CVIE vs. PABD

Last updated Jun 4, 2026

CVIE (Calvert International Responsible Index ETF) and PABD (iShares Paris-Aligned Climate MSCI World Ex USA ETF) are both Foreign Large Cap Equities funds - CVIE tracks the Calvert International Responsible Index while PABD tracks the MSCI World ex USA Climate Paris Aligned Benchmark Extended Select Index - Benchmark TR Net. Both are passively managed. Over the past year, CVIE returned 36.65% vs 18.77% for PABD. With a 0.96 correlation, they move nearly in lockstep. CVIE charges 0.18%/yr vs 0.12%/yr for PABD.

Performance

CVIE vs. PABD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calvert International Responsible Index ETF (CVIE) and iShares Paris-Aligned Climate MSCI World Ex USA ETF (PABD). 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 PABD's 6.45% return.

CVIE

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

PABD

• 1D: -0.87%
• 1M: 3.33%
• YTD: 6.45%
• 6M: 9.26%
• 1Y: 18.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CVIE vs. PABD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CVIE Calvert International Responsible Index ETF	18.93%	33.23%	7.33%
PABD iShares Paris-Aligned Climate MSCI World Ex USA ETF	6.45%	30.06%	5.32%

Correlation

The correlation between CVIE and PABD 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 (All Time) Calculated using the full available price history since Jan 22, 2024	0.96

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

CVIE vs. PABD - Sectors Allocation Comparison

Sectors	CVIE	PABD
Financial Services	24.6%	29.5%
Technology	22.6%	13.5%
Industrials	16.7%	16.3%
Healthcare	7.9%	11.3%
Consumer Cyclical	6.7%	5.5%
Basic Materials	6.2%	5.1%
Consumer Defensive	5.6%	4.8%
Communication Services	3.9%	3.2%
Utilities	3.1%	3.6%
Real Estate	1.6%	6.2%
Energy	1.1%	0.2%

Return for Risk

CVIE vs. PABD — 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

PABD

PABD Risk / Return Rank: 33
PABD Sharpe Ratio Rank: 34
PABD Sortino Ratio Rank: 34
PABD Omega Ratio Rank: 32
PABD Calmar Ratio Rank: 31
PABD Martin Ratio Rank: 37

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. PABD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calvert International Responsible Index ETF (CVIE) and iShares Paris-Aligned Climate MSCI World Ex USA ETF (PABD). 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	PABD	Difference
Sharpe ratio: Return per unit of total volatility	2.22	1.21	+1.00
Sortino ratio: Return per unit of downside risk	3.04	1.78	+1.26
Omega ratio: Gain probability vs. loss probability	1.40	1.22	+0.18
Calmar ratio: Return relative to maximum drawdown	2.90	1.50	+1.39
Martin ratio: Return relative to average drawdown	11.51	5.63	+5.88
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. PABD - Sharpe Ratio Comparison

The current CVIE Sharpe Ratio is 2.22, which is higher than the PABD Sharpe Ratio of 1.21. The chart below compares the historical Sharpe Ratios of CVIE and PABD, 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	PABD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.22	1.21	+1.00
Sharpe Ratio (All Time) Calculated using the full available price history	1.28	1.12	+0.16

Drawdowns

CVIE vs. PABD - Drawdown Comparison

The maximum CVIE drawdown since its inception was -13.52%, roughly equal to the maximum PABD drawdown of -13.37%. Use the drawdown chart below to compare losses from any high point for CVIE and PABD.

Drawdown Indicators

	CVIE	PABD	Difference
Max Drawdown Largest peak-to-trough decline	-13.52%	-13.37%	-0.15%
Max Drawdown (1Y) Largest decline over 1 year	-12.71%	-12.55%	-0.16%
Max Drawdown (3Y) Largest decline over 3 years	-13.52%	—	—
Current Drawdown Current decline from peak	-0.67%	-1.80%	+1.13%
Average Drawdown Average peak-to-trough decline	-2.64%	-2.64%	0.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.19%	3.34%	-0.15%

Volatility

CVIE vs. PABD - Volatility Comparison

Calvert International Responsible Index ETF (CVIE) has a higher volatility of 6.14% compared to iShares Paris-Aligned Climate MSCI World Ex USA ETF (PABD) at 4.98%. This indicates that CVIE's price experiences larger fluctuations and is considered to be riskier than PABD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVIE	PABD	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.14%	4.98%	+1.16%
Volatility (6M) Calculated over the trailing 6-month period	14.23%	12.95%	+1.28%
Volatility (1Y) Calculated over the trailing 1-year period	16.60%	15.55%	+1.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.39%	15.53%	-0.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.39%	15.53%	-0.14%

CVIE vs. PABD - Expense Ratio Comparison

CVIE has a 0.18% expense ratio, which is higher than PABD's 0.12% 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. PABD - Dividend Comparison

CVIE's dividend yield for the trailing twelve months is around 2.22%, less than PABD's 2.57% yield.

Position	TTM	2025	2024	2023
CVIE Calvert International Responsible Index ETF	2.22%	2.85%	2.78%	1.96%
PABD iShares Paris-Aligned Climate MSCI World Ex USA ETF	2.57%	2.74%	2.87%	0.00%

Frequently Asked Questions

Can I hold both CVIE and PABD in my portfolio?

With a correlation of 0.96, CVIE and PABD 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 PABD?

CVIE has higher volatility (6.14%) compared to PABD (4.98%). In terms of maximum drawdown, CVIE dropped -13.52% vs PABD's -13.37%.

Which ETF is better, CVIE or PABD?

On 1-year performance, CVIE leads with 36.65% vs 18.77% for PABD. On fees, PABD is cheaper at 0.12% per year. On volatility, PABD has been the lower-risk option at 4.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVIE or PABD?

Over the 1-year period, CVIE has performed better with a 36.65% return vs 18.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVIE or PABD?

PABD is cheaper with a 0.12% expense ratio, compared with 0.18% for CVIE.

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

PABD has the higher dividend yield at 2.57%, compared with 2.22% for CVIE.

What is the main difference between CVIE and PABD?

CVIE tracks Calvert International Responsible Index, while PABD tracks MSCI World ex USA Climate Paris Aligned Benchmark Extended Select Index - Benchmark TR Net. They also come from different issuers: Calvert and iShares. Their fees differ too: 0.18% for CVIE and 0.12% for PABD.

Which has better risk-adjusted returns?

CVIE currently has the higher Sharpe Ratio (2.22 vs 1.21), 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.