CVIE vs. MCSE

Last updated Aug 4, 2026

CVIE (Calvert International Responsible Index ETF) and MCSE (Franklin Sustainable International Equity ETF) are both Foreign Large Cap Equities funds. CVIE is passively managed, while MCSE is actively managed. Over the past 3 years, CVIE returned 20.58%/yr vs 0.74%/yr for MCSE. Their 0.75 correlation means they have sometimes moved together and sometimes differently. CVIE charges 0.18%/yr vs 0.59%/yr for MCSE.

Performance

CVIE vs. MCSE - Performance Comparison

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

Returns By Period

In the year-to-date period, CVIE achieves a 17.45% return, which is significantly higher than MCSE's 1.12% return.

CVIE

• 1D: 0.42%
• 1M: -1.09%
• 6M: 10.53%
• YTD: 17.45%
• 1Y: 34.04%
• 3Y*: 20.58%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 18.42%

MCSE

• 1D: 0.00%
• 1M: 0.00%
• 6M: 0.00%
• YTD: 1.12%
• 1Y: 4.30%
• 3Y*: 0.74%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.06%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CVIE Calvert International Responsible Index ETF	$1.74M	$2.27M	$1.96M
MCSE Franklin Sustainable International Equity ETF	$0.00	$0.00	$0.00

CVIE vs. MCSE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CVIE Calvert International Responsible Index ETF	17.45%	33.23%	5.37%	9.62%
MCSE Franklin Sustainable International Equity ETF	1.12%	7.79%	-9.46%	4.48%

Correlation

The correlation between CVIE and MCSE is 0.47, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.47
Correlation (3Y) Balances recent behavior with more history.	0.72
Correlation (All Time) Calculated using the full available price history since Feb 1, 2023	0.75

Over the past year, the correlation between CVIE and MCSE has dropped to 0.47 - well below their long-term average of 0.75, suggesting their price drivers have been diverging.

CVIE vs. MCSE - Sectors Allocation Comparison

Sectors	CVIE	MCSE
Financial Services	26.1%	2.1%
Technology	24.6%	31.1%
Industrials	15.4%	18.1%
Healthcare	7.6%	20.1%
Basic Materials	6.2%	5.1%
Consumer Cyclical	5.7%	13.8%
Consumer Defensive	5.3%	5.0%
Communication Services	3.2%	4.7%
Utilities	3.1%	-
Real Estate	1.3%	-
Energy	0.9%	-

Return for Risk

CVIE vs. MCSE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CVIE

CVIE Risk / Return Rank: 75
CVIE Sharpe Ratio Rank: 77
CVIE Sortino Ratio Rank: 74
CVIE Omega Ratio Rank: 76
CVIE Calmar Ratio Rank: 74
CVIE Martin Ratio Rank: 75

MCSE

MCSE Risk / Return Rank: 20
MCSE Sharpe Ratio Rank: 20
MCSE Sortino Ratio Rank: 19
MCSE Omega Ratio Rank: 24
MCSE Calmar Ratio Rank: 18
MCSE Martin Ratio Rank: 18

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CVIE vs. MCSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calvert International Responsible Index ETF (CVIE) and Franklin Sustainable International Equity ETF (MCSE). 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	MCSE	Difference
Sharpe ratio: Return per unit of total volatility	1.84	0.46	+1.38
Sortino ratio: Return per unit of downside risk	2.52	0.70	+1.82
Omega ratio: Gain probability vs. loss probability	1.33	1.12	+0.21
Calmar ratio: Return relative to maximum drawdown	2.69	0.45	+2.24
Martin ratio: Return relative to average drawdown	9.94	1.13	+8.80

CVIE vs. MCSE - Sharpe Ratio Comparison

The current CVIE Sharpe Ratio is 1.84, which is higher than the MCSE Sharpe Ratio of 0.46. The chart below compares the historical Sharpe Ratios of CVIE and MCSE, 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. MCSE - Drawdown Comparison

The maximum CVIE drawdown since its inception was -13.52%, smaller than the maximum MCSE drawdown of -26.36%. Use the drawdown chart below to compare losses from any high point for CVIE and MCSE.

Drawdown Indicators

	CVIE	MCSE	Difference
Max Drawdown Largest peak-to-trough decline	-13.52%	-26.36%	+12.84%
Max Drawdown (1Y) Largest decline over 1 year	-12.71%	-10.42%	-2.29%
Max Drawdown (3Y) Largest decline over 3 years	-13.52%	-26.36%	+12.84%
Current Drawdown Current decline from peak	-3.79%	-10.51%	+6.72%
Average Drawdown Average peak-to-trough decline	-2.66%	-8.80%	+6.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.44%	4.37%	-0.93%

Volatility

CVIE vs. MCSE - Volatility Comparison

Calvert International Responsible Index ETF (CVIE) has a higher volatility of 6.15% compared to Franklin Sustainable International Equity ETF (MCSE) at 0.00%. This indicates that CVIE's price experiences larger fluctuations and is considered to be riskier than MCSE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVIE	MCSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.15%	0.00%	+6.15%
Volatility (6M) Calculated over the trailing 6-month period	16.63%	1.87%	+14.76%
Volatility (1Y) Calculated over the trailing 1-year period	18.63%	10.29%	+8.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.90%	19.07%	-3.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.90%	19.07%	-3.17%

CVIE vs. MCSE - Expense Ratio Comparison

CVIE has a 0.18% expense ratio, which is lower than MCSE's 0.59% expense ratio.

Dividends

CVIE vs. MCSE - Dividend Comparison

CVIE's dividend yield for the trailing twelve months is around 2.37%, less than MCSE's 3.74% yield.

Position	TTM	2025	2024	2023	2022
CVIE Calvert International Responsible Index ETF	2.37%	2.85%	2.78%	1.96%	0.00%
MCSE Franklin Sustainable International Equity ETF	3.74%	3.78%	0.63%	0.57%	0.48%

Frequently Asked Questions

Can I hold both CVIE and MCSE in my portfolio?

CVIE and MCSE have a correlation of 0.47, 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 MCSE?

CVIE has higher volatility (6.15%) compared to MCSE (0.00%). In terms of maximum drawdown, CVIE dropped -13.52% vs MCSE's -26.36%.

Which ETF is better, CVIE or MCSE?

On 3-year performance, CVIE leads with 20.58% vs 0.74% for MCSE. On fees, CVIE is cheaper at 0.18% per year. On volatility, MCSE 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 MCSE?

Over the 3-year period, CVIE has performed better with a 20.58% return vs 0.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVIE or MCSE?

CVIE is cheaper with a 0.18% expense ratio, compared with 0.59% for MCSE.

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

MCSE has the higher dividend yield at 3.74%, compared with 2.37% for CVIE.

What is the main difference between CVIE and MCSE?

They also come from different issuers: Calvert and Franklin. Their fees differ too: 0.18% for CVIE and 0.59% for MCSE.

Which has better risk-adjusted returns?

CVIE currently has the higher Sharpe Ratio (1.84 vs 0.46), 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.