CMCIX vs. CFJIX

Last updated Jun 4, 2026

CMCIX (Calvert Small/Mid-Cap Fund Class I) and CFJIX (Calvert US Large-Cap Value Responsible Index Fund) are both mutual funds - CMCIX is a Small Cap Growth Equities fund actively managed by Calvert Research and Management, while CFJIX is a Large Cap Value Equities fund managed by Calvert Research and Management. Over the past year, CMCIX returned -0.28% vs 30.02% for CFJIX. Their correlation of 0.90 suggests significant overlap in exposure. CMCIX charges 1.26%/yr vs 0.24%/yr for CFJIX.

Performance

CMCIX vs. CFJIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calvert Small/Mid-Cap Fund Class I (CMCIX) and Calvert US Large-Cap Value Responsible Index Fund (CFJIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CMCIX achieves a 2.66% return, which is significantly lower than CFJIX's 15.07% return.

CMCIX

• 1D: 0.93%
• 1M: 1.13%
• YTD: 2.66%
• 6M: 1.11%
• 1Y: -0.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CFJIX

• 1D: 0.89%
• 1M: 5.68%
• YTD: 15.07%
• 6M: 16.33%
• 1Y: 30.02%
• 3Y*: 19.73%
• 5Y*: 9.31%
• 10Y*: 11.84%

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

CMCIX vs. CFJIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CMCIX Calvert Small/Mid-Cap Fund Class I	2.66%	-5.28%	10.46%	7.81%
CFJIX Calvert US Large-Cap Value Responsible Index Fund	15.07%	16.76%	14.63%	8.41%

Correlation

The correlation between CMCIX and CFJIX is 0.89, 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	0.89
Correlation (All Time) Calculated using the full available price history since Sep 20, 2023	0.90

The correlation between CMCIX and CFJIX has been stable across timeframes, ranging from 0.89 to 0.90 - a consistent structural relationship.

Return for Risk

CMCIX vs. CFJIX — Risk / Return Rank

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

CMCIX

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

CFJIX

CFJIX Risk / Return Rank: 69
CFJIX Sharpe Ratio Rank: 70
CFJIX Sortino Ratio Rank: 72
CFJIX Omega Ratio Rank: 59
CFJIX Calmar Ratio Rank: 76
CFJIX Martin Ratio Rank: 69

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.

CMCIX vs. CFJIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calvert Small/Mid-Cap Fund Class I (CMCIX) and Calvert US Large-Cap Value Responsible Index Fund (CFJIX). 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.

	CMCIX	CFJIX	Difference
Sharpe ratio: Return per unit of total volatility	0.07	2.44	-2.37
Sortino ratio: Return per unit of downside risk	0.21	3.52	-3.30
Omega ratio: Gain probability vs. loss probability	1.02	1.43	-0.40
Calmar ratio: Return relative to maximum drawdown	0.09	3.44	-3.35
Martin ratio: Return relative to average drawdown	0.20	13.35	-13.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CMCIX vs. CFJIX - Sharpe Ratio Comparison

The current CMCIX Sharpe Ratio is 0.07, which is lower than the CFJIX Sharpe Ratio of 2.44. The chart below compares the historical Sharpe Ratios of CMCIX and CFJIX, 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

	CMCIX	CFJIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.07	2.44	-2.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.59	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.66	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.67	-0.33

Drawdowns

CMCIX vs. CFJIX - Drawdown Comparison

The maximum CMCIX drawdown since its inception was -21.50%, smaller than the maximum CFJIX drawdown of -36.91%. Use the drawdown chart below to compare losses from any high point for CMCIX and CFJIX.

Drawdown Indicators

	CMCIX	CFJIX	Difference
Max Drawdown Largest peak-to-trough decline	-21.50%	-36.91%	+15.41%
Max Drawdown (1Y) Largest decline over 1 year	-11.68%	-9.00%	-2.68%
Max Drawdown (3Y) Largest decline over 3 years	—	-16.60%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-22.62%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-36.91%	—
Current Drawdown Current decline from peak	-9.96%	0.00%	-9.96%
Average Drawdown Average peak-to-trough decline	-6.45%	-5.10%	-1.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.99%	2.31%	+2.68%

Volatility

CMCIX vs. CFJIX - Volatility Comparison

Calvert Small/Mid-Cap Fund Class I (CMCIX) and Calvert US Large-Cap Value Responsible Index Fund (CFJIX) have volatilities of 3.90% and 3.91%, 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

	CMCIX	CFJIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.90%	3.91%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	10.59%	9.60%	+0.99%
Volatility (1Y) Calculated over the trailing 1-year period	15.15%	12.70%	+2.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.54%	15.97%	+0.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.54%	17.99%	-1.45%

CMCIX vs. CFJIX - Expense Ratio Comparison

CMCIX has a 1.26% expense ratio, which is higher than CFJIX's 0.24% expense ratio.

Dividends

CMCIX vs. CFJIX - Dividend Comparison

CMCIX's dividend yield for the trailing twelve months is around 4.14%, less than CFJIX's 7.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CFJIX Calvert US Large-Cap Value Responsible Index Fund	7.96%	9.16%	6.31%	2.07%	2.02%	4.17%	1.88%	2.17%	4.87%	6.79%	2.28%
CMCIX Calvert Small/Mid-Cap Fund Class I	4.14%	4.25%	7.13%	0.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CMCIX and CFJIX in my portfolio?

CMCIX and CFJIX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CMCIX or CFJIX?

CFJIX has higher volatility (3.91%) compared to CMCIX (3.90%). In terms of maximum drawdown, CMCIX dropped -21.50% vs CFJIX's -36.91%.

Which has better risk-adjusted returns?

CFJIX currently has the higher Sharpe Ratio (2.44 vs 0.07), 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.