CVMIX vs. CAAAX

Last updated Jun 24, 2026

CVMIX (Calvert Emerging Markets Equity Fund) and CAAAX (Calvert Growth Allocation Fund) are both mutual funds - CVMIX is a Emerging Markets Diversified fund managed by Calvert Research and Management, while CAAAX is a Diversified Portfolio fund managed by Calvert Research and Management. Over the past 10 years, CVMIX returned 11.54%/yr vs 11.27%/yr for CAAAX. A 0.74 correlation means they provide meaningful diversification when combined. CVMIX charges 0.99%/yr vs 0.43%/yr for CAAAX.

Performance

CVMIX vs. CAAAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calvert Emerging Markets Equity Fund (CVMIX) 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, CVMIX achieves a 35.32% return, which is significantly higher than CAAAX's 11.34% return. Both investments have delivered pretty close results over the past 10 years, with CVMIX having a 11.54% annualized return and CAAAX not far behind at 11.27%.

CVMIX

• 1D: 0.13%
• 1M: 7.79%
• YTD: 35.32%
• 6M: 37.29%
• 1Y: 64.03%
• 3Y*: 25.96%
• 5Y*: 7.64%
• 10Y*: 11.54%

CAAAX

• 1D: -0.18%
• 1M: 2.73%
• YTD: 11.34%
• 6M: 10.75%
• 1Y: 22.98%
• 3Y*: 15.61%
• 5Y*: 7.56%
• 10Y*: 11.27%

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

CVMIX vs. CAAAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CVMIX Calvert Emerging Markets Equity Fund	35.32%	36.77%	6.37%	4.74%	-22.57%	-7.43%	24.88%	22.65%	-15.23%	44.71%
CAAAX Calvert Growth Allocation Fund	11.34%	14.93%	12.56%	15.14%	-18.26%	16.67%	18.55%	27.33%	-7.73%	20.27%

Correlation

The correlation between CVMIX and CAAAX is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since Jan 2, 2013	0.74

The correlation between CVMIX and CAAAX has been stable across timeframes, ranging from 0.73 to 0.76 - a consistent structural relationship.

Return for Risk

CVMIX vs. CAAAX — Risk / Return Rank

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

CVMIX

CVMIX Risk / Return Rank: 88
CVMIX Sharpe Ratio Rank: 92
CVMIX Sortino Ratio Rank: 80
CVMIX Omega Ratio Rank: 86
CVMIX Calmar Ratio Rank: 90
CVMIX Martin Ratio Rank: 92

CAAAX

CAAAX Risk / Return Rank: 52
CAAAX Sharpe Ratio Rank: 52
CAAAX Sortino Ratio Rank: 52
CAAAX Omega Ratio Rank: 50
CAAAX Calmar Ratio Rank: 49
CAAAX Martin Ratio Rank: 59

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.

CVMIX vs. CAAAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calvert Emerging Markets Equity Fund (CVMIX) 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.

	CVMIX	CAAAX	Difference
Sharpe ratio: Return per unit of total volatility	2.88	1.97	+0.91
Sortino ratio: Return per unit of downside risk	3.47	2.77	+0.70
Omega ratio: Gain probability vs. loss probability	1.54	1.36	+0.19
Calmar ratio: Return relative to maximum drawdown	4.33	2.57	+1.76
Martin ratio: Return relative to average drawdown	17.27	11.13	+6.14

CVMIX vs. CAAAX - Sharpe Ratio Comparison

The current CVMIX Sharpe Ratio is 2.88, which is higher than the CAAAX Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of CVMIX 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

CVMIX vs. CAAAX - Drawdown Comparison

The maximum CVMIX drawdown since its inception was -43.96%, smaller than the maximum CAAAX drawdown of -53.45%. Use the drawdown chart below to compare losses from any high point for CVMIX and CAAAX.

Drawdown Indicators

	CVMIX	CAAAX	Difference
Max Drawdown Largest peak-to-trough decline	-43.96%	-53.45%	+9.49%
Max Drawdown (1Y) Largest decline over 1 year	-14.95%	-9.39%	-5.56%
Max Drawdown (3Y) Largest decline over 3 years	-17.48%	-15.37%	-2.11%
Max Drawdown (5Y) Largest decline over 5 years	-39.99%	-25.90%	-14.09%
Max Drawdown (10Y) Largest decline over 10 years	-43.96%	-32.59%	-11.37%
Current Drawdown Current decline from peak	-0.54%	-0.21%	-0.33%
Average Drawdown Average peak-to-trough decline	-14.18%	-8.24%	-5.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.74%	2.16%	+1.58%

Volatility

CVMIX vs. CAAAX - Volatility Comparison

Calvert Emerging Markets Equity Fund (CVMIX) has a higher volatility of 11.90% compared to Calvert Growth Allocation Fund (CAAAX) at 4.88%. This indicates that CVMIX's price experiences larger fluctuations and is considered to be riskier than CAAAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVMIX	CAAAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.90%	4.88%	+7.02%
Volatility (6M) Calculated over the trailing 6-month period	20.40%	10.23%	+10.17%
Volatility (1Y) Calculated over the trailing 1-year period	22.56%	12.28%	+10.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.04%	14.26%	+4.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.73%	15.55%	+3.18%

CVMIX vs. CAAAX - Expense Ratio Comparison

CVMIX has a 0.99% expense ratio, which is higher than CAAAX's 0.43% expense ratio.

Dividends

CVMIX vs. CAAAX - Dividend Comparison

CVMIX's dividend yield for the trailing twelve months is around 1.67%, less than CAAAX's 3.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CAAAX Calvert Growth Allocation Fund	3.59%	4.00%	2.50%	4.47%	2.81%	3.68%	3.34%	3.53%	6.44%	5.57%	5.13%	15.27%
CVMIX Calvert Emerging Markets Equity Fund	1.67%	2.26%	0.63%	0.92%	0.79%	0.76%	0.41%	0.68%	1.24%	0.27%	0.84%	1.26%

Frequently Asked Questions

Can I hold both CVMIX and CAAAX in my portfolio?

CVMIX and CAAAX have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CVMIX or CAAAX?

CVMIX has higher volatility (11.90%) compared to CAAAX (4.88%). In terms of maximum drawdown, CVMIX dropped -43.96% vs CAAAX's -53.45%.

Which has better risk-adjusted returns?

CVMIX currently has the higher Sharpe Ratio (2.88 vs 1.97), 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.