CVLC vs. VOO

Last updated Aug 2, 2026

CVLC (Calvert US Large-Cap Core Responsible Index ETF) and VOO (Vanguard S&P 500 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 VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 3 years, CVLC returned 19.34%/yr vs 19.42%/yr for VOO. Their 0.98 correlation means they have historically moved very closely together. CVLC charges 0.15%/yr vs 0.03%/yr for VOO.

Performance

CVLC vs. VOO - 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 Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CVLC achieves a 11.99% return, which is significantly higher than VOO's 10.16% return.

CVLC

• 1D: 0.62%
• 1M: 0.02%
• 6M: 10.73%
• YTD: 11.99%
• 1Y: 23.51%
• 3Y*: 19.34%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 20.58%

VOO

• 1D: 0.71%
• 1M: 0.26%
• 6M: 8.58%
• YTD: 10.16%
• 1Y: 21.58%
• 3Y*: 19.42%
• 5Y*: 12.83%
• 10Y*: 15.14%
• ALL TIME*: 14.78%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CVLC Calvert US Large-Cap Core Responsible Index ETF	$2.45M	$3.31M	$2.99M
VOO Vanguard S&P 500 ETF	$3.82B	$3.78B	$5.44B

CVLC vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CVLC Calvert US Large-Cap Core Responsible Index ETF	11.99%	16.13%	24.20%	19.04%
VOO Vanguard S&P 500 ETF	10.16%	17.82%	24.98%	18.85%

Correlation

The correlation between CVLC and VOO is 0.98 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.98
Correlation (3Y) Balances recent behavior with more history.	0.98
Correlation (All Time) Calculated using the full available price history since Feb 1, 2023	0.98

The correlation between CVLC and VOO has been stable across timeframes, ranging from 0.98 to 0.98 - a consistent structural relationship.

CVLC vs. VOO - Sectors Allocation Comparison

Sectors	CVLC	VOO
Technology	38.1%	38.6%
Financial Services	13.2%	11.4%
Industrials	10.2%	8.5%
Healthcare	10.0%	8.9%
Consumer Cyclical	8.0%	9.5%
Communication Services	7.4%	9.9%
Consumer Defensive	4.7%	4.5%
Real Estate	2.8%	1.8%
Basic Materials	2.6%	1.7%
Utilities	2.3%	2.2%
Energy	0.4%	3.0%

Return for Risk

CVLC vs. VOO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CVLC

CVLC Risk / Return Rank: 70
CVLC Sharpe Ratio Rank: 71
CVLC Sortino Ratio Rank: 70
CVLC Omega Ratio Rank: 68
CVLC Calmar Ratio Rank: 64
CVLC Martin Ratio Rank: 78

VOO

VOO Risk / Return Rank: 68
VOO Sharpe Ratio Rank: 68
VOO Sortino Ratio Rank: 65
VOO Omega Ratio Rank: 66
VOO Calmar Ratio Rank: 64
VOO Martin Ratio Rank: 76

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CVLC vs. VOO - 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 Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio: Return per unit of total volatility	1.61	1.53	+0.08
Sortino ratio: Return per unit of downside risk	2.28	2.13	+0.15
Omega ratio: Gain probability vs. loss probability	1.29	1.28	+0.01
Calmar ratio: Return relative to maximum drawdown	2.26	2.21	+0.05
Martin ratio: Return relative to average drawdown	9.92	9.44	+0.48

CVLC vs. VOO - Sharpe Ratio Comparison

The current CVLC Sharpe Ratio is 1.61, which is comparable to the VOO Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of CVLC and VOO, 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. VOO - Drawdown Comparison

The maximum CVLC drawdown since its inception was -19.92%, smaller than the maximum VOO drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for CVLC and VOO.

Drawdown Indicators

	CVLC	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-19.92%	-33.99%	+14.07%
Max Drawdown (1Y) Largest decline over 1 year	-9.61%	-8.90%	-0.71%
Max Drawdown (3Y) Largest decline over 3 years	-19.92%	-18.69%	-1.23%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.52%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.99%	—
Current Drawdown Current decline from peak	-1.05%	-1.38%	+0.33%
Average Drawdown Average peak-to-trough decline	-2.37%	-3.67%	+1.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.18%	2.08%	+0.10%

Volatility

CVLC vs. VOO - Volatility Comparison

Calvert US Large-Cap Core Responsible Index ETF (CVLC) and Vanguard S&P 500 ETF (VOO) have volatilities of 3.68% and 3.54%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVLC	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.68%	3.54%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	10.72%	10.10%	+0.62%
Volatility (1Y) Calculated over the trailing 1-year period	13.48%	12.82%	+0.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.55%	16.93%	-1.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.55%	18.01%	-2.46%

CVLC vs. VOO - Expense Ratio Comparison

CVLC has a 0.15% expense ratio, which is higher than VOO's 0.03% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

CVLC vs. VOO - Dividend Comparison

CVLC's dividend yield for the trailing twelve months is around 0.92%, less than VOO's 1.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VOO Vanguard S&P 500 ETF	1.07%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both CVLC and VOO in my portfolio?

With a correlation of 0.98, CVLC and VOO 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 VOO?

CVLC has higher volatility (3.68%) compared to VOO (3.54%). In terms of maximum drawdown, CVLC dropped -19.92% vs VOO's -33.99%.

Which ETF is better, CVLC or VOO?

On 3-year performance, VOO leads with 19.42% vs 19.34% for CVLC. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 3.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVLC or VOO?

Over the 3-year period, VOO has performed better with a 19.42% return vs 19.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVLC or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.15% for CVLC.

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

VOO has the higher dividend yield at 1.07%, compared with 0.92% for CVLC.

What is the main difference between CVLC and VOO?

CVLC is categorized as Large Cap Blend Equities, while VOO is S&P 500. CVLC tracks Calvert US Large-Cap Core Responsible Index - Benchmark TR Gross, while VOO tracks S&P 500 Index. They also come from different issuers: Calvert and Vanguard. Their fees differ too: 0.15% for CVLC and 0.03% for VOO.

Which has better risk-adjusted returns?

CVLC currently has the higher Sharpe Ratio (1.61 vs 1.53), 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.