CUBIX vs. WAVLX

Last updated Jun 4, 2026

CUBIX (Calvert Flexible Bond Fund) and WAVLX (Wavelength Interest Rate Neutral Fund) are both Nontraditional Bonds funds. Over the past 10 years, CUBIX returned 4.04%/yr vs 4.23%/yr for WAVLX. A 0.53 correlation means they provide meaningful diversification when combined. CUBIX charges 0.66%/yr vs 0.99%/yr for WAVLX.

Performance

CUBIX vs. WAVLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calvert Flexible Bond Fund (CUBIX) and Wavelength Interest Rate Neutral Fund (WAVLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CUBIX achieves a 0.83% return, which is significantly lower than WAVLX's 3.43% return. Both investments have delivered pretty close results over the past 10 years, with CUBIX having a 4.04% annualized return and WAVLX not far ahead at 4.23%.

CUBIX

• 1D: 0.00%
• 1M: 0.46%
• YTD: 0.83%
• 6M: 1.20%
• 1Y: 5.94%
• 3Y*: 6.84%
• 5Y*: 3.76%
• 10Y*: 4.04%

WAVLX

• 1D: 0.10%
• 1M: 1.10%
• YTD: 3.43%
• 6M: 3.57%
• 1Y: 10.85%
• 3Y*: 7.86%
• 5Y*: 2.88%
• 10Y*: 4.23%

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

CUBIX vs. WAVLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CUBIX Calvert Flexible Bond Fund	0.83%	8.23%	6.56%	7.24%	-4.15%	3.82%	4.12%	7.06%	0.43%	3.30%
WAVLX Wavelength Interest Rate Neutral Fund	3.43%	9.86%	5.21%	7.02%	-11.34%	1.72%	8.29%	13.07%	-1.46%	5.59%

Correlation

The correlation between CUBIX and WAVLX is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (10Y) Calculated over the trailing 10-year period	0.56
Correlation (All Time) Calculated using the full available price history since Oct 2, 2014	0.53

Over the past year, CUBIX and WAVLX have become more correlated (0.77) than their long-term average of 0.53, meaning their price movements have been converging.

Return for Risk

CUBIX vs. WAVLX — Risk / Return Rank

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

CUBIX

CUBIX Risk / Return Rank: 62
CUBIX Sharpe Ratio Rank: 58
CUBIX Sortino Ratio Rank: 76
CUBIX Omega Ratio Rank: 74
CUBIX Calmar Ratio Rank: 49
CUBIX Martin Ratio Rank: 54

WAVLX

WAVLX Risk / Return Rank: 80
WAVLX Sharpe Ratio Rank: 79
WAVLX Sortino Ratio Rank: 81
WAVLX Omega Ratio Rank: 79
WAVLX Calmar Ratio Rank: 80
WAVLX Martin Ratio Rank: 84

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.

CUBIX vs. WAVLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calvert Flexible Bond Fund (CUBIX) and Wavelength Interest Rate Neutral Fund (WAVLX). 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.

	CUBIX	WAVLX	Difference
Sharpe ratio: Return per unit of total volatility	2.25	2.61	-0.36
Sortino ratio: Return per unit of downside risk	3.65	3.85	-0.20
Omega ratio: Gain probability vs. loss probability	1.49	1.52	-0.03
Calmar ratio: Return relative to maximum drawdown	2.67	3.64	-0.97
Martin ratio: Return relative to average drawdown	10.91	15.83	-4.92
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CUBIX vs. WAVLX - Sharpe Ratio Comparison

The current CUBIX Sharpe Ratio is 2.25, which is comparable to the WAVLX Sharpe Ratio of 2.61. The chart below compares the historical Sharpe Ratios of CUBIX and WAVLX, 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

	CUBIX	WAVLX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.25	2.61	-0.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.30	0.52	+0.78
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.44	0.80	+0.64
Sharpe Ratio (All Time) Calculated using the full available price history	1.47	0.65	+0.82

Drawdowns

CUBIX vs. WAVLX - Drawdown Comparison

The maximum CUBIX drawdown since its inception was -14.12%, roughly equal to the maximum WAVLX drawdown of -14.39%. Use the drawdown chart below to compare losses from any high point for CUBIX and WAVLX.

Drawdown Indicators

	CUBIX	WAVLX	Difference
Max Drawdown Largest peak-to-trough decline	-14.12%	-14.39%	+0.27%
Max Drawdown (1Y) Largest decline over 1 year	-2.26%	-3.03%	+0.77%
Max Drawdown (3Y) Largest decline over 3 years	-2.26%	-5.33%	+3.07%
Max Drawdown (5Y) Largest decline over 5 years	-7.48%	-14.39%	+6.91%
Max Drawdown (10Y) Largest decline over 10 years	-14.12%	-14.39%	+0.27%
Current Drawdown Current decline from peak	-0.35%	0.00%	-0.35%
Average Drawdown Average peak-to-trough decline	-0.95%	-2.98%	+2.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.55%	0.69%	-0.14%

Volatility

CUBIX vs. WAVLX - Volatility Comparison

The current volatility for Calvert Flexible Bond Fund (CUBIX) is 1.19%, while Wavelength Interest Rate Neutral Fund (WAVLX) has a volatility of 1.41%. This indicates that CUBIX experiences smaller price fluctuations and is considered to be less risky than WAVLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CUBIX	WAVLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.19%	1.41%	-0.22%
Volatility (6M) Calculated over the trailing 6-month period	2.17%	3.17%	-1.00%
Volatility (1Y) Calculated over the trailing 1-year period	2.69%	4.23%	-1.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.91%	5.58%	-2.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.82%	5.30%	-2.48%

CUBIX vs. WAVLX - Expense Ratio Comparison

CUBIX has a 0.66% expense ratio, which is lower than WAVLX's 0.99% expense ratio.

Dividends

CUBIX vs. WAVLX - Dividend Comparison

CUBIX's dividend yield for the trailing twelve months is around 4.91%, more than WAVLX's 4.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CUBIX Calvert Flexible Bond Fund	4.91%	4.93%	5.50%	3.95%	4.75%	3.58%	2.85%	3.35%	3.33%	3.41%	4.48%	3.25%
WAVLX Wavelength Interest Rate Neutral Fund	4.32%	3.67%	4.41%	4.83%	3.63%	2.83%	2.21%	4.96%	2.65%	2.09%	2.13%	2.18%

Frequently Asked Questions

Can I hold both CUBIX and WAVLX in my portfolio?

CUBIX and WAVLX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CUBIX or WAVLX?

WAVLX has higher volatility (1.41%) compared to CUBIX (1.19%). In terms of maximum drawdown, CUBIX dropped -14.12% vs WAVLX's -14.39%.

Which has better risk-adjusted returns?

WAVLX currently has the higher Sharpe Ratio (2.61 vs 2.25), 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.