CMJAX vs. CRFIX

Last updated Jun 4, 2026

CMJAX (Calvert US Mid-Cap Core Responsible Index Fund Class A) and CRFIX (Calvert Focused Value Fund) are both mutual funds - CMJAX is a Mid Cap Blend Equities fund tracking the Calvert US Mid-Cap Core Responsible Index, while CRFIX is a Large Cap Value Equities fund managed by Calvert Research and Management. Over the past 3 years, CMJAX returned 16.11%/yr vs 14.99%/yr for CRFIX. Their correlation of 0.91 suggests significant overlap in exposure. CMJAX charges 0.49%/yr vs 0.74%/yr for CRFIX.

Performance

CMJAX vs. CRFIX - 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 Focused Value Fund (CRFIX). 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 CRFIX's 11.46% 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%

CRFIX

• 1D: 0.00%
• 1M: 1.87%
• YTD: 11.46%
• 6M: 11.39%
• 1Y: 25.35%
• 3Y*: 14.99%
• 5Y*: —
• 10Y*: —

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

CMJAX vs. CRFIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
CMJAX Calvert US Mid-Cap Core Responsible Index Fund Class A	15.34%	9.14%	12.24%	15.00%	-3.97%
CRFIX Calvert Focused Value Fund	11.46%	13.26%	12.24%	8.84%	-1.34%

Correlation

The correlation between CMJAX and CRFIX is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (All Time) Calculated using the full available price history since May 2, 2022	0.91

The correlation between CMJAX and CRFIX has been stable across timeframes, ranging from 0.83 to 0.91 - a consistent structural relationship.

Return for Risk

CMJAX vs. CRFIX — 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

CRFIX

CRFIX Risk / Return Rank: 43
CRFIX Sharpe Ratio Rank: 47
CRFIX Sortino Ratio Rank: 48
CRFIX Omega Ratio Rank: 46
CRFIX Calmar Ratio Rank: 33
CRFIX Martin Ratio Rank: 42

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. CRFIX - 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 Focused Value Fund (CRFIX). 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	CRFIX	Difference
Sharpe ratio: Return per unit of total volatility	1.90	2.01	-0.12
Sortino ratio: Return per unit of downside risk	2.76	2.90	-0.14
Omega ratio: Gain probability vs. loss probability	1.33	1.37	-0.04
Calmar ratio: Return relative to maximum drawdown	2.84	2.17	+0.67
Martin ratio: Return relative to average drawdown	11.45	8.90	+2.54
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. CRFIX - Sharpe Ratio Comparison

The current CMJAX Sharpe Ratio is 1.90, which is comparable to the CRFIX Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of CMJAX and CRFIX, 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	CRFIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.90	2.01	-0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	0.70	-0.09

Drawdowns

CMJAX vs. CRFIX - Drawdown Comparison

The maximum CMJAX drawdown since its inception was -38.09%, which is greater than CRFIX's maximum drawdown of -18.29%. Use the drawdown chart below to compare losses from any high point for CMJAX and CRFIX.

Drawdown Indicators

	CMJAX	CRFIX	Difference
Max Drawdown Largest peak-to-trough decline	-38.09%	-18.29%	-19.80%
Max Drawdown (1Y) Largest decline over 1 year	-9.39%	-11.97%	+2.58%
Max Drawdown (3Y) Largest decline over 3 years	-21.53%	-18.29%	-3.24%
Max Drawdown (5Y) Largest decline over 5 years	-28.22%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-38.09%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-6.35%	-4.12%	-2.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.33%	2.92%	-0.59%

Volatility

CMJAX vs. CRFIX - Volatility Comparison

Calvert US Mid-Cap Core Responsible Index Fund Class A (CMJAX) has a higher volatility of 4.04% compared to Calvert Focused Value Fund (CRFIX) at 3.18%. This indicates that CMJAX's price experiences larger fluctuations and is considered to be riskier than CRFIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CMJAX	CRFIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.04%	3.18%	+0.86%
Volatility (6M) Calculated over the trailing 6-month period	10.67%	10.05%	+0.62%
Volatility (1Y) Calculated over the trailing 1-year period	14.07%	12.92%	+1.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.61%	15.72%	+2.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.58%	15.72%	+3.86%

CMJAX vs. CRFIX - Expense Ratio Comparison

CMJAX has a 0.49% expense ratio, which is lower than CRFIX's 0.74% expense ratio.

Dividends

CMJAX vs. CRFIX - Dividend Comparison

CMJAX's dividend yield for the trailing twelve months is around 3.82%, less than CRFIX's 5.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
CRFIX Calvert Focused Value Fund	5.18%	5.77%	4.37%	1.02%	0.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CMJAX and CRFIX in my portfolio?

CMJAX and CRFIX have a correlation of 0.83, 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 CRFIX?

CMJAX has higher volatility (4.04%) compared to CRFIX (3.18%). In terms of maximum drawdown, CMJAX dropped -38.09% vs CRFIX's -18.29%.

Which has better risk-adjusted returns?

CRFIX currently has the higher Sharpe Ratio (2.01 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.