Calderwood has guided Hibs to 10 wins in 41 Clydesdale Bank Premier League matches since taking over after the dismissal of John Hughes last October.
The Edinburgh side have lost 23 of those games, and also suffered a Scottish Cup exit at the hands of Ayr United in January, but Calderwood believes his current group of players can provide a better future.
Calderwood, whose team visit St Mirren Park on Saturday, said on BBC Scotland's website: "It's below what I would expect to get by way of wins and points.
"Improvement has not been apparent enough, but I quite like what I have got and I know that this group can produce more than we have.
"We have to make better progress. I expect more of myself in terms of a return for the supporters, definitely."