CVMC vs. VFIAX

Last updated Jun 23, 2026

CVMC (Calvert US Mid-Cap Core Responsible Index ETF) and VFIAX (Vanguard 500 Index Fund Admiral Shares) are both funds - CVMC is a Mid Cap Blend Equities fund tracking the Russell Midcap Index, while VFIAX is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 3 years, CVMC returned 16.51%/yr vs 20.95%/yr for VFIAX. Their correlation of 0.83 suggests significant overlap in exposure. CVMC charges 0.15%/yr vs 0.04%/yr for VFIAX.

Performance

CVMC vs. VFIAX - 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 Vanguard 500 Index Fund Admiral Shares (VFIAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CVMC achieves a 17.15% return, which is significantly higher than VFIAX's 10.17% return.

CVMC

• 1D: 0.05%
• 1M: 4.77%
• YTD: 17.15%
• 6M: 15.44%
• 1Y: 28.32%
• 3Y*: 16.51%
• 5Y*: —
• 10Y*: —

VFIAX

• 1D: 1.09%
• 1M: 0.46%
• YTD: 10.17%
• 6M: 9.67%
• 1Y: 27.15%
• 3Y*: 20.95%
• 5Y*: 14.06%
• 10Y*: 15.54%

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

CVMC vs. VFIAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CVMC Calvert US Mid-Cap Core Responsible Index ETF	17.15%	9.52%	12.57%	6.14%
VFIAX Vanguard 500 Index Fund Admiral Shares	10.17%	17.83%	24.97%	18.78%

Correlation

The correlation between CVMC and VFIAX is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (All Time) Calculated using the full available price history since Feb 1, 2023	0.83

The correlation between CVMC and VFIAX has been stable across timeframes, ranging from 0.78 to 0.83 - a consistent structural relationship.

CVMC vs. VFIAX - Sectors Allocation Comparison

Sectors	CVMC	VFIAX
Technology	23.4%	39.1%
Industrials	19.9%	7.6%
Financial Services	12.2%	10.9%
Healthcare	10.0%	8.3%
Consumer Cyclical	9.7%	9.8%
Real Estate	6.8%	1.8%
Utilities	5.4%	2.5%
Consumer Defensive	5.4%	4.5%
Basic Materials	2.9%	1.7%
Communication Services	2.7%	10.5%
Energy	1.2%	3.2%

Return for Risk

CVMC vs. VFIAX — Risk / Return Rank

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

CVMC

CVMC Risk / Return Rank: 63
CVMC Sharpe Ratio Rank: 61
CVMC Sortino Ratio Rank: 64
CVMC Omega Ratio Rank: 58
CVMC Calmar Ratio Rank: 63
CVMC Martin Ratio Rank: 69

VFIAX

VFIAX Risk / Return Rank: 66
VFIAX Sharpe Ratio Rank: 64
VFIAX Sortino Ratio Rank: 58
VFIAX Omega Ratio Rank: 61
VFIAX Calmar Ratio Rank: 68
VFIAX Martin Ratio Rank: 79

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. VFIAX - 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 Vanguard 500 Index Fund Admiral Shares (VFIAX). 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	VFIAX	Difference
Sharpe ratio: Return per unit of total volatility	1.97	2.17	-0.20
Sortino ratio: Return per unit of downside risk	2.85	2.93	-0.07
Omega ratio: Gain probability vs. loss probability	1.34	1.39	-0.05
Calmar ratio: Return relative to maximum drawdown	3.04	3.03	+0.01
Martin ratio: Return relative to average drawdown	12.18	13.72	-1.53

CVMC vs. VFIAX - Sharpe Ratio Comparison

The current CVMC Sharpe Ratio is 1.97, which is comparable to the VFIAX Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of CVMC and VFIAX, 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. VFIAX - Drawdown Comparison

The maximum CVMC drawdown since its inception was -22.53%, smaller than the maximum VFIAX drawdown of -55.20%. Use the drawdown chart below to compare losses from any high point for CVMC and VFIAX.

Drawdown Indicators

	CVMC	VFIAX	Difference
Max Drawdown Largest peak-to-trough decline	-22.53%	-55.20%	+32.67%
Max Drawdown (1Y) Largest decline over 1 year	-9.35%	-8.90%	-0.45%
Max Drawdown (3Y) Largest decline over 3 years	-22.53%	-18.75%	-3.78%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.53%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.83%	—
Current Drawdown Current decline from peak	-0.48%	-1.36%	+0.88%
Average Drawdown Average peak-to-trough decline	-4.14%	-9.38%	+5.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.33%	1.96%	+0.37%

Volatility

CVMC vs. VFIAX - Volatility Comparison

Calvert US Mid-Cap Core Responsible Index ETF (CVMC) has a higher volatility of 5.05% compared to Vanguard 500 Index Fund Admiral Shares (VFIAX) at 4.77%. This indicates that CVMC's price experiences larger fluctuations and is considered to be riskier than VFIAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVMC	VFIAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.05%	4.77%	+0.28%
Volatility (6M) Calculated over the trailing 6-month period	11.15%	9.91%	+1.24%
Volatility (1Y) Calculated over the trailing 1-year period	14.48%	12.47%	+2.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.55%	17.00%	-0.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.55%	18.11%	-1.56%

CVMC vs. VFIAX - Expense Ratio Comparison

CVMC has a 0.15% expense ratio, which is higher than VFIAX'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. VFIAX - Dividend Comparison

CVMC's dividend yield for the trailing twelve months is around 1.45%, more than VFIAX's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CVMC Calvert US Mid-Cap Core Responsible Index ETF	1.45%	1.39%	1.21%	1.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VFIAX Vanguard 500 Index Fund Admiral Shares	1.03%	1.12%	1.24%	1.45%	1.68%	1.24%	1.53%	1.87%	2.05%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both CVMC and VFIAX in my portfolio?

CVMC and VFIAX have a correlation of 0.78, 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 VFIAX?

CVMC has higher volatility (5.05%) compared to VFIAX (4.77%). In terms of maximum drawdown, CVMC dropped -22.53% vs VFIAX's -55.20%.

Which has better risk-adjusted returns?

VFIAX currently has the higher Sharpe Ratio (2.17 vs 1.97), 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.