MSLC vs. CVSE

Last updated Jun 4, 2026

MSLC (Morgan Stanley Pathway Large Cap Equity ETF) and CVSE (Calvert US Select Equity ETF) are both Large Cap Blend Equities funds. Both are actively managed. Over the past year, MSLC returned 22.69% vs 8.06% for CVSE. A 0.68 correlation means they provide meaningful diversification when combined. MSLC charges 0.39%/yr vs 0.29%/yr for CVSE.

Performance

MSLC vs. CVSE - Performance Comparison

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

Returns By Period

MSLC

• 1D: -0.82%
• 1M: 4.08%
• YTD: 8.55%
• 6M: 8.69%
• 1Y: 22.69%
• 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)

MSLC vs. CVSE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MSLC Morgan Stanley Pathway Large Cap Equity ETF	8.55%	15.68%	-3.29%
CVSE Calvert US Select Equity ETF	0.00%	10.14%	-4.47%

Correlation

The correlation between MSLC 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 Dec 10, 2024	0.68

Over the past year, the correlation between MSLC and CVSE has dropped to 0.46 - well below their long-term average of 0.68, suggesting their price drivers have been diverging.

Return for Risk

MSLC vs. CVSE — Risk / Return Rank

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

MSLC

MSLC Risk / Return Rank: 57
MSLC Sharpe Ratio Rank: 58
MSLC Sortino Ratio Rank: 57
MSLC Omega Ratio Rank: 57
MSLC Calmar Ratio Rank: 50
MSLC Martin Ratio Rank: 61

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.

MSLC vs. CVSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Pathway Large Cap Equity ETF (MSLC) 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.

	MSLC	CVSE	Difference
Sharpe ratio: Return per unit of total volatility	1.94	1.28	+0.66
Sortino ratio: Return per unit of downside risk	2.68	1.90	+0.79
Omega ratio: Gain probability vs. loss probability	1.35	1.40	-0.05
Calmar ratio: Return relative to maximum drawdown	2.45	2.66	-0.21
Martin ratio: Return relative to average drawdown	10.76	5.71	+5.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MSLC vs. CVSE - Sharpe Ratio Comparison

The current MSLC Sharpe Ratio is 1.94, which is higher than the CVSE Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of MSLC 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

	MSLC	CVSE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.94	1.28	+0.66
Sharpe Ratio (All Time) Calculated using the full available price history	0.83	0.92	-0.09

Drawdowns

MSLC vs. CVSE - Drawdown Comparison

The maximum MSLC drawdown since its inception was -17.86%, smaller than the maximum CVSE drawdown of -20.29%. Use the drawdown chart below to compare losses from any high point for MSLC and CVSE.

Drawdown Indicators

	MSLC	CVSE	Difference
Max Drawdown Largest peak-to-trough decline	-17.86%	-20.29%	+2.43%
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	-0.82%	-1.68%	+0.86%
Average Drawdown Average peak-to-trough decline	-2.46%	-2.69%	+0.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.11%	1.42%	+0.69%

Volatility

MSLC vs. CVSE - Volatility Comparison

Morgan Stanley Pathway Large Cap Equity ETF (MSLC) has a higher volatility of 2.87% compared to Calvert US Select Equity ETF (CVSE) at 0.00%. This indicates that MSLC'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

	MSLC	CVSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.87%	0.00%	+2.87%
Volatility (6M) Calculated over the trailing 6-month period	8.86%	0.00%	+8.86%
Volatility (1Y) Calculated over the trailing 1-year period	11.77%	6.49%	+5.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.11%	13.87%	+3.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.11%	13.87%	+3.24%

MSLC vs. CVSE - Expense Ratio Comparison

MSLC has a 0.39% expense ratio, which is higher than CVSE's 0.29% expense ratio.

Dividends

MSLC vs. CVSE - Dividend Comparison

MSLC's dividend yield for the trailing twelve months is around 1.98%, more 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%
MSLC Morgan Stanley Pathway Large Cap Equity ETF	1.98%	2.15%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MSLC and CVSE in my portfolio?

MSLC 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, MSLC or CVSE?

MSLC has higher volatility (2.87%) compared to CVSE (0.00%). In terms of maximum drawdown, MSLC dropped -17.86% vs CVSE's -20.29%.

Which ETF is better, MSLC or CVSE?

On 1-year performance, MSLC leads with 22.69% 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, MSLC or CVSE?

Over the 1-year period, MSLC has performed better with a 22.69% return vs 8.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSLC or CVSE?

CVSE is cheaper with a 0.29% expense ratio, compared with 0.39% for MSLC.

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

MSLC has the higher dividend yield at 1.98%, compared with 0.59% for CVSE.

What is the main difference between MSLC and CVSE?

They also come from different issuers: Morgan Stanley and Calvert. Their fees differ too: 0.39% for MSLC and 0.29% for CVSE.

Which has better risk-adjusted returns?

MSLC currently has the higher Sharpe Ratio (1.94 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.