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CDEI vs. USMV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CDEI vs. USMV

Last updated Jul 14, 2026
Documentation

CDEI (Calvert US Large-Cap Diversity, Equity And Inclusion Index ETF) and USMV (iShares MSCI USA Min Vol Factor ETF) are both Large Cap Blend Equities funds - CDEI tracks the Russell 1000 Index while USMV tracks the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past 3 years, CDEI returned 17.99%/yr vs 11.43%/yr for USMV. A 0.66 correlation means they provide meaningful diversification when combined. CDEI charges 0.14%/yr vs 0.15%/yr for USMV.

Performance

CDEI vs. USMV - 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 iShares MSCI USA Min Vol Factor ETF (USMV). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, CDEI achieves a 10.88% return, which is significantly higher than USMV's 4.64% return.

CDEI

1D
-0.51%
1M
2.25%
6M
9.37%
YTD
10.88%
1Y
22.84%
3Y*
17.99%
5Y*
—
10Y*
—

USMV

1D
0.06%
1M
2.16%
6M
3.87%
YTD
4.64%
1Y
7.10%
3Y*
11.43%
5Y*
7.16%
10Y*
9.58%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CDEI vs. USMV - Yearly Performance Comparison

2026 (YTD)202520242023
CDEI
Calvert US Large-Cap Diversity, Equity And Inclusion Index ETF		10.88%16.60%18.67%22.82%
USMV
iShares MSCI USA Min Vol Factor ETF		4.64%7.65%15.74%8.67%

Correlation

The correlation between CDEI and USMV is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.53

Correlation (3Y)
Calculated over the trailing 3-year period

0.64

Correlation (All Time)
Calculated using the full available price history since Feb 1, 2023

0.66

The correlation between CDEI and USMV shifts across timeframes, from 0.53 (1 year) to 0.66 (all time), reflecting how their relationship changes across market environments.

CDEI vs. USMV - Sectors Allocation Comparison

Sectors
CDEI
USMV

Technology

44.4%
33.9%

Financial Services

14.4%
11.7%

Communication Services

11.4%
6.2%

Healthcare

9.8%
12.6%

Consumer Cyclical

6.4%
5.7%

Industrials

4.7%
6.1%

Consumer Defensive

4.5%
9.4%

Utilities

2.0%
6.9%

Real Estate

1.5%
2.5%

Energy

0.4%
2.7%

Basic Materials

0.3%
2.4%

Technology

CDEI
44.4%
USMV
33.9%

Financial Services

CDEI
14.4%
USMV
11.7%

Communication Services

CDEI
11.4%
USMV
6.2%

Healthcare

CDEI
9.8%
USMV
12.6%

Consumer Cyclical

CDEI
6.4%
USMV
5.7%

Industrials

CDEI
4.7%
USMV
6.1%

Consumer Defensive

CDEI
4.5%
USMV
9.4%

Utilities

CDEI
2.0%
USMV
6.9%

Real Estate

CDEI
1.5%
USMV
2.5%

Energy

CDEI
0.4%
USMV
2.7%

Basic Materials

CDEI
0.3%
USMV
2.4%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Calvert US Large-Cap Diversity, Equity And Inclusion Index ETF

iShares MSCI USA Min Vol Factor ETF

Often compared with CDEI:
CDEI vs. CVLCCDEI vs. BDGSCDEI vs. SCHGCDEI vs. SPMOCDEI vs. VTMFXCDEI vs. CVMCCDEI vs. IWF
Often compared with USMV:
USMV vs. SPLVUSMV vs. SPYUSMV vs. VOOUSMV vs. QUALUSMV vs. VFMVUSMV vs. ACWVUSMV vs. VTI

Return for Risk

CDEI vs. USMV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CDEI
CDEI Risk / Return Rank: 6868
Overall Rank
CDEI Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
CDEI Sortino Ratio Rank: 7272
Sortino Ratio Rank
CDEI Omega Ratio Rank: 6868
Omega Ratio Rank
CDEI Calmar Ratio Rank: 5959
Calmar Ratio Rank
CDEI Martin Ratio Rank: 6969
Martin Ratio Rank
USMV
USMV Risk / Return Rank: 2828
Overall Rank
USMV Sharpe Ratio Rank: 2929
Sharpe Ratio Rank
USMV Sortino Ratio Rank: 2626
Sortino Ratio Rank
USMV Omega Ratio Rank: 2525
Omega Ratio Rank
USMV Calmar Ratio Rank: 2828
Calmar Ratio Rank
USMV Martin Ratio Rank: 3131
Martin Ratio Rank
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. USMV - 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 iShares MSCI USA Min Vol Factor ETF (USMV). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

CDEIUSMVDifference
Sharpe ratioReturn per unit of total volatility
1.85
0.84

+1.01

Sortino ratioReturn per unit of downside risk
2.60
1.23

+1.36

Omega ratioGain probability vs. loss probability

1.32

1.15

+0.17

Calmar ratioReturn relative to maximum drawdown

2.32

1.10

+1.22

Martin ratioReturn relative to average drawdown

9.94

3.61

+6.33

CDEI vs. USMV - Sharpe Ratio Comparison

The current CDEI Sharpe Ratio is 1.85, which is higher than the USMV Sharpe Ratio of 0.84. The chart below compares the historical Sharpe Ratios of CDEI and USMV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

CDEI vs. USMV - Drawdown Comparison

The maximum CDEI drawdown since its inception was -19.46%, smaller than the maximum USMV drawdown of -33.10%. Use the drawdown chart below to compare losses from any high point for CDEI and USMV.

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Drawdown Indicators

CDEIUSMVDifference

Max Drawdown

Largest peak-to-trough decline

-19.46%

-33.10%

+13.64%

Max Drawdown (1Y)

Largest decline over 1 year

-9.88%

-6.46%

-3.42%

Max Drawdown (3Y)

Largest decline over 3 years

-19.46%

-9.36%

-10.10%

Max Drawdown (5Y)

Largest decline over 5 years

—

-17.93%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-33.10%

—

Current Drawdown

Current decline from peak

-0.81%

-0.54%

-0.27%

Average Drawdown

Average peak-to-trough decline

-2.24%

-2.87%

+0.63%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.30%

1.97%

+0.33%

Volatility

CDEI vs. USMV - Volatility Comparison

Calvert US Large-Cap Diversity, Equity And Inclusion Index ETF (CDEI) has a higher volatility of 3.48% compared to iShares MSCI USA Min Vol Factor ETF (USMV) at 2.54%. This indicates that CDEI's price experiences larger fluctuations and is considered to be riskier than USMV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CDEIUSMVDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.48%

2.54%

+0.94%

Volatility (6M)

Calculated over the trailing 6-month period

9.86%

6.22%

+3.64%

Volatility (1Y)

Calculated over the trailing 1-year period

12.40%

8.48%

+3.92%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.01%

12.36%

+2.65%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.01%

14.49%

+0.52%

CDEI vs. USMV - Expense Ratio Comparison

CDEI has a 0.14% expense ratio, which is lower than USMV'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. USMV - Dividend Comparison

CDEI's dividend yield for the trailing twelve months is around 0.98%, less than USMV's 1.48% yield.

PositionTTM20252024202320222021202020192018201720162015
CDEI
Calvert US Large-Cap Diversity, Equity And Inclusion Index ETF		0.98%1.05%1.22%1.16%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
USMV
iShares MSCI USA Min Vol Factor ETF		1.48%1.49%1.67%1.82%1.62%1.26%1.81%1.88%2.12%1.77%2.22%2.02%

Frequently Asked Questions

CDEI and USMV have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

CDEI has higher volatility (3.48%) compared to USMV (2.54%). In terms of maximum drawdown, CDEI dropped -19.46% vs USMV's -33.10%.

On 3-year performance, CDEI leads with 17.99% vs 11.43% for USMV. On fees, CDEI is cheaper at 0.14% per year. On volatility, USMV has been the lower-risk option at 2.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 3-year period, CDEI has performed better with a 17.99% return vs 11.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

USMV has the higher dividend yield at 1.48%, compared with 0.98% for CDEI.

CDEI tracks Russell 1000 Index, while USMV tracks MSCI USA Minimum Volatility Index. They also come from different issuers: Calvert and iShares. Their fees differ too: 0.14% for CDEI and 0.15% for USMV.

CDEI currently has the higher Sharpe Ratio (1.85 vs 0.84), 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.

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