CVIE vs. IDHQ

Last updated Jul 15, 2026

CVIE (Calvert International Responsible Index ETF) and IDHQ (Invesco S&P International Developed High Quality ETF) are both Foreign Large Cap Equities funds - CVIE tracks the Calvert International Responsible Index while IDHQ tracks the IDHQ-US - S&P Quality Developed Ex-U.S. LargeMidCap Index. Both are passively managed. Over the past 3 years, CVIE returned 19.73%/yr vs 18.75%/yr for IDHQ. Their correlation of 0.93 suggests significant overlap in exposure. CVIE charges 0.18%/yr vs 0.29%/yr for IDHQ.

Performance

CVIE vs. IDHQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calvert International Responsible Index ETF (CVIE) and Invesco S&P International Developed High Quality ETF (IDHQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CVIE achieves a 18.13% return, which is significantly lower than IDHQ's 24.37% return.

CVIE

• 1D: 1.31%
• 1M: 0.02%
• 6M: 14.30%
• YTD: 18.13%
• 1Y: 32.30%
• 3Y*: 19.73%
• 5Y*: —
• 10Y*: —

IDHQ

• 1D: 0.33%
• 1M: 3.82%
• 6M: 19.00%
• YTD: 24.37%
• 1Y: 34.85%
• 3Y*: 18.75%
• 5Y*: 9.45%
• 10Y*: 10.58%

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

CVIE vs. IDHQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CVIE Calvert International Responsible Index ETF	18.13%	33.23%	5.37%	9.62%
IDHQ Invesco S&P International Developed High Quality ETF	24.37%	27.46%	1.33%	10.38%

Correlation

The correlation between CVIE and IDHQ is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (All Time) Calculated using the full available price history since Feb 1, 2023	0.93

The correlation between CVIE and IDHQ has been stable across timeframes, ranging from 0.92 to 0.93 - a consistent structural relationship.

Return for Risk

CVIE vs. IDHQ — Risk / Return Rank

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

CVIE

CVIE Risk / Return Rank: 67
CVIE Sharpe Ratio Rank: 69
CVIE Sortino Ratio Rank: 66
CVIE Omega Ratio Rank: 69
CVIE Calmar Ratio Rank: 64
CVIE Martin Ratio Rank: 68

IDHQ

IDHQ Risk / Return Rank: 67
IDHQ Sharpe Ratio Rank: 65
IDHQ Sortino Ratio Rank: 67
IDHQ Omega Ratio Rank: 65
IDHQ Calmar Ratio Rank: 65
IDHQ Martin Ratio Rank: 71

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. IDHQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calvert International Responsible Index ETF (CVIE) and Invesco S&P International Developed High Quality ETF (IDHQ). 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	IDHQ	Difference
Sharpe ratio: Return per unit of total volatility	1.78	1.69	+0.09
Sortino ratio: Return per unit of downside risk	2.42	2.43	-0.01
Omega ratio: Gain probability vs. loss probability	1.32	1.31	+0.01
Calmar ratio: Return relative to maximum drawdown	2.55	2.60	-0.05
Martin ratio: Return relative to average drawdown	9.83	10.25	-0.43

CVIE vs. IDHQ - Sharpe Ratio Comparison

The current CVIE Sharpe Ratio is 1.78, which is comparable to the IDHQ Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of CVIE and IDHQ, 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. IDHQ - Drawdown Comparison

The maximum CVIE drawdown since its inception was -13.52%, smaller than the maximum IDHQ drawdown of -73.84%. Use the drawdown chart below to compare losses from any high point for CVIE and IDHQ.

Drawdown Indicators

	CVIE	IDHQ	Difference
Max Drawdown Largest peak-to-trough decline	-13.52%	-73.84%	+60.32%
Max Drawdown (1Y) Largest decline over 1 year	-12.71%	-13.44%	+0.73%
Max Drawdown (3Y) Largest decline over 3 years	-13.52%	-14.07%	+0.55%
Max Drawdown (5Y) Largest decline over 5 years	—	-33.54%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.54%	—
Current Drawdown Current decline from peak	-3.24%	-2.25%	-0.99%
Average Drawdown Average peak-to-trough decline	-2.62%	-21.08%	+18.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.30%	3.41%	-0.11%

Volatility

CVIE vs. IDHQ - Volatility Comparison

Calvert International Responsible Index ETF (CVIE) and Invesco S&P International Developed High Quality ETF (IDHQ) have volatilities of 6.25% and 6.08%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVIE	IDHQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.25%	6.08%	+0.17%
Volatility (6M) Calculated over the trailing 6-month period	16.27%	18.90%	-2.63%
Volatility (1Y) Calculated over the trailing 1-year period	18.27%	20.74%	-2.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.82%	17.85%	-2.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.82%	17.96%	-2.14%

CVIE vs. IDHQ - Expense Ratio Comparison

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

Dividends

CVIE vs. IDHQ - Dividend Comparison

CVIE's dividend yield for the trailing twelve months is around 2.36%, more than IDHQ's 2.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%
IDHQ Invesco S&P International Developed High Quality ETF	2.04%	2.46%	2.41%	2.52%	3.33%	2.10%	1.60%	2.10%	2.67%	1.68%	2.36%	1.71%

Frequently Asked Questions

Can I hold both CVIE and IDHQ in my portfolio?

With a correlation of 0.93, CVIE and IDHQ 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 IDHQ?

CVIE has higher volatility (6.25%) compared to IDHQ (6.08%). In terms of maximum drawdown, CVIE dropped -13.52% vs IDHQ's -73.84%.

Which ETF is better, CVIE or IDHQ?

On 3-year performance, CVIE leads with 19.73% vs 18.75% for IDHQ. On fees, CVIE is cheaper at 0.18% per year. On volatility, IDHQ has been the lower-risk option at 6.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVIE or IDHQ?

Over the 3-year period, CVIE has performed better with a 19.73% return vs 18.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVIE or IDHQ?

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

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

CVIE has the higher dividend yield at 2.36%, compared with 2.04% for IDHQ.

What is the main difference between CVIE and IDHQ?

CVIE tracks Calvert International Responsible Index, while IDHQ tracks IDHQ-US - S&P Quality Developed Ex-U.S. LargeMidCap Index. They also come from different issuers: Calvert and Invesco. Their fees differ too: 0.18% for CVIE and 0.29% for IDHQ.

Which has better risk-adjusted returns?

CVIE currently has the higher Sharpe Ratio (1.78 vs 1.69), 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.