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CVLC vs. USMV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CVLC vs. USMV

Last updated Jul 14, 2026
Documentation

CVLC (Calvert US Large-Cap Core Responsible Index ETF) and USMV (iShares MSCI USA Min Vol Factor ETF) are both Large Cap Blend Equities funds - CVLC tracks the Calvert US Large-Cap Core Responsible Index - Benchmark TR Gross while USMV tracks the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past 3 years, CVLC returned 19.90%/yr vs 11.43%/yr for USMV. A 0.66 correlation means they provide meaningful diversification when combined. Both charge a 0.15% expense ratio.

Performance

CVLC vs. USMV - 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 Min Vol Factor ETF (USMV). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, CVLC achieves a 11.97% return, which is significantly higher than USMV's 4.64% return.

CVLC

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

USMV

1D
0.06%
1M
2.16%
6M
3.87%
YTD
4.64%
1Y
7.10%
3Y*
11.43%
5Y*
7.16%
10Y*
9.58%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CVLC vs. USMV - Yearly Performance Comparison

2026 (YTD)202520242023
CVLC
Calvert US Large-Cap Core Responsible Index ETF		11.97%16.13%24.20%19.04%
USMV
iShares MSCI USA Min Vol Factor ETF		4.64%7.65%15.74%8.67%

Correlation

The correlation between CVLC and USMV is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.49

Correlation (3Y)
Calculated over the trailing 3-year period

0.64

Correlation (All Time)
Calculated using the full available price history since Feb 1, 2023

0.66

The correlation between CVLC and USMV shifts across timeframes, from 0.49 (1 year) to 0.66 (all time), reflecting how their relationship changes across market environments.

CVLC vs. USMV - Sectors Allocation Comparison

Sectors
CVLC
USMV

Technology

39.8%
33.9%

Financial Services

12.0%
11.7%

Industrials

10.2%
6.1%

Healthcare

9.2%
12.6%

Consumer Cyclical

8.8%
5.7%

Communication Services

8.7%
6.2%

Consumer Defensive

4.6%
9.4%

Real Estate

2.7%
2.5%

Basic Materials

2.0%
2.4%

Utilities

1.7%
6.9%

Energy

0.4%
2.7%

Technology

CVLC
39.8%
USMV
33.9%

Financial Services

CVLC
12.0%
USMV
11.7%

Industrials

CVLC
10.2%
USMV
6.1%

Healthcare

CVLC
9.2%
USMV
12.6%

Consumer Cyclical

CVLC
8.8%
USMV
5.7%

Communication Services

CVLC
8.7%
USMV
6.2%

Consumer Defensive

CVLC
4.6%
USMV
9.4%

Real Estate

CVLC
2.7%
USMV
2.5%

Basic Materials

CVLC
2.0%
USMV
2.4%

Utilities

CVLC
1.7%
USMV
6.9%

Energy

CVLC
0.4%
USMV
2.7%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Calvert US Large-Cap Core Responsible Index ETF

iShares MSCI USA Min Vol Factor ETF

Often compared with CVLC:
CVLC vs. ESGVCVLC vs. CDEICVLC vs. KLIPCVLC vs. VOOCVLC vs. ESGUCVLC vs. SCHGCVLC vs. VTI
Often compared with USMV:
USMV vs. SPLVUSMV vs. SPYUSMV vs. VOOUSMV vs. QUALUSMV vs. VFMVUSMV vs. ACWVUSMV vs. VTI

Return for Risk

CVLC vs. USMV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CVLC
CVLC Risk / Return Rank: 6767
Overall Rank
CVLC Sharpe Ratio Rank: 6868
Sharpe Ratio Rank
CVLC Sortino Ratio Rank: 6767
Sortino Ratio Rank
CVLC Omega Ratio Rank: 6565
Omega Ratio Rank
CVLC Calmar Ratio Rank: 6060
Calmar Ratio Rank
CVLC Martin Ratio Rank: 7272
Martin Ratio Rank
USMV
USMV Risk / Return Rank: 2828
Overall Rank
USMV Sharpe Ratio Rank: 2929
Sharpe Ratio Rank
USMV Sortino Ratio Rank: 2626
Sortino Ratio Rank
USMV Omega Ratio Rank: 2525
Omega Ratio Rank
USMV Calmar Ratio Rank: 2828
Calmar Ratio Rank
USMV Martin Ratio Rank: 3131
Martin Ratio Rank
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. USMV - 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 Min Vol Factor ETF (USMV). 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.

CVLCUSMVDifference
Sharpe ratioReturn per unit of total volatility
1.75
0.84

+0.90

Sortino ratioReturn per unit of downside risk
2.46
1.23

+1.23

Omega ratioGain probability vs. loss probability

1.31

1.15

+0.16

Calmar ratioReturn relative to maximum drawdown

2.39

1.10

+1.28

Martin ratioReturn relative to average drawdown

10.60

3.61

+6.99

CVLC vs. USMV - Sharpe Ratio Comparison

The current CVLC Sharpe Ratio is 1.75, which is higher than the USMV Sharpe Ratio of 0.84. The chart below compares the historical Sharpe Ratios of CVLC and USMV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

CVLC vs. USMV - Drawdown Comparison

The maximum CVLC drawdown since its inception was -19.92%, smaller than the maximum USMV drawdown of -33.10%. Use the drawdown chart below to compare losses from any high point for CVLC and USMV.

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Drawdown Indicators

CVLCUSMVDifference

Max Drawdown

Largest peak-to-trough decline

-19.92%

-33.10%

+13.18%

Max Drawdown (1Y)

Largest decline over 1 year

-9.61%

-6.46%

-3.15%

Max Drawdown (3Y)

Largest decline over 3 years

-19.92%

-9.36%

-10.56%

Max Drawdown (5Y)

Largest decline over 5 years

—

-17.93%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-33.10%

—

Current Drawdown

Current decline from peak

-1.07%

-0.54%

-0.53%

Average Drawdown

Average peak-to-trough decline

-2.38%

-2.87%

+0.49%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.16%

1.97%

+0.19%

Volatility

CVLC vs. USMV - Volatility Comparison

Calvert US Large-Cap Core Responsible Index ETF (CVLC) has a higher volatility of 4.17% compared to iShares MSCI USA Min Vol Factor ETF (USMV) at 2.54%. This indicates that CVLC's price experiences larger fluctuations and is considered to be riskier than USMV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CVLCUSMVDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.17%

2.54%

+1.63%

Volatility (6M)

Calculated over the trailing 6-month period

10.56%

6.22%

+4.34%

Volatility (1Y)

Calculated over the trailing 1-year period

13.15%

8.48%

+4.67%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.57%

12.36%

+3.21%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.57%

14.49%

+1.08%

CVLC vs. USMV - Expense Ratio Comparison

Both CVLC and USMV 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. USMV - Dividend Comparison

CVLC's dividend yield for the trailing twelve months is around 0.92%, less than USMV's 1.48% yield.

PositionTTM20252024202320222021202020192018201720162015
CVLC
Calvert US Large-Cap Core Responsible Index ETF		0.92%1.02%1.03%0.91%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
USMV
iShares MSCI USA Min Vol Factor ETF		1.48%1.49%1.67%1.82%1.62%1.26%1.81%1.88%2.12%1.77%2.22%2.02%

Frequently Asked Questions

CVLC and USMV have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

CVLC has higher volatility (4.17%) compared to USMV (2.54%). In terms of maximum drawdown, CVLC dropped -19.92% vs USMV's -33.10%.

On 3-year performance, CVLC leads with 19.90% vs 11.43% for USMV. Both ETFs have the same 0.15% expense ratio. On volatility, USMV has been the lower-risk option at 2.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 3-year period, CVLC has performed better with a 19.90% return vs 11.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

USMV has the higher dividend yield at 1.48%, compared with 0.92% for CVLC.

CVLC tracks Calvert US Large-Cap Core Responsible Index - Benchmark TR Gross, while USMV tracks MSCI USA Minimum Volatility Index. They also come from different issuers: Calvert and iShares.

CVLC currently has the higher Sharpe Ratio (1.75 vs 0.84), 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.

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