CSIEX vs. SPY
CSIEX (Calvert Equity Fund) and SPY (State Street SPDR S&P 500 ETF) are both funds - CSIEX is a Large Cap Growth Equities fund managed by Calvert, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, CSIEX returned 11.82%/yr vs 15.09%/yr for SPY. Their correlation of 0.89 means they have usually moved in the same direction. CSIEX charges 0.91%/yr vs 0.09%/yr for SPY.
Performance
CSIEX vs. SPY - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, CSIEX achieves a -4.70% return, which is significantly lower than SPY's 11.70% return. Over the past 10 years, CSIEX has underperformed SPY with an annualized return of 11.82%, while SPY has yielded a comparatively higher 15.09% annualized return.
CSIEX
- 1D
- -0.33%
- 1M
- 2.19%
- 6M
- -3.82%
- YTD
- -4.70%
- 1Y
- -2.04%
- 3Y*
- 5.33%
- 5Y*
- 3.20%
- 10Y*
- 11.82%
- ALL TIME*
- 8.59%
SPY
- 1D
- 1.42%
- 1M
- 1.73%
- 6M
- 9.53%
- YTD
- 11.70%
- 1Y
- 23.22%
- 3Y*
- 20.74%
- 5Y*
- 13.05%
- 10Y*
- 15.09%
- ALL TIME*
- 10.83%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
CSIEX Calvert Equity Fund | $0.00 | $0.00 | $0.00 |
| $38.19B | $36.17B | $39.59B |
CSIEX vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CSIEX Calvert Equity Fund | -4.70% | 7.27% | 8.35% | 17.93% | -17.61% | 28.90% | 24.26% | 36.46% | 5.03% | 25.78% |
SPY State Street SPDR S&P 500 ETF | 11.70% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Correlation
The correlation between CSIEX and SPY is 0.44, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.44 |
Correlation (3Y) Balances recent behavior with more history. | 0.69 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.81 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.86 |
Correlation (All Time) Calculated using the full available price history since Jan 29, 1993 | 0.89 |
Over the past year, the correlation between CSIEX and SPY has dropped to 0.44 - well below their long-term average of 0.89, suggesting their price drivers have been diverging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
CSIEX vs. SPY — Risk / Return Rank
CSIEX
SPY
CSIEX vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Calvert Equity Fund (CSIEX) and State Street SPDR S&P 500 ETF (SPY). 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.
| CSIEX | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.03 | ||
| Sortino ratioReturn per unit of downside risk | -2.71 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.32 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | -0.20 | 2.62 | -2.83 |
| Martin ratioReturn relative to average drawdown | -0.40 | 11.20 | -11.59 |
Loading charts...
Drawdowns
CSIEX vs. SPY - Drawdown Comparison
The maximum CSIEX drawdown since its inception was -50.81%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for CSIEX and SPY.
Loading charts...
Drawdown Indicators
| CSIEX | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -50.81% | -55.19% | +4.38% |
Max Drawdown (1Y)Largest decline over 1 year | -14.28% | -8.88% | -5.40% |
Max Drawdown (3Y)Largest decline over 3 years | -14.87% | -18.76% | +3.89% |
Max Drawdown (5Y)Largest decline over 5 years | -25.71% | -24.50% | -1.21% |
Max Drawdown (10Y)Largest decline over 10 years | -30.50% | -33.72% | +3.22% |
Current DrawdownCurrent decline from peak | -6.99% | 0.00% | -6.99% |
Average DrawdownAverage peak-to-trough decline | -6.25% | -9.01% | +2.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.26% | 2.08% | +5.18% |
Volatility
CSIEX vs. SPY - Volatility Comparison
Calvert Equity Fund (CSIEX) has a higher volatility of 5.37% compared to State Street SPDR S&P 500 ETF (SPY) at 3.84%. This indicates that CSIEX's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| CSIEX | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.37% | 3.84% | +1.53% |
Volatility (6M)Calculated over the trailing 6-month period | 11.18% | 10.23% | +0.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.69% | 12.87% | +0.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.45% | 17.19% | -0.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.22% | 17.96% | -0.74% |
CSIEX vs. SPY - Expense Ratio Comparison
CSIEX has a 0.91% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
CSIEX vs. SPY - Dividend Comparison
CSIEX's dividend yield for the trailing twelve months is around 24.10%, more than SPY's 0.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CSIEX Calvert Equity Fund | 24.10% | 22.97% | 8.74% | 1.79% | 3.40% | 3.56% | 2.70% | 2.87% | 8.78% | 8.10% | 11.30% | 25.62% |
SPY State Street SPDR S&P 500 ETF | 0.99% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
CSIEX and SPY have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CSIEX has higher volatility (5.37%) compared to SPY (3.84%). In terms of maximum drawdown, CSIEX dropped -50.81% vs SPY's -55.19%.
SPY currently has the higher Sharpe Ratio (1.82 vs -0.21), 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.
Find the right allocation for CSIEX and SPY
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer