I mean, definitely?
Use Level = CR*2+1, except CR 1/8 is 0.5:
Guard (4@+3, 16 AC 11 HP), Bandit (4@+3, 12 AC, 11 HP) (CR 1/8) (Approx level 0.5)
Not many CR 1/4 humanoids. They'd be about level 1.
Hobgoblin (12@+3, 18 AC, 11 HP), Orc (12@+5, 13 AC 15 HP) (CR 1/2) (Approx level 2)
Not many...