CSTAX vs. CFAIX

Last updated Jun 4, 2026

CSTAX (American Funds College 2027 Fund) and CFAIX (Calvert Conservative Allocation Fund Class I) are both Diversified Portfolio funds. Over the past 5 years, CSTAX returned 2.83%/yr vs 3.94%/yr for CFAIX. Their correlation of 0.90 suggests significant overlap in exposure. CSTAX charges 0.41%/yr vs 0.66%/yr for CFAIX.

Performance

CSTAX vs. CFAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American Funds College 2027 Fund (CSTAX) and Calvert Conservative Allocation Fund Class I (CFAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CSTAX achieves a 1.47% return, which is significantly lower than CFAIX's 4.59% return.

CSTAX

• 1D: 0.08%
• 1M: 0.65%
• YTD: 1.47%
• 6M: 1.68%
• 1Y: 6.99%
• 3Y*: 6.87%
• 5Y*: 2.83%
• 10Y*: 4.99%

CFAIX

• 1D: 0.15%
• 1M: 2.66%
• YTD: 4.59%
• 6M: 4.75%
• 1Y: 12.27%
• 3Y*: 9.23%
• 5Y*: 3.94%
• 10Y*: —

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

CSTAX vs. CFAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CSTAX American Funds College 2027 Fund	1.47%	9.00%	5.57%	6.57%	-9.87%	6.52%	7.66%	13.35%	-2.23%	11.49%
CFAIX Calvert Conservative Allocation Fund Class I	4.59%	10.50%	6.65%	10.34%	-14.13%	7.92%	12.51%	15.89%	-2.54%	8.20%

Correlation

The correlation between CSTAX and CFAIX is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (All Time) Calculated using the full available price history since Jan 4, 2017	0.90

The correlation between CSTAX and CFAIX has been stable across timeframes, ranging from 0.87 to 0.90 - a consistent structural relationship.

Return for Risk

CSTAX vs. CFAIX — Risk / Return Rank

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

CSTAX

CSTAX Risk / Return Rank: 60
CSTAX Sharpe Ratio Rank: 64
CSTAX Sortino Ratio Rank: 71
CSTAX Omega Ratio Rank: 70
CSTAX Calmar Ratio Rank: 47
CSTAX Martin Ratio Rank: 49

CFAIX

CFAIX Risk / Return Rank: 53
CFAIX Sharpe Ratio Rank: 53
CFAIX Sortino Ratio Rank: 56
CFAIX Omega Ratio Rank: 57
CFAIX Calmar Ratio Rank: 43
CFAIX Martin Ratio Rank: 55

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.

CSTAX vs. CFAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American Funds College 2027 Fund (CSTAX) and Calvert Conservative Allocation Fund Class I (CFAIX). 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.

	CSTAX	CFAIX	Difference
Sharpe ratio: Return per unit of total volatility	2.34	2.16	+0.18
Sortino ratio: Return per unit of downside risk	3.52	3.18	+0.34
Omega ratio: Gain probability vs. loss probability	1.47	1.42	+0.05
Calmar ratio: Return relative to maximum drawdown	2.61	2.50	+0.12
Martin ratio: Return relative to average drawdown	10.06	11.22	-1.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CSTAX vs. CFAIX - Sharpe Ratio Comparison

The current CSTAX Sharpe Ratio is 2.34, which is comparable to the CFAIX Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of CSTAX and CFAIX, 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

	CSTAX	CFAIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.34	2.16	+0.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	0.55	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.86	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.88	0.87	0.00

Drawdowns

CSTAX vs. CFAIX - Drawdown Comparison

The maximum CSTAX drawdown since its inception was -14.52%, smaller than the maximum CFAIX drawdown of -18.74%. Use the drawdown chart below to compare losses from any high point for CSTAX and CFAIX.

Drawdown Indicators

	CSTAX	CFAIX	Difference
Max Drawdown Largest peak-to-trough decline	-14.52%	-18.74%	+4.22%
Max Drawdown (1Y) Largest decline over 1 year	-2.72%	-5.01%	+2.29%
Max Drawdown (3Y) Largest decline over 3 years	-4.89%	-7.83%	+2.94%
Max Drawdown (5Y) Largest decline over 5 years	-14.52%	-18.74%	+4.22%
Max Drawdown (10Y) Largest decline over 10 years	-14.52%	—	—
Current Drawdown Current decline from peak	-0.40%	0.00%	-0.40%
Average Drawdown Average peak-to-trough decline	-2.35%	-3.26%	+0.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.70%	1.11%	-0.41%

Volatility

CSTAX vs. CFAIX - Volatility Comparison

The current volatility for American Funds College 2027 Fund (CSTAX) is 1.11%, while Calvert Conservative Allocation Fund Class I (CFAIX) has a volatility of 2.20%. This indicates that CSTAX experiences smaller price fluctuations and is considered to be less risky than CFAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CSTAX	CFAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.11%	2.20%	-1.09%
Volatility (6M) Calculated over the trailing 6-month period	2.32%	4.80%	-2.48%
Volatility (1Y) Calculated over the trailing 1-year period	3.03%	5.79%	-2.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.16%	7.16%	-2.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.79%	6.92%	-1.13%

CSTAX vs. CFAIX - Expense Ratio Comparison

CSTAX has a 0.41% expense ratio, which is lower than CFAIX's 0.66% expense ratio.

Dividends

CSTAX vs. CFAIX - Dividend Comparison

CSTAX's dividend yield for the trailing twelve months is around 5.19%, more than CFAIX's 3.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CFAIX Calvert Conservative Allocation Fund Class I	3.37%	3.56%	3.62%	3.48%	2.48%	5.55%	4.39%	4.38%	5.10%	2.39%	0.00%	0.00%
CSTAX American Funds College 2027 Fund	5.19%	5.26%	3.78%	3.17%	3.40%	7.52%	5.72%	4.00%	4.78%	3.90%	4.34%	4.49%

Frequently Asked Questions

Can I hold both CSTAX and CFAIX in my portfolio?

CSTAX and CFAIX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CSTAX or CFAIX?

CFAIX has higher volatility (2.20%) compared to CSTAX (1.11%). In terms of maximum drawdown, CSTAX dropped -14.52% vs CFAIX's -18.74%.

Which has better risk-adjusted returns?

CSTAX currently has the higher Sharpe Ratio (2.34 vs 2.16), 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.