CVLC vs. DMAY

Last updated Jun 3, 2026

CVLC (Calvert US Large-Cap Core Responsible Index ETF) and DMAY (FT Cboe Vest U.S. Equity Deep Buffer ETF - May) are both Large Cap Blend Equities funds - CVLC tracks the Calvert US Large-Cap Core Responsible Index - Benchmark TR Gross while DMAY tracks the Cboe S&P 500 30% (-5% to -35%) Buffer Protect May Series Index. Both are passively managed. Over the past 3 years, CVLC returned 22.60%/yr vs 12.07%/yr for DMAY. Their correlation of 0.92 suggests significant overlap in exposure. CVLC charges 0.15%/yr vs 0.85%/yr for DMAY.

Performance

CVLC vs. DMAY - 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 FT Cboe Vest U.S. Equity Deep Buffer ETF - May (DMAY). 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 DMAY's 4.73% return.

CVLC

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

DMAY

• 1D: 0.08%
• 1M: 1.59%
• YTD: 4.73%
• 6M: 5.76%
• 1Y: 12.97%
• 3Y*: 12.07%
• 5Y*: 7.26%
• 10Y*: —

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

CVLC vs. DMAY - 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%
DMAY FT Cboe Vest U.S. Equity Deep Buffer ETF - May	4.73%	11.05%	12.82%	10.60%

Correlation

The correlation between CVLC and DMAY is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (All Time) Calculated using the full available price history since Feb 2, 2023	0.92

The correlation between CVLC and DMAY has been stable across timeframes, ranging from 0.90 to 0.92 - a consistent structural relationship.

CVLC vs. DMAY - Sectors Allocation Comparison

Sectors	CVLC	DMAY
Technology	39.5%	36.2%
Financial Services	11.8%	11.9%
Industrials	9.9%	8.1%
Healthcare	9.1%	8.4%
Consumer Cyclical	8.7%	10.1%
Communication Services	8.5%	10.9%
Consumer Defensive	4.6%	4.9%
Real Estate	2.7%	1.9%
Utilities	2.2%	2.3%
Basic Materials	2.1%	1.8%
Energy	0.5%	3.5%

Return for Risk

CVLC vs. DMAY — 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

DMAY

DMAY Risk / Return Rank: 87
DMAY Sharpe Ratio Rank: 84
DMAY Sortino Ratio Rank: 90
DMAY Omega Ratio Rank: 92
DMAY Calmar Ratio Rank: 78
DMAY Martin Ratio Rank: 93

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. DMAY - 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 FT Cboe Vest U.S. Equity Deep Buffer ETF - May (DMAY). 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	DMAY	Difference
Sharpe ratio Return per unit of total volatility	2.52	2.79	-0.27
Sortino ratio Return per unit of downside risk	3.46	4.20	-0.74
Omega ratio Gain probability vs. loss probability	1.45	1.63	-0.18
Calmar ratio Return relative to maximum drawdown	3.30	4.06	-0.76
Martin ratio Return relative to average drawdown	15.18	24.92	-9.74
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. DMAY - Sharpe Ratio Comparison

The current CVLC Sharpe Ratio is 2.52, which is comparable to the DMAY Sharpe Ratio of 2.79. The chart below compares the historical Sharpe Ratios of CVLC and DMAY, 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	DMAY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.52	2.79	-0.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.81	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.39	0.88	+0.51

Drawdowns

CVLC vs. DMAY - Drawdown Comparison

The maximum CVLC drawdown since its inception was -19.92%, which is greater than DMAY's maximum drawdown of -13.90%. Use the drawdown chart below to compare losses from any high point for CVLC and DMAY.

Drawdown Indicators

	CVLC	DMAY	Difference
Max Drawdown Largest peak-to-trough decline	-19.92%	-13.90%	-6.02%
Max Drawdown (1Y) Largest decline over 1 year	-9.61%	-3.36%	-6.25%
Max Drawdown (3Y) Largest decline over 3 years	-19.92%	-12.38%	-7.54%
Max Drawdown (5Y) Largest decline over 5 years	—	-13.90%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-2.41%	-2.24%	-0.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.09%	0.55%	+1.54%

Volatility

CVLC vs. DMAY - Volatility Comparison

Calvert US Large-Cap Core Responsible Index ETF (CVLC) has a higher volatility of 3.30% compared to FT Cboe Vest U.S. Equity Deep Buffer ETF - May (DMAY) at 0.76%. This indicates that CVLC's price experiences larger fluctuations and is considered to be riskier than DMAY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVLC	DMAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.30%	0.76%	+2.54%
Volatility (6M) Calculated over the trailing 6-month period	9.65%	3.73%	+5.92%
Volatility (1Y) Calculated over the trailing 1-year period	12.49%	4.71%	+7.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.55%	9.02%	+6.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.55%	8.43%	+7.12%

CVLC vs. DMAY - Expense Ratio Comparison

CVLC has a 0.15% expense ratio, which is lower than DMAY's 0.85% expense ratio.

Dividends

CVLC vs. DMAY - Dividend Comparison

CVLC's dividend yield for the trailing twelve months is around 0.89%, while DMAY has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
CVLC Calvert US Large-Cap Core Responsible Index ETF	0.89%	1.02%	1.03%	0.91%
DMAY FT Cboe Vest U.S. Equity Deep Buffer ETF - May	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CVLC and DMAY in my portfolio?

With a correlation of 0.90, CVLC and DMAY 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, CVLC or DMAY?

CVLC has higher volatility (3.30%) compared to DMAY (0.76%). In terms of maximum drawdown, CVLC dropped -19.92% vs DMAY's -13.90%.

Which ETF is better, CVLC or DMAY?

On 3-year performance, CVLC leads with 22.60% vs 12.07% for DMAY. On fees, CVLC is cheaper at 0.15% per year. On volatility, DMAY has been the lower-risk option at 0.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVLC or DMAY?

Over the 3-year period, CVLC has performed better with a 22.60% return vs 12.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVLC or DMAY?

CVLC is cheaper with a 0.15% expense ratio, compared with 0.85% for DMAY.

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

CVLC has the higher dividend yield at 0.89%, compared with 0.00% for DMAY.

What is the main difference between CVLC and DMAY?

CVLC tracks Calvert US Large-Cap Core Responsible Index - Benchmark TR Gross, while DMAY tracks Cboe S&P 500 30% (-5% to -35%) Buffer Protect May Series Index. They also come from different issuers: Calvert and First Trust. Their fees differ too: 0.15% for CVLC and 0.85% for DMAY.

Which has better risk-adjusted returns?

DMAY currently has the higher Sharpe Ratio (2.79 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.