PABU vs. CVSE

Last updated Jun 4, 2026

PABU (iShares Paris-Aligned Climate Optimized MSCI USA ETF) and CVSE (Calvert US Select Equity ETF) are both Large Cap Blend Equities funds. PABU is passively managed, while CVSE is actively managed. Over the past 3 years, PABU returned 20.14%/yr vs 13.34%/yr for CVSE. Their correlation of 0.83 suggests significant overlap in exposure. PABU charges 0.10%/yr vs 0.29%/yr for CVSE.

Performance

PABU vs. CVSE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Paris-Aligned Climate Optimized MSCI USA ETF (PABU) and Calvert US Select Equity ETF (CVSE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

PABU

• 1D: -1.29%
• 1M: 7.47%
• YTD: 9.39%
• 6M: 9.10%
• 1Y: 23.78%
• 3Y*: 20.14%
• 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)

PABU vs. CVSE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PABU iShares Paris-Aligned Climate Optimized MSCI USA ETF	9.39%	13.08%	24.84%	19.07%
CVSE Calvert US Select Equity ETF	0.00%	10.14%	19.11%	13.35%

Correlation

The correlation between PABU and CVSE is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (All Time) Calculated using the full available price history since Feb 2, 2023	0.83

Over the past year, the correlation between PABU and CVSE has dropped to 0.43 - well below their long-term average of 0.83, suggesting their price drivers have been diverging.

PABU vs. CVSE - Sectors Allocation Comparison

Sectors	PABU	CVSE
Technology	44.9%	39.5%
Real Estate	12.4%	3.5%
Financial Services	11.2%	16.3%
Communication Services	10.4%	5.1%
Consumer Cyclical	9.0%	7.0%
Healthcare	7.4%	10.3%
Industrials	2.5%	11.3%
Utilities	1.8%	2.5%
Energy	0.7%	-
Basic Materials	0.5%	2.7%
Consumer Defensive	-	1.7%

Return for Risk

PABU vs. CVSE — Risk / Return Rank

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

PABU

PABU Risk / Return Rank: 46
PABU Sharpe Ratio Rank: 52
PABU Sortino Ratio Rank: 51
PABU Omega Ratio Rank: 50
PABU Calmar Ratio Rank: 36
PABU Martin Ratio Rank: 40

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.

PABU vs. CVSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Paris-Aligned Climate Optimized MSCI USA ETF (PABU) 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.

	PABU	CVSE	Difference
Sharpe ratio: Return per unit of total volatility	1.79	1.28	+0.51
Sortino ratio: Return per unit of downside risk	2.48	1.90	+0.58
Omega ratio: Gain probability vs. loss probability	1.31	1.40	-0.08
Calmar ratio: Return relative to maximum drawdown	1.78	2.66	-0.88
Martin ratio: Return relative to average drawdown	6.25	5.71	+0.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PABU vs. CVSE - Sharpe Ratio Comparison

The current PABU 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 PABU 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

	PABU	CVSE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.79	1.28	+0.51
Sharpe Ratio (All Time) Calculated using the full available price history	0.73	0.92	-0.19

Drawdowns

PABU vs. CVSE - Drawdown Comparison

The maximum PABU drawdown since its inception was -22.76%, which is greater than CVSE's maximum drawdown of -20.29%. Use the drawdown chart below to compare losses from any high point for PABU and CVSE.

Drawdown Indicators

	PABU	CVSE	Difference
Max Drawdown Largest peak-to-trough decline	-22.76%	-20.29%	-2.47%
Max Drawdown (1Y) Largest decline over 1 year	-13.40%	-3.08%	-10.32%
Max Drawdown (3Y) Largest decline over 3 years	-20.85%	-20.29%	-0.56%
Current Drawdown Current decline from peak	-1.29%	-1.68%	+0.39%
Average Drawdown Average peak-to-trough decline	-5.63%	-2.69%	-2.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.82%	1.42%	+2.40%

Volatility

PABU vs. CVSE - Volatility Comparison

iShares Paris-Aligned Climate Optimized MSCI USA ETF (PABU) has a higher volatility of 3.70% compared to Calvert US Select Equity ETF (CVSE) at 0.00%. This indicates that PABU'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

	PABU	CVSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.70%	0.00%	+3.70%
Volatility (6M) Calculated over the trailing 6-month period	10.24%	0.00%	+10.24%
Volatility (1Y) Calculated over the trailing 1-year period	13.37%	6.49%	+6.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.68%	13.87%	+4.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.68%	13.87%	+4.81%

PABU vs. CVSE - Expense Ratio Comparison

PABU has a 0.10% expense ratio, which is lower than CVSE's 0.29% expense ratio.

Dividends

PABU vs. CVSE - Dividend Comparison

PABU's dividend yield for the trailing twelve months is around 0.86%, 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%
PABU iShares Paris-Aligned Climate Optimized MSCI USA ETF	0.86%	0.90%	1.00%	1.06%	1.00%

Frequently Asked Questions

Can I hold both PABU and CVSE in my portfolio?

PABU and CVSE have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PABU or CVSE?

PABU has higher volatility (3.70%) compared to CVSE (0.00%). In terms of maximum drawdown, PABU dropped -22.76% vs CVSE's -20.29%.

Which ETF is better, PABU or CVSE?

On 3-year performance, PABU leads with 20.14% vs 13.34% for CVSE. On fees, PABU is cheaper at 0.10% 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, PABU or CVSE?

Over the 3-year period, PABU has performed better with a 20.14% return vs 13.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PABU or CVSE?

PABU is cheaper with a 0.10% expense ratio, compared with 0.29% for CVSE.

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

PABU has the higher dividend yield at 0.86%, compared with 0.59% for CVSE.

What is the main difference between PABU and CVSE?

They also come from different issuers: iShares and Calvert. Their fees differ too: 0.10% for PABU and 0.29% for CVSE.

Which has better risk-adjusted returns?

PABU 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.