FLCC vs. CVSE

Last updated Jun 3, 2026

FLCC (Federated Hermes MDT Large Cap Core ETF) and CVSE (Calvert US Select Equity ETF) are both Large Cap Blend Equities funds. Both are actively managed. Over the past year, FLCC returned 23.60% vs 9.15% for CVSE. A 0.73 correlation means they provide meaningful diversification when combined. Both charge a 0.29% expense ratio.

Performance

FLCC vs. CVSE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes MDT Large Cap Core ETF (FLCC) and Calvert US Select Equity ETF (CVSE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FLCC

• 1D: -0.12%
• 1M: 3.96%
• YTD: 9.74%
• 6M: 10.95%
• 1Y: 23.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CVSE

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: 0.00%
• 1Y: 9.15%
• 3Y*: 13.34%
• 5Y*: —
• 10Y*: —

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

FLCC vs. CVSE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FLCC Federated Hermes MDT Large Cap Core ETF	9.74%	16.61%	9.94%
CVSE Calvert US Select Equity ETF	0.00%	10.14%	4.27%

Correlation

The correlation between FLCC 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 (All Time) Calculated using the full available price history since Aug 1, 2024	0.73

Over the past year, the correlation between FLCC and CVSE has dropped to 0.46 - well below their long-term average of 0.73, suggesting their price drivers have been diverging.

FLCC vs. CVSE - Sectors Allocation Comparison

Sectors	FLCC	CVSE
Technology	35.7%	39.5%
Consumer Cyclical	12.3%	7.0%
Financial Services	10.8%	16.3%
Communication Services	10.2%	5.1%
Healthcare	9.5%	10.3%
Industrials	9.1%	11.3%
Consumer Defensive	4.2%	1.7%
Energy	3.1%	-
Basic Materials	2.3%	2.7%
Utilities	1.4%	2.5%
Real Estate	1.2%	3.5%

Return for Risk

FLCC vs. CVSE — Risk / Return Rank

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

FLCC

FLCC Risk / Return Rank: 54
FLCC Sharpe Ratio Rank: 54
FLCC Sortino Ratio Rank: 53
FLCC Omega Ratio Rank: 53
FLCC Calmar Ratio Rank: 51
FLCC Martin Ratio Rank: 58

CVSE

CVSE Risk / Return Rank: 50
CVSE Sharpe Ratio Rank: 40
CVSE Sortino Ratio Rank: 42
CVSE Omega Ratio Rank: 74
CVSE Calmar Ratio Rank: 57
CVSE Martin Ratio Rank: 40

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.

FLCC vs. CVSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes MDT Large Cap Core ETF (FLCC) 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.

	FLCC	CVSE	Difference
Sharpe ratio Return per unit of total volatility	1.87	1.43	+0.44
Sortino ratio Return per unit of downside risk	2.61	2.14	+0.47
Omega ratio Gain probability vs. loss probability	1.33	1.45	-0.12
Calmar ratio Return relative to maximum drawdown	2.59	2.88	-0.30
Martin ratio Return relative to average drawdown	10.52	6.27	+4.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FLCC vs. CVSE - Sharpe Ratio Comparison

The current FLCC Sharpe Ratio is 1.87, which is higher than the CVSE Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of FLCC 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

	FLCC	CVSE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.87	1.43	+0.44
Sharpe Ratio (All Time) Calculated using the full available price history	1.18	0.92	+0.26

Drawdowns

FLCC vs. CVSE - Drawdown Comparison

The maximum FLCC drawdown since its inception was -19.18%, smaller than the maximum CVSE drawdown of -20.29%. Use the drawdown chart below to compare losses from any high point for FLCC and CVSE.

Drawdown Indicators

	FLCC	CVSE	Difference
Max Drawdown Largest peak-to-trough decline	-19.18%	-20.29%	+1.11%
Max Drawdown (1Y) Largest decline over 1 year	-9.31%	-3.08%	-6.23%
Max Drawdown (3Y) Largest decline over 3 years	—	-20.29%	—
Current Drawdown Current decline from peak	-0.12%	-1.68%	+1.56%
Average Drawdown Average peak-to-trough decline	-2.35%	-2.69%	+0.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.29%	1.42%	+0.87%

Volatility

FLCC vs. CVSE - Volatility Comparison

Federated Hermes MDT Large Cap Core ETF (FLCC) has a higher volatility of 2.54% compared to Calvert US Select Equity ETF (CVSE) at 0.00%. This indicates that FLCC'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

	FLCC	CVSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.54%	0.00%	+2.54%
Volatility (6M) Calculated over the trailing 6-month period	9.51%	0.00%	+9.51%
Volatility (1Y) Calculated over the trailing 1-year period	12.66%	6.49%	+6.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.38%	13.88%	+3.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.38%	13.88%	+3.50%

FLCC vs. CVSE - Expense Ratio Comparison

Both FLCC and CVSE have an expense ratio of 0.29%.

Dividends

FLCC vs. CVSE - Dividend Comparison

FLCC's dividend yield for the trailing twelve months is around 0.46%, less than CVSE's 0.59% yield.

Position	TTM	2025	2024	2023
CVSE Calvert US Select Equity ETF	0.59%	0.81%	1.05%	1.22%
FLCC Federated Hermes MDT Large Cap Core ETF	0.46%	0.50%	0.20%	0.00%

Frequently Asked Questions

Can I hold both FLCC and CVSE in my portfolio?

FLCC 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, FLCC or CVSE?

FLCC has higher volatility (2.54%) compared to CVSE (0.00%). In terms of maximum drawdown, FLCC dropped -19.18% vs CVSE's -20.29%.

Which ETF is better, FLCC or CVSE?

On 1-year performance, FLCC leads with 23.60% vs 9.15% for CVSE. Both ETFs have the same 0.29% expense ratio. 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, FLCC or CVSE?

Over the 1-year period, FLCC has performed better with a 23.60% return vs 9.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLCC or CVSE?

FLCC and CVSE have the same expense ratio: 0.29% per year.

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

CVSE has the higher dividend yield at 0.59%, compared with 0.46% for FLCC.

What is the main difference between FLCC and CVSE?

They also come from different issuers: Federated Hermes and Calvert.

Which has better risk-adjusted returns?

FLCC currently has the higher Sharpe Ratio (1.87 vs 1.43), 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.