MCBDX vs. CLDAX

Last updated Jun 24, 2026

MCBDX (MassMutual Core Bond Fund) and CLDAX (Calvert Core Bond Fund) are both Intermediate Core Bond funds. Over the past 10 years, MCBDX returned 5.31%/yr vs 2.92%/yr for CLDAX. Their correlation of 0.88 suggests significant overlap in exposure. MCBDX charges 0.52%/yr vs 0.74%/yr for CLDAX.

Performance

MCBDX vs. CLDAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MassMutual Core Bond Fund (MCBDX) and Calvert Core Bond Fund (CLDAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MCBDX achieves a 0.63% return, which is significantly higher than CLDAX's -0.36% return. Over the past 10 years, MCBDX has outperformed CLDAX with an annualized return of 5.31%, while CLDAX has yielded a comparatively lower 2.92% annualized return.

MCBDX

• 1D: -0.33%
• 1M: 0.68%
• YTD: 0.63%
• 6M: 1.13%
• 1Y: 5.60%
• 3Y*: 4.71%
• 5Y*: 6.55%
• 10Y*: 5.31%

CLDAX

• 1D: -0.32%
• 1M: 0.61%
• YTD: -0.36%
• 6M: 0.05%
• 1Y: 3.81%
• 3Y*: 3.62%
• 5Y*: -0.31%
• 10Y*: 2.92%

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

MCBDX vs. CLDAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MCBDX MassMutual Core Bond Fund	0.63%	8.03%	1.13%	6.64%	-15.29%	38.26%	8.42%	9.62%	-0.48%	4.60%
CLDAX Calvert Core Bond Fund	-0.36%	7.27%	1.39%	5.04%	-13.48%	-2.30%	14.56%	20.77%	-5.73%	9.47%

Correlation

The correlation between MCBDX and CLDAX is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Jan 6, 2005	0.88

The correlation between MCBDX and CLDAX has been stable across timeframes, ranging from 0.88 to 0.96 - a consistent structural relationship.

Return for Risk

MCBDX vs. CLDAX — Risk / Return Rank

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

MCBDX

MCBDX Risk / Return Rank: 33
MCBDX Sharpe Ratio Rank: 33
MCBDX Sortino Ratio Rank: 37
MCBDX Omega Ratio Rank: 32
MCBDX Calmar Ratio Rank: 33
MCBDX Martin Ratio Rank: 31

CLDAX

CLDAX Risk / Return Rank: 15
CLDAX Sharpe Ratio Rank: 16
CLDAX Sortino Ratio Rank: 16
CLDAX Omega Ratio Rank: 15
CLDAX Calmar Ratio Rank: 15
CLDAX Martin Ratio Rank: 14

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.

MCBDX vs. CLDAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MassMutual Core Bond Fund (MCBDX) and Calvert Core Bond Fund (CLDAX). 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.

	MCBDX	CLDAX	Difference
Sharpe ratio: Return per unit of total volatility	1.53	1.04	+0.49
Sortino ratio: Return per unit of downside risk	2.33	1.54	+0.79
Omega ratio: Gain probability vs. loss probability	1.28	1.18	+0.09
Calmar ratio: Return relative to maximum drawdown	2.04	1.26	+0.78
Martin ratio: Return relative to average drawdown	6.65	3.67	+2.97

MCBDX vs. CLDAX - Sharpe Ratio Comparison

The current MCBDX Sharpe Ratio is 1.53, which is higher than the CLDAX Sharpe Ratio of 1.04. The chart below compares the historical Sharpe Ratios of MCBDX and CLDAX, 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

MCBDX vs. CLDAX - Drawdown Comparison

The maximum MCBDX drawdown since its inception was -22.01%, which is greater than CLDAX's maximum drawdown of -18.88%. Use the drawdown chart below to compare losses from any high point for MCBDX and CLDAX.

Drawdown Indicators

	MCBDX	CLDAX	Difference
Max Drawdown Largest peak-to-trough decline	-22.01%	-18.88%	-3.13%
Max Drawdown (1Y) Largest decline over 1 year	-2.87%	-3.24%	+0.37%
Max Drawdown (3Y) Largest decline over 3 years	-5.34%	-6.09%	+0.75%
Max Drawdown (5Y) Largest decline over 5 years	-22.01%	-18.21%	-3.80%
Max Drawdown (10Y) Largest decline over 10 years	-22.01%	-18.88%	-3.13%
Current Drawdown Current decline from peak	-4.36%	-3.78%	-0.58%
Average Drawdown Average peak-to-trough decline	-3.53%	-3.91%	+0.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.88%	1.11%	-0.23%

Volatility

MCBDX vs. CLDAX - Volatility Comparison

The current volatility for MassMutual Core Bond Fund (MCBDX) is 1.06%, while Calvert Core Bond Fund (CLDAX) has a volatility of 1.24%. This indicates that MCBDX experiences smaller price fluctuations and is considered to be less risky than CLDAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MCBDX	CLDAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.06%	1.24%	-0.18%
Volatility (6M) Calculated over the trailing 6-month period	2.84%	3.03%	-0.19%
Volatility (1Y) Calculated over the trailing 1-year period	3.83%	3.93%	-0.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.11%	5.66%	+14.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.45%	6.81%	+7.64%

MCBDX vs. CLDAX - Expense Ratio Comparison

MCBDX has a 0.52% expense ratio, which is lower than CLDAX's 0.74% expense ratio.

Dividends

MCBDX vs. CLDAX - Dividend Comparison

MCBDX's dividend yield for the trailing twelve months is around 4.48%, more than CLDAX's 4.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CLDAX Calvert Core Bond Fund	4.24%	4.24%	4.16%	3.17%	1.80%	6.08%	5.22%	3.04%	3.63%	3.02%	7.02%	2.85%
MCBDX MassMutual Core Bond Fund	4.48%	4.50%	1.93%	4.62%	3.83%	31.12%	5.98%	3.35%	3.32%	2.96%	3.29%	1.43%

Frequently Asked Questions

Can I hold both MCBDX and CLDAX in my portfolio?

With a correlation of 0.96, MCBDX and CLDAX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, MCBDX or CLDAX?

CLDAX has higher volatility (1.24%) compared to MCBDX (1.06%). In terms of maximum drawdown, MCBDX dropped -22.01% vs CLDAX's -18.88%.

Which has better risk-adjusted returns?

MCBDX currently has the higher Sharpe Ratio (1.53 vs 1.04), 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.