CSDAX vs. CFICX

Last updated Jun 3, 2026

CSDAX (Calvert Short Duration Income Fund) and CFICX (Calvert Income Fund) are both mutual funds - CSDAX is a Short-Term Bond fund managed by Calvert Research and Management, while CFICX is a Corporate Bonds fund managed by Calvert Research and Management. Over the past 10 years, CSDAX returned 2.73%/yr vs 3.00%/yr for CFICX. A 0.79 correlation means they provide meaningful diversification when combined. CSDAX charges 0.76%/yr vs 0.92%/yr for CFICX.

Performance

CSDAX vs. CFICX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calvert Short Duration Income Fund (CSDAX) and Calvert Income Fund (CFICX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CSDAX achieves a 0.75% return, which is significantly higher than CFICX's 0.52% return. Over the past 10 years, CSDAX has underperformed CFICX with an annualized return of 2.73%, while CFICX has yielded a comparatively higher 3.00% annualized return.

CSDAX

• 1D: -0.06%
• 1M: 0.22%
• YTD: 0.75%
• 6M: 1.18%
• 1Y: 4.56%
• 3Y*: 5.29%
• 5Y*: 2.50%
• 10Y*: 2.73%

CFICX

• 1D: -0.13%
• 1M: 0.18%
• YTD: 0.52%
• 6M: 0.79%
• 1Y: 6.30%
• 3Y*: 6.10%
• 5Y*: 1.02%
• 10Y*: 3.00%

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

CSDAX vs. CFICX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CSDAX Calvert Short Duration Income Fund	0.75%	6.22%	5.00%	6.58%	-5.36%	0.88%	4.52%	6.21%	0.05%	2.17%
CFICX Calvert Income Fund	0.52%	8.94%	4.11%	7.61%	-16.07%	1.71%	8.26%	14.75%	-3.36%	6.57%

Correlation

The correlation between CSDAX and CFICX is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since Feb 1, 2002	0.79

The correlation between CSDAX and CFICX has been stable across timeframes, ranging from 0.79 to 0.89 - a consistent structural relationship.

Return for Risk

CSDAX vs. CFICX — Risk / Return Rank

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

CSDAX

CSDAX Risk / Return Rank: 71
CSDAX Sharpe Ratio Rank: 58
CSDAX Sortino Ratio Rank: 87
CSDAX Omega Ratio Rank: 76
CSDAX Calmar Ratio Rank: 72
CSDAX Martin Ratio Rank: 64

CFICX

CFICX Risk / Return Rank: 33
CFICX Sharpe Ratio Rank: 32
CFICX Sortino Ratio Rank: 36
CFICX Omega Ratio Rank: 33
CFICX Calmar Ratio Rank: 32
CFICX Martin Ratio Rank: 31

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.

CSDAX vs. CFICX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calvert Short Duration Income Fund (CSDAX) and Calvert Income Fund (CFICX). 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.

	CSDAX	CFICX	Difference
Sharpe ratio Return per unit of total volatility	2.24	1.65	+0.59
Sortino ratio Return per unit of downside risk	4.13	2.53	+1.60
Omega ratio Gain probability vs. loss probability	1.50	1.30	+0.19
Calmar ratio Return relative to maximum drawdown	3.28	2.17	+1.11
Martin ratio Return relative to average drawdown	12.52	7.30	+5.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CSDAX vs. CFICX - Sharpe Ratio Comparison

The current CSDAX Sharpe Ratio is 2.24, which is higher than the CFICX Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of CSDAX and CFICX, 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

	CSDAX	CFICX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.24	1.65	+0.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.05	0.18	+0.87
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.19	0.58	+0.61
Sharpe Ratio (All Time) Calculated using the full available price history	1.70	1.00	+0.70

Drawdowns

CSDAX vs. CFICX - Drawdown Comparison

The maximum CSDAX drawdown since its inception was -9.96%, smaller than the maximum CFICX drawdown of -21.28%. Use the drawdown chart below to compare losses from any high point for CSDAX and CFICX.

Drawdown Indicators

	CSDAX	CFICX	Difference
Max Drawdown Largest peak-to-trough decline	-9.96%	-21.28%	+11.32%
Max Drawdown (1Y) Largest decline over 1 year	-1.51%	-3.08%	+1.57%
Max Drawdown (3Y) Largest decline over 3 years	-1.51%	-6.11%	+4.60%
Max Drawdown (5Y) Largest decline over 5 years	-8.14%	-21.28%	+13.14%
Max Drawdown (10Y) Largest decline over 10 years	-9.96%	-21.28%	+11.32%
Current Drawdown Current decline from peak	-0.21%	-1.15%	+0.94%
Average Drawdown Average peak-to-trough decline	-0.71%	-3.46%	+2.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.40%	0.92%	-0.52%

Volatility

CSDAX vs. CFICX - Volatility Comparison

The current volatility for Calvert Short Duration Income Fund (CSDAX) is 0.67%, while Calvert Income Fund (CFICX) has a volatility of 1.50%. This indicates that CSDAX experiences smaller price fluctuations and is considered to be less risky than CFICX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CSDAX	CFICX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.67%	1.50%	-0.83%
Volatility (6M) Calculated over the trailing 6-month period	1.51%	2.84%	-1.33%
Volatility (1Y) Calculated over the trailing 1-year period	2.02%	3.70%	-1.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.39%	5.64%	-3.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.31%	5.22%	-2.91%

CSDAX vs. CFICX - Expense Ratio Comparison

CSDAX has a 0.76% expense ratio, which is lower than CFICX's 0.92% expense ratio.

Dividends

CSDAX vs. CFICX - Dividend Comparison

CSDAX's dividend yield for the trailing twelve months is around 4.35%, less than CFICX's 4.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CFICX Calvert Income Fund	4.75%	4.86%	4.91%	4.05%	3.22%	2.70%	2.96%	3.25%	3.60%	2.96%	3.23%	2.87%
CSDAX Calvert Short Duration Income Fund	4.35%	4.42%	4.28%	3.24%	1.95%	2.25%	2.58%	2.79%	2.67%	1.84%	2.07%	1.84%

Frequently Asked Questions

Can I hold both CSDAX and CFICX in my portfolio?

CSDAX and CFICX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CSDAX or CFICX?

CFICX has higher volatility (1.50%) compared to CSDAX (0.67%). In terms of maximum drawdown, CSDAX dropped -9.96% vs CFICX's -21.28%.

Which has better risk-adjusted returns?

CSDAX currently has the higher Sharpe Ratio (2.24 vs 1.65), 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.