CSIFX vs. VTMFX

Last updated Jun 24, 2026

CSIFX (Calvert Balanced Fund) and VTMFX (Vanguard Tax-Managed Balanced Fund Admiral Shares) are both Diversified Portfolio funds. Over the past 10 years, CSIFX returned 9.62%/yr vs 8.70%/yr for VTMFX. With a 0.95 correlation, they move nearly in lockstep. CSIFX charges 0.91%/yr vs 0.05%/yr for VTMFX.

Performance

CSIFX vs. VTMFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calvert Balanced Fund (CSIFX) and Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CSIFX achieves a 3.16% return, which is significantly lower than VTMFX's 5.23% return. Over the past 10 years, CSIFX has outperformed VTMFX with an annualized return of 9.62%, while VTMFX has yielded a comparatively lower 8.70% annualized return.

CSIFX

• 1D: -0.43%
• 1M: 0.08%
• YTD: 3.16%
• 6M: 2.75%
• 1Y: 12.60%
• 3Y*: 13.89%
• 5Y*: 7.42%
• 10Y*: 9.62%

VTMFX

• 1D: -0.19%
• 1M: 0.76%
• YTD: 5.23%
• 6M: 4.83%
• 1Y: 14.99%
• 3Y*: 12.08%
• 5Y*: 7.01%
• 10Y*: 8.70%

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

CSIFX vs. VTMFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CSIFX Calvert Balanced Fund	3.16%	11.32%	18.96%	16.35%	-15.33%	14.30%	15.43%	23.71%	-2.75%	10.72%
VTMFX Vanguard Tax-Managed Balanced Fund Admiral Shares	5.23%	11.28%	12.17%	15.55%	-12.69%	13.10%	13.31%	18.01%	-1.40%	12.61%

Correlation

The correlation between CSIFX and VTMFX is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Sep 6, 1994	0.95

The correlation between CSIFX and VTMFX has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

Return for Risk

CSIFX vs. VTMFX — Risk / Return Rank

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

CSIFX

CSIFX Risk / Return Rank: 30
CSIFX Sharpe Ratio Rank: 31
CSIFX Sortino Ratio Rank: 31
CSIFX Omega Ratio Rank: 31
CSIFX Calmar Ratio Rank: 23
CSIFX Martin Ratio Rank: 34

VTMFX

VTMFX Risk / Return Rank: 76
VTMFX Sharpe Ratio Rank: 80
VTMFX Sortino Ratio Rank: 78
VTMFX Omega Ratio Rank: 78
VTMFX Calmar Ratio Rank: 63
VTMFX Martin Ratio Rank: 78

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.

CSIFX vs. VTMFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calvert Balanced Fund (CSIFX) and Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX). 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.

	CSIFX	VTMFX	Difference
Sharpe ratio: Return per unit of total volatility	1.49	2.43	-0.94
Sortino ratio: Return per unit of downside risk	2.14	3.42	-1.28
Omega ratio: Gain probability vs. loss probability	1.27	1.46	-0.19
Calmar ratio: Return relative to maximum drawdown	1.67	2.91	-1.24
Martin ratio: Return relative to average drawdown	7.16	13.60	-6.45

CSIFX vs. VTMFX - Sharpe Ratio Comparison

The current CSIFX Sharpe Ratio is 1.49, which is lower than the VTMFX Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of CSIFX and VTMFX, 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

CSIFX vs. VTMFX - Drawdown Comparison

The maximum CSIFX drawdown since its inception was -38.68%, which is greater than VTMFX's maximum drawdown of -28.49%. Use the drawdown chart below to compare losses from any high point for CSIFX and VTMFX.

Drawdown Indicators

	CSIFX	VTMFX	Difference
Max Drawdown Largest peak-to-trough decline	-38.68%	-28.49%	-10.19%
Max Drawdown (1Y) Largest decline over 1 year	-7.98%	-5.38%	-2.60%
Max Drawdown (3Y) Largest decline over 3 years	-11.86%	-10.61%	-1.25%
Max Drawdown (5Y) Largest decline over 5 years	-19.95%	-17.40%	-2.55%
Max Drawdown (10Y) Largest decline over 10 years	-23.77%	-21.87%	-1.90%
Current Drawdown Current decline from peak	-0.92%	-0.75%	-0.17%
Average Drawdown Average peak-to-trough decline	-5.30%	-3.54%	-1.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.86%	1.15%	+0.71%

Volatility

CSIFX vs. VTMFX - Volatility Comparison

Calvert Balanced Fund (CSIFX) has a higher volatility of 3.38% compared to Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX) at 2.45%. This indicates that CSIFX's price experiences larger fluctuations and is considered to be riskier than VTMFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CSIFX	VTMFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.38%	2.45%	+0.93%
Volatility (6M) Calculated over the trailing 6-month period	7.30%	5.18%	+2.12%
Volatility (1Y) Calculated over the trailing 1-year period	8.97%	6.46%	+2.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.96%	8.57%	+2.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.11%	9.15%	+1.96%

CSIFX vs. VTMFX - Expense Ratio Comparison

CSIFX has a 0.91% expense ratio, which is higher than VTMFX's 0.05% expense ratio.

Dividends

CSIFX vs. VTMFX - Dividend Comparison

CSIFX's dividend yield for the trailing twelve months is around 4.33%, more than VTMFX's 2.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSIFX Calvert Balanced Fund	4.33%	4.76%	5.23%	2.37%	2.32%	7.61%	2.43%	3.45%	5.25%	7.41%	2.68%	12.56%
VTMFX Vanguard Tax-Managed Balanced Fund Admiral Shares	2.12%	2.14%	2.08%	1.94%	1.85%	1.38%	1.72%	2.05%	2.22%	2.00%	2.13%	2.06%

Frequently Asked Questions

Can I hold both CSIFX and VTMFX in my portfolio?

With a correlation of 0.96, CSIFX and VTMFX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, CSIFX or VTMFX?

CSIFX has higher volatility (3.38%) compared to VTMFX (2.45%). In terms of maximum drawdown, CSIFX dropped -38.68% vs VTMFX's -28.49%.

Which has better risk-adjusted returns?

VTMFX currently has the higher Sharpe Ratio (2.43 vs 1.49), 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.