PXQSX vs. CMCIX

Last updated Jun 25, 2026

PXQSX (Virtus KAR Small-Cap Value Fund) and CMCIX (Calvert Small/Mid-Cap Fund Class I) are both Small Cap Growth Equities funds. Over the past year, PXQSX returned 1.69% vs 2.31% for CMCIX. Their correlation of 0.91 suggests significant overlap in exposure. PXQSX charges 0.96%/yr vs 1.26%/yr for CMCIX.

Performance

PXQSX vs. CMCIX - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with PXQSX having a 5.69% return and CMCIX slightly lower at 5.49%.

PXQSX

• 1D: -0.08%
• 1M: 3.27%
• YTD: 5.69%
• 6M: 3.23%
• 1Y: 1.69%
• 3Y*: 8.62%
• 5Y*: 0.67%
• 10Y*: 8.24%

CMCIX

• 1D: -0.43%
• 1M: 3.29%
• YTD: 5.49%
• 6M: 3.25%
• 1Y: 2.31%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PXQSX vs. CMCIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PXQSX Virtus KAR Small-Cap Value Fund	5.69%	-4.50%	9.63%	13.08%
CMCIX Calvert Small/Mid-Cap Fund Class I	5.49%	-5.28%	10.46%	7.81%

Correlation

The correlation between PXQSX and CMCIX is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (All Time) Calculated using the full available price history since Sep 19, 2023	0.91

The correlation between PXQSX and CMCIX has been stable across timeframes, ranging from 0.91 to 0.91 - a consistent structural relationship.

Return for Risk

PXQSX vs. CMCIX — Risk / Return Rank

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

PXQSX

PXQSX Risk / Return Rank: 4
PXQSX Sharpe Ratio Rank: 4
PXQSX Sortino Ratio Rank: 4
PXQSX Omega Ratio Rank: 4
PXQSX Calmar Ratio Rank: 4
PXQSX Martin Ratio Rank: 4

CMCIX

CMCIX Risk / Return Rank: 4
CMCIX Sharpe Ratio Rank: 4
CMCIX Sortino Ratio Rank: 5
CMCIX Omega Ratio Rank: 4
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.

PXQSX vs. CMCIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus KAR Small-Cap Value Fund (PXQSX) 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.

	PXQSX	CMCIX	Difference
Sharpe ratio: Return per unit of total volatility	0.14	0.20	-0.06
Sortino ratio: Return per unit of downside risk	0.34	0.41	-0.07
Omega ratio: Gain probability vs. loss probability	1.04	1.04	-0.01
Calmar ratio: Return relative to maximum drawdown	0.18	0.26	-0.08
Martin ratio: Return relative to average drawdown	0.36	0.59	-0.23

PXQSX vs. CMCIX - Sharpe Ratio Comparison

The current PXQSX Sharpe Ratio is 0.14, which is comparable to the CMCIX Sharpe Ratio of 0.20. The chart below compares the historical Sharpe Ratios of PXQSX 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

PXQSX vs. CMCIX - Drawdown Comparison

The maximum PXQSX drawdown since its inception was -55.56%, which is greater than CMCIX's maximum drawdown of -21.50%. Use the drawdown chart below to compare losses from any high point for PXQSX and CMCIX.

Drawdown Indicators

	PXQSX	CMCIX	Difference
Max Drawdown Largest peak-to-trough decline	-55.56%	-21.50%	-34.06%
Max Drawdown (1Y) Largest decline over 1 year	-13.25%	-11.68%	-1.57%
Max Drawdown (3Y) Largest decline over 3 years	-22.87%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-31.49%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-37.65%	—	—
Current Drawdown Current decline from peak	-9.17%	-7.49%	-1.68%
Average Drawdown Average peak-to-trough decline	-10.29%	-6.48%	-3.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.48%	5.04%	+1.44%

Volatility

PXQSX vs. CMCIX - Volatility Comparison

Virtus KAR Small-Cap Value Fund (PXQSX) and Calvert Small/Mid-Cap Fund Class I (CMCIX) have volatilities of 4.34% and 4.29%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PXQSX	CMCIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.34%	4.29%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	12.48%	10.89%	+1.59%
Volatility (1Y) Calculated over the trailing 1-year period	16.95%	15.36%	+1.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.24%	16.52%	+3.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.50%	16.52%	+3.98%

PXQSX vs. CMCIX - Expense Ratio Comparison

PXQSX has a 0.96% expense ratio, which is lower than CMCIX's 1.26% expense ratio.

Dividends

PXQSX vs. CMCIX - Dividend Comparison

PXQSX's dividend yield for the trailing twelve months is around 5.50%, more than CMCIX's 4.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CMCIX Calvert Small/Mid-Cap Fund Class I	4.03%	4.25%	7.13%	0.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PXQSX Virtus KAR Small-Cap Value Fund	5.50%	5.81%	4.90%	2.99%	3.37%	1.76%	0.82%	0.80%	2.54%	5.32%	8.89%	7.58%

Frequently Asked Questions

Can I hold both PXQSX and CMCIX in my portfolio?

With a correlation of 0.91, PXQSX and CMCIX 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, PXQSX or CMCIX?

PXQSX has higher volatility (4.34%) compared to CMCIX (4.29%). In terms of maximum drawdown, PXQSX dropped -55.56% vs CMCIX's -21.50%.

Which has better risk-adjusted returns?

CMCIX currently has the higher Sharpe Ratio (0.20 vs 0.14), 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.