CMAAX vs. CULAX

Last updated Aug 1, 2026

CMAAX (Calvert Moderate Allocation Fund) and CULAX (Calvert Ultra-Short Duration Income Fund) are both mutual funds - CMAAX is a Diversified Portfolio fund managed by Calvert, while CULAX is a Ultrashort Bond fund managed by Calvert. Over the past 10 years, CMAAX returned 7.90%/yr vs 2.45%/yr for CULAX. Their 0.12 correlation means their historical movements had little consistent relationship. CMAAX charges 0.40%/yr vs 0.72%/yr for CULAX.

Performance

CMAAX vs. CULAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calvert Moderate Allocation Fund (CMAAX) and Calvert Ultra-Short Duration Income Fund (CULAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CMAAX achieves a 6.92% return, which is significantly higher than CULAX's 1.55% return. Over the past 10 years, CMAAX has outperformed CULAX with an annualized return of 7.90%, while CULAX has yielded a comparatively lower 2.45% annualized return.

CMAAX

• 1D: 1.26%
• 1M: -0.83%
• 6M: 5.26%
• YTD: 6.92%
• 1Y: 14.37%
• 3Y*: 10.90%
• 5Y*: 5.12%
• 10Y*: 7.90%
• ALL TIME*: 6.38%

CULAX

• 1D: 0.00%
• 1M: -0.10%
• 6M: 1.24%
• YTD: 1.55%
• 1Y: 3.48%
• 3Y*: 4.84%
• 5Y*: 3.41%
• 10Y*: 2.45%
• ALL TIME*: 2.41%

*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)
CMAAX Calvert Moderate Allocation Fund	$0.00	$0.00	$0.00
CULAX Calvert Ultra-Short Duration Income Fund	$0.00	$0.00	$0.00

CMAAX vs. CULAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CMAAX Calvert Moderate Allocation Fund	6.92%	12.70%	10.06%	12.87%	-15.65%	10.47%	15.17%	21.19%	-5.13%	12.93%
CULAX Calvert Ultra-Short Duration Income Fund	1.55%	4.55%	5.69%	6.07%	-0.56%	0.43%	0.66%	3.30%	1.15%	1.27%

Correlation

The correlation between CMAAX and CULAX is 0.13, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.13
Correlation (3Y) Balances recent behavior with more history.	0.14
Correlation (5Y) Shows whether the relationship held over a longer period.	0.21
Correlation (10Y) Provides a long-term view across more market conditions.	0.15
Correlation (All Time) Calculated using the full available price history since Oct 31, 2006	0.12

Return for Risk

CMAAX vs. CULAX — Risk / Return Rank

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

CMAAX

CMAAX Risk / Return Rank: 47
CMAAX Sharpe Ratio Rank: 46
CMAAX Sortino Ratio Rank: 47
CMAAX Omega Ratio Rank: 44
CMAAX Calmar Ratio Rank: 42
CMAAX Martin Ratio Rank: 54

CULAX

CULAX Risk / Return Rank: 99
CULAX Sharpe Ratio Rank: 98
CULAX Sortino Ratio Rank: 99
CULAX Omega Ratio Rank: 99
CULAX Calmar Ratio Rank: 99
CULAX Martin Ratio Rank: 99

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.

CMAAX vs. CULAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calvert Moderate Allocation Fund (CMAAX) and Calvert Ultra-Short Duration Income Fund (CULAX). 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.

	CMAAX	CULAX	Difference
Sharpe ratio: Return per unit of total volatility	1.37	3.11	-1.74
Sortino ratio: Return per unit of downside risk	1.99	10.31	-8.32
Omega ratio: Gain probability vs. loss probability	1.25	3.75	-2.50
Calmar ratio: Return relative to maximum drawdown	1.79	13.12	-11.33
Martin ratio: Return relative to average drawdown	7.64	55.54	-47.91

CMAAX vs. CULAX - Sharpe Ratio Comparison

The current CMAAX Sharpe Ratio is 1.37, which is lower than the CULAX Sharpe Ratio of 3.11. The chart below compares the historical Sharpe Ratios of CMAAX and CULAX, 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

CMAAX vs. CULAX - Drawdown Comparison

The maximum CMAAX drawdown since its inception was -42.64%, which is greater than CULAX's maximum drawdown of -7.40%. Use the drawdown chart below to compare losses from any high point for CMAAX and CULAX.

Drawdown Indicators

	CMAAX	CULAX	Difference
Max Drawdown Largest peak-to-trough decline	-42.64%	-7.40%	-35.24%
Max Drawdown (1Y) Largest decline over 1 year	-7.33%	-0.30%	-7.03%
Max Drawdown (3Y) Largest decline over 3 years	-11.26%	-0.30%	-10.96%
Max Drawdown (5Y) Largest decline over 5 years	-22.55%	-2.19%	-20.36%
Max Drawdown (10Y) Largest decline over 10 years	-24.42%	-7.40%	-17.02%
Current Drawdown Current decline from peak	-1.50%	-0.10%	-1.40%
Average Drawdown Average peak-to-trough decline	-5.52%	-0.21%	-5.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.72%	0.07%	+1.65%

Volatility

CMAAX vs. CULAX - Volatility Comparison

Calvert Moderate Allocation Fund (CMAAX) has a higher volatility of 2.64% compared to Calvert Ultra-Short Duration Income Fund (CULAX) at 0.18%. This indicates that CMAAX's price experiences larger fluctuations and is considered to be riskier than CULAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CMAAX	CULAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.64%	0.18%	+2.46%
Volatility (6M) Calculated over the trailing 6-month period	8.07%	0.88%	+7.19%
Volatility (1Y) Calculated over the trailing 1-year period	9.59%	1.27%	+8.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.08%	1.36%	+9.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.09%	1.42%	+9.67%

CMAAX vs. CULAX - Expense Ratio Comparison

CMAAX has a 0.40% expense ratio, which is lower than CULAX's 0.72% expense ratio.

Dividends

CMAAX vs. CULAX - Dividend Comparison

CMAAX's dividend yield for the trailing twelve months is around 4.30%, more than CULAX's 3.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CMAAX Calvert Moderate Allocation Fund	4.30%	4.55%	2.99%	6.69%	1.82%	4.24%	4.18%	4.35%	5.88%	2.71%	5.05%	12.52%
CULAX Calvert Ultra-Short Duration Income Fund	3.52%	4.13%	4.90%	4.52%	1.47%	0.64%	1.25%	2.44%	2.10%	1.13%	1.10%	0.66%

Frequently Asked Questions

Can I hold both CMAAX and CULAX in my portfolio?

CMAAX and CULAX have a correlation of 0.13, 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 CULAX?

CMAAX has higher volatility (2.64%) compared to CULAX (0.18%). In terms of maximum drawdown, CMAAX dropped -42.64% vs CULAX's -7.40%.

Which has better risk-adjusted returns?

CULAX currently has the higher Sharpe Ratio (3.11 vs 1.37), 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.