CVLC vs. MTUM

Last updated Jun 4, 2026

CVLC (Calvert US Large-Cap Core Responsible Index ETF) and MTUM (iShares MSCI USA Momentum Factor 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 MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index. Both are passively managed. Over the past 3 years, CVLC returned 22.30%/yr vs 34.75%/yr for MTUM. Their correlation of 0.84 suggests significant overlap in exposure. Both charge a 0.15% expense ratio.

Performance

CVLC vs. MTUM - 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 iShares MSCI USA Momentum Factor ETF (MTUM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CVLC achieves a 12.35% return, which is significantly lower than MTUM's 31.75% return.

CVLC

• 1D: -0.73%
• 1M: 5.88%
• YTD: 12.35%
• 6M: 12.15%
• 1Y: 29.31%
• 3Y*: 22.30%
• 5Y*: —
• 10Y*: —

MTUM

• 1D: 1.06%
• 1M: 15.90%
• YTD: 31.75%
• 6M: 32.38%
• 1Y: 41.76%
• 3Y*: 34.75%
• 5Y*: 15.21%
• 10Y*: 17.31%

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

CVLC vs. MTUM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CVLC Calvert US Large-Cap Core Responsible Index ETF	12.35%	16.13%	24.20%	17.14%
MTUM iShares MSCI USA Momentum Factor ETF	31.75%	22.15%	32.89%	10.60%

Correlation

The correlation between CVLC and MTUM is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (All Time) Calculated using the full available price history since Feb 2, 2023	0.84

The correlation between CVLC and MTUM has been stable across timeframes, ranging from 0.82 to 0.87 - a consistent structural relationship.

CVLC vs. MTUM - Sectors Allocation Comparison

Sectors	CVLC	MTUM
Technology	39.5%	44.4%
Financial Services	11.8%	10.4%
Industrials	9.9%	15.6%
Healthcare	9.1%	6.9%
Consumer Cyclical	8.7%	3.6%
Communication Services	8.5%	7.4%
Consumer Defensive	4.6%	3.3%
Real Estate	2.7%	1.8%
Utilities	2.2%	1.6%
Basic Materials	2.1%	1.7%
Energy	0.5%	3.5%

Return for Risk

CVLC vs. MTUM — Risk / Return Rank

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

CVLC

CVLC Risk / Return Rank: 70
CVLC Sharpe Ratio Rank: 72
CVLC Sortino Ratio Rank: 71
CVLC Omega Ratio Rank: 69
CVLC Calmar Ratio Rank: 62
CVLC Martin Ratio Rank: 74

MTUM

MTUM Risk / Return Rank: 67
MTUM Sharpe Ratio Rank: 64
MTUM Sortino Ratio Rank: 62
MTUM Omega Ratio Rank: 63
MTUM Calmar Ratio Rank: 71
MTUM Martin Ratio Rank: 75

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. MTUM - 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 iShares MSCI USA Momentum Factor ETF (MTUM). 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	MTUM	Difference
Sharpe ratio: Return per unit of total volatility	2.36	2.20	+0.15
Sortino ratio: Return per unit of downside risk	3.26	2.98	+0.29
Omega ratio: Gain probability vs. loss probability	1.42	1.39	+0.03
Calmar ratio: Return relative to maximum drawdown	3.06	3.64	-0.57
Martin ratio: Return relative to average drawdown	14.09	14.50	-0.41
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. MTUM - Sharpe Ratio Comparison

The current CVLC Sharpe Ratio is 2.36, which is comparable to the MTUM Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of CVLC and MTUM, 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	MTUM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.36	2.20	+0.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.74	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.83	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.37	0.85	+0.52

Drawdowns

CVLC vs. MTUM - Drawdown Comparison

The maximum CVLC drawdown since its inception was -19.92%, smaller than the maximum MTUM drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for CVLC and MTUM.

Drawdown Indicators

	CVLC	MTUM	Difference
Max Drawdown Largest peak-to-trough decline	-19.92%	-34.08%	+14.16%
Max Drawdown (1Y) Largest decline over 1 year	-9.61%	-11.54%	+1.93%
Max Drawdown (3Y) Largest decline over 3 years	-19.92%	-20.99%	+1.07%
Max Drawdown (5Y) Largest decline over 5 years	—	-32.28%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-34.08%	—
Current Drawdown Current decline from peak	-0.73%	0.00%	-0.73%
Average Drawdown Average peak-to-trough decline	-2.41%	-6.21%	+3.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.09%	2.89%	-0.80%

Volatility

CVLC vs. MTUM - Volatility Comparison

The current volatility for Calvert US Large-Cap Core Responsible Index ETF (CVLC) is 3.36%, while iShares MSCI USA Momentum Factor ETF (MTUM) has a volatility of 7.68%. This indicates that CVLC experiences smaller price fluctuations and is considered to be less risky than MTUM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVLC	MTUM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.36%	7.68%	-4.32%
Volatility (6M) Calculated over the trailing 6-month period	9.66%	16.46%	-6.80%
Volatility (1Y) Calculated over the trailing 1-year period	12.51%	19.04%	-6.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.55%	20.60%	-5.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.55%	21.03%	-5.48%

CVLC vs. MTUM - Expense Ratio Comparison

Both CVLC and MTUM have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

CVLC vs. MTUM - Dividend Comparison

CVLC's dividend yield for the trailing twelve months is around 0.89%, more than MTUM's 0.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CVLC Calvert US Large-Cap Core Responsible Index ETF	0.89%	1.02%	1.03%	0.91%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
MTUM iShares MSCI USA Momentum Factor ETF	0.60%	0.91%	0.75%	1.35%	1.80%	0.55%	0.83%	1.48%	1.27%	1.02%	1.43%	1.12%

Frequently Asked Questions

Can I hold both CVLC and MTUM in my portfolio?

CVLC and MTUM have a correlation of 0.82, 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 MTUM?

MTUM has higher volatility (7.68%) compared to CVLC (3.36%). In terms of maximum drawdown, CVLC dropped -19.92% vs MTUM's -34.08%.

Which ETF is better, CVLC or MTUM?

On 3-year performance, MTUM leads with 34.75% vs 22.30% for CVLC. Both ETFs have the same 0.15% expense ratio. On volatility, CVLC has been the lower-risk option at 3.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVLC or MTUM?

Over the 3-year period, MTUM has performed better with a 34.75% return vs 22.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVLC or MTUM?

CVLC and MTUM have the same expense ratio: 0.15% per year.

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

CVLC has the higher dividend yield at 0.89%, compared with 0.60% for MTUM.

What is the main difference between CVLC and MTUM?

CVLC is categorized as Large Cap Blend Equities, while MTUM is Momentum. CVLC tracks Calvert US Large-Cap Core Responsible Index - Benchmark TR Gross, while MTUM tracks MSCI USA Momentum SR Variant Index. They also come from different issuers: Calvert and iShares.

Which has better risk-adjusted returns?

CVLC currently has the higher Sharpe Ratio (2.36 vs 2.20), 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.