DFUS vs. CVSE

Last updated Jun 4, 2026

DFUS (Dimensional U.S. Equity Market ETF) and CVSE (Calvert US Select Equity ETF) are both Large Cap Blend Equities funds. Both are actively managed. Over the past 3 years, DFUS returned 22.42%/yr vs 13.34%/yr for CVSE. Their correlation of 0.85 suggests significant overlap in exposure. DFUS charges 0.09%/yr vs 0.29%/yr for CVSE.

Performance

DFUS vs. CVSE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional U.S. Equity Market ETF (DFUS) and Calvert US Select Equity ETF (CVSE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

DFUS

• 1D: -0.66%
• 1M: 5.24%
• YTD: 11.25%
• 6M: 11.19%
• 1Y: 28.63%
• 3Y*: 22.42%
• 5Y*: —
• 10Y*: —

CVSE

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: 0.00%
• 1Y: 8.06%
• 3Y*: 13.34%
• 5Y*: —
• 10Y*: —

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

DFUS vs. CVSE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DFUS Dimensional U.S. Equity Market ETF	11.25%	17.46%	24.34%	17.44%
CVSE Calvert US Select Equity ETF	0.00%	10.14%	19.11%	13.35%

Correlation

The correlation between DFUS and CVSE is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (All Time) Calculated using the full available price history since Feb 2, 2023	0.85

Over the past year, the correlation between DFUS and CVSE has dropped to 0.46 - well below their long-term average of 0.85, suggesting their price drivers have been diverging.

DFUS vs. CVSE - Sectors Allocation Comparison

Sectors	DFUS	CVSE
Communication Services	23.5%	5.1%
Financial Services	20.2%	16.3%
Technology	17.4%	39.5%
Consumer Cyclical	13.0%	7.0%
Industrials	9.5%	11.3%
Energy	5.3%	-
Healthcare	4.1%	10.3%
Utilities	3.0%	2.5%
Consumer Defensive	2.6%	1.7%
Basic Materials	1.1%	2.7%
Real Estate	0.0%	3.5%

Return for Risk

DFUS vs. CVSE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DFUS

DFUS Risk / Return Rank: 69
DFUS Sharpe Ratio Rank: 70
DFUS Sortino Ratio Rank: 69
DFUS Omega Ratio Rank: 69
DFUS Calmar Ratio Rank: 63
DFUS Martin Ratio Rank: 75

CVSE

CVSE Risk / Return Rank: 46
CVSE Sharpe Ratio Rank: 36
CVSE Sortino Ratio Rank: 37
CVSE Omega Ratio Rank: 67
CVSE Calmar Ratio Rank: 54
CVSE Martin Ratio Rank: 37

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.

DFUS vs. CVSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional U.S. Equity Market ETF (DFUS) and Calvert US Select Equity ETF (CVSE). 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.

	DFUS	CVSE	Difference
Sharpe ratio: Return per unit of total volatility	2.35	1.28	+1.08
Sortino ratio: Return per unit of downside risk	3.22	1.90	+1.32
Omega ratio: Gain probability vs. loss probability	1.42	1.40	+0.03
Calmar ratio: Return relative to maximum drawdown	3.21	2.66	+0.55
Martin ratio: Return relative to average drawdown	14.70	5.71	+8.99
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFUS vs. CVSE - Sharpe Ratio Comparison

The current DFUS Sharpe Ratio is 2.35, which is higher than the CVSE Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of DFUS and CVSE, 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

	DFUS	CVSE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.35	1.28	+1.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.79	0.92	-0.13

Drawdowns

DFUS vs. CVSE - Drawdown Comparison

The maximum DFUS drawdown since its inception was -24.62%, which is greater than CVSE's maximum drawdown of -20.29%. Use the drawdown chart below to compare losses from any high point for DFUS and CVSE.

Drawdown Indicators

	DFUS	CVSE	Difference
Max Drawdown Largest peak-to-trough decline	-24.62%	-20.29%	-4.33%
Max Drawdown (1Y) Largest decline over 1 year	-8.96%	-3.08%	-5.88%
Max Drawdown (3Y) Largest decline over 3 years	-19.44%	-20.29%	+0.85%
Current Drawdown Current decline from peak	-0.66%	-1.68%	+1.02%
Average Drawdown Average peak-to-trough decline	-5.82%	-2.69%	-3.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.95%	1.42%	+0.53%

Volatility

DFUS vs. CVSE - Volatility Comparison

Dimensional U.S. Equity Market ETF (DFUS) has a higher volatility of 3.07% compared to Calvert US Select Equity ETF (CVSE) at 0.00%. This indicates that DFUS's price experiences larger fluctuations and is considered to be riskier than CVSE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFUS	CVSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.07%	0.00%	+3.07%
Volatility (6M) Calculated over the trailing 6-month period	9.18%	0.00%	+9.18%
Volatility (1Y) Calculated over the trailing 1-year period	12.23%	6.49%	+5.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.21%	13.87%	+3.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.21%	13.87%	+3.34%

DFUS vs. CVSE - Expense Ratio Comparison

DFUS has a 0.09% expense ratio, which is lower than CVSE's 0.29% expense ratio.

Dividends

DFUS vs. CVSE - Dividend Comparison

DFUS's dividend yield for the trailing twelve months is around 0.83%, more than CVSE's 0.59% yield.

Position	TTM	2025	2024	2023	2022	2021
CVSE Calvert US Select Equity ETF	0.59%	0.81%	1.05%	1.22%	0.00%	0.00%
DFUS Dimensional U.S. Equity Market ETF	0.83%	0.88%	1.04%	1.33%	1.48%	0.85%

Frequently Asked Questions

Can I hold both DFUS and CVSE in my portfolio?

DFUS and CVSE have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFUS or CVSE?

DFUS has higher volatility (3.07%) compared to CVSE (0.00%). In terms of maximum drawdown, DFUS dropped -24.62% vs CVSE's -20.29%.

Which ETF is better, DFUS or CVSE?

On 3-year performance, DFUS leads with 22.42% vs 13.34% for CVSE. On fees, DFUS is cheaper at 0.09% per year. On volatility, CVSE has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFUS or CVSE?

Over the 3-year period, DFUS has performed better with a 22.42% return vs 13.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFUS or CVSE?

DFUS is cheaper with a 0.09% expense ratio, compared with 0.29% for CVSE.

Which ETF pays a higher dividend yield, DFUS or CVSE?

DFUS has the higher dividend yield at 0.83%, compared with 0.59% for CVSE.

What is the main difference between DFUS and CVSE?

They also come from different issuers: Dimensional and Calvert. Their fees differ too: 0.09% for DFUS and 0.29% for CVSE.

Which has better risk-adjusted returns?

DFUS currently has the higher Sharpe Ratio (2.35 vs 1.28), 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.