HCMT vs. CVSE

Last updated Jun 4, 2026

HCMT (Direxion HCM Tactical Enhanced U.S. Equity Strategy ETF) and CVSE (Calvert US Select Equity ETF) are both Large Cap Blend Equities funds. Both are actively managed. Over the past year, HCMT returned 43.14% vs 8.06% for CVSE. A 0.76 correlation means they provide meaningful diversification when combined. HCMT charges 1.17%/yr vs 0.29%/yr for CVSE.

Performance

HCMT vs. CVSE - Performance Comparison

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

Returns By Period

HCMT

• 1D: -0.89%
• 1M: 14.82%
• YTD: 11.17%
• 6M: 9.27%
• 1Y: 43.14%
• 3Y*: —
• 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)

HCMT vs. CVSE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HCMT Direxion HCM Tactical Enhanced U.S. Equity Strategy ETF	11.17%	7.39%	39.14%	5.67%
CVSE Calvert US Select Equity ETF	0.00%	10.14%	19.11%	8.91%

Correlation

The correlation between HCMT and CVSE is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (All Time) Calculated using the full available price history since Jun 23, 2023	0.76

Over the past year, the correlation between HCMT and CVSE has dropped to 0.44 - well below their long-term average of 0.76, suggesting their price drivers have been diverging.

HCMT vs. CVSE - Sectors Allocation Comparison

Sectors	HCMT	CVSE
Technology	12.9%	39.5%
Financial Services	3.8%	16.3%
Communication Services	3.6%	5.1%
Consumer Cyclical	3.3%	7.0%
Healthcare	2.8%	10.3%
Industrials	2.6%	11.3%
Consumer Defensive	1.6%	1.7%
Energy	1.1%	-
Utilities	0.9%	2.5%
Real Estate	0.6%	3.5%
Basic Materials	0.6%	2.7%

Return for Risk

HCMT vs. CVSE — Risk / Return Rank

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

HCMT

HCMT Risk / Return Rank: 49
HCMT Sharpe Ratio Rank: 52
HCMT Sortino Ratio Rank: 46
HCMT Omega Ratio Rank: 48
HCMT Calmar Ratio Rank: 57
HCMT Martin Ratio Rank: 44

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.

HCMT vs. CVSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion HCM Tactical Enhanced U.S. Equity Strategy ETF (HCMT) 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.

	HCMT	CVSE	Difference
Sharpe ratio: Return per unit of total volatility	1.79	1.28	+0.52
Sortino ratio: Return per unit of downside risk	2.30	1.90	+0.41
Omega ratio: Gain probability vs. loss probability	1.31	1.40	-0.09
Calmar ratio: Return relative to maximum drawdown	2.84	2.66	+0.18
Martin ratio: Return relative to average drawdown	7.19	5.71	+1.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HCMT vs. CVSE - Sharpe Ratio Comparison

The current HCMT Sharpe Ratio is 1.79, which is higher than the CVSE Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of HCMT 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

	HCMT	CVSE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.79	1.28	+0.52
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	0.92	-0.18

Drawdowns

HCMT vs. CVSE - Drawdown Comparison

The maximum HCMT drawdown since its inception was -36.26%, which is greater than CVSE's maximum drawdown of -20.29%. Use the drawdown chart below to compare losses from any high point for HCMT and CVSE.

Drawdown Indicators

	HCMT	CVSE	Difference
Max Drawdown Largest peak-to-trough decline	-36.26%	-20.29%	-15.97%
Max Drawdown (1Y) Largest decline over 1 year	-15.27%	-3.08%	-12.19%
Max Drawdown (3Y) Largest decline over 3 years	—	-20.29%	—
Current Drawdown Current decline from peak	-0.89%	-1.68%	+0.79%
Average Drawdown Average peak-to-trough decline	-8.24%	-2.69%	-5.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.01%	1.42%	+4.59%

Volatility

HCMT vs. CVSE - Volatility Comparison

Direxion HCM Tactical Enhanced U.S. Equity Strategy ETF (HCMT) has a higher volatility of 5.80% compared to Calvert US Select Equity ETF (CVSE) at 0.00%. This indicates that HCMT'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

	HCMT	CVSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.80%	0.00%	+5.80%
Volatility (6M) Calculated over the trailing 6-month period	16.58%	0.00%	+16.58%
Volatility (1Y) Calculated over the trailing 1-year period	24.21%	6.49%	+17.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.48%	13.87%	+14.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.48%	13.87%	+14.61%

HCMT vs. CVSE - Expense Ratio Comparison

HCMT has a 1.17% expense ratio, which is higher than CVSE's 0.29% expense ratio.

Dividends

HCMT vs. CVSE - Dividend Comparison

HCMT's dividend yield for the trailing twelve months is around 0.38%, 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%
HCMT Direxion HCM Tactical Enhanced U.S. Equity Strategy ETF	0.38%	0.43%	2.75%	0.63%

Frequently Asked Questions

Can I hold both HCMT and CVSE in my portfolio?

HCMT and CVSE have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HCMT or CVSE?

HCMT has higher volatility (5.80%) compared to CVSE (0.00%). In terms of maximum drawdown, HCMT dropped -36.26% vs CVSE's -20.29%.

Which ETF is better, HCMT or CVSE?

On 1-year performance, HCMT leads with 43.14% vs 8.06% 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, HCMT or CVSE?

Over the 1-year period, HCMT has performed better with a 43.14% return vs 8.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HCMT or CVSE?

CVSE is cheaper with a 0.29% expense ratio, compared with 1.17% for HCMT.

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

CVSE has the higher dividend yield at 0.59%, compared with 0.38% for HCMT.

What is the main difference between HCMT and CVSE?

They also come from different issuers: Direxion and Calvert. Their fees differ too: 1.17% for HCMT and 0.29% for CVSE.

Which has better risk-adjusted returns?

HCMT currently has the higher Sharpe Ratio (1.79 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.