CVLC vs. TOLZ

Last updated Jun 24, 2026

CVLC (Calvert US Large-Cap Core Responsible Index ETF) and TOLZ (ProShares DJ Brookfield Global Infrastructure 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 TOLZ is a Industrials Equities fund tracking the Dow Jones Brookfield Global Infrastructure Composite Index. Both are passively managed. Over the past 3 years, CVLC returned 20.91%/yr vs 15.12%/yr for TOLZ. At a 0.38 correlation, their price movements are largely independent. CVLC charges 0.15%/yr vs 0.46%/yr for TOLZ.

Performance

CVLC vs. TOLZ - 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 ProShares DJ Brookfield Global Infrastructure ETF (TOLZ). 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 TOLZ's 12.09% return.

CVLC

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

TOLZ

• 1D: 0.88%
• 1M: -2.33%
• YTD: 12.09%
• 6M: 12.14%
• 1Y: 16.35%
• 3Y*: 15.12%
• 5Y*: 8.72%
• 10Y*: 7.93%

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

CVLC vs. TOLZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CVLC Calvert US Large-Cap Core Responsible Index ETF	10.46%	16.13%	24.20%	19.04%
TOLZ ProShares DJ Brookfield Global Infrastructure ETF	12.09%	14.76%	11.67%	0.61%

Correlation

The correlation between CVLC and TOLZ is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (All Time) Calculated using the full available price history since Feb 1, 2023	0.38

Over the past year, the correlation between CVLC and TOLZ has dropped to 0.12 - well below their long-term average of 0.38, suggesting their price drivers have been diverging.

CVLC vs. TOLZ - Sectors Allocation Comparison

Sectors	CVLC	TOLZ
Technology	39.8%	0.4%
Financial Services	12.0%	1.9%
Industrials	10.2%	5.1%
Healthcare	9.2%	-
Consumer Cyclical	8.8%	0.8%
Communication Services	8.7%	-
Consumer Defensive	4.6%	4.4%
Real Estate	2.7%	7.9%
Basic Materials	2.0%	-
Utilities	1.7%	22.2%
Energy	0.4%	36.0%

Return for Risk

CVLC vs. TOLZ — 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

TOLZ

TOLZ Risk / Return Rank: 53
TOLZ Sharpe Ratio Rank: 48
TOLZ Sortino Ratio Rank: 48
TOLZ Omega Ratio Rank: 44
TOLZ Calmar Ratio Rank: 68
TOLZ Martin Ratio Rank: 56

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. TOLZ - 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 ProShares DJ Brookfield Global Infrastructure ETF (TOLZ). 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	TOLZ	Difference
Sharpe ratio: Return per unit of total volatility	2.02	1.58	+0.44
Sortino ratio: Return per unit of downside risk	2.79	2.27	+0.52
Omega ratio: Gain probability vs. loss probability	1.36	1.27	+0.09
Calmar ratio: Return relative to maximum drawdown	2.75	3.17	-0.42
Martin ratio: Return relative to average drawdown	12.34	9.16	+3.17

CVLC vs. TOLZ - Sharpe Ratio Comparison

The current CVLC Sharpe Ratio is 2.02, which is comparable to the TOLZ Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of CVLC and TOLZ, 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. TOLZ - Drawdown Comparison

The maximum CVLC drawdown since its inception was -19.92%, smaller than the maximum TOLZ drawdown of -39.33%. Use the drawdown chart below to compare losses from any high point for CVLC and TOLZ.

Drawdown Indicators

	CVLC	TOLZ	Difference
Max Drawdown Largest peak-to-trough decline	-19.92%	-39.33%	+19.41%
Max Drawdown (1Y) Largest decline over 1 year	-9.61%	-5.18%	-4.43%
Max Drawdown (3Y) Largest decline over 3 years	-19.92%	-11.94%	-7.98%
Max Drawdown (5Y) Largest decline over 5 years	—	-21.85%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-39.33%	—
Current Drawdown Current decline from peak	-2.40%	-2.45%	+0.05%
Average Drawdown Average peak-to-trough decline	-2.40%	-6.61%	+4.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.14%	1.79%	+0.35%

Volatility

CVLC vs. TOLZ - Volatility Comparison

Calvert US Large-Cap Core Responsible Index ETF (CVLC) has a higher volatility of 4.97% compared to ProShares DJ Brookfield Global Infrastructure ETF (TOLZ) at 3.24%. This indicates that CVLC's price experiences larger fluctuations and is considered to be riskier than TOLZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVLC	TOLZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.97%	3.24%	+1.73%
Volatility (6M) Calculated over the trailing 6-month period	10.51%	8.30%	+2.21%
Volatility (1Y) Calculated over the trailing 1-year period	13.12%	10.41%	+2.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.65%	13.98%	+1.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.65%	16.23%	-0.58%

CVLC vs. TOLZ - Expense Ratio Comparison

CVLC has a 0.15% expense ratio, which is lower than TOLZ's 0.46% expense ratio.

Dividends

CVLC vs. TOLZ - Dividend Comparison

CVLC's dividend yield for the trailing twelve months is around 0.93%, less than TOLZ's 3.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CVLC Calvert US Large-Cap Core Responsible Index ETF	0.93%	1.02%	1.03%	0.91%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TOLZ ProShares DJ Brookfield Global Infrastructure ETF	3.63%	3.99%	3.53%	3.34%	3.01%	3.28%	3.16%	2.96%	3.63%	3.30%	2.62%	3.67%

Frequently Asked Questions

Can I hold both CVLC and TOLZ in my portfolio?

CVLC and TOLZ have a correlation of 0.12, 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 TOLZ?

CVLC has higher volatility (4.97%) compared to TOLZ (3.24%). In terms of maximum drawdown, CVLC dropped -19.92% vs TOLZ's -39.33%.

Which ETF is better, CVLC or TOLZ?

On 3-year performance, CVLC leads with 20.91% vs 15.12% for TOLZ. On fees, CVLC is cheaper at 0.15% per year. On volatility, TOLZ has been the lower-risk option at 3.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVLC or TOLZ?

Over the 3-year period, CVLC has performed better with a 20.91% return vs 15.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVLC or TOLZ?

CVLC is cheaper with a 0.15% expense ratio, compared with 0.46% for TOLZ.

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

TOLZ has the higher dividend yield at 3.63%, compared with 0.93% for CVLC.

What is the main difference between CVLC and TOLZ?

CVLC is categorized as Large Cap Blend Equities, while TOLZ is Industrials Equities. CVLC tracks Calvert US Large-Cap Core Responsible Index - Benchmark TR Gross, while TOLZ tracks Dow Jones Brookfield Global Infrastructure Composite Index. They also come from different issuers: Calvert and ProShares. Their fees differ too: 0.15% for CVLC and 0.46% for TOLZ.

Which has better risk-adjusted returns?

CVLC currently has the higher Sharpe Ratio (2.02 vs 1.58), 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.