CVIE vs. BKIE

Last updated Jul 18, 2026

CVIE (Calvert International Responsible Index ETF) and BKIE (BNY Mellon International Equity ETF) are both Foreign Large Cap Equities funds - CVIE tracks the Calvert International Responsible Index while BKIE tracks the Solactive GBS Developed Markets ex United States Large & Mid Cap USD Index NTR. Both are passively managed. Over the past 3 years, CVIE returned 18.72%/yr vs 16.06%/yr for BKIE. With a 0.96 correlation, they move nearly in lockstep. CVIE charges 0.18%/yr vs 0.04%/yr for BKIE.

Performance

CVIE vs. BKIE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calvert International Responsible Index ETF (CVIE) and BNY Mellon International Equity ETF (BKIE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CVIE achieves a 15.87% return, which is significantly higher than BKIE's 9.53% return.

CVIE

• 1D: -0.86%
• 1M: -3.28%
• 6M: 11.16%
• YTD: 15.87%
• 1Y: 29.67%
• 3Y*: 18.72%
• 5Y*: —
• 10Y*: —

BKIE

• 1D: -0.19%
• 1M: -0.09%
• 6M: 5.74%
• YTD: 9.53%
• 1Y: 21.94%
• 3Y*: 16.06%
• 5Y*: 9.86%
• 10Y*: —

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

CVIE vs. BKIE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CVIE Calvert International Responsible Index ETF	15.87%	33.23%	5.37%	9.62%
BKIE BNY Mellon International Equity ETF	9.53%	32.08%	4.63%	8.93%

Correlation

The correlation between CVIE and BKIE is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (All Time) Calculated using the full available price history since Feb 1, 2023	0.96

The correlation between CVIE and BKIE has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

CVIE vs. BKIE - Sectors Allocation Comparison

Sectors	CVIE	BKIE
Technology	26.7%	10.9%
Financial Services	24.3%	25.9%
Industrials	15.1%	18.2%
Healthcare	7.7%	8.9%
Consumer Cyclical	6.1%	7.4%
Basic Materials	5.9%	7.3%
Consumer Defensive	5.3%	6.2%
Communication Services	3.3%	4.4%
Utilities	3.0%	3.5%
Real Estate	1.2%	1.9%
Energy	0.8%	5.5%

Return for Risk

CVIE vs. BKIE — Risk / Return Rank

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

CVIE

CVIE Risk / Return Rank: 62
CVIE Sharpe Ratio Rank: 63
CVIE Sortino Ratio Rank: 61
CVIE Omega Ratio Rank: 63
CVIE Calmar Ratio Rank: 60
CVIE Martin Ratio Rank: 65

BKIE

BKIE Risk / Return Rank: 52
BKIE Sharpe Ratio Rank: 52
BKIE Sortino Ratio Rank: 53
BKIE Omega Ratio Rank: 51
BKIE Calmar Ratio Rank: 47
BKIE Martin Ratio Rank: 54

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.

CVIE vs. BKIE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calvert International Responsible Index ETF (CVIE) and BNY Mellon International Equity ETF (BKIE). 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.

	CVIE	BKIE	Difference
Sharpe ratio: Return per unit of total volatility	1.63	1.45	+0.17
Sortino ratio: Return per unit of downside risk	2.25	2.09	+0.16
Omega ratio: Gain probability vs. loss probability	1.30	1.26	+0.04
Calmar ratio: Return relative to maximum drawdown	2.34	1.93	+0.41
Martin ratio: Return relative to average drawdown	8.94	7.41	+1.53

CVIE vs. BKIE - Sharpe Ratio Comparison

The current CVIE Sharpe Ratio is 1.63, which is comparable to the BKIE Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of CVIE and BKIE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CVIE vs. BKIE - Drawdown Comparison

The maximum CVIE drawdown since its inception was -13.52%, smaller than the maximum BKIE drawdown of -28.19%. Use the drawdown chart below to compare losses from any high point for CVIE and BKIE.

Drawdown Indicators

	CVIE	BKIE	Difference
Max Drawdown Largest peak-to-trough decline	-13.52%	-28.19%	+14.67%
Max Drawdown (1Y) Largest decline over 1 year	-12.71%	-11.41%	-1.30%
Max Drawdown (3Y) Largest decline over 3 years	-13.52%	-13.19%	-0.33%
Max Drawdown (5Y) Largest decline over 5 years	—	-28.19%	—
Current Drawdown Current decline from peak	-5.09%	-1.67%	-3.42%
Average Drawdown Average peak-to-trough decline	-2.63%	-4.90%	+2.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.33%	2.97%	+0.36%

Volatility

CVIE vs. BKIE - Volatility Comparison

Calvert International Responsible Index ETF (CVIE) has a higher volatility of 6.14% compared to BNY Mellon International Equity ETF (BKIE) at 3.66%. This indicates that CVIE's price experiences larger fluctuations and is considered to be riskier than BKIE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVIE	BKIE	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.14%	3.66%	+2.48%
Volatility (6M) Calculated over the trailing 6-month period	16.33%	13.01%	+3.32%
Volatility (1Y) Calculated over the trailing 1-year period	18.32%	15.18%	+3.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.82%	16.20%	-0.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.82%	16.32%	-0.50%

CVIE vs. BKIE - Expense Ratio Comparison

CVIE has a 0.18% expense ratio, which is higher than BKIE's 0.04% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

CVIE vs. BKIE - Dividend Comparison

CVIE's dividend yield for the trailing twelve months is around 2.40%, less than BKIE's 3.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
BKIE BNY Mellon International Equity ETF	3.21%	3.12%	3.31%	2.88%	2.97%	2.58%	1.49%
CVIE Calvert International Responsible Index ETF	2.40%	2.85%	2.78%	1.96%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CVIE and BKIE in my portfolio?

With a correlation of 0.94, CVIE and BKIE 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, CVIE or BKIE?

CVIE has higher volatility (6.14%) compared to BKIE (3.66%). In terms of maximum drawdown, CVIE dropped -13.52% vs BKIE's -28.19%.

Which ETF is better, CVIE or BKIE?

On 3-year performance, CVIE leads with 18.72% vs 16.06% for BKIE. On fees, BKIE is cheaper at 0.04% per year. On volatility, BKIE has been the lower-risk option at 3.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVIE or BKIE?

Over the 3-year period, CVIE has performed better with a 18.72% return vs 16.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVIE or BKIE?

BKIE is cheaper with a 0.04% expense ratio, compared with 0.18% for CVIE.

Which ETF pays a higher dividend yield, CVIE or BKIE?

BKIE has the higher dividend yield at 3.21%, compared with 2.40% for CVIE.

What is the main difference between CVIE and BKIE?

CVIE tracks Calvert International Responsible Index, while BKIE tracks Solactive GBS Developed Markets ex United States Large & Mid Cap USD Index NTR. They also come from different issuers: Calvert and BNY Mellon. Their fees differ too: 0.18% for CVIE and 0.04% for BKIE.

Which has better risk-adjusted returns?

CVIE currently has the higher Sharpe Ratio (1.63 vs 1.45), 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.