CMJAX vs. CGJIX

Last updated Jun 4, 2026

CMJAX (Calvert US Mid-Cap Core Responsible Index Fund Class A) and CGJIX (Calvert US Large-Cap Growth Responsible Index Fund) are both mutual funds - CMJAX is a Mid Cap Blend Equities fund tracking the Calvert US Mid-Cap Core Responsible Index, while CGJIX is a Large Cap Growth Equities fund managed by Calvert Research and Management. Over the past 10 years, CMJAX returned 11.61%/yr vs 17.80%/yr for CGJIX. Their correlation of 0.85 suggests significant overlap in exposure. CMJAX charges 0.49%/yr vs 0.24%/yr for CGJIX.

Performance

CMJAX vs. CGJIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calvert US Mid-Cap Core Responsible Index Fund Class A (CMJAX) and Calvert US Large-Cap Growth Responsible Index Fund (CGJIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CMJAX achieves a 15.34% return, which is significantly higher than CGJIX's 12.35% return. Over the past 10 years, CMJAX has underperformed CGJIX with an annualized return of 11.61%, while CGJIX has yielded a comparatively higher 17.80% annualized return.

CMJAX

• 1D: 1.33%
• 1M: 6.20%
• YTD: 15.34%
• 6M: 15.48%
• 1Y: 25.40%
• 3Y*: 16.11%
• 5Y*: 7.13%
• 10Y*: 11.61%

CGJIX

• 1D: 0.13%
• 1M: 6.98%
• YTD: 12.35%
• 6M: 11.64%
• 1Y: 28.82%
• 3Y*: 23.19%
• 5Y*: 14.53%
• 10Y*: 17.80%

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

CMJAX vs. CGJIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CMJAX Calvert US Mid-Cap Core Responsible Index Fund Class A	15.34%	9.14%	12.24%	15.00%	-19.32%	20.96%	23.72%	30.67%	-9.50%	18.70%
CGJIX Calvert US Large-Cap Growth Responsible Index Fund	12.35%	14.56%	27.74%	36.66%	-26.84%	26.13%	38.69%	35.29%	0.74%	27.39%

Correlation

The correlation between CMJAX and CGJIX is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.85

The correlation between CMJAX and CGJIX shifts across timeframes, from 0.74 (1 year) to 0.85 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CMJAX vs. CGJIX — Risk / Return Rank

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

CMJAX

CMJAX Risk / Return Rank: 47
CMJAX Sharpe Ratio Rank: 42
CMJAX Sortino Ratio Rank: 43
CMJAX Omega Ratio Rank: 38
CMJAX Calmar Ratio Rank: 55
CMJAX Martin Ratio Rank: 57

CGJIX

CGJIX Risk / Return Rank: 53
CGJIX Sharpe Ratio Rank: 56
CGJIX Sortino Ratio Rank: 51
CGJIX Omega Ratio Rank: 50
CGJIX Calmar Ratio Rank: 50
CGJIX Martin Ratio Rank: 57

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.

CMJAX vs. CGJIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calvert US Mid-Cap Core Responsible Index Fund Class A (CMJAX) and Calvert US Large-Cap Growth Responsible Index Fund (CGJIX). 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.

	CMJAX	CGJIX	Difference
Sharpe ratio: Return per unit of total volatility	1.90	2.22	-0.32
Sortino ratio: Return per unit of downside risk	2.76	3.01	-0.25
Omega ratio: Gain probability vs. loss probability	1.33	1.39	-0.06
Calmar ratio: Return relative to maximum drawdown	2.84	2.68	+0.16
Martin ratio: Return relative to average drawdown	11.45	11.47	-0.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CMJAX vs. CGJIX - Sharpe Ratio Comparison

The current CMJAX Sharpe Ratio is 1.90, which is comparable to the CGJIX Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of CMJAX and CGJIX, 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

	CMJAX	CGJIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.90	2.22	-0.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	0.74	-0.35
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	0.89	-0.30
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	0.88	-0.27

Drawdowns

CMJAX vs. CGJIX - Drawdown Comparison

The maximum CMJAX drawdown since its inception was -38.09%, which is greater than CGJIX's maximum drawdown of -31.18%. Use the drawdown chart below to compare losses from any high point for CMJAX and CGJIX.

Drawdown Indicators

	CMJAX	CGJIX	Difference
Max Drawdown Largest peak-to-trough decline	-38.09%	-31.18%	-6.91%
Max Drawdown (1Y) Largest decline over 1 year	-9.39%	-11.15%	+1.76%
Max Drawdown (3Y) Largest decline over 3 years	-21.53%	-21.90%	+0.37%
Max Drawdown (5Y) Largest decline over 5 years	-28.22%	-31.18%	+2.96%
Max Drawdown (10Y) Largest decline over 10 years	-38.09%	-31.18%	-6.91%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-6.35%	-5.46%	-0.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.33%	2.60%	-0.27%

Volatility

CMJAX vs. CGJIX - Volatility Comparison

Calvert US Mid-Cap Core Responsible Index Fund Class A (CMJAX) has a higher volatility of 4.04% compared to Calvert US Large-Cap Growth Responsible Index Fund (CGJIX) at 3.38%. This indicates that CMJAX's price experiences larger fluctuations and is considered to be riskier than CGJIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CMJAX	CGJIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.04%	3.38%	+0.66%
Volatility (6M) Calculated over the trailing 6-month period	10.67%	10.41%	+0.26%
Volatility (1Y) Calculated over the trailing 1-year period	14.07%	13.49%	+0.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.61%	19.79%	-1.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.58%	20.04%	-0.46%

CMJAX vs. CGJIX - Expense Ratio Comparison

CMJAX has a 0.49% expense ratio, which is higher than CGJIX's 0.24% expense ratio.

Dividends

CMJAX vs. CGJIX - Dividend Comparison

CMJAX's dividend yield for the trailing twelve months is around 3.82%, more than CGJIX's 2.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CGJIX Calvert US Large-Cap Growth Responsible Index Fund	2.71%	3.05%	2.04%	0.53%	0.51%	1.85%	1.76%	1.64%	5.72%	2.19%	1.13%
CMJAX Calvert US Mid-Cap Core Responsible Index Fund Class A	3.82%	4.40%	0.89%	0.84%	0.80%	2.64%	2.43%	1.57%	2.97%	2.81%	1.86%

Frequently Asked Questions

Can I hold both CMJAX and CGJIX in my portfolio?

CMJAX and CGJIX have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CMJAX or CGJIX?

CMJAX has higher volatility (4.04%) compared to CGJIX (3.38%). In terms of maximum drawdown, CMJAX dropped -38.09% vs CGJIX's -31.18%.

Which has better risk-adjusted returns?

CGJIX currently has the higher Sharpe Ratio (2.22 vs 1.90), 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.