CDEI vs. CVSE

Last updated Jun 3, 2026

CDEI (Calvert US Large-Cap Diversity, Equity And Inclusion Index ETF) and CVSE (Calvert US Select Equity ETF) are both Large Cap Blend Equities funds from Calvert. CDEI is passively managed, while CVSE is actively managed. Over the past 3 years, CDEI returned 19.47%/yr vs 13.34%/yr for CVSE. Their correlation of 0.84 suggests significant overlap in exposure. CDEI charges 0.14%/yr vs 0.29%/yr for CVSE.

Performance

CDEI vs. CVSE - 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 Select Equity ETF (CVSE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

CDEI

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

CVSE

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: 0.00%
• 1Y: 9.15%
• 3Y*: 13.34%
• 5Y*: —
• 10Y*: —

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

CDEI vs. CVSE - 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%
CVSE Calvert US Select Equity ETF	0.00%	10.14%	19.11%	13.35%

Correlation

The correlation between CDEI and CVSE is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (All Time) Calculated using the full available price history since Feb 2, 2023	0.84

Over the past year, the correlation between CDEI and CVSE has dropped to 0.46 - well below their long-term average of 0.84, suggesting their price drivers have been diverging.

CDEI vs. CVSE - Sectors Allocation Comparison

Sectors	CDEI	CVSE
Technology	40.9%	39.5%
Financial Services	15.6%	16.3%
Communication Services	12.3%	5.1%
Healthcare	9.8%	10.3%
Consumer Cyclical	6.5%	7.0%
Industrials	5.2%	11.3%
Consumer Defensive	4.9%	1.7%
Utilities	2.3%	2.5%
Real Estate	1.6%	3.5%
Energy	0.5%	-
Basic Materials	0.3%	2.7%

Return for Risk

CDEI vs. CVSE — 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

CVSE

CVSE Risk / Return Rank: 50
CVSE Sharpe Ratio Rank: 40
CVSE Sortino Ratio Rank: 42
CVSE Omega Ratio Rank: 74
CVSE Calmar Ratio Rank: 57
CVSE Martin Ratio Rank: 40

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. CVSE - 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 Select Equity ETF (CVSE). 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	CVSE	Difference
Sharpe ratio Return per unit of total volatility	2.39	1.43	+0.96
Sortino ratio Return per unit of downside risk	3.30	2.14	+1.16
Omega ratio Gain probability vs. loss probability	1.42	1.45	-0.03
Calmar ratio Return relative to maximum drawdown	2.91	2.88	+0.03
Martin ratio Return relative to average drawdown	12.67	6.27	+6.40
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. CVSE - Sharpe Ratio Comparison

The current CDEI Sharpe Ratio is 2.39, which is higher than the CVSE Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of CDEI and CVSE, 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	CVSE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.39	1.43	+0.96
Sharpe Ratio (All Time) Calculated using the full available price history	1.34	0.92	+0.41

Drawdowns

CDEI vs. CVSE - Drawdown Comparison

The maximum CDEI drawdown since its inception was -19.46%, roughly equal to the maximum CVSE drawdown of -20.29%. Use the drawdown chart below to compare losses from any high point for CDEI and CVSE.

Drawdown Indicators

	CDEI	CVSE	Difference
Max Drawdown Largest peak-to-trough decline	-19.46%	-20.29%	+0.83%
Max Drawdown (1Y) Largest decline over 1 year	-9.88%	-3.08%	-6.80%
Max Drawdown (3Y) Largest decline over 3 years	-19.46%	-20.29%	+0.83%
Current Drawdown Current decline from peak	-0.11%	-1.68%	+1.57%
Average Drawdown Average peak-to-trough decline	-2.29%	-2.69%	+0.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.27%	1.42%	+0.85%

Volatility

CDEI vs. CVSE - Volatility Comparison

Calvert US Large-Cap Diversity, Equity And Inclusion Index ETF (CDEI) has a higher volatility of 2.78% compared to Calvert US Select Equity ETF (CVSE) at 0.00%. This indicates that CDEI's price experiences larger fluctuations and is considered to be riskier than CVSE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CDEI	CVSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.78%	0.00%	+2.78%
Volatility (6M) Calculated over the trailing 6-month period	9.13%	0.00%	+9.13%
Volatility (1Y) Calculated over the trailing 1-year period	11.99%	6.49%	+5.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.02%	13.88%	+1.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.02%	13.88%	+1.14%

CDEI vs. CVSE - Expense Ratio Comparison

CDEI has a 0.14% expense ratio, which is lower than CVSE's 0.29% expense ratio.

Dividends

CDEI vs. CVSE - Dividend Comparison

CDEI's dividend yield for the trailing twelve months is around 0.96%, more than CVSE's 0.59% 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%
CVSE Calvert US Select Equity ETF	0.59%	0.81%	1.05%	1.22%

Frequently Asked Questions

Can I hold both CDEI and CVSE in my portfolio?

CDEI and CVSE have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CDEI or CVSE?

CDEI has higher volatility (2.78%) compared to CVSE (0.00%). In terms of maximum drawdown, CDEI dropped -19.46% vs CVSE's -20.29%.

Which ETF is better, CDEI or CVSE?

On 3-year performance, CDEI leads with 19.47% vs 13.34% for CVSE. On fees, CDEI is cheaper at 0.14% per year. On volatility, CVSE has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CDEI or CVSE?

Over the 3-year period, CDEI has performed better with a 19.47% return vs 13.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CDEI or CVSE?

CDEI is cheaper with a 0.14% expense ratio, compared with 0.29% for CVSE.

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

CDEI has the higher dividend yield at 0.96%, compared with 0.59% for CVSE.

What is the main difference between CDEI and CVSE?

Their fees differ too: 0.14% for CDEI and 0.29% for CVSE.

Which has better risk-adjusted returns?

CDEI currently has the higher Sharpe Ratio (2.39 vs 1.43), 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.