GDIV vs. CVSE

Last updated Jun 4, 2026

GDIV (Harbor Dividend Growth Leaders ETF) and CVSE (Calvert US Select Equity ETF) are both Large Cap Blend Equities funds. Both are actively managed. Over the past 3 years, GDIV returned 16.87%/yr vs 13.34%/yr for CVSE. A 0.79 correlation means they provide meaningful diversification when combined. GDIV charges 0.50%/yr vs 0.29%/yr for CVSE.

Performance

GDIV vs. CVSE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harbor Dividend Growth Leaders ETF (GDIV) and Calvert US Select Equity ETF (CVSE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

GDIV

• 1D: -0.12%
• 1M: 3.80%
• YTD: 11.37%
• 6M: 11.88%
• 1Y: 24.33%
• 3Y*: 16.87%
• 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)

GDIV vs. CVSE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GDIV Harbor Dividend Growth Leaders ETF	11.37%	10.81%	14.83%	12.24%
CVSE Calvert US Select Equity ETF	0.00%	10.14%	19.11%	13.35%

Correlation

The correlation between GDIV 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	0.77
Correlation (All Time) Calculated using the full available price history since Feb 2, 2023	0.79

Over the past year, the correlation between GDIV and CVSE has dropped to 0.41 - well below their long-term average of 0.79, suggesting their price drivers have been diverging.

GDIV vs. CVSE - Sectors Allocation Comparison

Sectors	GDIV	CVSE
Technology	23.4%	39.5%
Financial Services	18.2%	16.3%
Industrials	16.2%	11.3%
Healthcare	14.4%	10.3%
Consumer Cyclical	8.9%	7.0%
Consumer Defensive	7.4%	1.7%
Energy	5.0%	-
Utilities	4.1%	2.5%
Basic Materials	1.4%	2.7%
Real Estate	1.1%	3.5%
Communication Services	-	5.1%

Return for Risk

GDIV vs. CVSE — Risk / Return Rank

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

GDIV

GDIV Risk / Return Rank: 60
GDIV Sharpe Ratio Rank: 61
GDIV Sortino Ratio Rank: 64
GDIV Omega Ratio Rank: 62
GDIV Calmar Ratio Rank: 51
GDIV Martin Ratio Rank: 60

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.

GDIV vs. CVSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harbor Dividend Growth Leaders ETF (GDIV) 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.

	GDIV	CVSE	Difference
Sharpe ratio: Return per unit of total volatility	2.06	1.28	+0.78
Sortino ratio: Return per unit of downside risk	2.99	1.90	+1.09
Omega ratio: Gain probability vs. loss probability	1.38	1.40	-0.02
Calmar ratio: Return relative to maximum drawdown	2.53	2.66	-0.13
Martin ratio: Return relative to average drawdown	10.49	5.71	+4.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GDIV vs. CVSE - Sharpe Ratio Comparison

The current GDIV Sharpe Ratio is 2.06, which is higher than the CVSE Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of GDIV 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

	GDIV	CVSE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.06	1.28	+0.78
Sharpe Ratio (All Time) Calculated using the full available price history	0.84	0.92	-0.08

Drawdowns

GDIV vs. CVSE - Drawdown Comparison

The maximum GDIV drawdown since its inception was -18.93%, smaller than the maximum CVSE drawdown of -20.29%. Use the drawdown chart below to compare losses from any high point for GDIV and CVSE.

Drawdown Indicators

	GDIV	CVSE	Difference
Max Drawdown Largest peak-to-trough decline	-18.93%	-20.29%	+1.36%
Max Drawdown (1Y) Largest decline over 1 year	-9.67%	-3.08%	-6.59%
Max Drawdown (3Y) Largest decline over 3 years	-18.93%	-20.29%	+1.36%
Current Drawdown Current decline from peak	-0.12%	-1.68%	+1.56%
Average Drawdown Average peak-to-trough decline	-3.18%	-2.69%	-0.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.32%	1.42%	+0.90%

Volatility

GDIV vs. CVSE - Volatility Comparison

Harbor Dividend Growth Leaders ETF (GDIV) has a higher volatility of 3.38% compared to Calvert US Select Equity ETF (CVSE) at 0.00%. This indicates that GDIV'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

	GDIV	CVSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.38%	0.00%	+3.38%
Volatility (6M) Calculated over the trailing 6-month period	9.30%	0.00%	+9.30%
Volatility (1Y) Calculated over the trailing 1-year period	11.89%	6.49%	+5.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.32%	13.87%	+1.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.32%	13.87%	+1.45%

GDIV vs. CVSE - Expense Ratio Comparison

GDIV has a 0.50% expense ratio, which is higher than CVSE's 0.29% expense ratio.

Dividends

GDIV vs. CVSE - Dividend Comparison

GDIV's dividend yield for the trailing twelve months is around 1.13%, more than CVSE's 0.59% yield.

Position	TTM	2025	2024	2023	2022
CVSE Calvert US Select Equity ETF	0.59%	0.81%	1.05%	1.22%	0.00%
GDIV Harbor Dividend Growth Leaders ETF	1.13%	1.19%	1.30%	2.27%	5.88%

Frequently Asked Questions

Can I hold both GDIV and CVSE in my portfolio?

GDIV 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, GDIV or CVSE?

GDIV has higher volatility (3.38%) compared to CVSE (0.00%). In terms of maximum drawdown, GDIV dropped -18.93% vs CVSE's -20.29%.

Which ETF is better, GDIV or CVSE?

On 3-year performance, GDIV leads with 16.87% vs 13.34% for CVSE. On fees, CVSE is cheaper at 0.29% 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, GDIV or CVSE?

Over the 3-year period, GDIV has performed better with a 16.87% return vs 13.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GDIV or CVSE?

CVSE is cheaper with a 0.29% expense ratio, compared with 0.50% for GDIV.

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

GDIV has the higher dividend yield at 1.13%, compared with 0.59% for CVSE.

What is the main difference between GDIV and CVSE?

They also come from different issuers: Harbor and Calvert. Their fees differ too: 0.50% for GDIV and 0.29% for CVSE.

Which has better risk-adjusted returns?

GDIV currently has the higher Sharpe Ratio (2.06 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.