CVMC vs. OPTZ

Last updated Jun 4, 2026

CVMC (Calvert US Mid-Cap Core Responsible Index ETF) and OPTZ (Optimize Strategy Index ETF) are both Mid Cap Blend Equities funds - CVMC tracks the Russell Midcap Index while OPTZ tracks the Optimize Strategy Index. Both are passively managed. Over the past year, CVMC returned 25.78% vs 61.30% for OPTZ. Their correlation of 0.89 suggests significant overlap in exposure. CVMC charges 0.15%/yr vs 0.25%/yr for OPTZ.

Performance

CVMC vs. OPTZ - 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 Optimize Strategy Index ETF (OPTZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CVMC achieves a 15.51% return, which is significantly lower than OPTZ's 31.51% return.

CVMC

• 1D: -0.01%
• 1M: 6.27%
• YTD: 15.51%
• 6M: 15.72%
• 1Y: 25.78%
• 3Y*: 16.44%
• 5Y*: —
• 10Y*: —

OPTZ

• 1D: 0.36%
• 1M: 12.33%
• YTD: 31.51%
• 6M: 32.28%
• 1Y: 61.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CVMC vs. OPTZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CVMC Calvert US Mid-Cap Core Responsible Index ETF	15.51%	9.52%	9.51%
OPTZ Optimize Strategy Index ETF	31.51%	22.83%	16.81%

Correlation

The correlation between CVMC and OPTZ is 0.88, 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	0.88
Correlation (All Time) Calculated using the full available price history since Apr 24, 2024	0.89

The correlation between CVMC and OPTZ has been stable across timeframes, ranging from 0.88 to 0.89 - a consistent structural relationship.

CVMC vs. OPTZ - Sectors Allocation Comparison

Sectors	CVMC	OPTZ
Technology	20.9%	50.6%
Industrials	20.6%	8.9%
Financial Services	13.1%	9.1%
Healthcare	10.1%	10.5%
Consumer Cyclical	10.0%	9.5%
Real Estate	7.1%	1.5%
Utilities	6.0%	0.7%
Consumer Defensive	5.5%	4.0%
Communication Services	2.9%	2.6%
Basic Materials	2.6%	1.3%
Energy	1.1%	1.5%

Return for Risk

CVMC vs. OPTZ — Risk / Return Rank

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

CVMC

CVMC Risk / Return Rank: 57
CVMC Sharpe Ratio Rank: 55
CVMC Sortino Ratio Rank: 58
CVMC Omega Ratio Rank: 53
CVMC Calmar Ratio Rank: 57
CVMC Martin Ratio Rank: 62

OPTZ

OPTZ Risk / Return Rank: 92
OPTZ Sharpe Ratio Rank: 93
OPTZ Sortino Ratio Rank: 92
OPTZ Omega Ratio Rank: 89
OPTZ Calmar Ratio Rank: 91
OPTZ Martin Ratio Rank: 94

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. OPTZ - 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 Optimize Strategy Index ETF (OPTZ). 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.

	CVMC	OPTZ	Difference
Sharpe ratio: Return per unit of total volatility	1.86	3.41	-1.55
Sortino ratio: Return per unit of downside risk	2.75	4.49	-1.74
Omega ratio: Gain probability vs. loss probability	1.33	1.57	-0.24
Calmar ratio: Return relative to maximum drawdown	2.77	5.80	-3.03
Martin ratio: Return relative to average drawdown	11.15	26.36	-15.21
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CVMC vs. OPTZ - Sharpe Ratio Comparison

The current CVMC Sharpe Ratio is 1.86, which is lower than the OPTZ Sharpe Ratio of 3.41. The chart below compares the historical Sharpe Ratios of CVMC and OPTZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CVMC	OPTZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.86	3.41	-1.55
Sharpe Ratio (All Time) Calculated using the full available price history	0.77	1.71	-0.94

Drawdowns

CVMC vs. OPTZ - Drawdown Comparison

The maximum CVMC drawdown since its inception was -22.53%, smaller than the maximum OPTZ drawdown of -25.75%. Use the drawdown chart below to compare losses from any high point for CVMC and OPTZ.

Drawdown Indicators

	CVMC	OPTZ	Difference
Max Drawdown Largest peak-to-trough decline	-22.53%	-25.75%	+3.22%
Max Drawdown (1Y) Largest decline over 1 year	-9.35%	-10.63%	+1.28%
Max Drawdown (3Y) Largest decline over 3 years	-22.53%	—	—
Current Drawdown Current decline from peak	-0.01%	0.00%	-0.01%
Average Drawdown Average peak-to-trough decline	-4.18%	-3.39%	-0.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.32%	2.33%	-0.01%

Volatility

CVMC vs. OPTZ - Volatility Comparison

The current volatility for Calvert US Mid-Cap Core Responsible Index ETF (CVMC) is 3.95%, while Optimize Strategy Index ETF (OPTZ) has a volatility of 6.09%. This indicates that CVMC experiences smaller price fluctuations and is considered to be less risky than OPTZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVMC	OPTZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.95%	6.09%	-2.14%
Volatility (6M) Calculated over the trailing 6-month period	10.51%	13.52%	-3.01%
Volatility (1Y) Calculated over the trailing 1-year period	13.93%	18.09%	-4.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.46%	20.66%	-4.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.46%	20.66%	-4.20%

CVMC vs. OPTZ - Expense Ratio Comparison

CVMC has a 0.15% expense ratio, which is lower than OPTZ's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

CVMC vs. OPTZ - Dividend Comparison

CVMC's dividend yield for the trailing twelve months is around 1.17%, more than OPTZ's 0.44% yield.

Position	TTM	2025	2024	2023
CVMC Calvert US Mid-Cap Core Responsible Index ETF	1.17%	1.39%	1.21%	1.00%
OPTZ Optimize Strategy Index ETF	0.44%	0.58%	0.32%	0.00%

Frequently Asked Questions

Can I hold both CVMC and OPTZ in my portfolio?

CVMC and OPTZ have a correlation of 0.88, 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 OPTZ?

OPTZ has higher volatility (6.09%) compared to CVMC (3.95%). In terms of maximum drawdown, CVMC dropped -22.53% vs OPTZ's -25.75%.

Which ETF is better, CVMC or OPTZ?

On 1-year performance, OPTZ leads with 61.30% vs 25.78% for CVMC. On fees, CVMC is cheaper at 0.15% per year. On volatility, CVMC has been the lower-risk option at 3.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVMC or OPTZ?

Over the 1-year period, OPTZ has performed better with a 61.30% return vs 25.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVMC or OPTZ?

CVMC is cheaper with a 0.15% expense ratio, compared with 0.25% for OPTZ.

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

CVMC has the higher dividend yield at 1.17%, compared with 0.44% for OPTZ.

What is the main difference between CVMC and OPTZ?

CVMC tracks Russell Midcap Index, while OPTZ tracks Optimize Strategy Index. They also come from different issuers: Calvert and Optimize. Their fees differ too: 0.15% for CVMC and 0.25% for OPTZ.

Which has better risk-adjusted returns?

OPTZ currently has the higher Sharpe Ratio (3.41 vs 1.86), 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.