CVMC vs. LSAF

Last updated Aug 4, 2026

CVMC (Calvert US Mid-Cap Core Responsible Index ETF) and LSAF (LeaderShares AlphaFactor US Core Equity ETF) are both Mid Cap Blend Equities funds - CVMC tracks the Russell Midcap Index while LSAF tracks the AlphaFactor US Core Equity Index. Both are passively managed. Over the past 3 years, CVMC returned 15.97%/yr vs 19.37%/yr for LSAF. Their correlation of 0.92 means they have usually moved in the same direction. CVMC charges 0.15%/yr vs 0.75%/yr for LSAF.

Performance

CVMC vs. LSAF - 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 LeaderShares AlphaFactor US Core Equity ETF (LSAF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CVMC achieves a 20.24% return, which is significantly lower than LSAF's 21.44% return.

CVMC

• 1D: 1.14%
• 1M: 0.45%
• 6M: 15.46%
• YTD: 20.24%
• 1Y: 27.43%
• 3Y*: 15.97%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 13.82%

LSAF

• 1D: 1.24%
• 1M: 3.75%
• 6M: 17.38%
• YTD: 21.44%
• 1Y: 31.64%
• 3Y*: 19.37%
• 5Y*: 11.15%
• 10Y*: —
• ALL TIME*: 11.18%

*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)
CVMC Calvert US Mid-Cap Core Responsible Index ETF	$233.55K	$229.94K	$243.24K
LSAF LeaderShares AlphaFactor US Core Equity ETF	$285.75K	$222.00K	$207.69K

CVMC vs. LSAF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CVMC Calvert US Mid-Cap Core Responsible Index ETF	20.24%	9.52%	12.57%	6.14%
LSAF LeaderShares AlphaFactor US Core Equity ETF	21.44%	12.01%	18.09%	7.53%

Correlation

The correlation between CVMC and LSAF is 0.90, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.90
Correlation (3Y) Balances recent behavior with more history.	0.93
Correlation (All Time) Calculated using the full available price history since Feb 1, 2023	0.92

The correlation between CVMC and LSAF has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.

CVMC vs. LSAF - Sectors Allocation Comparison

Sectors	CVMC	LSAF
Industrials	20.1%	10.7%
Technology	17.3%	15.4%
Financial Services	15.7%	16.2%
Healthcare	12.8%	7.8%
Consumer Cyclical	9.2%	19.9%
Real Estate	7.8%	2.1%
Utilities	5.8%	0.9%
Consumer Defensive	5.2%	4.1%
Basic Materials	3.0%	5.8%
Communication Services	2.8%	4.7%
Energy	0.3%	3.3%

Return for Risk

CVMC vs. LSAF — Risk / Return Rank

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

CVMC

CVMC Risk / Return Rank: 79
CVMC Sharpe Ratio Rank: 78
CVMC Sortino Ratio Rank: 81
CVMC Omega Ratio Rank: 76
CVMC Calmar Ratio Rank: 77
CVMC Martin Ratio Rank: 82

LSAF

LSAF Risk / Return Rank: 89
LSAF Sharpe Ratio Rank: 87
LSAF Sortino Ratio Rank: 89
LSAF Omega Ratio Rank: 84
LSAF Calmar Ratio Rank: 93
LSAF Martin Ratio Rank: 91

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.

CVMC vs. LSAF - 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 LeaderShares AlphaFactor US Core Equity ETF (LSAF). 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	LSAF	Difference
Sharpe ratio: Return per unit of total volatility	1.92	2.22	-0.29
Sortino ratio: Return per unit of downside risk	2.80	3.23	-0.43
Omega ratio: Gain probability vs. loss probability	1.34	1.38	-0.04
Calmar ratio: Return relative to maximum drawdown	2.95	4.83	-1.88
Martin ratio: Return relative to average drawdown	11.93	16.27	-4.34

CVMC vs. LSAF - Sharpe Ratio Comparison

The current CVMC Sharpe Ratio is 1.92, which is comparable to the LSAF Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of CVMC and LSAF, 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. LSAF - Drawdown Comparison

The maximum CVMC drawdown since its inception was -22.53%, smaller than the maximum LSAF drawdown of -41.67%. Use the drawdown chart below to compare losses from any high point for CVMC and LSAF.

Drawdown Indicators

	CVMC	LSAF	Difference
Max Drawdown Largest peak-to-trough decline	-22.53%	-41.67%	+19.14%
Max Drawdown (1Y) Largest decline over 1 year	-9.35%	-6.58%	-2.77%
Max Drawdown (3Y) Largest decline over 3 years	-22.53%	-20.26%	-2.27%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.94%	—
Current Drawdown Current decline from peak	-0.29%	-0.26%	-0.03%
Average Drawdown Average peak-to-trough decline	-4.03%	-6.20%	+2.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.31%	1.95%	+0.36%

Volatility

CVMC vs. LSAF - Volatility Comparison

The current volatility for Calvert US Mid-Cap Core Responsible Index ETF (CVMC) is 3.32%, while LeaderShares AlphaFactor US Core Equity ETF (LSAF) has a volatility of 4.27%. This indicates that CVMC experiences smaller price fluctuations and is considered to be less risky than LSAF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVMC	LSAF	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.32%	4.27%	-0.95%
Volatility (6M) Calculated over the trailing 6-month period	10.98%	10.52%	+0.46%
Volatility (1Y) Calculated over the trailing 1-year period	14.34%	14.37%	-0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.37%	18.39%	-2.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.37%	21.73%	-5.36%

CVMC vs. LSAF - Expense Ratio Comparison

CVMC has a 0.15% expense ratio, which is lower than LSAF's 0.75% expense ratio.

Dividends

CVMC vs. LSAF - Dividend Comparison

CVMC's dividend yield for the trailing twelve months is around 1.17%, more than LSAF's 0.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
CVMC Calvert US Mid-Cap Core Responsible Index ETF	1.17%	1.39%	1.21%	1.00%	0.00%	0.00%	0.00%	0.00%	0.00%
LSAF LeaderShares AlphaFactor US Core Equity ETF	0.56%	0.69%	0.42%	0.84%	0.96%	0.37%	0.53%	0.71%	0.20%

Frequently Asked Questions

Can I hold both CVMC and LSAF in my portfolio?

CVMC and LSAF have a correlation of 0.90, 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 LSAF?

LSAF has higher volatility (4.27%) compared to CVMC (3.32%). In terms of maximum drawdown, CVMC dropped -22.53% vs LSAF's -41.67%.

Which ETF is better, CVMC or LSAF?

On 3-year performance, LSAF leads with 19.37% vs 15.97% for CVMC. On fees, CVMC is cheaper at 0.15% per year. On volatility, CVMC has been the lower-risk option at 3.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVMC or LSAF?

Over the 3-year period, LSAF has performed better with a 19.37% return vs 15.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVMC or LSAF?

CVMC is cheaper with a 0.15% expense ratio, compared with 0.75% for LSAF.

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

CVMC has the higher dividend yield at 1.17%, compared with 0.56% for LSAF.

What is the main difference between CVMC and LSAF?

CVMC tracks Russell Midcap Index, while LSAF tracks AlphaFactor US Core Equity Index. They also come from different issuers: Calvert and Redwood. Their fees differ too: 0.15% for CVMC and 0.75% for LSAF.

Which has better risk-adjusted returns?

LSAF currently has the higher Sharpe Ratio (2.22 vs 1.92), 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.