CVMC vs. SCHM

Last updated Jun 24, 2026

CVMC (Calvert US Mid-Cap Core Responsible Index ETF) and SCHM (Schwab US Mid-Cap ETF) are both Mid Cap Blend Equities funds - CVMC tracks the Russell Midcap Index while SCHM tracks the Dow Jones US Total Stock Market Mid-Cap. Both are passively managed. Over the past 3 years, CVMC returned 16.39%/yr vs 17.85%/yr for SCHM. With a 0.97 correlation, they move nearly in lockstep. CVMC charges 0.15%/yr vs 0.04%/yr for SCHM.

Performance

CVMC vs. SCHM - 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 Schwab US Mid-Cap ETF (SCHM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CVMC achieves a 16.76% return, which is significantly lower than SCHM's 19.11% return.

CVMC

• 1D: -0.33%
• 1M: 4.42%
• YTD: 16.76%
• 6M: 15.31%
• 1Y: 26.59%
• 3Y*: 16.39%
• 5Y*: —
• 10Y*: —

SCHM

• 1D: -1.73%
• 1M: 2.88%
• YTD: 19.11%
• 6M: 16.97%
• 1Y: 31.33%
• 3Y*: 17.85%
• 5Y*: 8.08%
• 10Y*: 11.71%

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

CVMC vs. SCHM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CVMC Calvert US Mid-Cap Core Responsible Index ETF	16.76%	9.52%	12.57%	6.14%
SCHM Schwab US Mid-Cap ETF	19.11%	10.17%	11.98%	6.34%

Correlation

The correlation between CVMC and SCHM is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (All Time) Calculated using the full available price history since Feb 1, 2023	0.97

The correlation between CVMC and SCHM has been stable across timeframes, ranging from 0.97 to 0.97 - a consistent structural relationship.

CVMC vs. SCHM - Sectors Allocation Comparison

Sectors	CVMC	SCHM
Technology	23.4%	22.1%
Industrials	19.9%	21.7%
Financial Services	12.2%	10.9%
Healthcare	10.0%	10.9%
Consumer Cyclical	9.7%	10.8%
Real Estate	6.8%	6.4%
Utilities	5.4%	2.9%
Consumer Defensive	5.4%	3.4%
Basic Materials	2.9%	4.7%
Communication Services	2.7%	2.6%
Energy	1.2%	3.4%

Return for Risk

CVMC vs. SCHM — Risk / Return Rank

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

CVMC

CVMC Risk / Return Rank: 62
CVMC Sharpe Ratio Rank: 61
CVMC Sortino Ratio Rank: 64
CVMC Omega Ratio Rank: 57
CVMC Calmar Ratio Rank: 63
CVMC Martin Ratio Rank: 68

SCHM

SCHM Risk / Return Rank: 64
SCHM Sharpe Ratio Rank: 60
SCHM Sortino Ratio Rank: 60
SCHM Omega Ratio Rank: 56
SCHM Calmar Ratio Rank: 70
SCHM 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. SCHM - 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 Schwab US Mid-Cap ETF (SCHM). 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	SCHM	Difference
Sharpe ratio: Return per unit of total volatility	1.85	1.93	-0.08
Sortino ratio: Return per unit of downside risk	2.70	2.72	-0.01
Omega ratio: Gain probability vs. loss probability	1.32	1.34	-0.01
Calmar ratio: Return relative to maximum drawdown	2.86	3.38	-0.52
Martin ratio: Return relative to average drawdown	11.43	13.48	-2.05

CVMC vs. SCHM - Sharpe Ratio Comparison

The current CVMC Sharpe Ratio is 1.85, which is comparable to the SCHM Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of CVMC and SCHM, 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. SCHM - Drawdown Comparison

The maximum CVMC drawdown since its inception was -22.53%, smaller than the maximum SCHM drawdown of -42.43%. Use the drawdown chart below to compare losses from any high point for CVMC and SCHM.

Drawdown Indicators

	CVMC	SCHM	Difference
Max Drawdown Largest peak-to-trough decline	-22.53%	-42.43%	+19.90%
Max Drawdown (1Y) Largest decline over 1 year	-9.35%	-9.32%	-0.03%
Max Drawdown (3Y) Largest decline over 3 years	-22.53%	-23.27%	+0.74%
Max Drawdown (5Y) Largest decline over 5 years	—	-26.46%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-42.43%	—
Current Drawdown Current decline from peak	-0.81%	-1.73%	+0.92%
Average Drawdown Average peak-to-trough decline	-4.13%	-5.64%	+1.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.33%	2.33%	0.00%

Volatility

CVMC vs. SCHM - Volatility Comparison

The current volatility for Calvert US Mid-Cap Core Responsible Index ETF (CVMC) is 5.04%, while Schwab US Mid-Cap ETF (SCHM) has a volatility of 5.75%. This indicates that CVMC experiences smaller price fluctuations and is considered to be less risky than SCHM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVMC	SCHM	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.04%	5.75%	-0.71%
Volatility (6M) Calculated over the trailing 6-month period	11.15%	12.61%	-1.46%
Volatility (1Y) Calculated over the trailing 1-year period	14.46%	16.30%	-1.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.54%	19.67%	-3.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.54%	20.49%	-3.95%

CVMC vs. SCHM - Expense Ratio Comparison

CVMC has a 0.15% expense ratio, which is higher than SCHM's 0.04% 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

CVMC vs. SCHM - Dividend Comparison

CVMC's dividend yield for the trailing twelve months is around 1.20%, less than SCHM's 1.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CVMC Calvert US Mid-Cap Core Responsible Index ETF	1.20%	1.39%	1.21%	1.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SCHM Schwab US Mid-Cap ETF	1.22%	1.46%	1.43%	1.50%	1.67%	1.13%	1.31%	1.48%	1.56%	1.27%	1.51%	1.54%

Frequently Asked Questions

Can I hold both CVMC and SCHM in my portfolio?

With a correlation of 0.97, CVMC and SCHM 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, CVMC or SCHM?

SCHM has higher volatility (5.75%) compared to CVMC (5.04%). In terms of maximum drawdown, CVMC dropped -22.53% vs SCHM's -42.43%.

Which ETF is better, CVMC or SCHM?

On 3-year performance, SCHM leads with 17.85% vs 16.39% for CVMC. On fees, SCHM is cheaper at 0.04% per year. On volatility, CVMC has been the lower-risk option at 5.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVMC or SCHM?

Over the 3-year period, SCHM has performed better with a 17.85% return vs 16.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVMC or SCHM?

SCHM is cheaper with a 0.04% expense ratio, compared with 0.15% for CVMC.

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

SCHM has the higher dividend yield at 1.22%, compared with 1.20% for CVMC.

What is the main difference between CVMC and SCHM?

CVMC tracks Russell Midcap Index, while SCHM tracks Dow Jones US Total Stock Market Mid-Cap. They also come from different issuers: Calvert and Charles Schwab. Their fees differ too: 0.15% for CVMC and 0.04% for SCHM.

Which has better risk-adjusted returns?

SCHM currently has the higher Sharpe Ratio (1.93 vs 1.85), 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.