With the help of the guidelines stated below, you can sync your calendar between the Microsoft account and an Outlook account.
First, you have to create a Microsoft account if you do not have one.
After creating an account, you have to make use of the Add Account Wizard to add your Outlook account.
Select the Add Account option from the File menu. Key in the account password.
Once you add the account successfully, there will be two Outlook accounts.
You will be able to view the calendar using both the accounts. You can also set a default account from which the mails will be sent
Open the Account Settings window and select your account from the Email tab. Make it the default account.
Under the Data Files tab, you have to set the Microsoft account as the default account.
Now, to sync your calendar and contacts, go to File and select the Account Settings option.
Click the New option and then select the Manual Setup or Additional Server types option.
Tick the box near the Outlook.com or Exchange ActiveSync Compatible Service option and tap the Next button.
Set it as the default account and the calendars & contacts will be synced successfully.