CVIE vs. UMMA

Last updated Jun 4, 2026

CVIE (Calvert International Responsible Index ETF) and UMMA (Wahed Dow Jones Islamic World ETF) are both Foreign Large Cap Equities funds - CVIE tracks the Calvert International Responsible Index while UMMA tracks the Dow Jones Islamic Market International Titans 100 Index. Both are passively managed. Over the past 3 years, CVIE returned 21.42%/yr vs 22.73%/yr for UMMA. Their correlation of 0.89 suggests significant overlap in exposure. CVIE charges 0.18%/yr vs 0.65%/yr for UMMA.

Performance

CVIE vs. UMMA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calvert International Responsible Index ETF (CVIE) and Wahed Dow Jones Islamic World ETF (UMMA). 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 lower than UMMA's 32.49% return.

CVIE

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

UMMA

• 1D: -0.77%
• 1M: 14.49%
• YTD: 32.49%
• 6M: 35.58%
• 1Y: 53.55%
• 3Y*: 22.73%
• 5Y*: —
• 10Y*: —

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

CVIE vs. UMMA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CVIE Calvert International Responsible Index ETF	18.93%	33.23%	5.37%	8.48%
UMMA Wahed Dow Jones Islamic World ETF	32.49%	26.65%	4.67%	5.80%

Correlation

The correlation between CVIE and UMMA is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (All Time) Calculated using the full available price history since Feb 2, 2023	0.89

The correlation between CVIE and UMMA has been stable across timeframes, ranging from 0.89 to 0.92 - a consistent structural relationship.

CVIE vs. UMMA - Sectors Allocation Comparison

Sectors	CVIE	UMMA
Financial Services	24.6%	-
Technology	22.6%	42.9%
Industrials	16.7%	13.5%
Healthcare	7.9%	16.6%
Consumer Cyclical	6.7%	8.1%
Basic Materials	6.2%	9.3%
Consumer Defensive	5.6%	5.6%
Communication Services	3.9%	0.8%
Utilities	3.1%	-
Real Estate	1.6%	0.5%
Energy	1.1%	2.9%

Return for Risk

CVIE vs. UMMA — 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

UMMA

UMMA Risk / Return Rank: 75
UMMA Sharpe Ratio Rank: 81
UMMA Sortino Ratio Rank: 77
UMMA Omega Ratio Rank: 75
UMMA Calmar Ratio Rank: 71
UMMA Martin Ratio Rank: 73

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. UMMA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calvert International Responsible Index ETF (CVIE) and Wahed Dow Jones Islamic World ETF (UMMA). 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	UMMA	Difference
Sharpe ratio: Return per unit of total volatility	2.22	2.68	-0.46
Sortino ratio: Return per unit of downside risk	3.04	3.53	-0.49
Omega ratio: Gain probability vs. loss probability	1.40	1.46	-0.06
Calmar ratio: Return relative to maximum drawdown	2.90	3.60	-0.71
Martin ratio: Return relative to average drawdown	11.51	14.07	-2.56
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. UMMA - Sharpe Ratio Comparison

The current CVIE Sharpe Ratio is 2.22, which is comparable to the UMMA Sharpe Ratio of 2.68. The chart below compares the historical Sharpe Ratios of CVIE and UMMA, 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	UMMA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.22	2.68	-0.46
Sharpe Ratio (All Time) Calculated using the full available price history	1.28	0.58	+0.70

Drawdowns

CVIE vs. UMMA - Drawdown Comparison

The maximum CVIE drawdown since its inception was -13.52%, smaller than the maximum UMMA drawdown of -34.17%. Use the drawdown chart below to compare losses from any high point for CVIE and UMMA.

Drawdown Indicators

	CVIE	UMMA	Difference
Max Drawdown Largest peak-to-trough decline	-13.52%	-34.17%	+20.65%
Max Drawdown (1Y) Largest decline over 1 year	-12.71%	-14.93%	+2.22%
Max Drawdown (3Y) Largest decline over 3 years	-13.52%	-18.73%	+5.21%
Current Drawdown Current decline from peak	-0.67%	-0.77%	+0.10%
Average Drawdown Average peak-to-trough decline	-2.64%	-9.82%	+7.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.19%	3.82%	-0.63%

Volatility

CVIE vs. UMMA - Volatility Comparison

The current volatility for Calvert International Responsible Index ETF (CVIE) is 6.14%, while Wahed Dow Jones Islamic World ETF (UMMA) has a volatility of 7.64%. This indicates that CVIE experiences smaller price fluctuations and is considered to be less risky than UMMA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVIE	UMMA	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.14%	7.64%	-1.50%
Volatility (6M) Calculated over the trailing 6-month period	14.23%	17.26%	-3.03%
Volatility (1Y) Calculated over the trailing 1-year period	16.60%	20.10%	-3.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.39%	20.55%	-5.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.39%	20.55%	-5.16%

CVIE vs. UMMA - Expense Ratio Comparison

CVIE has a 0.18% expense ratio, which is lower than UMMA's 0.65% expense ratio.

Dividends

CVIE vs. UMMA - Dividend Comparison

CVIE's dividend yield for the trailing twelve months is around 2.22%, more than UMMA's 0.93% yield.

Position	TTM	2025	2024	2023	2022
CVIE Calvert International Responsible Index ETF	2.22%	2.85%	2.78%	1.96%	0.00%
UMMA Wahed Dow Jones Islamic World ETF	0.93%	1.02%	0.91%	1.09%	1.77%

Frequently Asked Questions

Can I hold both CVIE and UMMA in my portfolio?

With a correlation of 0.92, CVIE and UMMA 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 UMMA?

UMMA has higher volatility (7.64%) compared to CVIE (6.14%). In terms of maximum drawdown, CVIE dropped -13.52% vs UMMA's -34.17%.

Which ETF is better, CVIE or UMMA?

On 3-year performance, UMMA leads with 22.73% vs 21.42% for CVIE. On fees, CVIE is cheaper at 0.18% per year. On volatility, CVIE has been the lower-risk option at 6.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVIE or UMMA?

Over the 3-year period, UMMA has performed better with a 22.73% return vs 21.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVIE or UMMA?

CVIE is cheaper with a 0.18% expense ratio, compared with 0.65% for UMMA.

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

CVIE has the higher dividend yield at 2.22%, compared with 0.93% for UMMA.

What is the main difference between CVIE and UMMA?

CVIE tracks Calvert International Responsible Index, while UMMA tracks Dow Jones Islamic Market International Titans 100 Index. They also come from different issuers: Calvert and Wahed. Their fees differ too: 0.18% for CVIE and 0.65% for UMMA.

Which has better risk-adjusted returns?

UMMA currently has the higher Sharpe Ratio (2.68 vs 2.22), 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.