CMCIX vs. CVMIX

Last updated Jun 4, 2026

CMCIX (Calvert Small/Mid-Cap Fund Class I) and CVMIX (Calvert Emerging Markets Equity Fund) are both mutual funds - CMCIX is a Small Cap Growth Equities fund actively managed by Calvert Research and Management, while CVMIX is a Emerging Markets Diversified fund managed by Calvert Research and Management. Over the past year, CMCIX returned -0.28% vs 67.68% for CVMIX. At a 0.43 correlation, their price movements are largely independent. CMCIX charges 1.26%/yr vs 0.99%/yr for CVMIX.

Performance

CMCIX vs. CVMIX - 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 Emerging Markets Equity Fund (CVMIX). 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 CVMIX's 36.06% return.

CMCIX

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

CVMIX

• 1D: 1.29%
• 1M: 13.03%
• YTD: 36.06%
• 6M: 39.70%
• 1Y: 67.68%
• 3Y*: 26.24%
• 5Y*: 7.26%
• 10Y*: 11.35%

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

CMCIX vs. CVMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CMCIX Calvert Small/Mid-Cap Fund Class I	2.66%	-5.28%	10.46%	7.81%
CVMIX Calvert Emerging Markets Equity Fund	36.06%	36.77%	6.37%	4.35%

Correlation

The correlation between CMCIX and CVMIX is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (All Time) Calculated using the full available price history since Sep 20, 2023	0.43

Return for Risk

CMCIX vs. CVMIX — 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

CVMIX

CVMIX Risk / Return Rank: 90
CVMIX Sharpe Ratio Rank: 95
CVMIX Sortino Ratio Rank: 87
CVMIX Omega Ratio Rank: 88
CVMIX Calmar Ratio Rank: 89
CVMIX Martin Ratio Rank: 91

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. CVMIX - 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 Emerging Markets Equity Fund (CVMIX). 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	CVMIX	Difference
Sharpe ratio: Return per unit of total volatility	0.07	3.36	-3.30
Sortino ratio: Return per unit of downside risk	0.21	4.13	-3.92
Omega ratio: Gain probability vs. loss probability	1.02	1.62	-0.60
Calmar ratio: Return relative to maximum drawdown	0.09	4.52	-4.44
Martin ratio: Return relative to average drawdown	0.20	19.06	-18.86
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. CVMIX - Sharpe Ratio Comparison

The current CMCIX Sharpe Ratio is 0.07, which is lower than the CVMIX Sharpe Ratio of 3.36. The chart below compares the historical Sharpe Ratios of CMCIX and CVMIX, 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	CVMIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.07	3.36	-3.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.39	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.62	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.49	-0.15

Drawdowns

CMCIX vs. CVMIX - Drawdown Comparison

The maximum CMCIX drawdown since its inception was -21.50%, smaller than the maximum CVMIX drawdown of -43.96%. Use the drawdown chart below to compare losses from any high point for CMCIX and CVMIX.

Drawdown Indicators

	CMCIX	CVMIX	Difference
Max Drawdown Largest peak-to-trough decline	-21.50%	-43.96%	+22.46%
Max Drawdown (1Y) Largest decline over 1 year	-11.68%	-14.95%	+3.27%
Max Drawdown (3Y) Largest decline over 3 years	—	-17.48%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-40.71%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-43.96%	—
Current Drawdown Current decline from peak	-9.96%	0.00%	-9.96%
Average Drawdown Average peak-to-trough decline	-6.45%	-14.22%	+7.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.99%	3.54%	+1.45%

Volatility

CMCIX vs. CVMIX - Volatility Comparison

The current volatility for Calvert Small/Mid-Cap Fund Class I (CMCIX) is 3.90%, while Calvert Emerging Markets Equity Fund (CVMIX) has a volatility of 8.99%. This indicates that CMCIX experiences smaller price fluctuations and is considered to be less risky than CVMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CMCIX	CVMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.90%	8.99%	-5.09%
Volatility (6M) Calculated over the trailing 6-month period	10.59%	17.59%	-7.00%
Volatility (1Y) Calculated over the trailing 1-year period	15.15%	20.13%	-4.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.54%	18.48%	-1.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.54%	18.47%	-1.93%

CMCIX vs. CVMIX - Expense Ratio Comparison

CMCIX has a 1.26% expense ratio, which is higher than CVMIX's 0.99% expense ratio.

Dividends

CMCIX vs. CVMIX - Dividend Comparison

CMCIX's dividend yield for the trailing twelve months is around 4.14%, more than CVMIX's 1.66% 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%
CVMIX Calvert Emerging Markets Equity Fund	1.66%	2.26%	0.63%	0.92%	0.79%	0.76%	0.41%	0.68%	1.24%	0.27%	0.84%	1.26%

Frequently Asked Questions

Can I hold both CMCIX and CVMIX in my portfolio?

CMCIX and CVMIX have a correlation of 0.40, 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 CVMIX?

CVMIX has higher volatility (8.99%) compared to CMCIX (3.90%). In terms of maximum drawdown, CMCIX dropped -21.50% vs CVMIX's -43.96%.

Which has better risk-adjusted returns?

CVMIX currently has the higher Sharpe Ratio (3.36 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.