ESMV vs. CVSE

Last updated Jun 4, 2026

ESMV (iShares ESG MSCI USA Min Vol Factor ETF) and CVSE (Calvert US Select Equity ETF) are both Large Cap Blend Equities funds. ESMV is passively managed, while CVSE is actively managed. Over the past 3 years, ESMV returned 11.27%/yr vs 13.34%/yr for CVSE. A 0.73 correlation means they provide meaningful diversification when combined. ESMV charges 0.18%/yr vs 0.29%/yr for CVSE.

Performance

ESMV vs. CVSE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares ESG MSCI USA Min Vol Factor ETF (ESMV) and Calvert US Select Equity ETF (CVSE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

ESMV

• 1D: -0.78%
• 1M: 3.36%
• YTD: 5.28%
• 6M: 5.39%
• 1Y: 6.76%
• 3Y*: 11.27%
• 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)

ESMV vs. CVSE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ESMV iShares ESG MSCI USA Min Vol Factor ETF	5.28%	5.34%	13.06%	8.85%
CVSE Calvert US Select Equity ETF	0.00%	10.14%	19.11%	13.35%

Correlation

The correlation between ESMV and CVSE is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (All Time) Calculated using the full available price history since Feb 2, 2023	0.73

Over the past year, the correlation between ESMV and CVSE has dropped to 0.41 - well below their long-term average of 0.73, suggesting their price drivers have been diverging.

Return for Risk

ESMV vs. CVSE — Risk / Return Rank

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

ESMV

ESMV Risk / Return Rank: 21
ESMV Sharpe Ratio Rank: 20
ESMV Sortino Ratio Rank: 19
ESMV Omega Ratio Rank: 20
ESMV Calmar Ratio Rank: 22
ESMV Martin Ratio Rank: 23

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.

ESMV vs. CVSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares ESG MSCI USA Min Vol Factor ETF (ESMV) 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.

	ESMV	CVSE	Difference
Sharpe ratio: Return per unit of total volatility	0.67	1.28	-0.60
Sortino ratio: Return per unit of downside risk	1.00	1.90	-0.90
Omega ratio: Gain probability vs. loss probability	1.13	1.40	-0.27
Calmar ratio: Return relative to maximum drawdown	0.97	2.66	-1.69
Martin ratio: Return relative to average drawdown	2.97	5.71	-2.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ESMV vs. CVSE - Sharpe Ratio Comparison

The current ESMV Sharpe Ratio is 0.67, which is lower than the CVSE Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of ESMV 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

	ESMV	CVSE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.67	1.28	-0.60
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.92	-0.48

Drawdowns

ESMV vs. CVSE - Drawdown Comparison

The maximum ESMV drawdown since its inception was -19.77%, roughly equal to the maximum CVSE drawdown of -20.29%. Use the drawdown chart below to compare losses from any high point for ESMV and CVSE.

Drawdown Indicators

	ESMV	CVSE	Difference
Max Drawdown Largest peak-to-trough decline	-19.77%	-20.29%	+0.52%
Max Drawdown (1Y) Largest decline over 1 year	-7.01%	-3.08%	-3.93%
Max Drawdown (3Y) Largest decline over 3 years	-12.16%	-20.29%	+8.13%
Current Drawdown Current decline from peak	-0.78%	-1.68%	+0.90%
Average Drawdown Average peak-to-trough decline	-5.33%	-2.69%	-2.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.28%	1.42%	+0.86%

Volatility

ESMV vs. CVSE - Volatility Comparison

iShares ESG MSCI USA Min Vol Factor ETF (ESMV) has a higher volatility of 2.25% compared to Calvert US Select Equity ETF (CVSE) at 0.00%. This indicates that ESMV'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

	ESMV	CVSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.25%	0.00%	+2.25%
Volatility (6M) Calculated over the trailing 6-month period	6.26%	0.00%	+6.26%
Volatility (1Y) Calculated over the trailing 1-year period	10.06%	6.49%	+3.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.24%	13.87%	-0.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.24%	13.87%	-0.63%

ESMV vs. CVSE - Expense Ratio Comparison

ESMV has a 0.18% expense ratio, which is lower than CVSE's 0.29% expense ratio.

Dividends

ESMV vs. CVSE - Dividend Comparison

ESMV's dividend yield for the trailing twelve months is around 1.58%, 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%
ESMV iShares ESG MSCI USA Min Vol Factor ETF	1.58%	1.56%	1.71%	1.75%	1.66%	0.24%

Frequently Asked Questions

Can I hold both ESMV and CVSE in my portfolio?

ESMV and CVSE have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ESMV or CVSE?

ESMV has higher volatility (2.25%) compared to CVSE (0.00%). In terms of maximum drawdown, ESMV dropped -19.77% vs CVSE's -20.29%.

Which ETF is better, ESMV or CVSE?

On 3-year performance, CVSE leads with 13.34% vs 11.27% for ESMV. On fees, ESMV is cheaper at 0.18% 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, ESMV or CVSE?

Over the 3-year period, CVSE has performed better with a 13.34% return vs 11.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ESMV or CVSE?

ESMV is cheaper with a 0.18% expense ratio, compared with 0.29% for CVSE.

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

ESMV has the higher dividend yield at 1.58%, compared with 0.59% for CVSE.

What is the main difference between ESMV and CVSE?

They also come from different issuers: iShares and Calvert. Their fees differ too: 0.18% for ESMV and 0.29% for CVSE.

Which has better risk-adjusted returns?

CVSE currently has the higher Sharpe Ratio (1.28 vs 0.67), 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.