CMAAX vs. SMIFX

Last updated Jun 6, 2026

CMAAX (Calvert Moderate Allocation Fund) and SMIFX (Sound Mind Investing Fund) are both Diversified Portfolio funds. Over the past 10 years, CMAAX returned 8.16%/yr vs 9.48%/yr for SMIFX. Their correlation of 0.90 suggests significant overlap in exposure. CMAAX charges 0.40%/yr vs 1.19%/yr for SMIFX.

Performance

CMAAX vs. SMIFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calvert Moderate Allocation Fund (CMAAX) and Sound Mind Investing Fund (SMIFX). 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 SMIFX's 16.98% return. Over the past 10 years, CMAAX has underperformed SMIFX with an annualized return of 8.16%, while SMIFX has yielded a comparatively higher 9.48% annualized 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%

SMIFX

• 1D: 0.09%
• 1M: 1.80%
• YTD: 16.98%
• 6M: 16.53%
• 1Y: 20.67%
• 3Y*: 13.24%
• 5Y*: 5.90%
• 10Y*: 9.48%

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

CMAAX vs. SMIFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CMAAX Calvert Moderate Allocation Fund	7.97%	12.70%	10.06%	12.87%	-15.65%	10.47%	15.17%	21.19%	-5.13%	12.93%
SMIFX Sound Mind Investing Fund	16.98%	3.16%	16.65%	5.17%	-8.93%	11.15%	20.76%	19.28%	-8.56%	17.49%

Correlation

The correlation between CMAAX and SMIFX is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Dec 8, 2005	0.90

The correlation between CMAAX and SMIFX has been stable across timeframes, ranging from 0.80 to 0.90 - a consistent structural relationship.

Return for Risk

CMAAX vs. SMIFX — 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

SMIFX

SMIFX Risk / Return Rank: 42
SMIFX Sharpe Ratio Rank: 39
SMIFX Sortino Ratio Rank: 36
SMIFX Omega Ratio Rank: 37
SMIFX Calmar Ratio Rank: 55
SMIFX 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. SMIFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calvert Moderate Allocation Fund (CMAAX) and Sound Mind Investing Fund (SMIFX). 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	SMIFX	Difference
Sharpe ratio: Return per unit of total volatility	2.00	1.76	+0.24
Sortino ratio: Return per unit of downside risk	2.89	2.42	+0.47
Omega ratio: Gain probability vs. loss probability	1.37	1.31	+0.05
Calmar ratio: Return relative to maximum drawdown	2.41	2.75	-0.34
Martin ratio: Return relative to average drawdown	10.60	8.82	+1.79
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. SMIFX - Sharpe Ratio Comparison

The current CMAAX Sharpe Ratio is 2.00, which is comparable to the SMIFX Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of CMAAX and SMIFX, 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	SMIFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.00	1.76	+0.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	0.20	+0.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.74	0.39	+0.34
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.32	+0.22

Drawdowns

CMAAX vs. SMIFX - Drawdown Comparison

The maximum CMAAX drawdown since its inception was -42.64%, smaller than the maximum SMIFX drawdown of -54.33%. Use the drawdown chart below to compare losses from any high point for CMAAX and SMIFX.

Drawdown Indicators

	CMAAX	SMIFX	Difference
Max Drawdown Largest peak-to-trough decline	-42.64%	-54.33%	+11.69%
Max Drawdown (1Y) Largest decline over 1 year	-7.33%	-7.42%	+0.09%
Max Drawdown (3Y) Largest decline over 3 years	-11.26%	-19.98%	+8.72%
Max Drawdown (5Y) Largest decline over 5 years	-22.55%	-41.36%	+18.81%
Max Drawdown (10Y) Largest decline over 10 years	-24.42%	-41.36%	+16.94%
Current Drawdown Current decline from peak	-0.24%	-8.66%	+8.42%
Average Drawdown Average peak-to-trough decline	-5.56%	-14.28%	+8.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.66%	2.31%	-0.65%

Volatility

CMAAX vs. SMIFX - Volatility Comparison

Calvert Moderate Allocation Fund (CMAAX) and Sound Mind Investing Fund (SMIFX) have volatilities of 2.88% and 2.90%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CMAAX	SMIFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.88%	2.90%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	7.20%	8.89%	-1.69%
Volatility (1Y) Calculated over the trailing 1-year period	8.83%	11.61%	-2.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.94%	29.03%	-18.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.10%	24.17%	-13.07%

CMAAX vs. SMIFX - Expense Ratio Comparison

CMAAX has a 0.40% expense ratio, which is lower than SMIFX's 1.19% expense ratio.

Dividends

CMAAX vs. SMIFX - Dividend Comparison

CMAAX's dividend yield for the trailing twelve months is around 4.25%, less than SMIFX's 4.56% 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%
SMIFX Sound Mind Investing Fund	4.56%	5.33%	1.28%	1.73%	0.97%	46.86%	0.00%	0.48%	26.02%	10.06%	0.00%	14.94%

Frequently Asked Questions

Can I hold both CMAAX and SMIFX in my portfolio?

CMAAX and SMIFX have a correlation of 0.82, 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 SMIFX?

SMIFX has higher volatility (2.90%) compared to CMAAX (2.88%). In terms of maximum drawdown, CMAAX dropped -42.64% vs SMIFX's -54.33%.

Which has better risk-adjusted returns?

CMAAX currently has the higher Sharpe Ratio (2.00 vs 1.76), 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.