CVIE vs. ESGD

Last updated Jun 24, 2026

CVIE (Calvert International Responsible Index ETF) and ESGD (iShares ESG Aware MSCI EAFE ETF) are both Foreign Large Cap Equities funds - CVIE tracks the Calvert International Responsible Index while ESGD tracks the MSCI EAFE Extended ESG Focus Index. Both are passively managed. Over the past 3 years, CVIE returned 21.33%/yr vs 16.09%/yr for ESGD. With a 0.97 correlation, they move nearly in lockstep. CVIE charges 0.18%/yr vs 0.20%/yr for ESGD.

Performance

CVIE vs. ESGD - Performance Comparison

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

Returns By Period

In the year-to-date period, CVIE achieves a 18.12% return, which is significantly higher than ESGD's 8.26% return.

CVIE

• 1D: -3.25%
• 1M: 2.53%
• YTD: 18.12%
• 6M: 18.23%
• 1Y: 35.53%
• 3Y*: 21.33%
• 5Y*: —
• 10Y*: —

ESGD

• 1D: -2.14%
• 1M: 0.17%
• YTD: 8.26%
• 6M: 7.92%
• 1Y: 20.95%
• 3Y*: 16.09%
• 5Y*: 8.11%
• 10Y*: —

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

CVIE vs. ESGD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CVIE Calvert International Responsible Index ETF	18.12%	33.23%	5.37%	9.62%
ESGD iShares ESG Aware MSCI EAFE ETF	8.26%	29.63%	3.95%	8.61%

Correlation

The correlation between CVIE and ESGD is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (All Time) Calculated using the full available price history since Feb 1, 2023	0.97

The correlation between CVIE and ESGD has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

CVIE vs. ESGD - Sectors Allocation Comparison

Sectors	CVIE	ESGD
Technology	27.1%	13.2%
Financial Services	23.4%	26.6%
Industrials	14.6%	18.4%
Healthcare	6.9%	9.5%
Consumer Cyclical	6.1%	6.6%
Basic Materials	5.9%	5.6%
Consumer Defensive	5.1%	6.8%
Communication Services	3.8%	4.2%
Utilities	2.8%	3.6%
Real Estate	1.2%	1.6%
Energy	0.9%	3.4%

Return for Risk

CVIE vs. ESGD — 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: 62
CVIE Omega Ratio Rank: 65
CVIE Calmar Ratio Rank: 61
CVIE Martin Ratio Rank: 65

ESGD

ESGD Risk / Return Rank: 39
ESGD Sharpe Ratio Rank: 39
ESGD Sortino Ratio Rank: 39
ESGD Omega Ratio Rank: 39
ESGD Calmar Ratio Rank: 38
ESGD Martin Ratio Rank: 43

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. ESGD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calvert International Responsible Index ETF (CVIE) and iShares ESG Aware MSCI EAFE ETF (ESGD). 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	ESGD	Difference
Sharpe ratio: Return per unit of total volatility	1.99	1.33	+0.67
Sortino ratio: Return per unit of downside risk	2.70	1.93	+0.77
Omega ratio: Gain probability vs. loss probability	1.36	1.24	+0.12
Calmar ratio: Return relative to maximum drawdown	2.81	1.80	+1.01
Martin ratio: Return relative to average drawdown	11.01	6.72	+4.29

CVIE vs. ESGD - Sharpe Ratio Comparison

The current CVIE Sharpe Ratio is 1.99, which is higher than the ESGD Sharpe Ratio of 1.33. The chart below compares the historical Sharpe Ratios of CVIE and ESGD, 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. ESGD - Drawdown Comparison

The maximum CVIE drawdown since its inception was -13.52%, smaller than the maximum ESGD drawdown of -33.70%. Use the drawdown chart below to compare losses from any high point for CVIE and ESGD.

Drawdown Indicators

	CVIE	ESGD	Difference
Max Drawdown Largest peak-to-trough decline	-13.52%	-33.70%	+20.18%
Max Drawdown (1Y) Largest decline over 1 year	-12.71%	-11.68%	-1.03%
Max Drawdown (3Y) Largest decline over 3 years	-13.52%	-13.86%	+0.34%
Max Drawdown (5Y) Largest decline over 5 years	—	-30.03%	—
Current Drawdown Current decline from peak	-3.25%	-2.14%	-1.11%
Average Drawdown Average peak-to-trough decline	-2.62%	-6.16%	+3.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.23%	3.12%	+0.11%

Volatility

CVIE vs. ESGD - Volatility Comparison

Calvert International Responsible Index ETF (CVIE) has a higher volatility of 7.84% compared to iShares ESG Aware MSCI EAFE ETF (ESGD) at 5.48%. This indicates that CVIE's price experiences larger fluctuations and is considered to be riskier than ESGD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVIE	ESGD	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.84%	5.48%	+2.36%
Volatility (6M) Calculated over the trailing 6-month period	15.80%	13.45%	+2.35%
Volatility (1Y) Calculated over the trailing 1-year period	17.92%	15.86%	+2.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.76%	16.72%	-0.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.76%	17.00%	-1.24%

CVIE vs. ESGD - Expense Ratio Comparison

CVIE has a 0.18% expense ratio, which is lower than ESGD's 0.20% expense ratio. Despite the difference, 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. ESGD - Dividend Comparison

CVIE's dividend yield for the trailing twelve months is around 2.36%, less than ESGD's 3.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CVIE Calvert International Responsible Index ETF	2.36%	2.85%	2.78%	1.96%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ESGD iShares ESG Aware MSCI EAFE ETF	3.38%	3.60%	3.23%	3.02%	2.59%	2.75%	1.63%	2.57%	2.69%	2.65%	0.09%

Frequently Asked Questions

Can I hold both CVIE and ESGD in my portfolio?

With a correlation of 0.96, CVIE and ESGD 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 ESGD?

CVIE has higher volatility (7.84%) compared to ESGD (5.48%). In terms of maximum drawdown, CVIE dropped -13.52% vs ESGD's -33.70%.

Which ETF is better, CVIE or ESGD?

On 3-year performance, CVIE leads with 21.33% vs 16.09% for ESGD. On fees, CVIE is cheaper at 0.18% per year. On volatility, ESGD has been the lower-risk option at 5.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVIE or ESGD?

Over the 3-year period, CVIE has performed better with a 21.33% return vs 16.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVIE or ESGD?

CVIE is cheaper with a 0.18% expense ratio, compared with 0.20% for ESGD.

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

ESGD has the higher dividend yield at 3.38%, compared with 2.36% for CVIE.

What is the main difference between CVIE and ESGD?

CVIE tracks Calvert International Responsible Index, while ESGD tracks MSCI EAFE Extended ESG Focus Index. They also come from different issuers: Calvert and iShares. Their fees differ too: 0.18% for CVIE and 0.20% for ESGD.

Which has better risk-adjusted returns?

CVIE currently has the higher Sharpe Ratio (1.99 vs 1.33), 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.