CDEI vs. CVLC

Last updated Jun 3, 2026

CDEI (Calvert US Large-Cap Diversity, Equity And Inclusion Index ETF) and CVLC (Calvert US Large-Cap Core Responsible Index ETF) are both Large Cap Blend Equities funds from Calvert - CDEI tracks the Russell 1000 Index while CVLC tracks the Calvert US Large-Cap Core Responsible Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, CDEI returned 19.47%/yr vs 22.60%/yr for CVLC. With a 0.97 correlation, they move nearly in lockstep. CDEI charges 0.14%/yr vs 0.15%/yr for CVLC.

Performance

CDEI vs. CVLC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calvert US Large-Cap Diversity, Equity And Inclusion Index ETF (CDEI) and Calvert US Large-Cap Core Responsible Index ETF (CVLC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CDEI achieves a 9.87% return, which is significantly lower than CVLC's 13.18% return.

CDEI

• 1D: -0.11%
• 1M: 4.86%
• YTD: 9.87%
• 6M: 10.18%
• 1Y: 28.56%
• 3Y*: 19.47%
• 5Y*: —
• 10Y*: —

CVLC

• 1D: 0.32%
• 1M: 6.11%
• YTD: 13.18%
• 6M: 13.39%
• 1Y: 31.25%
• 3Y*: 22.60%
• 5Y*: —
• 10Y*: —

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

CDEI vs. CVLC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CDEI Calvert US Large-Cap Diversity, Equity And Inclusion Index ETF	9.87%	16.60%	18.67%	20.47%
CVLC Calvert US Large-Cap Core Responsible Index ETF	13.18%	16.13%	24.20%	17.14%

Correlation

The correlation between CDEI and CVLC is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (All Time) Calculated using the full available price history since Feb 2, 2023	0.97

The correlation between CDEI and CVLC has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

CDEI vs. CVLC - Sectors Allocation Comparison

Sectors	CDEI	CVLC
Technology	40.9%	39.5%
Financial Services	15.6%	11.8%
Communication Services	12.3%	8.5%
Healthcare	9.8%	9.1%
Consumer Cyclical	6.5%	8.7%
Industrials	5.2%	9.9%
Consumer Defensive	4.9%	4.6%
Utilities	2.3%	2.2%
Real Estate	1.6%	2.7%
Energy	0.5%	0.5%
Basic Materials	0.3%	2.1%

Return for Risk

CDEI vs. CVLC — Risk / Return Rank

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

CDEI

CDEI Risk / Return Rank: 67
CDEI Sharpe Ratio Rank: 71
CDEI Sortino Ratio Rank: 71
CDEI Omega Ratio Rank: 68
CDEI Calmar Ratio Rank: 57
CDEI Martin Ratio Rank: 67

CVLC

CVLC Risk / Return Rank: 74
CVLC Sharpe Ratio Rank: 76
CVLC Sortino Ratio Rank: 76
CVLC Omega Ratio Rank: 73
CVLC Calmar Ratio Rank: 65
CVLC Martin Ratio Rank: 78

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.

CDEI vs. CVLC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calvert US Large-Cap Diversity, Equity And Inclusion Index ETF (CDEI) and Calvert US Large-Cap Core Responsible Index ETF (CVLC). 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.

	CDEI	CVLC	Difference
Sharpe ratio Return per unit of total volatility	2.39	2.52	-0.12
Sortino ratio Return per unit of downside risk	3.30	3.46	-0.17
Omega ratio Gain probability vs. loss probability	1.42	1.45	-0.03
Calmar ratio Return relative to maximum drawdown	2.91	3.30	-0.39
Martin ratio Return relative to average drawdown	12.67	15.18	-2.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CDEI vs. CVLC - Sharpe Ratio Comparison

The current CDEI Sharpe Ratio is 2.39, which is comparable to the CVLC Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of CDEI and CVLC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CDEI	CVLC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.39	2.52	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	1.34	1.39	-0.06

Drawdowns

CDEI vs. CVLC - Drawdown Comparison

The maximum CDEI drawdown since its inception was -19.46%, roughly equal to the maximum CVLC drawdown of -19.92%. Use the drawdown chart below to compare losses from any high point for CDEI and CVLC.

Drawdown Indicators

	CDEI	CVLC	Difference
Max Drawdown Largest peak-to-trough decline	-19.46%	-19.92%	+0.46%
Max Drawdown (1Y) Largest decline over 1 year	-9.88%	-9.61%	-0.27%
Max Drawdown (3Y) Largest decline over 3 years	-19.46%	-19.92%	+0.46%
Current Drawdown Current decline from peak	-0.11%	0.00%	-0.11%
Average Drawdown Average peak-to-trough decline	-2.29%	-2.41%	+0.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.27%	2.09%	+0.18%

Volatility

CDEI vs. CVLC - Volatility Comparison

The current volatility for Calvert US Large-Cap Diversity, Equity And Inclusion Index ETF (CDEI) is 2.78%, while Calvert US Large-Cap Core Responsible Index ETF (CVLC) has a volatility of 3.30%. This indicates that CDEI experiences smaller price fluctuations and is considered to be less risky than CVLC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CDEI	CVLC	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.78%	3.30%	-0.52%
Volatility (6M) Calculated over the trailing 6-month period	9.13%	9.65%	-0.52%
Volatility (1Y) Calculated over the trailing 1-year period	11.99%	12.49%	-0.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.02%	15.55%	-0.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.02%	15.55%	-0.53%

CDEI vs. CVLC - Expense Ratio Comparison

CDEI has a 0.14% expense ratio, which is lower than CVLC's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

CDEI vs. CVLC - Dividend Comparison

CDEI's dividend yield for the trailing twelve months is around 0.96%, more than CVLC's 0.89% yield.

Position	TTM	2025	2024	2023
CDEI Calvert US Large-Cap Diversity, Equity And Inclusion Index ETF	0.96%	1.05%	1.22%	1.16%
CVLC Calvert US Large-Cap Core Responsible Index ETF	0.89%	1.02%	1.03%	0.91%

Frequently Asked Questions

Can I hold both CDEI and CVLC in my portfolio?

With a correlation of 0.95, CDEI and CVLC 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, CDEI or CVLC?

CVLC has higher volatility (3.30%) compared to CDEI (2.78%). In terms of maximum drawdown, CDEI dropped -19.46% vs CVLC's -19.92%.

Which ETF is better, CDEI or CVLC?

On 3-year performance, CVLC leads with 22.60% vs 19.47% for CDEI. On fees, CDEI is cheaper at 0.14% per year. On volatility, CDEI has been the lower-risk option at 2.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CDEI or CVLC?

Over the 3-year period, CVLC has performed better with a 22.60% return vs 19.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CDEI or CVLC?

CDEI is cheaper with a 0.14% expense ratio, compared with 0.15% for CVLC.

Which ETF pays a higher dividend yield, CDEI or CVLC?

CDEI has the higher dividend yield at 0.96%, compared with 0.89% for CVLC.

What is the main difference between CDEI and CVLC?

CDEI tracks Russell 1000 Index, while CVLC tracks Calvert US Large-Cap Core Responsible Index - Benchmark TR Gross. Their fees differ too: 0.14% for CDEI and 0.15% for CVLC.

Which has better risk-adjusted returns?

CVLC currently has the higher Sharpe Ratio (2.52 vs 2.39), 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.