CVSB vs. CVLC

Last updated Jun 4, 2026

CVSB (Calvert Ultra-Short Investment Grade ETF) and CVLC (Calvert US Large-Cap Core Responsible Index ETF) are both exchange-traded funds - CVSB is a Ultrashort Bond fund actively managed by Calvert, while CVLC is a Large Cap Blend Equities fund tracking the Calvert US Large-Cap Core Responsible Index - Benchmark TR Gross. CVSB is actively managed, while CVLC is passively managed. Over the past 3 years, CVSB returned 5.54%/yr vs 22.30%/yr for CVLC. At a 0.06 correlation, their price movements are largely independent. CVSB charges 0.24%/yr vs 0.15%/yr for CVLC.

Performance

CVSB vs. CVLC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calvert Ultra-Short Investment Grade ETF (CVSB) and Calvert US Large-Cap Core Responsible Index ETF (CVLC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CVSB achieves a 1.48% return, which is significantly lower than CVLC's 12.35% return.

CVSB

• 1D: -0.01%
• 1M: 0.28%
• YTD: 1.48%
• 6M: 2.03%
• 1Y: 4.48%
• 3Y*: 5.54%
• 5Y*: —
• 10Y*: —

CVLC

• 1D: -0.73%
• 1M: 5.88%
• YTD: 12.35%
• 6M: 12.15%
• 1Y: 29.31%
• 3Y*: 22.30%
• 5Y*: —
• 10Y*: —

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

CVSB vs. CVLC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CVSB Calvert Ultra-Short Investment Grade ETF	1.48%	4.92%	6.23%	5.40%
CVLC Calvert US Large-Cap Core Responsible Index ETF	12.35%	16.13%	24.20%	17.14%

Correlation

The correlation between CVSB and CVLC is 0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (All Time) Calculated using the full available price history since Feb 2, 2023	0.06

Return for Risk

CVSB vs. CVLC — 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

CVLC

CVLC Risk / Return Rank: 70
CVLC Sharpe Ratio Rank: 72
CVLC Sortino Ratio Rank: 71
CVLC Omega Ratio Rank: 69
CVLC Calmar Ratio Rank: 62
CVLC Martin Ratio Rank: 74

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. CVLC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calvert Ultra-Short Investment Grade ETF (CVSB) and Calvert US Large-Cap Core Responsible Index ETF (CVLC). 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	CVLC	Difference
Sharpe ratio Return per unit of total volatility	5.12	2.36	+2.76
Sortino ratio Return per unit of downside risk	8.83	3.26	+5.57
Omega ratio Gain probability vs. loss probability	2.38	1.42	+0.96
Calmar ratio Return relative to maximum drawdown	19.85	3.06	+16.78
Martin ratio Return relative to average drawdown	80.53	14.09	+66.44
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. CVLC - Sharpe Ratio Comparison

The current CVSB Sharpe Ratio is 5.12, which is higher than the CVLC Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of CVSB and CVLC, 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	CVLC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.12	2.36	+2.76
Sharpe Ratio (All Time) Calculated using the full available price history	4.13	1.37	+2.76

Drawdowns

CVSB vs. CVLC - Drawdown Comparison

The maximum CVSB drawdown since its inception was -0.63%, smaller than the maximum CVLC drawdown of -19.92%. Use the drawdown chart below to compare losses from any high point for CVSB and CVLC.

Drawdown Indicators

	CVSB	CVLC	Difference
Max Drawdown Largest peak-to-trough decline	-0.63%	-19.92%	+19.29%
Max Drawdown (1Y) Largest decline over 1 year	-0.23%	-9.61%	+9.38%
Max Drawdown (3Y) Largest decline over 3 years	-0.63%	-19.92%	+19.29%
Current Drawdown Current decline from peak	-0.03%	-0.73%	+0.70%
Average Drawdown Average peak-to-trough decline	-0.05%	-2.41%	+2.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.06%	2.09%	-2.03%

Volatility

CVSB vs. CVLC - Volatility Comparison

The current volatility for Calvert Ultra-Short Investment Grade ETF (CVSB) is 0.15%, while Calvert US Large-Cap Core Responsible Index ETF (CVLC) has a volatility of 3.36%. This indicates that CVSB experiences smaller price fluctuations and is considered to be less risky than CVLC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVSB	CVLC	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.15%	3.36%	-3.21%
Volatility (6M) Calculated over the trailing 6-month period	0.53%	9.66%	-9.13%
Volatility (1Y) Calculated over the trailing 1-year period	0.88%	12.51%	-11.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.32%	15.55%	-14.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.32%	15.55%	-14.23%

CVSB vs. CVLC - Expense Ratio Comparison

CVSB has a 0.24% expense ratio, which is higher than CVLC's 0.15% 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. CVLC - Dividend Comparison

CVSB's dividend yield for the trailing twelve months is around 4.37%, more than CVLC's 0.89% yield.

Position	TTM	2025	2024	2023
CVLC Calvert US Large-Cap Core Responsible Index ETF	0.89%	1.02%	1.03%	0.91%
CVSB Calvert Ultra-Short Investment Grade ETF	4.37%	4.72%	5.13%	4.95%

Frequently Asked Questions

Can I hold both CVSB and CVLC in my portfolio?

CVSB and CVLC have a correlation of 0.02, 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 CVLC?

CVLC has higher volatility (3.36%) compared to CVSB (0.15%). In terms of maximum drawdown, CVSB dropped -0.63% vs CVLC's -19.92%.

Which ETF is better, CVSB or CVLC?

On 3-year performance, CVLC leads with 22.30% vs 5.54% for CVSB. On fees, CVLC is cheaper at 0.15% per year. On volatility, CVSB has been the lower-risk option at 0.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVSB or CVLC?

Over the 3-year period, CVLC has performed better with a 22.30% 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 CVLC?

CVLC is cheaper with a 0.15% expense ratio, compared with 0.24% for CVSB.

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

CVSB has the higher dividend yield at 4.37%, compared with 0.89% for CVLC.

What is the main difference between CVSB and CVLC?

CVSB is categorized as Ultrashort Bond, while CVLC is Large Cap Blend Equities. Their fees differ too: 0.24% for CVSB and 0.15% for CVLC.

Which has better risk-adjusted returns?

CVSB currently has the higher Sharpe Ratio (5.12 vs 2.36), 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.