CVIE vs. CIL

Last updated Jun 4, 2026

CVIE (Calvert International Responsible Index ETF) and CIL (VictoryShares International Volatility Wtd ETF) are both Foreign Large Cap Equities funds - CVIE tracks the Calvert International Responsible Index while CIL tracks the Nasdaq Victory International 500 Volatility Weighted Index. Both are passively managed. Over the past 3 years, CVIE returned 21.42%/yr vs 15.59%/yr for CIL. Their correlation of 0.87 suggests significant overlap in exposure. CVIE charges 0.18%/yr vs 0.45%/yr for CIL.

Performance

CVIE vs. CIL - Performance Comparison

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

Returns By Period

In the year-to-date period, CVIE achieves a 18.93% return, which is significantly higher than CIL's 5.44% return.

CVIE

• 1D: -0.67%
• 1M: 8.07%
• YTD: 18.93%
• 6M: 22.19%
• 1Y: 36.65%
• 3Y*: 21.42%
• 5Y*: —
• 10Y*: —

CIL

• 1D: 0.00%
• 1M: 0.00%
• YTD: 5.44%
• 6M: 7.94%
• 1Y: 17.37%
• 3Y*: 15.59%
• 5Y*: 7.45%
• 10Y*: 8.21%

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

CVIE vs. CIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CVIE Calvert International Responsible Index ETF	18.93%	33.23%	5.37%	8.48%
CIL VictoryShares International Volatility Wtd ETF	5.44%	32.99%	3.76%	6.02%

Correlation

The correlation between CVIE and CIL is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (All Time) Calculated using the full available price history since Feb 2, 2023	0.87

Over the past year, the correlation between CVIE and CIL has dropped to 0.65 - well below their long-term average of 0.87, suggesting their price drivers have been diverging.

CVIE vs. CIL - Sectors Allocation Comparison

Sectors	CVIE	CIL
Financial Services	24.6%	24.8%
Technology	22.6%	6.4%
Industrials	16.7%	18.4%
Healthcare	7.9%	7.7%
Consumer Cyclical	6.7%	8.2%
Basic Materials	6.2%	6.6%
Consumer Defensive	5.6%	8.8%
Communication Services	3.9%	5.8%
Utilities	3.1%	6.6%
Real Estate	1.6%	2.2%
Energy	1.1%	4.6%

Return for Risk

CVIE vs. CIL — Risk / Return Rank

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

CVIE

CVIE Risk / Return Rank: 64
CVIE Sharpe Ratio Rank: 66
CVIE Sortino Ratio Rank: 65
CVIE Omega Ratio Rank: 65
CVIE Calmar Ratio Rank: 59
CVIE Martin Ratio Rank: 64

CIL

CIL Risk / Return Rank: 76
CIL Sharpe Ratio Rank: 68
CIL Sortino Ratio Rank: 70
CIL Omega Ratio Rank: 81
CIL Calmar Ratio Rank: 78
CIL Martin Ratio Rank: 83

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. CIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calvert International Responsible Index ETF (CVIE) and VictoryShares International Volatility Wtd ETF (CIL). 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.

	CVIE	CIL	Difference
Sharpe ratio: Return per unit of total volatility	2.22	2.24	-0.02
Sortino ratio: Return per unit of downside risk	3.04	3.22	-0.18
Omega ratio: Gain probability vs. loss probability	1.40	1.49	-0.09
Calmar ratio: Return relative to maximum drawdown	2.90	3.95	-1.05
Martin ratio: Return relative to average drawdown	11.51	16.75	-5.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CVIE vs. CIL - Sharpe Ratio Comparison

The current CVIE Sharpe Ratio is 2.22, which is comparable to the CIL Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of CVIE and CIL, 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

	CVIE	CIL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.22	2.24	-0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.46	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.48	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.28	0.43	+0.84

Drawdowns

CVIE vs. CIL - Drawdown Comparison

The maximum CVIE drawdown since its inception was -13.52%, smaller than the maximum CIL drawdown of -36.27%. Use the drawdown chart below to compare losses from any high point for CVIE and CIL.

Drawdown Indicators

	CVIE	CIL	Difference
Max Drawdown Largest peak-to-trough decline	-13.52%	-36.27%	+22.75%
Max Drawdown (1Y) Largest decline over 1 year	-12.71%	-4.60%	-8.11%
Max Drawdown (3Y) Largest decline over 3 years	-13.52%	-11.96%	-1.56%
Max Drawdown (5Y) Largest decline over 5 years	—	-29.89%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-36.27%	—
Current Drawdown Current decline from peak	-0.67%	-0.58%	-0.09%
Average Drawdown Average peak-to-trough decline	-2.64%	-6.56%	+3.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.19%	1.07%	+2.12%

Volatility

CVIE vs. CIL - Volatility Comparison

Calvert International Responsible Index ETF (CVIE) has a higher volatility of 6.14% compared to VictoryShares International Volatility Wtd ETF (CIL) at 0.00%. This indicates that CVIE's price experiences larger fluctuations and is considered to be riskier than CIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVIE	CIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.14%	0.00%	+6.14%
Volatility (6M) Calculated over the trailing 6-month period	14.23%	4.23%	+10.00%
Volatility (1Y) Calculated over the trailing 1-year period	16.60%	8.19%	+8.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.39%	16.49%	-1.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.39%	17.17%	-1.78%

CVIE vs. CIL - Expense Ratio Comparison

CVIE has a 0.18% expense ratio, which is lower than CIL's 0.45% expense ratio.

Dividends

CVIE vs. CIL - Dividend Comparison

CVIE's dividend yield for the trailing twelve months is around 2.22%, more than CIL's 1.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CIL VictoryShares International Volatility Wtd ETF	1.67%	2.70%	3.46%	2.91%	2.41%	3.04%	1.73%	2.69%	2.85%	2.17%	2.34%	0.43%
CVIE Calvert International Responsible Index ETF	2.22%	2.85%	2.78%	1.96%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CVIE and CIL in my portfolio?

CVIE and CIL have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CVIE or CIL?

CVIE has higher volatility (6.14%) compared to CIL (0.00%). In terms of maximum drawdown, CVIE dropped -13.52% vs CIL's -36.27%.

Which ETF is better, CVIE or CIL?

On 3-year performance, CVIE leads with 21.42% vs 15.59% for CIL. On fees, CVIE is cheaper at 0.18% per year. On volatility, CIL 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, CVIE or CIL?

Over the 3-year period, CVIE has performed better with a 21.42% return vs 15.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVIE or CIL?

CVIE is cheaper with a 0.18% expense ratio, compared with 0.45% for CIL.

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

CVIE has the higher dividend yield at 2.22%, compared with 1.67% for CIL.

What is the main difference between CVIE and CIL?

CVIE tracks Calvert International Responsible Index, while CIL tracks Nasdaq Victory International 500 Volatility Weighted Index. They also come from different issuers: Calvert and Crestview. Their fees differ too: 0.18% for CVIE and 0.45% for CIL.

Which has better risk-adjusted returns?

CIL currently has the higher Sharpe Ratio (2.24 vs 2.22), 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.