CMAAX vs. CRFIX

Last updated Jun 6, 2026

CMAAX (Calvert Moderate Allocation Fund) and CRFIX (Calvert Focused Value Fund) are both mutual funds - CMAAX is a Diversified Portfolio fund managed by Calvert Research and Management, while CRFIX is a Large Cap Value Equities fund managed by Calvert Research and Management. Over the past 3 years, CMAAX returned 12.79%/yr vs 14.99%/yr for CRFIX. Their correlation of 0.84 suggests significant overlap in exposure. CMAAX charges 0.40%/yr vs 0.74%/yr for CRFIX.

Performance

CMAAX vs. CRFIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calvert Moderate Allocation Fund (CMAAX) and Calvert Focused Value Fund (CRFIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CMAAX achieves a 7.97% return, which is significantly lower than CRFIX's 11.46% return.

CMAAX

• 1D: 0.28%
• 1M: 1.89%
• YTD: 7.97%
• 6M: 8.33%
• 1Y: 17.72%
• 3Y*: 12.79%
• 5Y*: 5.58%
• 10Y*: 8.16%

CRFIX

• 1D: 0.00%
• 1M: 0.07%
• YTD: 11.46%
• 6M: 11.65%
• 1Y: 25.90%
• 3Y*: 14.99%
• 5Y*: —
• 10Y*: —

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

CMAAX vs. CRFIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
CMAAX Calvert Moderate Allocation Fund	7.97%	12.70%	10.06%	12.87%	-4.79%
CRFIX Calvert Focused Value Fund	11.46%	13.26%	12.24%	8.84%	-1.34%

Correlation

The correlation between CMAAX and CRFIX is 0.80, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (All Time) Calculated using the full available price history since May 2, 2022	0.84

The correlation between CMAAX and CRFIX has been stable across timeframes, ranging from 0.80 to 0.84 - a consistent structural relationship.

Return for Risk

CMAAX vs. CRFIX — Risk / Return Rank

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

CMAAX

CMAAX Risk / Return Rank: 49
CMAAX Sharpe Ratio Rank: 49
CMAAX Sortino Ratio Rank: 50
CMAAX Omega Ratio Rank: 48
CMAAX Calmar Ratio Rank: 43
CMAAX Martin Ratio Rank: 54

CRFIX

CRFIX Risk / Return Rank: 46
CRFIX Sharpe Ratio Rank: 50
CRFIX Sortino Ratio Rank: 50
CRFIX Omega Ratio Rank: 49
CRFIX Calmar Ratio Rank: 36
CRFIX Martin Ratio Rank: 43

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.

CMAAX vs. CRFIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calvert Moderate Allocation Fund (CMAAX) and Calvert Focused Value Fund (CRFIX). 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.

	CMAAX	CRFIX	Difference
Sharpe ratio: Return per unit of total volatility	2.00	2.01	-0.01
Sortino ratio: Return per unit of downside risk	2.89	2.90	-0.02
Omega ratio: Gain probability vs. loss probability	1.37	1.37	0.00
Calmar ratio: Return relative to maximum drawdown	2.41	2.17	+0.23
Martin ratio: Return relative to average drawdown	10.60	8.90	+1.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CMAAX vs. CRFIX - Sharpe Ratio Comparison

The current CMAAX Sharpe Ratio is 2.00, which is comparable to the CRFIX Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of CMAAX and CRFIX, 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

	CMAAX	CRFIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.00	2.01	-0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.74	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.70	-0.16

Drawdowns

CMAAX vs. CRFIX - Drawdown Comparison

The maximum CMAAX drawdown since its inception was -42.64%, which is greater than CRFIX's maximum drawdown of -18.29%. Use the drawdown chart below to compare losses from any high point for CMAAX and CRFIX.

Drawdown Indicators

	CMAAX	CRFIX	Difference
Max Drawdown Largest peak-to-trough decline	-42.64%	-18.29%	-24.35%
Max Drawdown (1Y) Largest decline over 1 year	-7.33%	-11.97%	+4.64%
Max Drawdown (3Y) Largest decline over 3 years	-11.26%	-18.29%	+7.03%
Max Drawdown (5Y) Largest decline over 5 years	-22.55%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-24.42%	—	—
Current Drawdown Current decline from peak	-0.24%	0.00%	-0.24%
Average Drawdown Average peak-to-trough decline	-5.56%	-4.12%	-1.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.66%	2.92%	-1.26%

Volatility

CMAAX vs. CRFIX - Volatility Comparison

The current volatility for Calvert Moderate Allocation Fund (CMAAX) is 2.88%, while Calvert Focused Value Fund (CRFIX) has a volatility of 3.18%. This indicates that CMAAX experiences smaller price fluctuations and is considered to be less risky than CRFIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CMAAX	CRFIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.88%	3.18%	-0.30%
Volatility (6M) Calculated over the trailing 6-month period	7.20%	10.05%	-2.85%
Volatility (1Y) Calculated over the trailing 1-year period	8.83%	12.92%	-4.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.94%	15.72%	-4.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.10%	15.72%	-4.62%

CMAAX vs. CRFIX - Expense Ratio Comparison

CMAAX has a 0.40% expense ratio, which is lower than CRFIX's 0.74% expense ratio.

Dividends

CMAAX vs. CRFIX - Dividend Comparison

CMAAX's dividend yield for the trailing twelve months is around 4.25%, less than CRFIX's 5.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CMAAX Calvert Moderate Allocation Fund	4.25%	4.55%	2.99%	6.69%	1.82%	4.24%	4.18%	4.35%	5.88%	2.71%	5.05%	12.52%
CRFIX Calvert Focused Value Fund	5.18%	5.77%	4.37%	1.02%	0.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CMAAX and CRFIX in my portfolio?

CMAAX and CRFIX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CMAAX or CRFIX?

CRFIX has higher volatility (3.18%) compared to CMAAX (2.88%). In terms of maximum drawdown, CMAAX dropped -42.64% vs CRFIX's -18.29%.

Which has better risk-adjusted returns?

CRFIX currently has the higher Sharpe Ratio (2.01 vs 2.00), 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.