CMCIX vs. FGROX

Last updated Jun 23, 2026

CMCIX (Calvert Small/Mid-Cap Fund Class I) and FGROX (Emerald Growth Fund Institutional Class) are both Small Cap Growth Equities funds. CMCIX is actively managed, while FGROX is passively managed. Over the past year, CMCIX returned 5.07% vs 74.67% for FGROX. A 0.75 correlation means they provide meaningful diversification when combined. CMCIX charges 1.26%/yr vs 0.78%/yr for FGROX.

Performance

CMCIX vs. FGROX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calvert Small/Mid-Cap Fund Class I (CMCIX) and Emerald Growth Fund Institutional Class (FGROX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CMCIX achieves a 6.18% return, which is significantly lower than FGROX's 33.40% return.

CMCIX

• 1D: 1.57%
• 1M: 3.97%
• YTD: 6.18%
• 6M: 3.64%
• 1Y: 5.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FGROX

• 1D: 3.43%
• 1M: 8.90%
• YTD: 33.40%
• 6M: 28.28%
• 1Y: 74.67%
• 3Y*: 31.18%
• 5Y*: 13.82%
• 10Y*: 16.46%

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

CMCIX vs. FGROX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CMCIX Calvert Small/Mid-Cap Fund Class I	6.18%	-5.28%	10.46%	7.81%
FGROX Emerald Growth Fund Institutional Class	33.40%	31.85%	20.04%	11.57%

Correlation

The correlation between CMCIX and FGROX is 0.67, 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	0.67
Correlation (All Time) Calculated using the full available price history since Sep 19, 2023	0.75

The correlation between CMCIX and FGROX has been stable across timeframes, ranging from 0.67 to 0.75 - a consistent structural relationship.

Return for Risk

CMCIX vs. FGROX — Risk / Return Rank

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

CMCIX

CMCIX Risk / Return Rank: 5
CMCIX Sharpe Ratio Rank: 5
CMCIX Sortino Ratio Rank: 5
CMCIX Omega Ratio Rank: 5
CMCIX Calmar Ratio Rank: 6
CMCIX Martin Ratio Rank: 5

FGROX

FGROX Risk / Return Rank: 88
FGROX Sharpe Ratio Rank: 92
FGROX Sortino Ratio Rank: 81
FGROX Omega Ratio Rank: 75
FGROX Calmar Ratio Rank: 95
FGROX Martin Ratio Rank: 96

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. FGROX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calvert Small/Mid-Cap Fund Class I (CMCIX) and Emerald Growth Fund Institutional Class (FGROX). 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.

	CMCIX	FGROX	Difference
Sharpe ratio: Return per unit of total volatility	0.34	2.88	-2.54
Sortino ratio: Return per unit of downside risk	0.62	3.53	-2.91
Omega ratio: Gain probability vs. loss probability	1.07	1.45	-0.38
Calmar ratio: Return relative to maximum drawdown	0.45	5.31	-4.86
Martin ratio: Return relative to average drawdown	1.03	22.16	-21.13

CMCIX vs. FGROX - Sharpe Ratio Comparison

The current CMCIX Sharpe Ratio is 0.34, which is lower than the FGROX Sharpe Ratio of 2.88. The chart below compares the historical Sharpe Ratios of CMCIX and FGROX, 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

CMCIX vs. FGROX - Drawdown Comparison

The maximum CMCIX drawdown since its inception was -21.50%, smaller than the maximum FGROX drawdown of -41.48%. Use the drawdown chart below to compare losses from any high point for CMCIX and FGROX.

Drawdown Indicators

	CMCIX	FGROX	Difference
Max Drawdown Largest peak-to-trough decline	-21.50%	-41.48%	+19.98%
Max Drawdown (1Y) Largest decline over 1 year	-11.68%	-14.36%	+2.68%
Max Drawdown (3Y) Largest decline over 3 years	—	-28.61%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-38.52%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-41.48%	—
Current Drawdown Current decline from peak	-6.88%	0.00%	-6.88%
Average Drawdown Average peak-to-trough decline	-6.47%	-10.23%	+3.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.04%	3.42%	+1.62%

Volatility

CMCIX vs. FGROX - Volatility Comparison

The current volatility for Calvert Small/Mid-Cap Fund Class I (CMCIX) is 4.45%, while Emerald Growth Fund Institutional Class (FGROX) has a volatility of 9.76%. This indicates that CMCIX experiences smaller price fluctuations and is considered to be less risky than FGROX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CMCIX	FGROX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.45%	9.76%	-5.31%
Volatility (6M) Calculated over the trailing 6-month period	10.88%	20.51%	-9.63%
Volatility (1Y) Calculated over the trailing 1-year period	15.35%	26.49%	-11.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.54%	25.84%	-9.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.54%	25.31%	-8.77%

CMCIX vs. FGROX - Expense Ratio Comparison

CMCIX has a 1.26% expense ratio, which is higher than FGROX's 0.78% expense ratio.

Dividends

CMCIX vs. FGROX - Dividend Comparison

CMCIX's dividend yield for the trailing twelve months is around 4.00%, less than FGROX's 8.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
CMCIX Calvert Small/Mid-Cap Fund Class I	4.00%	4.25%	7.13%	0.60%	0.00%	0.00%	0.00%	0.00%	0.00%
FGROX Emerald Growth Fund Institutional Class	8.54%	11.39%	13.92%	5.91%	8.13%	17.87%	8.04%	1.38%	11.36%

Frequently Asked Questions

Can I hold both CMCIX and FGROX in my portfolio?

CMCIX and FGROX have a correlation of 0.67, 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 FGROX?

FGROX has higher volatility (9.76%) compared to CMCIX (4.45%). In terms of maximum drawdown, CMCIX dropped -21.50% vs FGROX's -41.48%.

Which has better risk-adjusted returns?

FGROX currently has the higher Sharpe Ratio (2.88 vs 0.34), 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.