PWER vs. CVSB

Last updated Jun 4, 2026

PWER (Macquarie Energy Transition ETF) and CVSB (Calvert Ultra-Short Investment Grade ETF) are both exchange-traded funds - PWER is a Alternative Energy Equities fund actively managed by Macquarie, while CVSB is a Ultrashort Bond fund actively managed by Calvert. Both are actively managed. Over the past year, PWER returned 70.78% vs 4.48% for CVSB. At a correlation of -0.01, they often move in opposite directions. PWER charges 0.80%/yr vs 0.24%/yr for CVSB.

Performance

PWER vs. CVSB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Macquarie Energy Transition ETF (PWER) and Calvert Ultra-Short Investment Grade ETF (CVSB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PWER achieves a 31.35% return, which is significantly higher than CVSB's 1.48% return.

PWER

• 1D: -1.00%
• 1M: 7.47%
• YTD: 31.35%
• 6M: 32.81%
• 1Y: 70.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CVSB

• 1D: -0.01%
• 1M: 0.28%
• YTD: 1.48%
• 6M: 2.03%
• 1Y: 4.48%
• 3Y*: 5.54%
• 5Y*: —
• 10Y*: —

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

PWER vs. CVSB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PWER Macquarie Energy Transition ETF	31.35%	35.28%	-3.50%	9.72%
CVSB Calvert Ultra-Short Investment Grade ETF	1.48%	4.92%	6.23%	0.75%

Correlation

The correlation between PWER and CVSB is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.07
Correlation (All Time) Calculated using the full available price history since Nov 30, 2023	-0.01

Return for Risk

PWER vs. CVSB — Risk / Return Rank

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

PWER

PWER Risk / Return Rank: 93
PWER Sharpe Ratio Rank: 94
PWER Sortino Ratio Rank: 92
PWER Omega Ratio Rank: 90
PWER Calmar Ratio Rank: 95
PWER Martin Ratio Rank: 95

CVSB

CVSB Risk / Return Rank: 98
CVSB Sharpe Ratio Rank: 98
CVSB Sortino Ratio Rank: 98
CVSB Omega Ratio Rank: 98
CVSB Calmar Ratio Rank: 99
CVSB Martin Ratio Rank: 98

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.

PWER vs. CVSB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Macquarie Energy Transition ETF (PWER) and Calvert Ultra-Short Investment Grade ETF (CVSB). 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.

	PWER	CVSB	Difference
Sharpe ratio: Return per unit of total volatility	3.61	5.12	-1.50
Sortino ratio: Return per unit of downside risk	4.45	8.83	-4.39
Omega ratio: Gain probability vs. loss probability	1.59	2.38	-0.79
Calmar ratio: Return relative to maximum drawdown	7.85	19.85	-12.00
Martin ratio: Return relative to average drawdown	32.42	80.53	-48.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PWER vs. CVSB - Sharpe Ratio Comparison

The current PWER Sharpe Ratio is 3.61, which is comparable to the CVSB Sharpe Ratio of 5.12. The chart below compares the historical Sharpe Ratios of PWER and CVSB, 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

	PWER	CVSB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.61	5.12	-1.50
Sharpe Ratio (All Time) Calculated using the full available price history	1.24	4.13	-2.90

Drawdowns

PWER vs. CVSB - Drawdown Comparison

The maximum PWER drawdown since its inception was -29.68%, which is greater than CVSB's maximum drawdown of -0.63%. Use the drawdown chart below to compare losses from any high point for PWER and CVSB.

Drawdown Indicators

	PWER	CVSB	Difference
Max Drawdown Largest peak-to-trough decline	-29.68%	-0.63%	-29.05%
Max Drawdown (1Y) Largest decline over 1 year	-9.07%	-0.23%	-8.84%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.63%	—
Current Drawdown Current decline from peak	-1.00%	-0.03%	-0.97%
Average Drawdown Average peak-to-trough decline	-6.22%	-0.05%	-6.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.19%	0.06%	+2.13%

Volatility

PWER vs. CVSB - Volatility Comparison

Macquarie Energy Transition ETF (PWER) has a higher volatility of 6.20% compared to Calvert Ultra-Short Investment Grade ETF (CVSB) at 0.15%. This indicates that PWER's price experiences larger fluctuations and is considered to be riskier than CVSB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PWER	CVSB	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.20%	0.15%	+6.05%
Volatility (6M) Calculated over the trailing 6-month period	15.55%	0.53%	+15.02%
Volatility (1Y) Calculated over the trailing 1-year period	19.74%	0.88%	+18.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.37%	1.32%	+22.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.37%	1.32%	+22.05%

PWER vs. CVSB - Expense Ratio Comparison

PWER has a 0.80% expense ratio, which is higher than CVSB's 0.24% expense ratio.

Dividends

PWER vs. CVSB - Dividend Comparison

PWER's dividend yield for the trailing twelve months is around 1.05%, less than CVSB's 4.37% yield.

Position	TTM	2025	2024	2023
CVSB Calvert Ultra-Short Investment Grade ETF	4.37%	4.72%	5.13%	4.95%
PWER Macquarie Energy Transition ETF	1.05%	1.37%	1.05%	0.06%

Frequently Asked Questions

Can I hold both PWER and CVSB in my portfolio?

PWER and CVSB have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PWER or CVSB?

PWER has higher volatility (6.20%) compared to CVSB (0.15%). In terms of maximum drawdown, PWER dropped -29.68% vs CVSB's -0.63%.

Which ETF is better, PWER or CVSB?

On 1-year performance, PWER leads with 70.78% vs 4.48% for CVSB. On fees, CVSB is cheaper at 0.24% per year. On volatility, CVSB has been the lower-risk option at 0.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PWER or CVSB?

Over the 1-year period, PWER has performed better with a 70.78% return vs 4.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PWER or CVSB?

CVSB is cheaper with a 0.24% expense ratio, compared with 0.80% for PWER.

Which ETF pays a higher dividend yield, PWER or CVSB?

CVSB has the higher dividend yield at 4.37%, compared with 1.05% for PWER.

What is the main difference between PWER and CVSB?

PWER is categorized as Alternative Energy Equities, while CVSB is Ultrashort Bond. They also come from different issuers: Macquarie and Calvert. Their fees differ too: 0.80% for PWER and 0.24% for CVSB.

Which has better risk-adjusted returns?

CVSB currently has the higher Sharpe Ratio (5.12 vs 3.61), 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.