CVMC vs. VFMV

Last updated Aug 4, 2026

CVMC (Calvert US Mid-Cap Core Responsible Index ETF) and VFMV (Vanguard U.S. Minimum Volatility ETF) are both exchange-traded funds - CVMC is a Mid Cap Blend Equities fund tracking the Russell Midcap Index, while VFMV is a Low Volatility fund actively managed by Vanguard. CVMC is passively managed, while VFMV is actively managed. Over the past 3 years, CVMC returned 15.97%/yr vs 14.89%/yr for VFMV. Their correlation of 0.83 means they have usually moved in the same direction. CVMC charges 0.15%/yr vs 0.13%/yr for VFMV.

Performance

CVMC vs. VFMV - 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 U.S. Minimum Volatility ETF (VFMV). 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 higher than VFMV's 11.34% 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%

VFMV

• 1D: 0.22%
• 1M: 2.32%
• 6M: 7.15%
• YTD: 11.34%
• 1Y: 16.33%
• 3Y*: 14.89%
• 5Y*: 9.42%
• 10Y*: —
• ALL TIME*: 10.09%

*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
VFMV Vanguard U.S. Minimum Volatility ETF	$2.03M	$2.13M	$2.31M

CVMC vs. VFMV - 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%
VFMV Vanguard U.S. Minimum Volatility ETF	11.34%	10.52%	16.91%	6.76%

Correlation

The correlation between CVMC and VFMV is 0.80, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.80
Correlation (3Y) Balances recent behavior with more history.	0.83
Correlation (All Time) Calculated using the full available price history since Feb 1, 2023	0.83

The correlation between CVMC and VFMV has been stable across timeframes, ranging from 0.80 to 0.83 - a consistent structural relationship.

CVMC vs. VFMV - Sectors Allocation Comparison

Sectors	CVMC	VFMV
Industrials	20.1%	10.1%
Technology	17.3%	25.1%
Financial Services	15.7%	10.6%
Healthcare	12.8%	10.1%
Consumer Cyclical	9.2%	6.9%
Real Estate	7.8%	6.4%
Utilities	5.8%	6.7%
Consumer Defensive	5.2%	9.5%
Basic Materials	3.0%	-
Communication Services	2.8%	10.7%
Energy	0.3%	3.9%

Return for Risk

CVMC vs. VFMV — 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

VFMV

VFMV Risk / Return Rank: 78
VFMV Sharpe Ratio Rank: 79
VFMV Sortino Ratio Rank: 81
VFMV Omega Ratio Rank: 77
VFMV Calmar Ratio Rank: 76
VFMV Martin Ratio Rank: 80

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. VFMV - 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 U.S. Minimum Volatility ETF (VFMV). 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	VFMV	Difference
Sharpe ratio: Return per unit of total volatility	1.92	1.84	+0.08
Sortino ratio: Return per unit of downside risk	2.80	2.66	+0.14
Omega ratio: Gain probability vs. loss probability	1.34	1.33	+0.01
Calmar ratio: Return relative to maximum drawdown	2.95	2.73	+0.22
Martin ratio: Return relative to average drawdown	11.93	10.52	+1.41

CVMC vs. VFMV - Sharpe Ratio Comparison

The current CVMC Sharpe Ratio is 1.92, which is comparable to the VFMV Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of CVMC and VFMV, 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. VFMV - Drawdown Comparison

The maximum CVMC drawdown since its inception was -22.53%, smaller than the maximum VFMV drawdown of -33.64%. Use the drawdown chart below to compare losses from any high point for CVMC and VFMV.

Drawdown Indicators

	CVMC	VFMV	Difference
Max Drawdown Largest peak-to-trough decline	-22.53%	-33.64%	+11.11%
Max Drawdown (1Y) Largest decline over 1 year	-9.35%	-6.00%	-3.35%
Max Drawdown (3Y) Largest decline over 3 years	-22.53%	-10.35%	-12.18%
Max Drawdown (5Y) Largest decline over 5 years	—	-15.41%	—
Current Drawdown Current decline from peak	-0.29%	-0.94%	+0.65%
Average Drawdown Average peak-to-trough decline	-4.03%	-3.59%	-0.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.31%	1.56%	+0.75%

Volatility

CVMC vs. VFMV - Volatility Comparison

Calvert US Mid-Cap Core Responsible Index ETF (CVMC) has a higher volatility of 3.32% compared to Vanguard U.S. Minimum Volatility ETF (VFMV) at 2.64%. This indicates that CVMC's price experiences larger fluctuations and is considered to be riskier than VFMV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVMC	VFMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.32%	2.64%	+0.68%
Volatility (6M) Calculated over the trailing 6-month period	10.98%	6.56%	+4.42%
Volatility (1Y) Calculated over the trailing 1-year period	14.34%	8.93%	+5.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.37%	11.77%	+4.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.37%	14.16%	+2.21%

CVMC vs. VFMV - Expense Ratio Comparison

CVMC has a 0.15% expense ratio, which is higher than VFMV's 0.13% 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. VFMV - Dividend Comparison

CVMC's dividend yield for the trailing twelve months is around 1.17%, less than VFMV's 1.74% 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%
VFMV Vanguard U.S. Minimum Volatility ETF	1.74%	2.12%	1.46%	2.20%	2.08%	1.31%	2.14%	2.43%	2.29%

Frequently Asked Questions

Can I hold both CVMC and VFMV in my portfolio?

CVMC and VFMV have a correlation of 0.80, 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 VFMV?

CVMC has higher volatility (3.32%) compared to VFMV (2.64%). In terms of maximum drawdown, CVMC dropped -22.53% vs VFMV's -33.64%.

Which ETF is better, CVMC or VFMV?

On 3-year performance, CVMC leads with 15.97% vs 14.89% for VFMV. On fees, VFMV is cheaper at 0.13% per year. On volatility, VFMV has been the lower-risk option at 2.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVMC or VFMV?

Over the 3-year period, CVMC has performed better with a 15.97% return vs 14.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVMC or VFMV?

VFMV is cheaper with a 0.13% expense ratio, compared with 0.15% for CVMC.

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

VFMV has the higher dividend yield at 1.74%, compared with 1.17% for CVMC.

What is the main difference between CVMC and VFMV?

CVMC is categorized as Mid Cap Blend Equities, while VFMV is Low Volatility. They also come from different issuers: Calvert and Vanguard. Their fees differ too: 0.15% for CVMC and 0.13% for VFMV.

Which has better risk-adjusted returns?

CVMC currently has the higher Sharpe Ratio (1.92 vs 1.84), 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.