CLOZ vs. CVSB

Last updated Jun 5, 2026

CLOZ (Panagram BBB-B CLO ETF) and CVSB (Calvert Ultra-Short Investment Grade ETF) are both exchange-traded funds - CLOZ is a CLO fund actively managed by Panagram, while CVSB is a Ultrashort Bond fund actively managed by Calvert. Both are actively managed. Over the past 3 years, CLOZ returned 10.65%/yr vs 5.56%/yr for CVSB. At a correlation of -0.09, they often move in opposite directions. CLOZ charges 0.50%/yr vs 0.24%/yr for CVSB.

Performance

CLOZ vs. CVSB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Panagram BBB-B CLO ETF (CLOZ) and Calvert Ultra-Short Investment Grade ETF (CVSB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CLOZ achieves a 2.62% return, which is significantly higher than CVSB's 1.54% return.

CLOZ

• 1D: 0.08%
• 1M: 0.67%
• YTD: 2.62%
• 6M: 3.25%
• 1Y: 6.62%
• 3Y*: 10.65%
• 5Y*: —
• 10Y*: —

CVSB

• 1D: 0.06%
• 1M: 0.36%
• YTD: 1.54%
• 6M: 2.03%
• 1Y: 4.51%
• 3Y*: 5.56%
• 5Y*: —
• 10Y*: —

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

CLOZ vs. CVSB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CLOZ Panagram BBB-B CLO ETF	2.62%	5.99%	11.85%	13.83%
CVSB Calvert Ultra-Short Investment Grade ETF	1.54%	4.92%	6.23%	5.40%

Correlation

The correlation between CLOZ and CVSB is -0.13, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.13
Correlation (3Y) Calculated over the trailing 3-year period	-0.09
Correlation (All Time) Calculated using the full available price history since Feb 2, 2023	-0.09

Return for Risk

CLOZ vs. CVSB — Risk / Return Rank

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

CLOZ

CLOZ Risk / Return Rank: 53
CLOZ Sharpe Ratio Rank: 58
CLOZ Sortino Ratio Rank: 51
CLOZ Omega Ratio Rank: 83
CLOZ Calmar Ratio Rank: 35
CLOZ Martin Ratio Rank: 37

CVSB

CVSB Risk / Return Rank: 98
CVSB Sharpe Ratio Rank: 98
CVSB Sortino Ratio Rank: 98
CVSB Omega Ratio Rank: 98
CVSB Calmar Ratio Rank: 98
CVSB Martin Ratio Rank: 98

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.

CLOZ vs. CVSB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Panagram BBB-B CLO ETF (CLOZ) and Calvert Ultra-Short Investment Grade ETF (CVSB). 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.

	CLOZ	CVSB	Difference
Sharpe ratio: Return per unit of total volatility	1.93	5.15	-3.21
Sortino ratio: Return per unit of downside risk	2.47	8.90	-6.43
Omega ratio: Gain probability vs. loss probability	1.50	2.39	-0.89
Calmar ratio: Return relative to maximum drawdown	1.70	19.99	-18.29
Martin ratio: Return relative to average drawdown	5.66	81.12	-75.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CLOZ vs. CVSB - Sharpe Ratio Comparison

The current CLOZ Sharpe Ratio is 1.93, which is lower than the CVSB Sharpe Ratio of 5.15. The chart below compares the historical Sharpe Ratios of CLOZ and CVSB, 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

	CLOZ	CVSB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.93	5.15	-3.21
Sharpe Ratio (All Time) Calculated using the full available price history	2.77	4.15	-1.37

Drawdowns

CLOZ vs. CVSB - Drawdown Comparison

The maximum CLOZ drawdown since its inception was -5.32%, which is greater than CVSB's maximum drawdown of -0.63%. Use the drawdown chart below to compare losses from any high point for CLOZ and CVSB.

Drawdown Indicators

	CLOZ	CVSB	Difference
Max Drawdown Largest peak-to-trough decline	-5.32%	-0.63%	-4.69%
Max Drawdown (1Y) Largest decline over 1 year	-3.90%	-0.23%	-3.67%
Max Drawdown (3Y) Largest decline over 3 years	-5.32%	-0.63%	-4.69%
Current Drawdown Current decline from peak	-0.03%	0.00%	-0.03%
Average Drawdown Average peak-to-trough decline	-0.38%	-0.05%	-0.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.17%	0.06%	+1.11%

Volatility

CLOZ vs. CVSB - Volatility Comparison

Panagram BBB-B CLO ETF (CLOZ) has a higher volatility of 0.42% compared to Calvert Ultra-Short Investment Grade ETF (CVSB) at 0.16%. This indicates that CLOZ's price experiences larger fluctuations and is considered to be riskier than CVSB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CLOZ	CVSB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.42%	0.16%	+0.26%
Volatility (6M) Calculated over the trailing 6-month period	3.13%	0.53%	+2.60%
Volatility (1Y) Calculated over the trailing 1-year period	3.45%	0.88%	+2.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.80%	1.32%	+2.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.80%	1.32%	+2.48%

CLOZ vs. CVSB - Expense Ratio Comparison

CLOZ has a 0.50% expense ratio, which is higher than CVSB's 0.24% expense ratio.

Dividends

CLOZ vs. CVSB - Dividend Comparison

CLOZ's dividend yield for the trailing twelve months is around 7.38%, more than CVSB's 4.37% yield.

Position	TTM	2025	2024	2023
CLOZ Panagram BBB-B CLO ETF	7.38%	7.63%	9.09%	8.81%
CVSB Calvert Ultra-Short Investment Grade ETF	4.37%	4.72%	5.13%	4.95%

Frequently Asked Questions

Can I hold both CLOZ and CVSB in my portfolio?

CLOZ and CVSB have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CLOZ or CVSB?

CLOZ has higher volatility (0.42%) compared to CVSB (0.16%). In terms of maximum drawdown, CLOZ dropped -5.32% vs CVSB's -0.63%.

Which ETF is better, CLOZ or CVSB?

On 3-year performance, CLOZ leads with 10.65% vs 5.56% for CVSB. On fees, CVSB is cheaper at 0.24% per year. On volatility, CVSB has been the lower-risk option at 0.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CLOZ or CVSB?

Over the 3-year period, CLOZ has performed better with a 10.65% return vs 5.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CLOZ or CVSB?

CVSB is cheaper with a 0.24% expense ratio, compared with 0.50% for CLOZ.

Which ETF pays a higher dividend yield, CLOZ or CVSB?

CLOZ has the higher dividend yield at 7.38%, compared with 4.37% for CVSB.

What is the main difference between CLOZ and CVSB?

CLOZ is categorized as CLO, while CVSB is Ultrashort Bond. They also come from different issuers: Panagram and Calvert. Their fees differ too: 0.50% for CLOZ and 0.24% for CVSB.

Which has better risk-adjusted returns?

CVSB currently has the higher Sharpe Ratio (5.15 vs 1.93), 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.