CVSB vs. CLOZ

Last updated Jun 3, 2026

CVSB (Calvert Ultra-Short Investment Grade ETF) and CLOZ (Panagram Bbb-B Clo ETF) are both exchange-traded funds - CVSB is a Ultrashort Bond fund actively managed by Calvert, while CLOZ is a CLO fund actively managed by Panagram. Both are actively managed. Over the past 3 years, CVSB returned 5.54%/yr vs 10.63%/yr for CLOZ. At a correlation of -0.09, they often move in opposite directions. CVSB charges 0.24%/yr vs 0.50%/yr for CLOZ.

Performance

CVSB vs. CLOZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calvert Ultra-Short Investment Grade ETF (CVSB) and Panagram Bbb-B Clo ETF (CLOZ). 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 CLOZ's 2.55% return.

CVSB

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

CLOZ

• 1D: -0.10%
• 1M: 1.08%
• YTD: 2.55%
• 6M: 3.27%
• 1Y: 6.17%
• 3Y*: 10.63%
• 5Y*: —
• 10Y*: —

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

CVSB vs. CLOZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CVSB Calvert Ultra-Short Investment Grade ETF	1.49%	4.92%	6.23%	5.40%
CLOZ Panagram Bbb-B Clo ETF	2.55%	5.99%	11.85%	13.83%

Correlation

The correlation between CVSB and CLOZ is -0.14, 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	-0.14
Correlation (3Y) Calculated over the trailing 3-year period	-0.10
Correlation (All Time) Calculated using the full available price history since Feb 2, 2023	-0.09

Return for Risk

CVSB vs. CLOZ — 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

CLOZ

CLOZ Risk / Return Rank: 48
CLOZ Sharpe Ratio Rank: 51
CLOZ Sortino Ratio Rank: 46
CLOZ Omega Ratio Rank: 75
CLOZ Calmar Ratio Rank: 32
CLOZ Martin Ratio Rank: 34

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. CLOZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calvert Ultra-Short Investment Grade ETF (CVSB) and Panagram Bbb-B Clo ETF (CLOZ). 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	CLOZ	Difference
Sharpe ratio Return per unit of total volatility	5.20	1.79	+3.41
Sortino ratio Return per unit of downside risk	8.98	2.29	+6.69
Omega ratio Gain probability vs. loss probability	2.41	1.45	+0.96
Calmar ratio Return relative to maximum drawdown	20.15	1.56	+18.59
Martin ratio Return relative to average drawdown	81.98	5.19	+76.79
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. CLOZ - Sharpe Ratio Comparison

The current CVSB Sharpe Ratio is 5.20, which is higher than the CLOZ Sharpe Ratio of 1.79. The chart below compares the historical Sharpe Ratios of CVSB and CLOZ, 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	CLOZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.20	1.79	+3.41
Sharpe Ratio (All Time) Calculated using the full available price history	4.14	2.77	+1.37

Drawdowns

CVSB vs. CLOZ - Drawdown Comparison

The maximum CVSB drawdown since its inception was -0.63%, smaller than the maximum CLOZ drawdown of -5.32%. Use the drawdown chart below to compare losses from any high point for CVSB and CLOZ.

Drawdown Indicators

	CVSB	CLOZ	Difference
Max Drawdown Largest peak-to-trough decline	-0.63%	-5.32%	+4.69%
Max Drawdown (1Y) Largest decline over 1 year	-0.23%	-3.90%	+3.67%
Max Drawdown (3Y) Largest decline over 3 years	-0.63%	-5.32%	+4.69%
Current Drawdown Current decline from peak	-0.02%	-0.10%	+0.08%
Average Drawdown Average peak-to-trough decline	-0.05%	-0.38%	+0.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.06%	1.17%	-1.11%

Volatility

CVSB vs. CLOZ - Volatility Comparison

The current volatility for Calvert Ultra-Short Investment Grade ETF (CVSB) is 0.16%, while Panagram Bbb-B Clo ETF (CLOZ) has a volatility of 0.55%. This indicates that CVSB experiences smaller price fluctuations and is considered to be less risky than CLOZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVSB	CLOZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.16%	0.55%	-0.39%
Volatility (6M) Calculated over the trailing 6-month period	0.54%	3.13%	-2.59%
Volatility (1Y) Calculated over the trailing 1-year period	0.88%	3.45%	-2.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.32%	3.81%	-2.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.32%	3.81%	-2.49%

CVSB vs. CLOZ - Expense Ratio Comparison

CVSB has a 0.24% expense ratio, which is lower than CLOZ's 0.50% expense ratio.

Dividends

CVSB vs. CLOZ - Dividend Comparison

CVSB's dividend yield for the trailing twelve months is around 4.37%, less than CLOZ's 8.01% yield.

Position	TTM	2025	2024	2023
CLOZ Panagram Bbb-B Clo ETF	8.01%	7.63%	9.09%	8.81%
CVSB Calvert Ultra-Short Investment Grade ETF	4.37%	4.72%	5.13%	4.95%

Frequently Asked Questions

Can I hold both CVSB and CLOZ in my portfolio?

CVSB and CLOZ have a correlation of -0.14, 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 CLOZ?

CLOZ has higher volatility (0.55%) compared to CVSB (0.16%). In terms of maximum drawdown, CVSB dropped -0.63% vs CLOZ's -5.32%.

Which ETF is better, CVSB or CLOZ?

On 3-year performance, CLOZ leads with 10.63% vs 5.54% for CVSB. On fees, CVSB is cheaper at 0.24% per year. On volatility, CVSB has been the lower-risk option at 0.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVSB or CLOZ?

Over the 3-year period, CLOZ has performed better with a 10.63% return vs 5.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVSB or CLOZ?

CVSB is cheaper with a 0.24% expense ratio, compared with 0.50% for CLOZ.

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

CLOZ has the higher dividend yield at 8.01%, compared with 4.37% for CVSB.

What is the main difference between CVSB and CLOZ?

CVSB is categorized as Ultrashort Bond, while CLOZ is CLO. They also come from different issuers: Calvert and Panagram. Their fees differ too: 0.24% for CVSB and 0.50% for CLOZ.

Which has better risk-adjusted returns?

CVSB currently has the higher Sharpe Ratio (5.20 vs 1.79), 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.