CTTLX vs. CAAAX

Last updated Aug 1, 2026

CTTLX (Calvert Responsible Municipal Income Fund) and CAAAX (Calvert Growth Allocation Fund) are both mutual funds - CTTLX is a Municipal Bonds fund managed by Calvert, while CAAAX is a Diversified Portfolio fund managed by Calvert. Over the past 10 years, CTTLX returned 1.66%/yr vs 10.47%/yr for CAAAX. Their -0.05 correlation means they have often moved in opposite directions in the past. CTTLX charges 0.75%/yr vs 0.43%/yr for CAAAX.

Performance

CTTLX vs. CAAAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calvert Responsible Municipal Income Fund (CTTLX) and Calvert Growth Allocation Fund (CAAAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CTTLX achieves a 0.18% return, which is significantly lower than CAAAX's 9.81% return. Over the past 10 years, CTTLX has underperformed CAAAX with an annualized return of 1.66%, while CAAAX has yielded a comparatively higher 10.47% annualized return.

CTTLX

• 1D: -0.26%
• 1M: -2.13%
• 6M: -0.53%
• YTD: 0.18%
• 1Y: 5.04%
• 3Y*: 3.33%
• 5Y*: 0.51%
• 10Y*: 1.66%
• ALL TIME*: 3.38%

CAAAX

• 1D: 1.76%
• 1M: -0.86%
• 6M: 7.51%
• YTD: 9.81%
• 1Y: 19.44%
• 3Y*: 13.29%
• 5Y*: 6.85%
• 10Y*: 10.47%
• ALL TIME*: 7.60%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CAAAX Calvert Growth Allocation Fund	$0.00	$0.00	$0.00
CTTLX Calvert Responsible Municipal Income Fund	$0.00	$0.00	$0.00

CTTLX vs. CAAAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CTTLX Calvert Responsible Municipal Income Fund	0.18%	5.18%	1.93%	5.00%	-8.48%	0.20%	4.38%	7.45%	0.54%	5.00%
CAAAX Calvert Growth Allocation Fund	9.81%	14.93%	12.56%	15.14%	-18.26%	16.67%	18.55%	27.33%	-7.73%	20.27%

Correlation

The correlation between CTTLX and CAAAX is 0.30, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.30
Correlation (3Y) Balances recent behavior with more history.	0.23
Correlation (5Y) Shows whether the relationship held over a longer period.	0.20
Correlation (10Y) Provides a long-term view across more market conditions.	0.07
Correlation (All Time) Calculated using the full available price history since Jun 30, 2005	-0.05

The correlation between CTTLX and CAAAX shifts across timeframes, from -0.05 (all time) to 0.30 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

CTTLX vs. CAAAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CTTLX

CTTLX Risk / Return Rank: 72
CTTLX Sharpe Ratio Rank: 86
CTTLX Sortino Ratio Rank: 86
CTTLX Omega Ratio Rank: 91
CTTLX Calmar Ratio Rank: 53
CTTLX Martin Ratio Rank: 43

CAAAX

CAAAX Risk / Return Rank: 53
CAAAX Sharpe Ratio Rank: 53
CAAAX Sortino Ratio Rank: 53
CAAAX Omega Ratio Rank: 50
CAAAX Calmar Ratio Rank: 50
CAAAX Martin Ratio Rank: 62

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CTTLX vs. CAAAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calvert Responsible Municipal Income Fund (CTTLX) and Calvert Growth Allocation Fund (CAAAX). 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.

	CTTLX	CAAAX	Difference
Sharpe ratio: Return per unit of total volatility	2.15	1.38	+0.78
Sortino ratio: Return per unit of downside risk	3.15	1.98	+1.17
Omega ratio: Gain probability vs. loss probability	1.50	1.25	+0.25
Calmar ratio: Return relative to maximum drawdown	2.01	1.85	+0.16
Martin ratio: Return relative to average drawdown	6.50	7.91	-1.41

CTTLX vs. CAAAX - Sharpe Ratio Comparison

The current CTTLX Sharpe Ratio is 2.15, which is higher than the CAAAX Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of CTTLX and CAAAX, 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

CTTLX vs. CAAAX - Drawdown Comparison

The maximum CTTLX drawdown since its inception was -13.21%, smaller than the maximum CAAAX drawdown of -53.45%. Use the drawdown chart below to compare losses from any high point for CTTLX and CAAAX.

Drawdown Indicators

	CTTLX	CAAAX	Difference
Max Drawdown Largest peak-to-trough decline	-13.21%	-53.45%	+40.24%
Max Drawdown (1Y) Largest decline over 1 year	-2.94%	-9.39%	+6.45%
Max Drawdown (3Y) Largest decline over 3 years	-5.09%	-15.37%	+10.28%
Max Drawdown (5Y) Largest decline over 5 years	-13.21%	-25.90%	+12.69%
Max Drawdown (10Y) Largest decline over 10 years	-13.21%	-32.59%	+19.38%
Current Drawdown Current decline from peak	-2.13%	-1.73%	-0.40%
Average Drawdown Average peak-to-trough decline	-2.01%	-8.20%	+6.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.91%	2.20%	-1.29%

Volatility

CTTLX vs. CAAAX - Volatility Comparison

The current volatility for Calvert Responsible Municipal Income Fund (CTTLX) is 0.99%, while Calvert Growth Allocation Fund (CAAAX) has a volatility of 3.53%. This indicates that CTTLX experiences smaller price fluctuations and is considered to be less risky than CAAAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CTTLX	CAAAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.99%	3.53%	-2.54%
Volatility (6M) Calculated over the trailing 6-month period	2.26%	10.63%	-8.37%
Volatility (1Y) Calculated over the trailing 1-year period	2.75%	12.66%	-9.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.74%	14.30%	-10.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.84%	15.48%	-11.64%

CTTLX vs. CAAAX - Expense Ratio Comparison

CTTLX has a 0.75% expense ratio, which is higher than CAAAX's 0.43% expense ratio.

Dividends

CTTLX vs. CAAAX - Dividend Comparison

CTTLX's dividend yield for the trailing twelve months is around 2.95%, less than CAAAX's 3.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CAAAX Calvert Growth Allocation Fund	3.64%	4.00%	2.50%	4.47%	2.81%	3.68%	3.34%	3.53%	6.44%	5.57%	5.13%	15.27%
CTTLX Calvert Responsible Municipal Income Fund	2.95%	3.99%	3.29%	2.21%	1.43%	1.04%	1.43%	2.46%	2.44%	2.57%	2.71%	2.62%

Frequently Asked Questions

Can I hold both CTTLX and CAAAX in my portfolio?

CTTLX and CAAAX have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CTTLX or CAAAX?

CAAAX has higher volatility (3.53%) compared to CTTLX (0.99%). In terms of maximum drawdown, CTTLX dropped -13.21% vs CAAAX's -53.45%.

Which has better risk-adjusted returns?

CTTLX currently has the higher Sharpe Ratio (2.15 vs 1.38), 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.