67%/yr for FDAAX.

Performance

CFOIX vs. FDAAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calvert Floating-Rate Advantage Fund (CFOIX) and Franklin Floating Rate Daily Access Fund (FDAAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CFOIX achieves a -0.04% return, which is significantly lower than FDAAX's 1.17% return.

CFOIX

• 1D: 0.00%
• 1M: 0.01%
• YTD: -0.04%
• 6M: 0.01%
• 1Y: 3.05%
• 3Y*: 6.66%
• 5Y*: 4.30%
• 10Y*: —

FDAAX

• 1D: 0.00%
• 1M: 0.62%
• YTD: 1.17%
• 6M: 1.10%
• 1Y: 3.62%
• 3Y*: 7.65%
• 5Y*: 6.12%
• 10Y*: 4.44%

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

CFOIX vs. FDAAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
CFOIX Calvert Floating-Rate Advantage Fund	-0.04%	3.48%	8.92%	12.09%	-4.21%	4.37%	0.62%	9.36%	-2.14%
FDAAX Franklin Floating Rate Daily Access Fund	1.17%	4.68%	8.52%	14.35%	-1.37%	8.55%	-3.71%	3.30%	-0.08%

Correlation

The correlation between CFOIX and FDAAX is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (All Time) Calculated using the full available price history since Mar 1, 2018	0.60

The correlation between CFOIX and FDAAX shifts across timeframes, from 0.48 (1 year) to 0.61 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

CFOIX vs. FDAAX — Risk / Return Rank

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

CFOIX

CFOIX Risk / Return Rank: 60
CFOIX Sharpe Ratio Rank: 30
CFOIX Sortino Ratio Rank: 68
CFOIX Omega Ratio Rank: 83
CFOIX Calmar Ratio Rank: 77
CFOIX Martin Ratio Rank: 41

FDAAX

FDAAX Risk / Return Rank: 29
FDAAX Sharpe Ratio Rank: 18
FDAAX Sortino Ratio Rank: 28
FDAAX Omega Ratio Rank: 41
FDAAX Calmar Ratio Rank: 31
FDAAX Martin Ratio Rank: 25

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.

CFOIX vs. FDAAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calvert Floating-Rate Advantage Fund (CFOIX) and Franklin Floating Rate Daily Access Fund (FDAAX). 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.

	CFOIX	FDAAX	Difference
Sharpe ratio: Return per unit of total volatility	1.57	1.22	+0.35
Sortino ratio: Return per unit of downside risk	3.46	2.21	+1.25
Omega ratio: Gain probability vs. loss probability	1.56	1.34	+0.21
Calmar ratio: Return relative to maximum drawdown	3.46	2.10	+1.36
Martin ratio: Return relative to average drawdown	8.77	6.12	+2.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CFOIX vs. FDAAX - Sharpe Ratio Comparison

The current CFOIX Sharpe Ratio is 1.57, which is comparable to the FDAAX Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of CFOIX and FDAAX, 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

	CFOIX	FDAAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.57	1.22	+0.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.41	1.84	-0.43
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.16	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.80	1.23	-0.43

Drawdowns

CFOIX vs. FDAAX - Drawdown Comparison

The maximum CFOIX drawdown since its inception was -22.38%, smaller than the maximum FDAAX drawdown of -25.74%. Use the drawdown chart below to compare losses from any high point for CFOIX and FDAAX.

Drawdown Indicators

	CFOIX	FDAAX	Difference
Max Drawdown Largest peak-to-trough decline	-22.38%	-25.74%	+3.36%
Max Drawdown (1Y) Largest decline over 1 year	-0.88%	-1.73%	+0.85%
Max Drawdown (3Y) Largest decline over 3 years	-3.18%	-2.70%	-0.48%
Max Drawdown (5Y) Largest decline over 5 years	-7.93%	-6.22%	-1.71%
Max Drawdown (10Y) Largest decline over 10 years	—	-18.08%	—
Current Drawdown Current decline from peak	-0.27%	0.00%	-0.27%
Average Drawdown Average peak-to-trough decline	-1.30%	-1.51%	+0.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.35%	0.59%	-0.24%

Volatility

CFOIX vs. FDAAX - Volatility Comparison

The current volatility for Calvert Floating-Rate Advantage Fund (CFOIX) is 0.39%, while Franklin Floating Rate Daily Access Fund (FDAAX) has a volatility of 0.85%. This indicates that CFOIX experiences smaller price fluctuations and is considered to be less risky than FDAAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CFOIX	FDAAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.39%	0.85%	-0.46%
Volatility (6M) Calculated over the trailing 6-month period	1.26%	2.37%	-1.11%
Volatility (1Y) Calculated over the trailing 1-year period	1.95%	2.98%	-1.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.06%	3.34%	-0.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.75%	3.85%	+0.90%

CFOIX vs. FDAAX - Expense Ratio Comparison

CFOIX has a 0.78% expense ratio, which is higher than FDAAX's 0.67% expense ratio.

Dividends

CFOIX vs. FDAAX - Dividend Comparison

CFOIX's dividend yield for the trailing twelve months is around 5.89%, less than FDAAX's 7.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CFOIX Calvert Floating-Rate Advantage Fund	5.89%	6.88%	8.62%	7.42%	5.02%	3.96%	4.23%	5.05%	4.20%	0.00%	0.00%	0.00%
FDAAX Franklin Floating Rate Daily Access Fund	7.86%	8.00%	9.42%	7.64%	5.84%	3.73%	5.07%	5.62%	5.18%	3.79%	4.57%	4.71%

Frequently Asked Questions

Can I hold both CFOIX and FDAAX in my portfolio?

CFOIX and FDAAX have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CFOIX or FDAAX?

FDAAX has higher volatility (0.85%) compared to CFOIX (0.39%). In terms of maximum drawdown, CFOIX dropped -22.38% vs FDAAX's -25.74%.

Which has better risk-adjusted returns?

CFOIX currently has the higher Sharpe Ratio (1.57 vs 1.22), 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.