CVSB vs. CVMC

Last updated Jun 23, 2026

CVSB (Calvert Ultra-Short Investment Grade ETF) and CVMC (Calvert US Mid-Cap Core Responsible Index ETF) are both exchange-traded funds - CVSB is a Ultrashort Bond fund actively managed by Calvert, while CVMC is a Mid Cap Blend Equities fund tracking the Russell Midcap Index. CVSB is actively managed, while CVMC is passively managed. Over the past 3 years, CVSB returned 5.48%/yr vs 16.51%/yr for CVMC. At a 0.05 correlation, their price movements are largely independent. CVSB charges 0.24%/yr vs 0.15%/yr for CVMC.

Performance

CVSB vs. CVMC - 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 Mid-Cap Core Responsible Index ETF (CVMC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CVSB achieves a 1.62% return, which is significantly lower than CVMC's 17.15% return.

CVSB

• 1D: 0.00%
• 1M: 0.28%
• YTD: 1.62%
• 6M: 1.91%
• 1Y: 4.30%
• 3Y*: 5.48%
• 5Y*: —
• 10Y*: —

CVMC

• 1D: 0.05%
• 1M: 4.77%
• YTD: 17.15%
• 6M: 15.44%
• 1Y: 28.32%
• 3Y*: 16.51%
• 5Y*: —
• 10Y*: —

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

CVSB vs. CVMC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CVSB Calvert Ultra-Short Investment Grade ETF	1.62%	4.92%	6.23%	5.45%
CVMC Calvert US Mid-Cap Core Responsible Index ETF	17.15%	9.52%	12.57%	6.14%

Correlation

The correlation between CVSB and CVMC is 0.06, 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	0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (All Time) Calculated using the full available price history since Feb 1, 2023	0.05

Return for Risk

CVSB vs. CVMC — 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

CVMC

CVMC Risk / Return Rank: 63
CVMC Sharpe Ratio Rank: 61
CVMC Sortino Ratio Rank: 64
CVMC Omega Ratio Rank: 58
CVMC Calmar Ratio Rank: 63
CVMC Martin Ratio Rank: 69

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. CVMC - 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 Mid-Cap Core Responsible Index ETF (CVMC). 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.

	CVSB	CVMC	Difference
Sharpe ratio: Return per unit of total volatility	5.18	1.97	+3.21
Sortino ratio: Return per unit of downside risk	8.92	2.85	+6.06
Omega ratio: Gain probability vs. loss probability	2.40	1.34	+1.06
Calmar ratio: Return relative to maximum drawdown	19.05	3.04	+16.00
Martin ratio: Return relative to average drawdown	79.09	12.18	+66.91

CVSB vs. CVMC - Sharpe Ratio Comparison

The current CVSB Sharpe Ratio is 5.18, which is higher than the CVMC Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of CVSB and CVMC, 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

CVSB vs. CVMC - Drawdown Comparison

The maximum CVSB drawdown since its inception was -0.63%, smaller than the maximum CVMC drawdown of -22.53%. Use the drawdown chart below to compare losses from any high point for CVSB and CVMC.

Drawdown Indicators

	CVSB	CVMC	Difference
Max Drawdown Largest peak-to-trough decline	-0.63%	-22.53%	+21.90%
Max Drawdown (1Y) Largest decline over 1 year	-0.23%	-9.35%	+9.12%
Max Drawdown (3Y) Largest decline over 3 years	-0.63%	-22.53%	+21.90%
Current Drawdown Current decline from peak	-0.00%	-0.48%	+0.48%
Average Drawdown Average peak-to-trough decline	-0.05%	-4.14%	+4.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.05%	2.33%	-2.28%

Volatility

CVSB vs. CVMC - Volatility Comparison

The current volatility for Calvert Ultra-Short Investment Grade ETF (CVSB) is 0.19%, while Calvert US Mid-Cap Core Responsible Index ETF (CVMC) has a volatility of 5.05%. This indicates that CVSB experiences smaller price fluctuations and is considered to be less risky than CVMC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVSB	CVMC	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.19%	5.05%	-4.86%
Volatility (6M) Calculated over the trailing 6-month period	0.53%	11.15%	-10.62%
Volatility (1Y) Calculated over the trailing 1-year period	0.84%	14.48%	-13.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.31%	16.55%	-15.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.31%	16.55%	-15.24%

CVSB vs. CVMC - Expense Ratio Comparison

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

CVSB's dividend yield for the trailing twelve months is around 4.37%, more than CVMC's 1.45% yield.

Position	TTM	2025	2024	2023
CVMC Calvert US Mid-Cap Core Responsible Index ETF	1.45%	1.39%	1.21%	1.00%
CVSB Calvert Ultra-Short Investment Grade ETF	4.37%	4.72%	5.13%	4.95%

Frequently Asked Questions

Can I hold both CVSB and CVMC in my portfolio?

CVSB and CVMC have a correlation of 0.06, 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 CVMC?

CVMC has higher volatility (5.05%) compared to CVSB (0.19%). In terms of maximum drawdown, CVSB dropped -0.63% vs CVMC's -22.53%.

Which ETF is better, CVSB or CVMC?

On 3-year performance, CVMC leads with 16.51% vs 5.48% for CVSB. On fees, CVMC is cheaper at 0.15% per year. On volatility, CVSB has been the lower-risk option at 0.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVSB or CVMC?

Over the 3-year period, CVMC has performed better with a 16.51% return vs 5.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVSB or CVMC?

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

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

CVSB has the higher dividend yield at 4.37%, compared with 1.45% for CVMC.

What is the main difference between CVSB and CVMC?

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

Which has better risk-adjusted returns?

CVSB currently has the higher Sharpe Ratio (5.18 vs 1.97), 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.