CVSB vs. EVSD

Last updated Jun 24, 2026

CVSB (Calvert Ultra-Short Investment Grade ETF) and EVSD (Eaton Vance Short Duration Income ETF) are both exchange-traded funds - CVSB is a Ultrashort Bond fund actively managed by Calvert, while EVSD is a Short-Term Bond fund actively managed by Eaton Vance. Both are actively managed. Over the past year, CVSB returned 4.31% vs 4.39% for EVSD. At a 0.24 correlation, their price movements are largely independent. Both charge a 0.24% expense ratio.

Performance

CVSB vs. EVSD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calvert Ultra-Short Investment Grade ETF (CVSB) and Eaton Vance Short Duration Income ETF (EVSD). 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 higher than EVSD's 0.83% return.

CVSB

• 1D: 0.00%
• 1M: 0.28%
• YTD: 1.62%
• 6M: 1.91%
• 1Y: 4.31%
• 3Y*: 5.48%
• 5Y*: —
• 10Y*: —

EVSD

• 1D: 0.03%
• 1M: 0.30%
• YTD: 0.83%
• 6M: 1.04%
• 1Y: 4.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CVSB vs. EVSD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CVSB Calvert Ultra-Short Investment Grade ETF	1.62%	4.92%	3.36%
EVSD Eaton Vance Short Duration Income ETF	0.83%	6.80%	3.86%

Correlation

The correlation between CVSB and EVSD is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (All Time) Calculated using the full available price history since Jun 17, 2024	0.24

The correlation between CVSB and EVSD shifts across timeframes, from 0.24 (all time) to 0.39 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

CVSB vs. EVSD — 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: 99

EVSD

EVSD Risk / Return Rank: 86
EVSD Sharpe Ratio Rank: 90
EVSD Sortino Ratio Rank: 94
EVSD Omega Ratio Rank: 93
EVSD Calmar Ratio Rank: 73
EVSD Martin Ratio Rank: 79

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. EVSD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calvert Ultra-Short Investment Grade ETF (CVSB) and Eaton Vance Short Duration Income ETF (EVSD). 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	EVSD	Difference
Sharpe ratio: Return per unit of total volatility	5.20	2.82	+2.38
Sortino ratio: Return per unit of downside risk	8.96	4.42	+4.54
Omega ratio: Gain probability vs. loss probability	2.42	1.59	+0.82
Calmar ratio: Return relative to maximum drawdown	19.12	3.50	+15.63
Martin ratio: Return relative to average drawdown	79.40	14.55	+64.86

CVSB vs. EVSD - Sharpe Ratio Comparison

The current CVSB Sharpe Ratio is 5.20, which is higher than the EVSD Sharpe Ratio of 2.82. The chart below compares the historical Sharpe Ratios of CVSB and EVSD, 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. EVSD - Drawdown Comparison

The maximum CVSB drawdown since its inception was -0.63%, smaller than the maximum EVSD drawdown of -1.26%. Use the drawdown chart below to compare losses from any high point for CVSB and EVSD.

Drawdown Indicators

	CVSB	EVSD	Difference
Max Drawdown Largest peak-to-trough decline	-0.63%	-1.26%	+0.63%
Max Drawdown (1Y) Largest decline over 1 year	-0.23%	-1.26%	+1.03%
Max Drawdown (3Y) Largest decline over 3 years	-0.63%	—	—
Current Drawdown Current decline from peak	-0.00%	-0.20%	+0.20%
Average Drawdown Average peak-to-trough decline	-0.05%	-0.19%	+0.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.05%	0.30%	-0.25%

Volatility

CVSB vs. EVSD - Volatility Comparison

The current volatility for Calvert Ultra-Short Investment Grade ETF (CVSB) is 0.18%, while Eaton Vance Short Duration Income ETF (EVSD) has a volatility of 0.54%. This indicates that CVSB experiences smaller price fluctuations and is considered to be less risky than EVSD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVSB	EVSD	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.18%	0.54%	-0.36%
Volatility (6M) Calculated over the trailing 6-month period	0.53%	1.21%	-0.68%
Volatility (1Y) Calculated over the trailing 1-year period	0.83%	1.56%	-0.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.31%	1.95%	-0.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.31%	1.95%	-0.64%

CVSB vs. EVSD - Expense Ratio Comparison

Both CVSB and EVSD have an expense ratio of 0.24%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

CVSB vs. EVSD - Dividend Comparison

CVSB's dividend yield for the trailing twelve months is around 4.37%, less than EVSD's 4.62% yield.

Position	TTM	2025	2024	2023
CVSB Calvert Ultra-Short Investment Grade ETF	4.37%	4.72%	5.13%	4.95%
EVSD Eaton Vance Short Duration Income ETF	4.62%	4.64%	2.91%	0.00%

Frequently Asked Questions

Can I hold both CVSB and EVSD in my portfolio?

CVSB and EVSD have a correlation of 0.39, 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 EVSD?

EVSD has higher volatility (0.54%) compared to CVSB (0.18%). In terms of maximum drawdown, CVSB dropped -0.63% vs EVSD's -1.26%.

Which ETF is better, CVSB or EVSD?

On 1-year performance, EVSD leads with 4.39% vs 4.31% for CVSB. Both ETFs have the same 0.24% expense ratio. On volatility, CVSB has been the lower-risk option at 0.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVSB or EVSD?

Over the 1-year period, EVSD has performed better with a 4.39% return vs 4.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVSB or EVSD?

CVSB and EVSD have the same expense ratio: 0.24% per year.

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

EVSD has the higher dividend yield at 4.62%, compared with 4.37% for CVSB.

What is the main difference between CVSB and EVSD?

CVSB is categorized as Ultrashort Bond, while EVSD is Short-Term Bond. They also come from different issuers: Calvert and Eaton Vance.

Which has better risk-adjusted returns?

CVSB currently has the higher Sharpe Ratio (5.20 vs 2.82), 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.