CVIE vs. CVSE

Last updated Jun 4, 2026

CVIE (Calvert International Responsible Index ETF) and CVSE (Calvert US Select Equity ETF) are both exchange-traded funds - CVIE is a Foreign Large Cap Equities fund tracking the Calvert International Responsible Index, while CVSE is a Large Cap Blend Equities fund actively managed by Calvert. CVIE is passively managed, while CVSE is actively managed. Over the past 3 years, CVIE returned 21.42%/yr vs 13.34%/yr for CVSE. A 0.65 correlation means they provide meaningful diversification when combined. CVIE charges 0.18%/yr vs 0.29%/yr for CVSE.

Performance

CVIE vs. CVSE - Performance Comparison

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

Returns By Period

CVIE

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

CVSE

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: 0.00%
• 1Y: 8.06%
• 3Y*: 13.34%
• 5Y*: —
• 10Y*: —

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

CVIE vs. CVSE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CVIE Calvert International Responsible Index ETF	18.93%	33.23%	5.37%	8.48%
CVSE Calvert US Select Equity ETF	0.00%	10.14%	19.11%	13.35%

Correlation

The correlation between CVIE and CVSE is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (All Time) Calculated using the full available price history since Feb 2, 2023	0.65

Over the past year, the correlation between CVIE and CVSE has dropped to 0.36 - well below their long-term average of 0.65, suggesting their price drivers have been diverging.

CVIE vs. CVSE - Sectors Allocation Comparison

Sectors	CVIE	CVSE
Financial Services	24.6%	16.3%
Technology	22.6%	39.5%
Industrials	16.7%	11.3%
Healthcare	7.9%	10.3%
Consumer Cyclical	6.7%	7.0%
Basic Materials	6.2%	2.7%
Consumer Defensive	5.6%	1.7%
Communication Services	3.9%	5.1%
Utilities	3.1%	2.5%
Real Estate	1.6%	3.5%
Energy	1.1%	-

Return for Risk

CVIE vs. CVSE — 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

CVSE

CVSE Risk / Return Rank: 46
CVSE Sharpe Ratio Rank: 36
CVSE Sortino Ratio Rank: 37
CVSE Omega Ratio Rank: 67
CVSE Calmar Ratio Rank: 54
CVSE Martin Ratio Rank: 37

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. CVSE - Risk-Adjusted Trends Comparison

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

	CVIE	CVSE	Difference
Sharpe ratio: Return per unit of total volatility	2.22	1.28	+0.94
Sortino ratio: Return per unit of downside risk	3.04	1.90	+1.14
Omega ratio: Gain probability vs. loss probability	1.40	1.40	0.00
Calmar ratio: Return relative to maximum drawdown	2.90	2.66	+0.24
Martin ratio: Return relative to average drawdown	11.51	5.71	+5.80
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. CVSE - Sharpe Ratio Comparison

The current CVIE Sharpe Ratio is 2.22, which is higher than the CVSE Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of CVIE 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

	CVIE	CVSE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.22	1.28	+0.94
Sharpe Ratio (All Time) Calculated using the full available price history	1.28	0.92	+0.36

Drawdowns

CVIE vs. CVSE - Drawdown Comparison

The maximum CVIE drawdown since its inception was -13.52%, smaller than the maximum CVSE drawdown of -20.29%. Use the drawdown chart below to compare losses from any high point for CVIE and CVSE.

Drawdown Indicators

	CVIE	CVSE	Difference
Max Drawdown Largest peak-to-trough decline	-13.52%	-20.29%	+6.77%
Max Drawdown (1Y) Largest decline over 1 year	-12.71%	-3.08%	-9.63%
Max Drawdown (3Y) Largest decline over 3 years	-13.52%	-20.29%	+6.77%
Current Drawdown Current decline from peak	-0.67%	-1.68%	+1.01%
Average Drawdown Average peak-to-trough decline	-2.64%	-2.69%	+0.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.19%	1.42%	+1.77%

Volatility

CVIE vs. CVSE - Volatility Comparison

Calvert International Responsible Index ETF (CVIE) has a higher volatility of 6.14% compared to Calvert US Select Equity ETF (CVSE) at 0.00%. This indicates that CVIE'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

	CVIE	CVSE	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%	0.00%	+14.23%
Volatility (1Y) Calculated over the trailing 1-year period	16.60%	6.49%	+10.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.39%	13.87%	+1.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.39%	13.87%	+1.52%

CVIE vs. CVSE - Expense Ratio Comparison

CVIE has a 0.18% expense ratio, which is lower than CVSE's 0.29% expense ratio.

Dividends

CVIE vs. CVSE - Dividend Comparison

CVIE's dividend yield for the trailing twelve months is around 2.22%, more than CVSE's 0.59% yield.

Position	TTM	2025	2024	2023
CVIE Calvert International Responsible Index ETF	2.22%	2.85%	2.78%	1.96%
CVSE Calvert US Select Equity ETF	0.59%	0.81%	1.05%	1.22%

Frequently Asked Questions

Can I hold both CVIE and CVSE in my portfolio?

CVIE and CVSE have a correlation of 0.36, 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 CVSE?

CVIE has higher volatility (6.14%) compared to CVSE (0.00%). In terms of maximum drawdown, CVIE dropped -13.52% vs CVSE's -20.29%.

Which ETF is better, CVIE or CVSE?

On 3-year performance, CVIE leads with 21.42% vs 13.34% for CVSE. On fees, CVIE is cheaper at 0.18% 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, CVIE or CVSE?

Over the 3-year period, CVIE has performed better with a 21.42% return vs 13.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVIE or CVSE?

CVIE is cheaper with a 0.18% expense ratio, compared with 0.29% for CVSE.

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

CVIE has the higher dividend yield at 2.22%, compared with 0.59% for CVSE.

What is the main difference between CVIE and CVSE?

CVIE is categorized as Foreign Large Cap Equities, while CVSE is Large Cap Blend Equities. Their fees differ too: 0.18% for CVIE and 0.29% for CVSE.

Which has better risk-adjusted returns?

CVIE currently has the higher Sharpe Ratio (2.22 vs 1.28), 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.