CMJAX vs. CSIEX

Last updated Jul 17, 2026

CMJAX (Calvert US Mid-Cap Core Responsible Index Fund Class A) and CSIEX (Calvert Equity Fund) are both mutual funds - CMJAX is a Mid Cap Blend Equities fund tracking the Calvert US Mid-Cap Core Responsible Index, while CSIEX is a Large Cap Growth Equities fund managed by Calvert Research and Management. Over the past 10 years, CMJAX returned 11.62%/yr vs 11.69%/yr for CSIEX. Their correlation of 0.84 suggests significant overlap in exposure. CMJAX charges 0.49%/yr vs 0.91%/yr for CSIEX.

Performance

CMJAX vs. CSIEX - 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 Equity Fund (CSIEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CMJAX achieves a 18.31% return, which is significantly higher than CSIEX's -6.75% return. Both investments have delivered pretty close results over the past 10 years, with CMJAX having a 11.62% annualized return and CSIEX not far ahead at 11.69%.

CMJAX

• 1D: -0.08%
• 1M: 1.21%
• 6M: 12.74%
• YTD: 18.31%
• 1Y: 25.24%
• 3Y*: 14.50%
• 5Y*: 7.82%
• 10Y*: 11.62%

CSIEX

• 1D: 0.53%
• 1M: 2.24%
• 6M: -8.71%
• YTD: -6.75%
• 1Y: -4.09%
• 3Y*: 4.90%
• 5Y*: 3.25%
• 10Y*: 11.69%

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

CMJAX vs. CSIEX - 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	18.31%	9.14%	12.24%	15.00%	-19.32%	20.96%	23.72%	30.67%	-9.50%	18.70%
CSIEX Calvert Equity Fund	-6.75%	7.27%	8.35%	17.93%	-17.61%	28.90%	24.26%	36.46%	5.03%	25.78%

Correlation

The correlation between CMJAX and CSIEX is 0.62, 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	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.84

Over the past year, the correlation between CMJAX and CSIEX has dropped to 0.62 - well below their long-term average of 0.84, suggesting their price drivers have been diverging.

Return for Risk

CMJAX vs. CSIEX — Risk / Return Rank

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

CMJAX

CMJAX Risk / Return Rank: 67
CMJAX Sharpe Ratio Rank: 62
CMJAX Sortino Ratio Rank: 66
CMJAX Omega Ratio Rank: 57
CMJAX Calmar Ratio Rank: 75
CMJAX Martin Ratio Rank: 76

CSIEX

CSIEX Risk / Return Rank: 2
CSIEX Sharpe Ratio Rank: 2
CSIEX Sortino Ratio Rank: 2
CSIEX Omega Ratio Rank: 2
CSIEX Calmar Ratio Rank: 2
CSIEX Martin Ratio Rank: 2

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. CSIEX - 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 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.

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.

	CMJAX	CSIEX	Difference
Sharpe ratio: Return per unit of total volatility	1.80	-0.28	+2.08
Sortino ratio: Return per unit of downside risk	2.62	-0.31	+2.93
Omega ratio: Gain probability vs. loss probability	1.32	0.96	+0.35
Calmar ratio: Return relative to maximum drawdown	2.77	-0.26	+3.03
Martin ratio: Return relative to average drawdown	11.09	-0.53	+11.61

CMJAX vs. CSIEX - Sharpe Ratio Comparison

The current CMJAX Sharpe Ratio is 1.80, which is higher than the CSIEX Sharpe Ratio of -0.28. The chart below compares the historical Sharpe Ratios of CMJAX 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.

Drawdowns

CMJAX vs. CSIEX - Drawdown Comparison

The maximum CMJAX drawdown since its inception was -38.09%, smaller than the maximum CSIEX drawdown of -50.81%. Use the drawdown chart below to compare losses from any high point for CMJAX and CSIEX.

Drawdown Indicators

	CMJAX	CSIEX	Difference
Max Drawdown Largest peak-to-trough decline	-38.09%	-50.81%	+12.72%
Max Drawdown (1Y) Largest decline over 1 year	-9.39%	-14.28%	+4.89%
Max Drawdown (3Y) Largest decline over 3 years	-21.53%	-14.87%	-6.66%
Max Drawdown (5Y) Largest decline over 5 years	-28.22%	-25.71%	-2.51%
Max Drawdown (10Y) Largest decline over 10 years	-38.09%	-30.50%	-7.59%
Current Drawdown Current decline from peak	-1.32%	-9.00%	+7.68%
Average Drawdown Average peak-to-trough decline	-6.28%	-6.24%	-0.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.34%	7.05%	-4.71%

Volatility

CMJAX vs. CSIEX - Volatility Comparison

The current volatility for Calvert US Mid-Cap Core Responsible Index Fund Class A (CMJAX) is 3.22%, while Calvert Equity Fund (CSIEX) has a volatility of 5.14%. This indicates that CMJAX experiences smaller price fluctuations and is considered to be less risky than CSIEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CMJAX	CSIEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.22%	5.14%	-1.92%
Volatility (6M) Calculated over the trailing 6-month period	11.19%	10.64%	+0.55%
Volatility (1Y) Calculated over the trailing 1-year period	14.55%	13.18%	+1.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.69%	16.38%	+2.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.51%	17.17%	+2.34%

CMJAX vs. CSIEX - Expense Ratio Comparison

CMJAX has a 0.49% expense ratio, which is lower than CSIEX's 0.91% expense ratio.

Dividends

CMJAX vs. CSIEX - Dividend Comparison

CMJAX's dividend yield for the trailing twelve months is around 3.72%, less than CSIEX's 24.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CMJAX Calvert US Mid-Cap Core Responsible Index Fund Class A	3.72%	4.40%	0.89%	0.84%	0.80%	2.64%	2.43%	1.57%	2.97%	2.81%	1.86%	0.00%
CSIEX Calvert Equity Fund	24.63%	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 CMJAX and CSIEX in my portfolio?

CMJAX and CSIEX have a correlation of 0.62, 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 CSIEX?

CSIEX has higher volatility (5.14%) compared to CMJAX (3.22%). In terms of maximum drawdown, CMJAX dropped -38.09% vs CSIEX's -50.81%.

Which has better risk-adjusted returns?

CMJAX currently has the higher Sharpe Ratio (1.80 vs -0.28), 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.