CVMC vs. CVLC

Last updated Jul 17, 2026

CVMC (Calvert US Mid-Cap Core Responsible Index ETF) and CVLC (Calvert US Large-Cap Core Responsible Index ETF) are both exchange-traded funds - CVMC is a Mid Cap Blend Equities fund tracking the Russell Midcap Index, while CVLC is a Large Cap Blend Equities fund tracking the Calvert US Large-Cap Core Responsible Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, CVMC returned 14.91%/yr vs 19.73%/yr for CVLC. Their correlation of 0.86 suggests significant overlap in exposure. Both charge a 0.15% expense ratio.

Performance

CVMC vs. CVLC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calvert US Mid-Cap Core Responsible Index ETF (CVMC) and Calvert US Large-Cap Core Responsible Index ETF (CVLC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CVMC achieves a 19.47% return, which is significantly higher than CVLC's 12.10% return.

CVMC

• 1D: 0.86%
• 1M: 2.05%
• 6M: 13.84%
• YTD: 19.47%
• 1Y: 26.64%
• 3Y*: 14.91%
• 5Y*: —
• 10Y*: —

CVLC

• 1D: -0.44%
• 1M: -0.11%
• 6M: 10.12%
• YTD: 12.10%
• 1Y: 22.96%
• 3Y*: 19.73%
• 5Y*: —
• 10Y*: —

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

CVMC vs. CVLC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CVMC Calvert US Mid-Cap Core Responsible Index ETF	19.47%	9.52%	12.57%	6.14%
CVLC Calvert US Large-Cap Core Responsible Index ETF	12.10%	16.13%	24.20%	19.04%

Correlation

The correlation between CVMC and CVLC is 0.81, 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	0.85
Correlation (All Time) Calculated using the full available price history since Feb 1, 2023	0.86

The correlation between CVMC and CVLC has been stable across timeframes, ranging from 0.81 to 0.86 - a consistent structural relationship.

CVMC vs. CVLC - Sectors Allocation Comparison

Sectors	CVMC	CVLC
Industrials	19.3%	10.2%
Technology	16.3%	39.8%
Financial Services	15.8%	12.0%
Healthcare	13.1%	9.2%
Consumer Cyclical	9.1%	8.8%
Real Estate	7.8%	2.7%
Utilities	5.9%	1.7%
Consumer Defensive	5.6%	4.6%
Basic Materials	3.6%	2.0%
Communication Services	2.3%	8.7%
Energy	0.7%	0.4%

Return for Risk

CVMC vs. CVLC — Risk / Return Rank

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

CVMC

CVMC Risk / Return Rank: 74
CVMC Sharpe Ratio Rank: 73
CVMC Sortino Ratio Rank: 76
CVMC Omega Ratio Rank: 70
CVMC Calmar Ratio Rank: 71
CVMC Martin Ratio Rank: 77

CVLC

CVLC Risk / Return Rank: 67
CVLC Sharpe Ratio Rank: 68
CVLC Sortino Ratio Rank: 68
CVLC Omega Ratio Rank: 65
CVLC Calmar Ratio Rank: 60
CVLC Martin Ratio Rank: 74

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.

CVMC vs. CVLC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calvert US Mid-Cap Core Responsible Index ETF (CVMC) and Calvert US Large-Cap Core Responsible Index ETF (CVLC). 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.

	CVMC	CVLC	Difference
Sharpe ratio: Return per unit of total volatility	1.87	1.76	+0.11
Sortino ratio: Return per unit of downside risk	2.74	2.47	+0.27
Omega ratio: Gain probability vs. loss probability	1.33	1.31	+0.02
Calmar ratio: Return relative to maximum drawdown	2.86	2.40	+0.46
Martin ratio: Return relative to average drawdown	11.47	10.65	+0.82

CVMC vs. CVLC - Sharpe Ratio Comparison

The current CVMC Sharpe Ratio is 1.87, which is comparable to the CVLC Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of CVMC and CVLC, 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

CVMC vs. CVLC - Drawdown Comparison

The maximum CVMC drawdown since its inception was -22.53%, which is greater than CVLC's maximum drawdown of -19.92%. Use the drawdown chart below to compare losses from any high point for CVMC and CVLC.

Drawdown Indicators

	CVMC	CVLC	Difference
Max Drawdown Largest peak-to-trough decline	-22.53%	-19.92%	-2.61%
Max Drawdown (1Y) Largest decline over 1 year	-9.35%	-9.61%	+0.26%
Max Drawdown (3Y) Largest decline over 3 years	-22.53%	-19.92%	-2.61%
Current Drawdown Current decline from peak	-0.42%	-0.95%	+0.53%
Average Drawdown Average peak-to-trough decline	-4.07%	-2.37%	-1.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.33%	2.16%	+0.17%

Volatility

CVMC vs. CVLC - Volatility Comparison

The current volatility for Calvert US Mid-Cap Core Responsible Index ETF (CVMC) is 3.07%, while Calvert US Large-Cap Core Responsible Index ETF (CVLC) has a volatility of 3.36%. This indicates that CVMC experiences smaller price fluctuations and is considered to be less risky than CVLC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVMC	CVLC	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.07%	3.36%	-0.29%
Volatility (6M) Calculated over the trailing 6-month period	11.04%	10.56%	+0.48%
Volatility (1Y) Calculated over the trailing 1-year period	14.32%	13.13%	+1.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.43%	15.55%	+0.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.43%	15.55%	+0.88%

CVMC vs. CVLC - Expense Ratio Comparison

Both CVMC and CVLC 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

CVMC vs. CVLC - Dividend Comparison

CVMC's dividend yield for the trailing twelve months is around 1.18%, more than CVLC's 0.92% yield.

Position	TTM	2025	2024	2023
CVLC Calvert US Large-Cap Core Responsible Index ETF	0.92%	1.02%	1.03%	0.91%
CVMC Calvert US Mid-Cap Core Responsible Index ETF	1.18%	1.39%	1.21%	1.00%

Frequently Asked Questions

Can I hold both CVMC and CVLC in my portfolio?

CVMC and CVLC have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CVMC or CVLC?

CVLC has higher volatility (3.36%) compared to CVMC (3.07%). In terms of maximum drawdown, CVMC dropped -22.53% vs CVLC's -19.92%.

Which ETF is better, CVMC or CVLC?

On 3-year performance, CVLC leads with 19.73% vs 14.91% for CVMC. Both ETFs have the same 0.15% expense ratio. On volatility, CVMC has been the lower-risk option at 3.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVMC or CVLC?

Over the 3-year period, CVLC has performed better with a 19.73% return vs 14.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVMC or CVLC?

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

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

CVMC has the higher dividend yield at 1.18%, compared with 0.92% for CVLC.

What is the main difference between CVMC and CVLC?

CVMC is categorized as Mid Cap Blend Equities, while CVLC is Large Cap Blend Equities. CVMC tracks Russell Midcap Index, while CVLC tracks Calvert US Large-Cap Core Responsible Index - Benchmark TR Gross.

Which has better risk-adjusted returns?

CVMC currently has the higher Sharpe Ratio (1.87 vs 1.76), 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.