CVLC vs. RAFE

Last updated Jul 14, 2026

CVLC (Calvert US Large-Cap Core Responsible Index ETF) and RAFE (PIMCO RAFI ESG U.S. ETF) are both Large Cap Blend Equities funds - CVLC tracks the Calvert US Large-Cap Core Responsible Index - Benchmark TR Gross while RAFE tracks the RAFI ESG US Index. Both are passively managed. Over the past 3 years, CVLC returned 19.90%/yr vs 18.76%/yr for RAFE. Their correlation of 0.88 suggests significant overlap in exposure. CVLC charges 0.15%/yr vs 0.30%/yr for RAFE.

Performance

CVLC vs. RAFE - 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 PIMCO RAFI ESG U.S. ETF (RAFE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CVLC achieves a 11.97% return, which is significantly lower than RAFE's 15.70% return.

CVLC

• 1D: -0.78%
• 1M: 0.91%
• 6M: 9.50%
• YTD: 11.97%
• 1Y: 22.82%
• 3Y*: 19.90%
• 5Y*: —
• 10Y*: —

RAFE

• 1D: -0.06%
• 1M: 1.59%
• 6M: 13.30%
• YTD: 15.70%
• 1Y: 28.06%
• 3Y*: 18.76%
• 5Y*: 11.46%
• 10Y*: —

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

CVLC vs. RAFE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CVLC Calvert US Large-Cap Core Responsible Index ETF	11.97%	16.13%	24.20%	19.04%
RAFE PIMCO RAFI ESG U.S. ETF	15.70%	17.60%	13.81%	13.17%

Correlation

The correlation between CVLC and RAFE is 0.84, 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	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (All Time) Calculated using the full available price history since Feb 1, 2023	0.88

The correlation between CVLC and RAFE has been stable across timeframes, ranging from 0.84 to 0.88 - a consistent structural relationship.

Return for Risk

CVLC vs. RAFE — Risk / Return Rank

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

CVLC

CVLC Risk / Return Rank: 67
CVLC Sharpe Ratio Rank: 68
CVLC Sortino Ratio Rank: 67
CVLC Omega Ratio Rank: 65
CVLC Calmar Ratio Rank: 60
CVLC Martin Ratio Rank: 72

RAFE

RAFE Risk / Return Rank: 89
RAFE Sharpe Ratio Rank: 91
RAFE Sortino Ratio Rank: 91
RAFE Omega Ratio Rank: 89
RAFE Calmar Ratio Rank: 86
RAFE Martin Ratio Rank: 88

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. RAFE - 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 PIMCO RAFI ESG U.S. ETF (RAFE). 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	RAFE	Difference
Sharpe ratio: Return per unit of total volatility	1.75	2.49	-0.74
Sortino ratio: Return per unit of downside risk	2.46	3.48	-1.02
Omega ratio: Gain probability vs. loss probability	1.31	1.45	-0.14
Calmar ratio: Return relative to maximum drawdown	2.39	3.78	-1.39
Martin ratio: Return relative to average drawdown	10.60	14.72	-4.12

CVLC vs. RAFE - Sharpe Ratio Comparison

The current CVLC Sharpe Ratio is 1.75, which is comparable to the RAFE Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of CVLC and RAFE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CVLC vs. RAFE - Drawdown Comparison

The maximum CVLC drawdown since its inception was -19.92%, smaller than the maximum RAFE drawdown of -35.74%. Use the drawdown chart below to compare losses from any high point for CVLC and RAFE.

Drawdown Indicators

	CVLC	RAFE	Difference
Max Drawdown Largest peak-to-trough decline	-19.92%	-35.74%	+15.82%
Max Drawdown (1Y) Largest decline over 1 year	-9.61%	-7.46%	-2.15%
Max Drawdown (3Y) Largest decline over 3 years	-19.92%	-16.36%	-3.56%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.28%	—
Current Drawdown Current decline from peak	-1.07%	-0.06%	-1.01%
Average Drawdown Average peak-to-trough decline	-2.38%	-6.13%	+3.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.16%	1.91%	+0.25%

Volatility

CVLC vs. RAFE - Volatility Comparison

Calvert US Large-Cap Core Responsible Index ETF (CVLC) has a higher volatility of 4.17% compared to PIMCO RAFI ESG U.S. ETF (RAFE) at 2.78%. This indicates that CVLC's price experiences larger fluctuations and is considered to be riskier than RAFE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVLC	RAFE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.17%	2.78%	+1.39%
Volatility (6M) Calculated over the trailing 6-month period	10.56%	8.59%	+1.97%
Volatility (1Y) Calculated over the trailing 1-year period	13.15%	11.34%	+1.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.57%	15.07%	+0.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.57%	19.33%	-3.76%

CVLC vs. RAFE - Expense Ratio Comparison

CVLC has a 0.15% expense ratio, which is lower than RAFE's 0.30% expense ratio.

Dividends

CVLC vs. RAFE - Dividend Comparison

CVLC's dividend yield for the trailing twelve months is around 0.92%, less than RAFE's 1.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
CVLC Calvert US Large-Cap Core Responsible Index ETF	0.92%	1.02%	1.03%	0.91%	0.00%	0.00%	0.00%
RAFE PIMCO RAFI ESG U.S. ETF	1.49%	1.67%	1.79%	1.81%	2.22%	1.42%	2.36%

Frequently Asked Questions

Can I hold both CVLC and RAFE in my portfolio?

CVLC and RAFE have a correlation of 0.84, 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 RAFE?

CVLC has higher volatility (4.17%) compared to RAFE (2.78%). In terms of maximum drawdown, CVLC dropped -19.92% vs RAFE's -35.74%.

Which ETF is better, CVLC or RAFE?

On 3-year performance, CVLC leads with 19.90% vs 18.76% for RAFE. On fees, CVLC is cheaper at 0.15% per year. On volatility, RAFE has been the lower-risk option at 2.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVLC or RAFE?

Over the 3-year period, CVLC has performed better with a 19.90% return vs 18.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVLC or RAFE?

CVLC is cheaper with a 0.15% expense ratio, compared with 0.30% for RAFE.

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

RAFE has the higher dividend yield at 1.49%, compared with 0.92% for CVLC.

What is the main difference between CVLC and RAFE?

CVLC tracks Calvert US Large-Cap Core Responsible Index - Benchmark TR Gross, while RAFE tracks RAFI ESG US Index. They also come from different issuers: Calvert and PIMCO. Their fees differ too: 0.15% for CVLC and 0.30% for RAFE.

Which has better risk-adjusted returns?

RAFE currently has the higher Sharpe Ratio (2.49 vs 1.75), 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.