CVSB vs. ACLO

Last updated Jun 3, 2026

CVSB (Calvert Ultra-Short Investment Grade ETF) and ACLO (TCW AAA CLO ETF) are both exchange-traded funds - CVSB is a Ultrashort Bond fund actively managed by Calvert, while ACLO is a CLO fund actively managed by TCW. Both are actively managed. Over the past year, CVSB returned 4.55% vs 5.32% for ACLO. At a correlation of -0.18, they often move in opposite directions. CVSB charges 0.24%/yr vs 0.20%/yr for ACLO.

Performance

CVSB vs. ACLO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calvert Ultra-Short Investment Grade ETF (CVSB) and TCW AAA CLO ETF (ACLO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CVSB achieves a 1.49% return, which is significantly lower than ACLO's 2.19% return.

CVSB

• 1D: 0.05%
• 1M: 0.34%
• YTD: 1.49%
• 6M: 2.05%
• 1Y: 4.55%
• 3Y*: 5.54%
• 5Y*: —
• 10Y*: —

ACLO

• 1D: 0.01%
• 1M: 0.44%
• YTD: 2.19%
• 6M: 2.57%
• 1Y: 5.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CVSB vs. ACLO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CVSB Calvert Ultra-Short Investment Grade ETF	1.49%	4.92%	0.63%
ACLO TCW AAA CLO ETF	2.19%	5.32%	0.81%

Correlation

The correlation between CVSB and ACLO is -0.25, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.25
Correlation (All Time) Calculated using the full available price history since Nov 19, 2024	-0.18

Return for Risk

CVSB vs. ACLO — Risk / Return Rank

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

CVSB

CVSB Risk / Return Rank: 98
CVSB Sharpe Ratio Rank: 98
CVSB Sortino Ratio Rank: 98
CVSB Omega Ratio Rank: 98
CVSB Calmar Ratio Rank: 99
CVSB Martin Ratio Rank: 98

ACLO

ACLO Risk / Return Rank: 99
ACLO Sharpe Ratio Rank: 99
ACLO Sortino Ratio Rank: 99
ACLO Omega Ratio Rank: 99
ACLO Calmar Ratio Rank: 99
ACLO Martin Ratio Rank: 99

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.

CVSB vs. ACLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calvert Ultra-Short Investment Grade ETF (CVSB) and TCW AAA CLO ETF (ACLO). 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.

	CVSB	ACLO	Difference
Sharpe ratio Return per unit of total volatility	5.20	7.30	-2.10
Sortino ratio Return per unit of downside risk	8.98	14.87	-5.89
Omega ratio Gain probability vs. loss probability	2.41	3.41	-1.00
Calmar ratio Return relative to maximum drawdown	20.15	19.64	+0.51
Martin ratio Return relative to average drawdown	81.98	162.50	-80.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CVSB vs. ACLO - Sharpe Ratio Comparison

The current CVSB Sharpe Ratio is 5.20, which is comparable to the ACLO Sharpe Ratio of 7.30. The chart below compares the historical Sharpe Ratios of CVSB and ACLO, 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

	CVSB	ACLO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.20	7.30	-2.10
Sharpe Ratio (All Time) Calculated using the full available price history	4.14	5.09	-0.95

Drawdowns

CVSB vs. ACLO - Drawdown Comparison

The maximum CVSB drawdown since its inception was -0.63%, smaller than the maximum ACLO drawdown of -1.01%. Use the drawdown chart below to compare losses from any high point for CVSB and ACLO.

Drawdown Indicators

	CVSB	ACLO	Difference
Max Drawdown Largest peak-to-trough decline	-0.63%	-1.01%	+0.38%
Max Drawdown (1Y) Largest decline over 1 year	-0.23%	-0.27%	+0.04%
Max Drawdown (3Y) Largest decline over 3 years	-0.63%	—	—
Current Drawdown Current decline from peak	-0.02%	0.00%	-0.02%
Average Drawdown Average peak-to-trough decline	-0.05%	-0.05%	0.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.06%	0.03%	+0.03%

Volatility

CVSB vs. ACLO - Volatility Comparison

Calvert Ultra-Short Investment Grade ETF (CVSB) has a higher volatility of 0.16% compared to TCW AAA CLO ETF (ACLO) at 0.14%. This indicates that CVSB's price experiences larger fluctuations and is considered to be riskier than ACLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVSB	ACLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.16%	0.14%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	0.54%	0.57%	-0.03%
Volatility (1Y) Calculated over the trailing 1-year period	0.88%	0.73%	+0.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.32%	1.08%	+0.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.32%	1.08%	+0.24%

CVSB vs. ACLO - Expense Ratio Comparison

CVSB has a 0.24% expense ratio, which is higher than ACLO's 0.20% 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

CVSB vs. ACLO - Dividend Comparison

CVSB's dividend yield for the trailing twelve months is around 4.37%, less than ACLO's 4.91% yield.

Position	TTM	2025	2024	2023
ACLO TCW AAA CLO ETF	4.91%	4.87%	0.59%	0.00%
CVSB Calvert Ultra-Short Investment Grade ETF	4.37%	4.72%	5.13%	4.95%

Frequently Asked Questions

Can I hold both CVSB and ACLO in my portfolio?

CVSB and ACLO have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CVSB or ACLO?

CVSB has higher volatility (0.16%) compared to ACLO (0.14%). In terms of maximum drawdown, CVSB dropped -0.63% vs ACLO's -1.01%.

Which ETF is better, CVSB or ACLO?

On 1-year performance, ACLO leads with 5.32% vs 4.55% for CVSB. On fees, ACLO is cheaper at 0.20% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVSB or ACLO?

Over the 1-year period, ACLO has performed better with a 5.32% return vs 4.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVSB or ACLO?

ACLO is cheaper with a 0.20% expense ratio, compared with 0.24% for CVSB.

Which ETF pays a higher dividend yield, CVSB or ACLO?

ACLO has the higher dividend yield at 4.91%, compared with 4.37% for CVSB.

What is the main difference between CVSB and ACLO?

CVSB is categorized as Ultrashort Bond, while ACLO is CLO. They also come from different issuers: Calvert and TCW. Their fees differ too: 0.24% for CVSB and 0.20% for ACLO.

Which has better risk-adjusted returns?

ACLO currently has the higher Sharpe Ratio (7.30 vs 5.20), 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.