CMCIX vs. CSIEX

Last updated Jun 4, 2026

CMCIX (Calvert Small/Mid-Cap Fund Class I) and CSIEX (Calvert Equity Fund) are both mutual funds - CMCIX is a Small Cap Growth Equities fund actively managed by Calvert Research and Management, while CSIEX is a Large Cap Growth Equities fund managed by Calvert Research and Management. Over the past year, CMCIX returned -0.28% vs -6.46% for CSIEX. A 0.75 correlation means they provide meaningful diversification when combined. CMCIX charges 1.26%/yr vs 0.91%/yr for CSIEX.

Performance

CMCIX vs. CSIEX - 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 Equity Fund (CSIEX). 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 higher than CSIEX's -9.20% return.

CMCIX

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

CSIEX

• 1D: -1.58%
• 1M: -1.43%
• YTD: -9.20%
• 6M: -8.41%
• 1Y: -6.46%
• 3Y*: 5.80%
• 5Y*: 4.09%
• 10Y*: 11.54%

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

CMCIX vs. CSIEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CMCIX Calvert Small/Mid-Cap Fund Class I	2.66%	-5.28%	10.46%	7.81%
CSIEX Calvert Equity Fund	-9.20%	7.27%	8.35%	8.45%

Correlation

The correlation between CMCIX and CSIEX is 0.64, 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	0.64
Correlation (All Time) Calculated using the full available price history since Sep 20, 2023	0.75

The correlation between CMCIX and CSIEX shifts across timeframes, from 0.64 (1 year) to 0.75 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CMCIX vs. CSIEX — 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

CSIEX

CSIEX Risk / Return Rank: 1
CSIEX Sharpe Ratio Rank: 1
CSIEX Sortino Ratio Rank: 1
CSIEX Omega Ratio Rank: 1
CSIEX Calmar Ratio Rank: 1
CSIEX Martin Ratio Rank: 1

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. CSIEX - 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 Equity Fund (CSIEX). 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	CSIEX	Difference
Sharpe ratio: Return per unit of total volatility	0.07	-0.48	+0.54
Sortino ratio: Return per unit of downside risk	0.21	-0.58	+0.80
Omega ratio: Gain probability vs. loss probability	1.02	0.93	+0.09
Calmar ratio: Return relative to maximum drawdown	0.09	-0.42	+0.50
Martin ratio: Return relative to average drawdown	0.20	-0.99	+1.19
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. CSIEX - Sharpe Ratio Comparison

The current CMCIX Sharpe Ratio is 0.07, which is higher than the CSIEX Sharpe Ratio of -0.48. The chart below compares the historical Sharpe Ratios of CMCIX and CSIEX, 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	CSIEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.07	-0.48	+0.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.25	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.68	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.47	-0.14

Drawdowns

CMCIX vs. CSIEX - Drawdown Comparison

The maximum CMCIX drawdown since its inception was -21.50%, smaller than the maximum CSIEX drawdown of -50.81%. Use the drawdown chart below to compare losses from any high point for CMCIX and CSIEX.

Drawdown Indicators

	CMCIX	CSIEX	Difference
Max Drawdown Largest peak-to-trough decline	-21.50%	-50.81%	+29.31%
Max Drawdown (1Y) Largest decline over 1 year	-11.68%	-14.12%	+2.44%
Max Drawdown (3Y) Largest decline over 3 years	—	-14.87%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-25.71%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-30.50%	—
Current Drawdown Current decline from peak	-9.96%	-11.38%	+1.42%
Average Drawdown Average peak-to-trough decline	-6.45%	-6.23%	-0.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.99%	5.93%	-0.94%

Volatility

CMCIX vs. CSIEX - Volatility Comparison

Calvert Small/Mid-Cap Fund Class I (CMCIX) and Calvert Equity Fund (CSIEX) have volatilities of 3.90% and 3.95%, 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	CSIEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.90%	3.95%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	10.59%	9.57%	+1.02%
Volatility (1Y) Calculated over the trailing 1-year period	15.15%	12.37%	+2.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.54%	16.24%	+0.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.54%	17.16%	-0.62%

CMCIX vs. CSIEX - Expense Ratio Comparison

CMCIX has a 1.26% expense ratio, which is higher than CSIEX's 0.91% expense ratio.

Dividends

CMCIX vs. CSIEX - Dividend Comparison

CMCIX's dividend yield for the trailing twelve months is around 4.14%, less than CSIEX's 25.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%
CSIEX Calvert Equity Fund	25.29%	22.97%	8.74%	1.79%	3.40%	3.56%	2.70%	2.87%	8.78%	8.10%	11.30%	25.62%

Frequently Asked Questions

Can I hold both CMCIX and CSIEX in my portfolio?

CMCIX and CSIEX have a correlation of 0.64, 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 CSIEX?

CSIEX has higher volatility (3.95%) compared to CMCIX (3.90%). In terms of maximum drawdown, CMCIX dropped -21.50% vs CSIEX's -50.81%.

Which has better risk-adjusted returns?

CMCIX currently has the higher Sharpe Ratio (0.07 vs -0.48), 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.