FRA vs. CFOIX

Last updated Aug 4, 2026

FRA (BlackRock Floating Rate Income Strategies Fund Inc) and CFOIX (Calvert Floating-Rate Advantage Fund) are both Bank Loan funds. Their 0.27 correlation means their historical movements had little consistent relationship. FRA charges 2.17%/yr vs 0.78%/yr for CFOIX.

Performance

FRA vs. CFOIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Floating Rate Income Strategies Fund Inc (FRA) and Calvert Floating-Rate Advantage Fund (CFOIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FRA

• 1D: 0.18%
• 1M: 0.41%
• 6M: -0.75%
• YTD: -0.58%
• 1Y: -6.80%
• 3Y*: 7.37%
• 5Y*: 6.05%
• 10Y*: 6.34%
• ALL TIME*: 5.13%

CFOIX

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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)
FRA BlackRock Floating Rate Income Strategies Fund Inc	$1.48M	$1.59M	$1.48M

FRA vs. CFOIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FRA BlackRock Floating Rate Income Strategies Fund Inc	-0.58%	-3.75%	21.56%	25.46%	-10.59%	17.81%	-2.38%	20.82%	-12.89%
CFOIX Calvert Floating-Rate Advantage Fund	0.15%	3.48%	8.92%	12.09%	-4.21%	4.37%	0.62%	9.36%	-2.14%

Correlation

The correlation between FRA and CFOIX is 0.07, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.07
Correlation (3Y) Balances recent behavior with more history.	0.18
Correlation (5Y) Shows whether the relationship held over a longer period.	0.24
Correlation (All Time) Calculated using the full available price history since Feb 28, 2018	0.27

The correlation between FRA and CFOIX shifts across timeframes, from 0.07 (1 year) to 0.27 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FRA vs. CFOIX — Risk / Return Rank

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

FRA

FRA Risk / Return Rank: 1
FRA Sharpe Ratio Rank: 1
FRA Sortino Ratio Rank: 1
FRA Omega Ratio Rank: 1
FRA Calmar Ratio Rank: 1
FRA Martin Ratio Rank: 1

CFOIX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

FRA vs. CFOIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Floating Rate Income Strategies Fund Inc (FRA) and Calvert Floating-Rate Advantage Fund (CFOIX). 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.

	FRA	CFOIX	Difference
Sharpe ratio: Return per unit of total volatility	-0.68	—	—
Sortino ratio: Return per unit of downside risk	-0.92	—	—
Omega ratio: Gain probability vs. loss probability	0.89	—	—
Calmar ratio: Return relative to maximum drawdown	-0.44	—	—
Martin ratio: Return relative to average drawdown	-0.81	—	—

Drawdowns

Drawdown Indicators

	FRA	CFOIX	Difference
Max Drawdown Largest peak-to-trough decline	-51.43%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-15.47%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-18.77%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-18.77%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-42.80%	—	—
Current Drawdown Current decline from peak	-9.05%	—	—
Average Drawdown Average peak-to-trough decline	-7.23%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	8.46%	—	—

Volatility

Volatility by Period

	FRA	CFOIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.89%	—	—
Volatility (6M) Calculated over the trailing 6-month period	7.98%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	10.07%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.85%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.52%	—	—

FRA vs. CFOIX - Expense Ratio Comparison

FRA has a 2.17% expense ratio, which is higher than CFOIX's 0.78% expense ratio.

Dividends

FRA vs. CFOIX - Dividend Comparison

FRA's dividend yield for the trailing twelve months is around 13.71%, more than CFOIX's 4.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CFOIX Calvert Floating-Rate Advantage Fund	4.88%	6.88%	8.62%	7.42%	5.02%	3.96%	4.23%	5.05%	4.20%	0.00%	0.00%	0.00%
FRA BlackRock Floating Rate Income Strategies Fund Inc	13.71%	12.62%	10.81%	10.44%	6.88%	5.96%	7.61%	6.44%	6.90%	5.31%	5.65%	6.17%

Frequently Asked Questions

Can I hold both FRA and CFOIX in my portfolio?

FRA and CFOIX have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.