NESIX vs. CMCIX

Last updated Jun 24, 2026

NESIX (Needham Small Cap Growth Fund Institutional) and CMCIX (Calvert Small/Mid-Cap Fund Class I) are both Small Cap Growth Equities funds. Over the past year, NESIX returned 122.28% vs 3.42% for CMCIX. A 0.70 correlation means they provide meaningful diversification when combined. NESIX charges 1.18%/yr vs 1.26%/yr for CMCIX.

Performance

NESIX vs. CMCIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Needham Small Cap Growth Fund Institutional (NESIX) and Calvert Small/Mid-Cap Fund Class I (CMCIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NESIX achieves a 83.93% return, which is significantly higher than CMCIX's 5.94% return.

NESIX

• 1D: -0.37%
• 1M: 10.56%
• YTD: 83.93%
• 6M: 79.27%
• 1Y: 122.28%
• 3Y*: 35.08%
• 5Y*: 10.38%
• 10Y*: —

CMCIX

• 1D: -0.23%
• 1M: 3.73%
• YTD: 5.94%
• 6M: 3.85%
• 1Y: 3.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NESIX vs. CMCIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NESIX Needham Small Cap Growth Fund Institutional	83.93%	11.16%	13.47%	17.68%
CMCIX Calvert Small/Mid-Cap Fund Class I	5.94%	-5.28%	10.46%	7.81%

Correlation

The correlation between NESIX and CMCIX is 0.66, 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	0.66
Correlation (All Time) Calculated using the full available price history since Sep 19, 2023	0.70

The correlation between NESIX and CMCIX has been stable across timeframes, ranging from 0.66 to 0.70 - a consistent structural relationship.

Return for Risk

NESIX vs. CMCIX — Risk / Return Rank

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

NESIX

NESIX Risk / Return Rank: 95
NESIX Sharpe Ratio Rank: 99
NESIX Sortino Ratio Rank: 93
NESIX Omega Ratio Rank: 88
NESIX Calmar Ratio Rank: 98
NESIX Martin Ratio Rank: 98

CMCIX

CMCIX Risk / Return Rank: 5
CMCIX Sharpe Ratio Rank: 5
CMCIX Sortino Ratio Rank: 5
CMCIX Omega Ratio Rank: 5
CMCIX Calmar Ratio Rank: 5
CMCIX Martin Ratio Rank: 5

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.

NESIX vs. CMCIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Needham Small Cap Growth Fund Institutional (NESIX) and Calvert Small/Mid-Cap Fund Class I (CMCIX). 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.

	NESIX	CMCIX	Difference
Sharpe ratio: Return per unit of total volatility	4.03	0.32	+3.72
Sortino ratio: Return per unit of downside risk	4.36	0.59	+3.77
Omega ratio: Gain probability vs. loss probability	1.57	1.06	+0.50
Calmar ratio: Return relative to maximum drawdown	7.37	0.41	+6.95
Martin ratio: Return relative to average drawdown	30.02	0.96	+29.06

NESIX vs. CMCIX - Sharpe Ratio Comparison

The current NESIX Sharpe Ratio is 4.03, which is higher than the CMCIX Sharpe Ratio of 0.32. The chart below compares the historical Sharpe Ratios of NESIX and CMCIX, 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

NESIX vs. CMCIX - Drawdown Comparison

The maximum NESIX drawdown since its inception was -49.61%, which is greater than CMCIX's maximum drawdown of -21.50%. Use the drawdown chart below to compare losses from any high point for NESIX and CMCIX.

Drawdown Indicators

	NESIX	CMCIX	Difference
Max Drawdown Largest peak-to-trough decline	-49.61%	-21.50%	-28.11%
Max Drawdown (1Y) Largest decline over 1 year	-17.12%	-11.68%	-5.44%
Max Drawdown (3Y) Largest decline over 3 years	-35.21%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-49.61%	—	—
Current Drawdown Current decline from peak	-0.37%	-7.09%	+6.72%
Average Drawdown Average peak-to-trough decline	-14.92%	-6.48%	-8.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.19%	5.04%	-0.85%

Volatility

NESIX vs. CMCIX - Volatility Comparison

Needham Small Cap Growth Fund Institutional (NESIX) has a higher volatility of 11.97% compared to Calvert Small/Mid-Cap Fund Class I (CMCIX) at 4.24%. This indicates that NESIX's price experiences larger fluctuations and is considered to be riskier than CMCIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NESIX	CMCIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.97%	4.24%	+7.73%
Volatility (6M) Calculated over the trailing 6-month period	22.24%	10.89%	+11.35%
Volatility (1Y) Calculated over the trailing 1-year period	31.35%	15.39%	+15.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.59%	16.53%	+13.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.56%	16.53%	+10.03%

NESIX vs. CMCIX - Expense Ratio Comparison

NESIX has a 1.18% expense ratio, which is lower than CMCIX's 1.26% expense ratio.

Dividends

NESIX vs. CMCIX - Dividend Comparison

NESIX has not paid dividends to shareholders, while CMCIX's dividend yield for the trailing twelve months is around 4.01%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CMCIX Calvert Small/Mid-Cap Fund Class I	4.01%	4.25%	7.13%	0.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
NESIX Needham Small Cap Growth Fund Institutional	0.00%	0.00%	0.00%	0.00%	3.93%	23.92%	13.26%	8.25%	21.96%	8.89%

Frequently Asked Questions

Can I hold both NESIX and CMCIX in my portfolio?

NESIX and CMCIX have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NESIX or CMCIX?

NESIX has higher volatility (11.97%) compared to CMCIX (4.24%). In terms of maximum drawdown, NESIX dropped -49.61% vs CMCIX's -21.50%.

Which has better risk-adjusted returns?

NESIX currently has the higher Sharpe Ratio (4.03 vs 0.32), 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.