CVSB vs. CLIP

Last updated Jun 3, 2026

CVSB (Calvert Ultra-Short Investment Grade ETF) and CLIP (Global X 1-3 Month T-Bill ETF) are both Ultrashort Bond funds. CVSB is actively managed, while CLIP is passively managed. Over the past year, CVSB returned 4.55% vs 3.97% for CLIP. At a 0.09 correlation, their price movements are largely independent. CVSB charges 0.24%/yr vs 0.07%/yr for CLIP.

Performance

CVSB vs. CLIP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calvert Ultra-Short Investment Grade ETF (CVSB) and Global X 1-3 Month T-Bill ETF (CLIP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

As of year-to-date, both investments have demonstrated similar returns, with CVSB at 1.49% and CLIP at 1.49%.

CVSB

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

CLIP

• 1D: 0.00%
• 1M: 0.28%
• YTD: 1.49%
• 6M: 1.82%
• 1Y: 3.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CVSB vs. CLIP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CVSB Calvert Ultra-Short Investment Grade ETF	1.49%	4.92%	6.23%	3.64%
CLIP Global X 1-3 Month T-Bill ETF	1.49%	4.23%	5.26%	2.82%

Correlation

The correlation between CVSB and CLIP is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (All Time) Calculated using the full available price history since Jun 22, 2023	0.09

Return for Risk

CVSB vs. CLIP — 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

CLIP

CLIP Risk / Return Rank: 100
CLIP Sharpe Ratio Rank: 100
CLIP Sortino Ratio Rank: 100
CLIP Omega Ratio Rank: 100
CLIP Calmar Ratio Rank: 100
CLIP Martin Ratio Rank: 100

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. CLIP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calvert Ultra-Short Investment Grade ETF (CVSB) and Global X 1-3 Month T-Bill ETF (CLIP). 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	CLIP	Difference
Sharpe ratio Return per unit of total volatility	5.20	17.28	-12.08
Sortino ratio Return per unit of downside risk	8.98	72.12	-63.13
Omega ratio Gain probability vs. loss probability	2.41	20.69	-18.28
Calmar ratio Return relative to maximum drawdown	20.15	142.21	-122.06
Martin ratio Return relative to average drawdown	81.98	1,148.52	-1,066.54
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. CLIP - Sharpe Ratio Comparison

The current CVSB Sharpe Ratio is 5.20, which is lower than the CLIP Sharpe Ratio of 17.28. The chart below compares the historical Sharpe Ratios of CVSB and CLIP, 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	CLIP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.20	17.28	-12.08
Sharpe Ratio (All Time) Calculated using the full available price history	4.14	10.71	-6.57

Drawdowns

CVSB vs. CLIP - Drawdown Comparison

The maximum CVSB drawdown since its inception was -0.63%, which is greater than CLIP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for CVSB and CLIP.

Drawdown Indicators

	CVSB	CLIP	Difference
Max Drawdown Largest peak-to-trough decline	-0.63%	-0.08%	-0.55%
Max Drawdown (1Y) Largest decline over 1 year	-0.23%	-0.03%	-0.20%
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%	-0.00%	-0.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.06%	0.00%	+0.06%

Volatility

CVSB vs. CLIP - Volatility Comparison

Calvert Ultra-Short Investment Grade ETF (CVSB) has a higher volatility of 0.16% compared to Global X 1-3 Month T-Bill ETF (CLIP) at 0.06%. This indicates that CVSB's price experiences larger fluctuations and is considered to be riskier than CLIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVSB	CLIP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.16%	0.06%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	0.54%	0.14%	+0.40%
Volatility (1Y) Calculated over the trailing 1-year period	0.88%	0.23%	+0.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.32%	0.44%	+0.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.32%	0.44%	+0.88%

CVSB vs. CLIP - Expense Ratio Comparison

CVSB has a 0.24% expense ratio, which is higher than CLIP's 0.07% 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. CLIP - Dividend Comparison

CVSB's dividend yield for the trailing twelve months is around 4.37%, more than CLIP's 3.91% yield.

Position	TTM	2025	2024	2023
CLIP Global X 1-3 Month T-Bill ETF	3.91%	4.14%	5.11%	2.75%
CVSB Calvert Ultra-Short Investment Grade ETF	4.37%	4.72%	5.13%	4.95%

Frequently Asked Questions

Can I hold both CVSB and CLIP in my portfolio?

CVSB and CLIP have a correlation of 0.13, 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 CLIP?

CVSB has higher volatility (0.16%) compared to CLIP (0.06%). In terms of maximum drawdown, CVSB dropped -0.63% vs CLIP's -0.08%.

Which ETF is better, CVSB or CLIP?

On 1-year performance, CVSB leads with 4.55% vs 3.97% for CLIP. On fees, CLIP is cheaper at 0.07% per year. On volatility, CLIP has been the lower-risk option at 0.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVSB or CLIP?

Over the 1-year period, CVSB has performed better with a 4.55% return vs 3.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVSB or CLIP?

CLIP is cheaper with a 0.07% expense ratio, compared with 0.24% for CVSB.

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

CVSB has the higher dividend yield at 4.37%, compared with 3.91% for CLIP.

What is the main difference between CVSB and CLIP?

They also come from different issuers: Calvert and Global X. Their fees differ too: 0.24% for CVSB and 0.07% for CLIP.

Which has better risk-adjusted returns?

CLIP currently has the higher Sharpe Ratio (17.28 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.