SMARX vs. CFICX
SMARX (Brandes Separately Managed Account Reserve Trust) and CFICX (Calvert Income Fund) are both Corporate Bonds funds. Over the past 10 years, SMARX returned 2.98%/yr vs 2.91%/yr for CFICX. A 0.68 correlation means they provide meaningful diversification when combined. SMARX charges 0.00%/yr vs 0.92%/yr for CFICX.
Performance
SMARX vs. CFICX - Performance Comparison
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Returns By Period
In the year-to-date period, SMARX achieves a 0.61% return, which is significantly higher than CFICX's 0.19% return. Both investments have delivered pretty close results over the past 10 years, with SMARX having a 2.98% annualized return and CFICX not far behind at 2.91%.
SMARX
- 1D
- -0.25%
- 1M
- 1.08%
- YTD
- 0.61%
- 6M
- 1.05%
- 1Y
- 4.46%
- 3Y*
- 5.59%
- 5Y*
- 1.76%
- 10Y*
- 2.98%
CFICX
- 1D
- -0.26%
- 1M
- 0.70%
- YTD
- 0.19%
- 6M
- 0.72%
- 1Y
- 5.11%
- 3Y*
- 5.91%
- 5Y*
- 0.76%
- 10Y*
- 2.91%
SMARX vs. CFICX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMARX Brandes Separately Managed Account Reserve Trust | 0.61% | 6.91% | 3.73% | 9.76% | -11.77% | 0.76% | 6.55% | 7.77% | -1.13% | 4.75% |
CFICX Calvert Income Fund | 0.19% | 8.94% | 4.11% | 7.61% | -16.07% | 1.71% | 8.26% | 14.75% | -3.36% | 6.57% |
Correlation
The correlation between SMARX and CFICX is 0.92, 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 | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.94 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.86 |
Correlation (All Time) Calculated using the full available price history since Oct 5, 2005 | 0.68 |
Over the past year, SMARX and CFICX have become more correlated (0.92) than their long-term average of 0.68, meaning their price movements have been converging.
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Return for Risk
SMARX vs. CFICX — Risk / Return Rank
SMARX
CFICX
SMARX vs. CFICX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Brandes Separately Managed Account Reserve Trust (SMARX) and Calvert Income Fund (CFICX). 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.
| SMARX | CFICX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.18 | ||
| Sortino ratioReturn per unit of downside risk | -0.30 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.26 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.82 | 1.73 | +0.09 |
| Martin ratioReturn relative to average drawdown | 6.16 | 5.50 | +0.66 |
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Drawdowns
SMARX vs. CFICX - Drawdown Comparison
The maximum SMARX drawdown since its inception was -47.07%, which is greater than CFICX's maximum drawdown of -21.28%. Use the drawdown chart below to compare losses from any high point for SMARX and CFICX.
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Drawdown Indicators
| SMARX | CFICX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.07% | -21.28% | -25.79% |
Max Drawdown (1Y)Largest decline over 1 year | -2.61% | -3.08% | +0.47% |
Max Drawdown (3Y)Largest decline over 3 years | -5.19% | -6.11% | +0.92% |
Max Drawdown (5Y)Largest decline over 5 years | -16.20% | -21.28% | +5.08% |
Max Drawdown (10Y)Largest decline over 10 years | -16.20% | -21.28% | +5.08% |
Current DrawdownCurrent decline from peak | -0.70% | -1.47% | +0.77% |
Average DrawdownAverage peak-to-trough decline | -6.96% | -3.45% | -3.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.77% | 0.97% | -0.20% |
Volatility
SMARX vs. CFICX - Volatility Comparison
Brandes Separately Managed Account Reserve Trust (SMARX) and Calvert Income Fund (CFICX) have volatilities of 1.19% and 1.25%, 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.
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Volatility by Period
| SMARX | CFICX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.19% | 1.25% | -0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 2.90% | 2.93% | -0.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.78% | 3.71% | +0.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.16% | 5.65% | -0.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.39% | 5.23% | -0.84% |
SMARX vs. CFICX - Expense Ratio Comparison
SMARX has a 0.00% expense ratio, which is lower than CFICX's 0.92% expense ratio.
Dividends
SMARX vs. CFICX - Dividend Comparison
SMARX's dividend yield for the trailing twelve months is around 4.77%, which matches CFICX's 4.76% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CFICX Calvert Income Fund | 4.76% | 4.86% | 4.91% | 4.05% | 3.22% | 2.70% | 2.96% | 3.25% | 3.60% | 2.96% | 3.23% | 2.87% |
SMARX Brandes Separately Managed Account Reserve Trust | 4.77% | 5.02% | 4.07% | 3.85% | 3.53% | 2.57% | 3.35% | 4.19% | 4.55% | 4.20% | 4.87% | 5.24% |
Frequently Asked Questions
With a correlation of 0.92, SMARX and CFICX 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.
CFICX has higher volatility (1.25%) compared to SMARX (1.19%). In terms of maximum drawdown, SMARX dropped -47.07% vs CFICX's -21.28%.
CFICX currently has the higher Sharpe Ratio (1.44 vs 1.26), 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.
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