CVIE vs. IDEV

Last updated Jun 4, 2026

CVIE (Calvert International Responsible Index ETF) and IDEV (iShares Core MSCI International Developed Markets ETF) are both Foreign Large Cap Equities funds - CVIE tracks the Calvert International Responsible Index while IDEV tracks the MSCI World ex USA Investable Market Index. Both are passively managed. Over the past 3 years, CVIE returned 21.42%/yr vs 17.40%/yr for IDEV. With a 0.98 correlation, they move nearly in lockstep. CVIE charges 0.18%/yr vs 0.05%/yr for IDEV.

Performance

CVIE vs. IDEV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calvert International Responsible Index ETF (CVIE) and iShares Core MSCI International Developed Markets ETF (IDEV). 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 IDEV's 8.92% return.

CVIE

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

IDEV

• 1D: -0.90%
• 1M: 3.23%
• YTD: 8.92%
• 6M: 11.57%
• 1Y: 23.20%
• 3Y*: 17.40%
• 5Y*: 8.48%
• 10Y*: —

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

CVIE vs. IDEV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CVIE Calvert International Responsible Index ETF	18.93%	33.23%	5.37%	8.48%
IDEV iShares Core MSCI International Developed Markets ETF	8.92%	32.56%	4.54%	6.93%

Correlation

The correlation between CVIE and IDEV 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	0.98
Correlation (All Time) Calculated using the full available price history since Feb 2, 2023	0.98

The correlation between CVIE and IDEV has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.

CVIE vs. IDEV - Sectors Allocation Comparison

Sectors	CVIE	IDEV
Financial Services	24.6%	24.2%
Technology	22.6%	9.9%
Industrials	16.7%	19.1%
Healthcare	7.9%	8.6%
Consumer Cyclical	6.7%	7.7%
Basic Materials	6.2%	8.0%
Consumer Defensive	5.6%	6.0%
Communication Services	3.9%	4.0%
Utilities	3.1%	3.7%
Real Estate	1.6%	2.9%
Energy	1.1%	5.9%

Return for Risk

CVIE vs. IDEV — 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

IDEV

IDEV Risk / Return Rank: 45
IDEV Sharpe Ratio Rank: 45
IDEV Sortino Ratio Rank: 45
IDEV Omega Ratio Rank: 44
IDEV Calmar Ratio Rank: 41
IDEV Martin Ratio Rank: 48

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. IDEV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calvert International Responsible Index ETF (CVIE) and iShares Core MSCI International Developed Markets ETF (IDEV). 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	IDEV	Difference
Sharpe ratio: Return per unit of total volatility	2.22	1.61	+0.61
Sortino ratio: Return per unit of downside risk	3.04	2.29	+0.75
Omega ratio: Gain probability vs. loss probability	1.40	1.29	+0.11
Calmar ratio: Return relative to maximum drawdown	2.90	2.08	+0.82
Martin ratio: Return relative to average drawdown	11.51	8.16	+3.35
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. IDEV - Sharpe Ratio Comparison

The current CVIE Sharpe Ratio is 2.22, which is higher than the IDEV Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of CVIE and IDEV, 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	IDEV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.22	1.61	+0.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.52	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.28	0.55	+0.73

Drawdowns

CVIE vs. IDEV - Drawdown Comparison

The maximum CVIE drawdown since its inception was -13.52%, smaller than the maximum IDEV drawdown of -34.77%. Use the drawdown chart below to compare losses from any high point for CVIE and IDEV.

Drawdown Indicators

	CVIE	IDEV	Difference
Max Drawdown Largest peak-to-trough decline	-13.52%	-34.77%	+21.25%
Max Drawdown (1Y) Largest decline over 1 year	-12.71%	-11.20%	-1.51%
Max Drawdown (3Y) Largest decline over 3 years	-13.52%	-13.41%	-0.11%
Max Drawdown (5Y) Largest decline over 5 years	—	-29.15%	—
Current Drawdown Current decline from peak	-0.67%	-0.98%	+0.31%
Average Drawdown Average peak-to-trough decline	-2.64%	-6.57%	+3.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.19%	2.85%	+0.34%

Volatility

CVIE vs. IDEV - Volatility Comparison

Calvert International Responsible Index ETF (CVIE) has a higher volatility of 6.14% compared to iShares Core MSCI International Developed Markets ETF (IDEV) at 4.60%. This indicates that CVIE's price experiences larger fluctuations and is considered to be riskier than IDEV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVIE	IDEV	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.14%	4.60%	+1.54%
Volatility (6M) Calculated over the trailing 6-month period	14.23%	12.10%	+2.13%
Volatility (1Y) Calculated over the trailing 1-year period	16.60%	14.51%	+2.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.39%	16.26%	-0.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.39%	17.27%	-1.88%

CVIE vs. IDEV - Expense Ratio Comparison

CVIE has a 0.18% expense ratio, which is higher than IDEV's 0.05% 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. IDEV - Dividend Comparison

CVIE's dividend yield for the trailing twelve months is around 2.22%, less than IDEV's 3.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
IDEV iShares Core MSCI International Developed Markets ETF	3.13%	3.40%	3.30%	3.07%	2.69%	3.05%	2.00%	3.18%	3.16%	1.54%

Frequently Asked Questions

Can I hold both CVIE and IDEV in my portfolio?

With a correlation of 0.96, CVIE and IDEV 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 IDEV?

CVIE has higher volatility (6.14%) compared to IDEV (4.60%). In terms of maximum drawdown, CVIE dropped -13.52% vs IDEV's -34.77%.

Which ETF is better, CVIE or IDEV?

On 3-year performance, CVIE leads with 21.42% vs 17.40% for IDEV. On fees, IDEV is cheaper at 0.05% per year. On volatility, IDEV has been the lower-risk option at 4.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVIE or IDEV?

Over the 3-year period, CVIE has performed better with a 21.42% return vs 17.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVIE or IDEV?

IDEV is cheaper with a 0.05% expense ratio, compared with 0.18% for CVIE.

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

IDEV has the higher dividend yield at 3.13%, compared with 2.22% for CVIE.

What is the main difference between CVIE and IDEV?

CVIE tracks Calvert International Responsible Index, while IDEV tracks MSCI World ex USA Investable Market Index. They also come from different issuers: Calvert and iShares. Their fees differ too: 0.18% for CVIE and 0.05% for IDEV.

Which has better risk-adjusted returns?

CVIE currently has the higher Sharpe Ratio (2.22 vs 1.61), 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.