CVLC vs. CVSB

Last updated Jun 3, 2026

CVLC (Calvert US Large-Cap Core Responsible Index ETF) and CVSB (Calvert Ultra-Short Investment Grade ETF) are both exchange-traded funds - CVLC is a Large Cap Blend Equities fund tracking the Calvert US Large-Cap Core Responsible Index - Benchmark TR Gross, while CVSB is a Ultrashort Bond fund actively managed by Calvert. CVLC is passively managed, while CVSB is actively managed. Over the past 3 years, CVLC returned 22.60%/yr vs 5.54%/yr for CVSB. At a 0.06 correlation, their price movements are largely independent. CVLC charges 0.15%/yr vs 0.24%/yr for CVSB.

Performance

CVLC vs. CVSB - 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 Calvert Ultra-Short Investment Grade ETF (CVSB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CVLC achieves a 13.18% return, which is significantly higher than CVSB's 1.49% return.

CVLC

• 1D: 0.32%
• 1M: 6.11%
• YTD: 13.18%
• 6M: 13.39%
• 1Y: 31.25%
• 3Y*: 22.60%
• 5Y*: —
• 10Y*: —

CVSB

• 1D: 0.05%
• 1M: 0.34%
• YTD: 1.49%
• 6M: 2.05%
• 1Y: 4.55%
• 3Y*: 5.54%
• 5Y*: —
• 10Y*: —

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

CVLC vs. CVSB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CVLC Calvert US Large-Cap Core Responsible Index ETF	13.18%	16.13%	24.20%	17.14%
CVSB Calvert Ultra-Short Investment Grade ETF	1.49%	4.92%	6.23%	5.40%

Correlation

The correlation between CVLC and CVSB is 0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (All Time) Calculated using the full available price history since Feb 2, 2023	0.06

Return for Risk

CVLC vs. CVSB — Risk / Return Rank

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

CVLC

CVLC Risk / Return Rank: 74
CVLC Sharpe Ratio Rank: 76
CVLC Sortino Ratio Rank: 76
CVLC Omega Ratio Rank: 73
CVLC Calmar Ratio Rank: 65
CVLC Martin Ratio Rank: 78

CVSB

CVSB Risk / Return Rank: 98
CVSB Sharpe Ratio Rank: 98
CVSB Sortino Ratio Rank: 98
CVSB Omega Ratio Rank: 98
CVSB Calmar Ratio Rank: 99
CVSB Martin Ratio Rank: 98

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. CVSB - 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 Calvert Ultra-Short Investment Grade ETF (CVSB). 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.

	CVLC	CVSB	Difference
Sharpe ratio Return per unit of total volatility	2.52	5.20	-2.69
Sortino ratio Return per unit of downside risk	3.46	8.98	-5.52
Omega ratio Gain probability vs. loss probability	1.45	2.41	-0.96
Calmar ratio Return relative to maximum drawdown	3.30	20.15	-16.85
Martin ratio Return relative to average drawdown	15.18	81.98	-66.80
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CVLC vs. CVSB - Sharpe Ratio Comparison

The current CVLC Sharpe Ratio is 2.52, which is lower than the CVSB Sharpe Ratio of 5.20. The chart below compares the historical Sharpe Ratios of CVLC and CVSB, 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

	CVLC	CVSB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.52	5.20	-2.69
Sharpe Ratio (All Time) Calculated using the full available price history	1.39	4.14	-2.75

Drawdowns

CVLC vs. CVSB - Drawdown Comparison

The maximum CVLC drawdown since its inception was -19.92%, which is greater than CVSB's maximum drawdown of -0.63%. Use the drawdown chart below to compare losses from any high point for CVLC and CVSB.

Drawdown Indicators

	CVLC	CVSB	Difference
Max Drawdown Largest peak-to-trough decline	-19.92%	-0.63%	-19.29%
Max Drawdown (1Y) Largest decline over 1 year	-9.61%	-0.23%	-9.38%
Max Drawdown (3Y) Largest decline over 3 years	-19.92%	-0.63%	-19.29%
Current Drawdown Current decline from peak	0.00%	-0.02%	+0.02%
Average Drawdown Average peak-to-trough decline	-2.41%	-0.05%	-2.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.09%	0.06%	+2.03%

Volatility

CVLC vs. CVSB - Volatility Comparison

Calvert US Large-Cap Core Responsible Index ETF (CVLC) has a higher volatility of 3.30% compared to Calvert Ultra-Short Investment Grade ETF (CVSB) at 0.16%. This indicates that CVLC's price experiences larger fluctuations and is considered to be riskier than CVSB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVLC	CVSB	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.30%	0.16%	+3.14%
Volatility (6M) Calculated over the trailing 6-month period	9.65%	0.54%	+9.11%
Volatility (1Y) Calculated over the trailing 1-year period	12.49%	0.88%	+11.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.55%	1.32%	+14.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.55%	1.32%	+14.23%

CVLC vs. CVSB - Expense Ratio Comparison

CVLC has a 0.15% expense ratio, which is lower than CVSB's 0.24% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

CVLC vs. CVSB - Dividend Comparison

CVLC's dividend yield for the trailing twelve months is around 0.89%, less than CVSB's 4.37% yield.

Position	TTM	2025	2024	2023
CVLC Calvert US Large-Cap Core Responsible Index ETF	0.89%	1.02%	1.03%	0.91%
CVSB Calvert Ultra-Short Investment Grade ETF	4.37%	4.72%	5.13%	4.95%

Frequently Asked Questions

Can I hold both CVLC and CVSB in my portfolio?

CVLC and CVSB have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CVLC or CVSB?

CVLC has higher volatility (3.30%) compared to CVSB (0.16%). In terms of maximum drawdown, CVLC dropped -19.92% vs CVSB's -0.63%.

Which ETF is better, CVLC or CVSB?

On 3-year performance, CVLC leads with 22.60% vs 5.54% for CVSB. On fees, CVLC is cheaper at 0.15% per year. On volatility, CVSB has been the lower-risk option at 0.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVLC or CVSB?

Over the 3-year period, CVLC has performed better with a 22.60% return vs 5.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVLC or CVSB?

CVLC is cheaper with a 0.15% expense ratio, compared with 0.24% for CVSB.

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

CVSB has the higher dividend yield at 4.37%, compared with 0.89% for CVLC.

What is the main difference between CVLC and CVSB?

CVLC is categorized as Large Cap Blend Equities, while CVSB is Ultrashort Bond. Their fees differ too: 0.15% for CVLC and 0.24% for CVSB.

Which has better risk-adjusted returns?

CVSB currently has the higher Sharpe Ratio (5.20 vs 2.52), 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.