CULAX vs. SPY
Compare and contrast key facts about Calvert Ultra-Short Duration Income Fund (CULAX) and State Street SPDR S&P 500 ETF (SPY).
CULAX is managed by Calvert Research and Management. It was launched on Oct 31, 2006. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993.
Performance
CULAX vs. SPY - Performance Comparison
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CULAX vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CULAX Calvert Ultra-Short Duration Income Fund | 0.31% | 4.55% | 5.69% | 6.07% | -0.56% | 0.43% | 0.66% | 3.30% | 1.15% | 1.27% |
SPY State Street SPDR S&P 500 ETF | -4.37% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Returns By Period
In the year-to-date period, CULAX achieves a 0.31% return, which is significantly higher than SPY's -4.37% return. Over the past 10 years, CULAX has underperformed SPY with an annualized return of 2.43%, while SPY has yielded a comparatively higher 13.98% annualized return.
CULAX
- 1D
- 0.00%
- 1M
- -0.30%
- YTD
- 0.31%
- 6M
- 1.41%
- 1Y
- 3.71%
- 3Y*
- 5.07%
- 5Y*
- 3.22%
- 10Y*
- 2.43%
SPY
- 1D
- 2.91%
- 1M
- -4.94%
- YTD
- -4.37%
- 6M
- -1.82%
- 1Y
- 17.59%
- 3Y*
- 18.19%
- 5Y*
- 11.69%
- 10Y*
- 13.98%
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CULAX vs. SPY - Expense Ratio Comparison
CULAX has a 0.72% expense ratio, which is higher than SPY's 0.09% expense ratio.
Return for Risk
CULAX vs. SPY — Risk / Return Rank
CULAX
SPY
CULAX vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Calvert Ultra-Short Duration Income Fund (CULAX) 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.
| CULAX | SPY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.95 | 0.93 | +2.03 |
Sortino ratioReturn per unit of downside risk | 9.42 | 1.45 | +7.96 |
Omega ratioGain probability vs. loss probability | 3.22 | 1.22 | +1.99 |
Calmar ratioReturn relative to maximum drawdown | 13.55 | 1.53 | +12.03 |
Martin ratioReturn relative to average drawdown | 45.47 | 7.30 | +38.17 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CULAX | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.95 | 0.93 | +2.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 2.45 | 0.69 | +1.76 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.74 | 0.78 | +0.95 |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.05 | 0.56 | +1.49 |
Correlation
The correlation between CULAX and SPY is 0.09, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
CULAX vs. SPY - Dividend Comparison
CULAX's dividend yield for the trailing twelve months is around 3.64%, more than SPY's 1.14% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CULAX Calvert Ultra-Short Duration Income Fund | 3.64% | 4.13% | 4.90% | 4.52% | 1.47% | 0.64% | 1.25% | 2.44% | 2.10% | 1.13% | 1.10% | 0.66% |
SPY State Street SPDR S&P 500 ETF | 1.14% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Drawdowns
CULAX vs. SPY - Drawdown Comparison
The maximum CULAX drawdown since its inception was -7.40%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for CULAX and SPY.
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Drawdown Indicators
| CULAX | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -7.40% | -55.19% | +47.79% |
Max Drawdown (1Y)Largest decline over 1 year | -0.30% | -12.05% | +11.75% |
Max Drawdown (5Y)Largest decline over 5 years | -2.19% | -24.50% | +22.31% |
Max Drawdown (10Y)Largest decline over 10 years | -7.40% | -33.72% | +26.32% |
Current DrawdownCurrent decline from peak | -0.30% | -6.24% | +5.94% |
Average DrawdownAverage peak-to-trough decline | -0.21% | -9.09% | +8.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.09% | 2.52% | -2.43% |
Volatility
CULAX vs. SPY - Volatility Comparison
The current volatility for Calvert Ultra-Short Duration Income Fund (CULAX) is 0.17%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 5.31%. This indicates that CULAX experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CULAX | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.17% | 5.31% | -5.14% |
Volatility (6M)Calculated over the trailing 6-month period | 0.87% | 9.47% | -8.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.39% | 19.05% | -17.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.32% | 17.06% | -15.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.41% | 17.92% | -16.51% |