CMAAX vs. QBDSX

Last updated Jul 2, 2026

CMAAX (Calvert Moderate Allocation Fund) and QBDSX (Quantified Managed Income Fund) are both Diversified Portfolio funds. Over the past 10 years, CMAAX returned 8.32%/yr vs 0.52%/yr for QBDSX. At a 0.45 correlation, their price movements are largely independent. CMAAX charges 0.40%/yr vs 1.31%/yr for QBDSX.

Performance

CMAAX vs. QBDSX - Performance Comparison

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

Returns By Period

In the year-to-date period, CMAAX achieves a 8.33% return, which is significantly higher than QBDSX's -0.76% return. Over the past 10 years, CMAAX has outperformed QBDSX with an annualized return of 8.32%, while QBDSX has yielded a comparatively lower 0.52% annualized return.

CMAAX

• 1D: 0.40%
• 1M: 0.29%
• 6M: 8.33%
• YTD: 8.33%
• 1Y: 14.97%
• 3Y*: 12.16%
• 5Y*: 5.57%
• 10Y*: 8.32%

QBDSX

• 1D: -0.51%
• 1M: -0.88%
• 6M: -0.76%
• YTD: -0.76%
• 1Y: -0.12%
• 3Y*: 2.52%
• 5Y*: 0.57%
• 10Y*: 0.52%

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

CMAAX vs. QBDSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CMAAX Calvert Moderate Allocation Fund	8.33%	12.70%	10.06%	12.87%	-15.65%	10.47%	15.17%	21.19%	-5.13%	12.93%
QBDSX Quantified Managed Income Fund	-0.76%	5.11%	1.02%	2.25%	-4.09%	-0.66%	-9.22%	10.50%	-3.17%	5.05%

Correlation

The correlation between CMAAX and QBDSX is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (10Y) Calculated over the trailing 10-year period	0.51
Correlation (All Time) Calculated using the full available price history since Jan 2, 2014	0.45

Over the past year, CMAAX and QBDSX have become more correlated (0.65) than their long-term average of 0.45, meaning their price movements have been converging.

Return for Risk

CMAAX vs. QBDSX — Risk / Return Rank

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

CMAAX

CMAAX Risk / Return Rank: 48
CMAAX Sharpe Ratio Rank: 48
CMAAX Sortino Ratio Rank: 48
CMAAX Omega Ratio Rank: 47
CMAAX Calmar Ratio Rank: 43
CMAAX Martin Ratio Rank: 54

QBDSX

QBDSX Risk / Return Rank: 3
QBDSX Sharpe Ratio Rank: 3
QBDSX Sortino Ratio Rank: 3
QBDSX Omega Ratio Rank: 3
QBDSX Calmar Ratio Rank: 3
QBDSX Martin Ratio Rank: 3

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. QBDSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calvert Moderate Allocation Fund (CMAAX) and Quantified Managed Income Fund (QBDSX). 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	QBDSX	Difference
Sharpe ratio: Return per unit of total volatility	1.64	-0.03	+1.68
Sortino ratio: Return per unit of downside risk	2.35	-0.02	+2.37
Omega ratio: Gain probability vs. loss probability	1.30	1.00	+0.30
Calmar ratio: Return relative to maximum drawdown	2.10	-0.04	+2.14
Martin ratio: Return relative to average drawdown	9.09	-0.09	+9.19

CMAAX vs. QBDSX - Sharpe Ratio Comparison

The current CMAAX Sharpe Ratio is 1.64, which is higher than the QBDSX Sharpe Ratio of -0.03. The chart below compares the historical Sharpe Ratios of CMAAX and QBDSX, 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. QBDSX - Drawdown Comparison

The maximum CMAAX drawdown since its inception was -42.64%, which is greater than QBDSX's maximum drawdown of -18.38%. Use the drawdown chart below to compare losses from any high point for CMAAX and QBDSX.

Drawdown Indicators

	CMAAX	QBDSX	Difference
Max Drawdown Largest peak-to-trough decline	-42.64%	-18.38%	-24.26%
Max Drawdown (1Y) Largest decline over 1 year	-7.33%	-3.09%	-4.24%
Max Drawdown (3Y) Largest decline over 3 years	-11.26%	-3.76%	-7.50%
Max Drawdown (5Y) Largest decline over 5 years	-22.55%	-7.40%	-15.15%
Max Drawdown (10Y) Largest decline over 10 years	-24.42%	-18.38%	-6.04%
Current Drawdown Current decline from peak	-0.03%	-8.75%	+8.72%
Average Drawdown Average peak-to-trough decline	-5.54%	-6.85%	+1.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.69%	1.27%	+0.42%

Volatility

CMAAX vs. QBDSX - Volatility Comparison

Calvert Moderate Allocation Fund (CMAAX) has a higher volatility of 3.89% compared to Quantified Managed Income Fund (QBDSX) at 1.00%. This indicates that CMAAX's price experiences larger fluctuations and is considered to be riskier than QBDSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CMAAX	QBDSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.89%	1.00%	+2.89%
Volatility (6M) Calculated over the trailing 6-month period	7.93%	2.47%	+5.46%
Volatility (1Y) Calculated over the trailing 1-year period	9.37%	3.64%	+5.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.05%	4.31%	+6.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.07%	5.25%	+5.82%

CMAAX vs. QBDSX - Expense Ratio Comparison

CMAAX has a 0.40% expense ratio, which is lower than QBDSX's 1.31% expense ratio.

Dividends

CMAAX vs. QBDSX - Dividend Comparison

CMAAX's dividend yield for the trailing twelve months is around 4.24%, less than QBDSX's 4.51% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CMAAX Calvert Moderate Allocation Fund	4.24%	4.55%	2.99%	6.69%	1.82%	4.24%	4.18%	4.35%	5.88%	2.71%	5.05%	12.52%
QBDSX Quantified Managed Income Fund	4.51%	4.47%	3.98%	4.51%	0.54%	0.71%	0.87%	2.26%	2.04%	2.51%	1.00%	3.89%

Frequently Asked Questions

Can I hold both CMAAX and QBDSX in my portfolio?

CMAAX and QBDSX have a correlation of 0.65, 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 QBDSX?

CMAAX has higher volatility (3.89%) compared to QBDSX (1.00%). In terms of maximum drawdown, CMAAX dropped -42.64% vs QBDSX's -18.38%.

Which has better risk-adjusted returns?

CMAAX currently has the higher Sharpe Ratio (1.64 vs -0.03), 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.