CVIE vs. EFAS

Last updated Jun 26, 2026

CVIE (Calvert International Responsible Index ETF) and EFAS (Global X MSCI SuperDividend® EAFE ETF) are both Foreign Large Cap Equities funds - CVIE tracks the Calvert International Responsible Index while EFAS tracks the MSCI EAFE Top 50 Dividend Index. Both are passively managed. Over the past 3 years, CVIE returned 21.75%/yr vs 24.43%/yr for EFAS. A 0.68 correlation means they provide meaningful diversification when combined. CVIE charges 0.18%/yr vs 0.56%/yr for EFAS.

Performance

CVIE vs. EFAS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calvert International Responsible Index ETF (CVIE) and Global X MSCI SuperDividend® EAFE ETF (EFAS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CVIE achieves a 19.62% return, which is significantly higher than EFAS's 11.96% return.

CVIE

• 1D: 1.26%
• 1M: 1.49%
• YTD: 19.62%
• 6M: 19.42%
• 1Y: 35.89%
• 3Y*: 21.75%
• 5Y*: —
• 10Y*: —

EFAS

• 1D: -0.07%
• 1M: -2.71%
• YTD: 11.96%
• 6M: 11.86%
• 1Y: 25.63%
• 3Y*: 24.43%
• 5Y*: 12.10%
• 10Y*: —

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

CVIE vs. EFAS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CVIE Calvert International Responsible Index ETF	19.62%	33.23%	5.37%	9.62%
EFAS Global X MSCI SuperDividend® EAFE ETF	11.96%	46.83%	3.07%	6.27%

Correlation

The correlation between CVIE and EFAS is 0.57, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (All Time) Calculated using the full available price history since Feb 1, 2023	0.68

The correlation between CVIE and EFAS shifts across timeframes, from 0.57 (1 year) to 0.68 (all time), reflecting how their relationship changes across market environments.

CVIE vs. EFAS - Sectors Allocation Comparison

Sectors	CVIE	EFAS
Technology	27.1%	0.1%
Financial Services	23.4%	31.0%
Industrials	14.6%	10.4%
Healthcare	6.9%	0.1%
Consumer Cyclical	6.1%	1.9%
Basic Materials	5.9%	1.7%
Consumer Defensive	5.1%	8.1%
Communication Services	3.8%	8.6%
Utilities	2.8%	13.7%
Real Estate	1.2%	11.4%
Energy	0.9%	13.1%

Return for Risk

CVIE vs. EFAS — Risk / Return Rank

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

CVIE

CVIE Risk / Return Rank: 70
CVIE Sharpe Ratio Rank: 72
CVIE Sortino Ratio Rank: 69
CVIE Omega Ratio Rank: 72
CVIE Calmar Ratio Rank: 66
CVIE Martin Ratio Rank: 69

EFAS

EFAS Risk / Return Rank: 83
EFAS Sharpe Ratio Rank: 84
EFAS Sortino Ratio Rank: 86
EFAS Omega Ratio Rank: 80
EFAS Calmar Ratio Rank: 90
EFAS Martin Ratio Rank: 75

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. EFAS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calvert International Responsible Index ETF (CVIE) and Global X MSCI SuperDividend® EAFE ETF (EFAS). 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	EFAS	Difference
Sharpe ratio: Return per unit of total volatility	2.02	2.35	-0.34
Sortino ratio: Return per unit of downside risk	2.72	3.33	-0.61
Omega ratio: Gain probability vs. loss probability	1.37	1.41	-0.04
Calmar ratio: Return relative to maximum drawdown	2.84	4.86	-2.02
Martin ratio: Return relative to average drawdown	11.09	12.31	-1.22

CVIE vs. EFAS - Sharpe Ratio Comparison

The current CVIE Sharpe Ratio is 2.02, which is comparable to the EFAS Sharpe Ratio of 2.35. The chart below compares the historical Sharpe Ratios of CVIE and EFAS, 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. EFAS - Drawdown Comparison

The maximum CVIE drawdown since its inception was -13.52%, smaller than the maximum EFAS drawdown of -44.38%. Use the drawdown chart below to compare losses from any high point for CVIE and EFAS.

Drawdown Indicators

	CVIE	EFAS	Difference
Max Drawdown Largest peak-to-trough decline	-13.52%	-44.38%	+30.86%
Max Drawdown (1Y) Largest decline over 1 year	-12.71%	-5.30%	-7.41%
Max Drawdown (3Y) Largest decline over 3 years	-13.52%	-11.84%	-1.68%
Max Drawdown (5Y) Largest decline over 5 years	—	-28.81%	—
Current Drawdown Current decline from peak	-2.02%	-3.87%	+1.85%
Average Drawdown Average peak-to-trough decline	-2.62%	-7.04%	+4.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.24%	2.09%	+1.15%

Volatility

CVIE vs. EFAS - Volatility Comparison

Calvert International Responsible Index ETF (CVIE) has a higher volatility of 7.61% compared to Global X MSCI SuperDividend® EAFE ETF (EFAS) at 3.45%. This indicates that CVIE's price experiences larger fluctuations and is considered to be riskier than EFAS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVIE	EFAS	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.61%	3.45%	+4.16%
Volatility (6M) Calculated over the trailing 6-month period	15.84%	8.68%	+7.16%
Volatility (1Y) Calculated over the trailing 1-year period	17.89%	10.94%	+6.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.76%	15.58%	+0.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.76%	18.30%	-2.54%

CVIE vs. EFAS - Expense Ratio Comparison

CVIE has a 0.18% expense ratio, which is lower than EFAS's 0.56% expense ratio.

Dividends

CVIE vs. EFAS - Dividend Comparison

CVIE's dividend yield for the trailing twelve months is around 2.33%, less than EFAS's 4.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CVIE Calvert International Responsible Index ETF	2.33%	2.85%	2.78%	1.96%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EFAS Global X MSCI SuperDividend® EAFE ETF	4.77%	4.83%	6.76%	6.33%	7.28%	5.19%	4.34%	5.75%	6.63%	6.15%	0.21%

Frequently Asked Questions

Can I hold both CVIE and EFAS in my portfolio?

CVIE and EFAS have a correlation of 0.57, 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 EFAS?

CVIE has higher volatility (7.61%) compared to EFAS (3.45%). In terms of maximum drawdown, CVIE dropped -13.52% vs EFAS's -44.38%.

Which ETF is better, CVIE or EFAS?

On 3-year performance, EFAS leads with 24.43% vs 21.75% for CVIE. On fees, CVIE is cheaper at 0.18% per year. On volatility, EFAS has been the lower-risk option at 3.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVIE or EFAS?

Over the 3-year period, EFAS has performed better with a 24.43% return vs 21.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVIE or EFAS?

CVIE is cheaper with a 0.18% expense ratio, compared with 0.56% for EFAS.

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

EFAS has the higher dividend yield at 4.77%, compared with 2.33% for CVIE.

What is the main difference between CVIE and EFAS?

CVIE tracks Calvert International Responsible Index, while EFAS tracks MSCI EAFE Top 50 Dividend Index. They also come from different issuers: Calvert and Global X. Their fees differ too: 0.18% for CVIE and 0.56% for EFAS.

Which has better risk-adjusted returns?

EFAS currently has the higher Sharpe Ratio (2.35 vs 2.02), 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.