CFWAX vs. BGLYX

Last updated Aug 4, 2026

CFWAX (Calvert Global Water Fund) and BGLYX (Brookfield Global Listed Infrastructure Fund) are both mutual funds - CFWAX is a Energy Equities fund managed by Calvert, while BGLYX is a Infrastructure Equities fund managed by Brookfield. Over the past 10 years, CFWAX returned 8.53%/yr vs 6.24%/yr for BGLYX. Their 0.72 correlation means they have sometimes moved together and sometimes differently. CFWAX charges 1.24%/yr vs 1.00%/yr for BGLYX.

Performance

CFWAX vs. BGLYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calvert Global Water Fund (CFWAX) and Brookfield Global Listed Infrastructure Fund (BGLYX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CFWAX achieves a 6.86% return, which is significantly lower than BGLYX's 10.40% return. Over the past 10 years, CFWAX has outperformed BGLYX with an annualized return of 8.53%, while BGLYX has yielded a comparatively lower 6.24% annualized return.

CFWAX

• 1D: -0.29%
• 1M: -0.35%
• 6M: -0.13%
• YTD: 6.86%
• 1Y: 11.39%
• 3Y*: 9.60%
• 5Y*: 4.97%
• 10Y*: 8.53%
• ALL TIME*: 7.61%

BGLYX

• 1D: -0.47%
• 1M: -1.02%
• 6M: 6.46%
• YTD: 10.40%
• 1Y: 14.79%
• 3Y*: 11.24%
• 5Y*: 7.35%
• 10Y*: 6.24%
• ALL TIME*: 7.12%

*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)
BGLYX Brookfield Global Listed Infrastructure Fund	$0.00	$0.00	$0.00
CFWAX Calvert Global Water Fund	$0.00	$0.00	$0.00

CFWAX vs. BGLYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CFWAX Calvert Global Water Fund	6.86%	14.38%	3.91%	18.34%	-19.63%	22.59%	14.79%	28.02%	-13.63%	18.88%
BGLYX Brookfield Global Listed Infrastructure Fund	10.40%	13.04%	9.01%	3.32%	-5.47%	16.13%	-3.25%	25.44%	-8.06%	10.79%

Correlation

The correlation between CFWAX and BGLYX is 0.56, 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.	0.56
Correlation (3Y) Balances recent behavior with more history.	0.63
Correlation (5Y) Shows whether the relationship held over a longer period.	0.71
Correlation (10Y) Provides a long-term view across more market conditions.	0.71
Correlation (All Time) Calculated using the full available price history since Dec 1, 2011	0.72

The correlation between CFWAX and BGLYX shifts across timeframes, from 0.56 (1 year) to 0.72 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CFWAX vs. BGLYX — Risk / Return Rank

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

CFWAX

CFWAX Risk / Return Rank: 18
CFWAX Sharpe Ratio Rank: 19
CFWAX Sortino Ratio Rank: 20
CFWAX Omega Ratio Rank: 18
CFWAX Calmar Ratio Rank: 16
CFWAX Martin Ratio Rank: 15

BGLYX

BGLYX Risk / Return Rank: 51
BGLYX Sharpe Ratio Rank: 47
BGLYX Sortino Ratio Rank: 45
BGLYX Omega Ratio Rank: 43
BGLYX Calmar Ratio Rank: 72
BGLYX Martin Ratio Rank: 49

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.

CFWAX vs. BGLYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calvert Global Water Fund (CFWAX) and Brookfield Global Listed Infrastructure Fund (BGLYX). 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.

	CFWAX	BGLYX	Difference
Sharpe ratio: Return per unit of total volatility	0.78	1.42	-0.64
Sortino ratio: Return per unit of downside risk	1.20	2.01	-0.82
Omega ratio: Gain probability vs. loss probability	1.14	1.26	-0.12
Calmar ratio: Return relative to maximum drawdown	0.86	2.47	-1.61
Martin ratio: Return relative to average drawdown	2.27	7.29	-5.02

CFWAX vs. BGLYX - Sharpe Ratio Comparison

The current CFWAX Sharpe Ratio is 0.78, which is lower than the BGLYX Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of CFWAX and BGLYX, 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

CFWAX vs. BGLYX - Drawdown Comparison

The maximum CFWAX drawdown since its inception was -39.67%, which is greater than BGLYX's maximum drawdown of -36.54%. Use the drawdown chart below to compare losses from any high point for CFWAX and BGLYX.

Drawdown Indicators

	CFWAX	BGLYX	Difference
Max Drawdown Largest peak-to-trough decline	-39.67%	-36.54%	-3.13%
Max Drawdown (1Y) Largest decline over 1 year	-12.79%	-6.32%	-6.47%
Max Drawdown (3Y) Largest decline over 3 years	-17.64%	-10.79%	-6.85%
Max Drawdown (5Y) Largest decline over 5 years	-29.17%	-20.94%	-8.23%
Max Drawdown (10Y) Largest decline over 10 years	-36.25%	-36.54%	+0.29%
Current Drawdown Current decline from peak	-4.62%	-2.91%	-1.71%
Average Drawdown Average peak-to-trough decline	-7.94%	-7.79%	-0.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.83%	2.13%	+2.70%

Volatility

CFWAX vs. BGLYX - Volatility Comparison

Calvert Global Water Fund (CFWAX) has a higher volatility of 3.95% compared to Brookfield Global Listed Infrastructure Fund (BGLYX) at 3.14%. This indicates that CFWAX's price experiences larger fluctuations and is considered to be riskier than BGLYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CFWAX	BGLYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.95%	3.14%	+0.81%
Volatility (6M) Calculated over the trailing 6-month period	11.11%	9.08%	+2.03%
Volatility (1Y) Calculated over the trailing 1-year period	14.13%	10.96%	+3.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.79%	13.59%	+2.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.87%	15.56%	+1.31%

CFWAX vs. BGLYX - Expense Ratio Comparison

CFWAX has a 1.24% expense ratio, which is higher than BGLYX's 1.00% expense ratio.

Dividends

CFWAX vs. BGLYX - Dividend Comparison

CFWAX's dividend yield for the trailing twelve months is around 4.47%, less than BGLYX's 28.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BGLYX Brookfield Global Listed Infrastructure Fund	28.09%	30.30%	1.89%	1.88%	7.34%	4.53%	3.71%	3.94%	4.31%	4.03%	4.09%	4.03%
CFWAX Calvert Global Water Fund	4.47%	4.77%	9.25%	2.57%	1.47%	0.93%	0.77%	0.83%	1.30%	0.93%	0.00%	0.03%

Frequently Asked Questions

Can I hold both CFWAX and BGLYX in my portfolio?

CFWAX and BGLYX have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CFWAX or BGLYX?

CFWAX has higher volatility (3.95%) compared to BGLYX (3.14%). In terms of maximum drawdown, CFWAX dropped -39.67% vs BGLYX's -36.54%.

Which has better risk-adjusted returns?

BGLYX currently has the higher Sharpe Ratio (1.42 vs 0.78), 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.