CVLC vs. AFOS

Last updated Jun 24, 2026

CVLC (Calvert US Large-Cap Core Responsible Index ETF) and AFOS (ARS Focused Opportunities Strategy ETF) are both Large Cap Blend Equities funds. Their correlation of 0.83 suggests significant overlap in exposure. CVLC charges 0.15%/yr vs 0.45%/yr for AFOS.

Performance

CVLC vs. AFOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calvert US Large-Cap Core Responsible Index ETF (CVLC) and ARS Focused Opportunities Strategy ETF (AFOS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CVLC achieves a 10.46% return, which is significantly lower than AFOS's 31.60% return.

CVLC

• 1D: -1.42%
• 1M: 0.19%
• YTD: 10.46%
• 6M: 9.54%
• 1Y: 26.31%
• 3Y*: 20.91%
• 5Y*: —
• 10Y*: —

AFOS

• 1D: -3.79%
• 1M: 4.43%
• YTD: 31.60%
• 6M: 30.16%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CVLC vs. AFOS - Yearly Performance Comparison

	2026 (YTD)	2025
CVLC Calvert US Large-Cap Core Responsible Index ETF	10.46%	12.90%
AFOS ARS Focused Opportunities Strategy ETF	31.60%	37.10%

Correlation

The correlation between CVLC and AFOS is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025	0.83

Return for Risk

CVLC vs. AFOS — Risk / Return Rank

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

CVLC

CVLC Risk / Return Rank: 66
CVLC Sharpe Ratio Rank: 67
CVLC Sortino Ratio Rank: 65
CVLC Omega Ratio Rank: 64
CVLC Calmar Ratio Rank: 60
CVLC Martin Ratio Rank: 71

AFOS

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

CVLC vs. AFOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calvert US Large-Cap Core Responsible Index ETF (CVLC) and ARS Focused Opportunities Strategy ETF (AFOS). 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.

	CVLC	AFOS	Difference
Sharpe ratio: Return per unit of total volatility	2.02	—	—
Sortino ratio: Return per unit of downside risk	2.79	—	—
Omega ratio: Gain probability vs. loss probability	1.36	—	—
Calmar ratio: Return relative to maximum drawdown	2.75	—	—
Martin ratio: Return relative to average drawdown	12.34	—	—

Drawdowns

CVLC vs. AFOS - Drawdown Comparison

The maximum CVLC drawdown since its inception was -19.92%, which is greater than AFOS's maximum drawdown of -11.52%. Use the drawdown chart below to compare losses from any high point for CVLC and AFOS.

Drawdown Indicators

	CVLC	AFOS	Difference
Max Drawdown Largest peak-to-trough decline	-19.92%	-11.52%	-8.40%
Max Drawdown (1Y) Largest decline over 1 year	-9.61%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-19.92%	—	—
Current Drawdown Current decline from peak	-2.40%	-3.79%	+1.39%
Average Drawdown Average peak-to-trough decline	-2.40%	-1.42%	-0.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.14%	—	—

Volatility

Volatility by Period

	CVLC	AFOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.97%	—	—
Volatility (6M) Calculated over the trailing 6-month period	10.51%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	13.12%	21.52%	-8.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.65%	21.52%	-5.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.65%	21.52%	-5.87%

CVLC vs. AFOS - Expense Ratio Comparison

CVLC has a 0.15% expense ratio, which is lower than AFOS's 0.45% expense ratio.

Dividends

CVLC vs. AFOS - Dividend Comparison

CVLC's dividend yield for the trailing twelve months is around 0.93%, more than AFOS's 0.23% yield.

Position	TTM	2025	2024	2023
AFOS ARS Focused Opportunities Strategy ETF	0.23%	0.30%	0.00%	0.00%
CVLC Calvert US Large-Cap Core Responsible Index ETF	0.93%	1.02%	1.03%	0.91%

Frequently Asked Questions

Can I hold both CVLC and AFOS in my portfolio?

CVLC and AFOS have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CVLC or AFOS?

On fees, CVLC is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CVLC or AFOS?

CVLC is cheaper with a 0.15% expense ratio, compared with 0.45% for AFOS.

Which ETF pays a higher dividend yield, CVLC or AFOS?

CVLC has the higher dividend yield at 0.93%, compared with 0.23% for AFOS.

What is the main difference between CVLC and AFOS?

They also come from different issuers: Calvert and ARS Investment Partners. Their fees differ too: 0.15% for CVLC and 0.45% for AFOS.