USNZ vs. CVSE

Last updated Jun 4, 2026

USNZ (Xtrackers Net Zero Pathway Paris Aligned US Equity ETF) and CVSE (Calvert US Select Equity ETF) are both Large Cap Blend Equities funds. USNZ is passively managed, while CVSE is actively managed. Over the past 3 years, USNZ returned 21.25%/yr vs 13.34%/yr for CVSE. Their correlation of 0.84 suggests significant overlap in exposure. USNZ charges 0.10%/yr vs 0.29%/yr for CVSE.

Performance

USNZ vs. CVSE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (USNZ) and Calvert US Select Equity ETF (CVSE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

USNZ

• 1D: -0.68%
• 1M: 6.41%
• YTD: 10.92%
• 6M: 10.66%
• 1Y: 28.98%
• 3Y*: 21.25%
• 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)

USNZ vs. CVSE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
USNZ Xtrackers Net Zero Pathway Paris Aligned US Equity ETF	10.92%	17.76%	21.96%	18.07%
CVSE Calvert US Select Equity ETF	0.00%	10.14%	19.11%	13.35%

Correlation

The correlation between USNZ 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 (3Y) Calculated over the trailing 3-year period	0.82
Correlation (All Time) Calculated using the full available price history since Feb 2, 2023	0.84

Over the past year, the correlation between USNZ and CVSE has dropped to 0.44 - well below their long-term average of 0.84, suggesting their price drivers have been diverging.

USNZ vs. CVSE - Sectors Allocation Comparison

Sectors	USNZ	CVSE
Technology	41.9%	39.5%
Communication Services	13.4%	5.1%
Healthcare	11.2%	10.3%
Financial Services	10.5%	16.3%
Consumer Cyclical	10.5%	7.0%
Industrials	3.5%	11.3%
Consumer Defensive	3.4%	1.7%
Real Estate	3.3%	3.5%
Basic Materials	1.3%	2.7%
Utilities	1.1%	2.5%
Energy	0.0%	-

Return for Risk

USNZ vs. CVSE — Risk / Return Rank

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

USNZ

USNZ Risk / Return Rank: 64
USNZ Sharpe Ratio Rank: 69
USNZ Sortino Ratio Rank: 68
USNZ Omega Ratio Rank: 67
USNZ Calmar Ratio Rank: 54
USNZ Martin Ratio Rank: 64

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.

USNZ vs. CVSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (USNZ) 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.

	USNZ	CVSE	Difference
Sharpe ratio: Return per unit of total volatility	2.24	1.28	+0.96
Sortino ratio: Return per unit of downside risk	3.09	1.90	+1.20
Omega ratio: Gain probability vs. loss probability	1.40	1.40	0.00
Calmar ratio: Return relative to maximum drawdown	2.63	2.66	-0.03
Martin ratio: Return relative to average drawdown	11.59	5.71	+5.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USNZ vs. CVSE - Sharpe Ratio Comparison

The current USNZ Sharpe Ratio is 2.24, which is higher than the CVSE Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of USNZ 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

	USNZ	CVSE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.24	1.28	+0.96
Sharpe Ratio (All Time) Calculated using the full available price history	1.21	0.92	+0.29

Drawdowns

USNZ vs. CVSE - Drawdown Comparison

The maximum USNZ drawdown since its inception was -19.16%, smaller than the maximum CVSE drawdown of -20.29%. Use the drawdown chart below to compare losses from any high point for USNZ and CVSE.

Drawdown Indicators

	USNZ	CVSE	Difference
Max Drawdown Largest peak-to-trough decline	-19.16%	-20.29%	+1.13%
Max Drawdown (1Y) Largest decline over 1 year	-11.07%	-3.08%	-7.99%
Max Drawdown (3Y) Largest decline over 3 years	-19.16%	-20.29%	+1.13%
Current Drawdown Current decline from peak	-0.68%	-1.68%	+1.00%
Average Drawdown Average peak-to-trough decline	-3.32%	-2.69%	-0.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.51%	1.42%	+1.09%

Volatility

USNZ vs. CVSE - Volatility Comparison

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (USNZ) has a higher volatility of 3.37% compared to Calvert US Select Equity ETF (CVSE) at 0.00%. This indicates that USNZ'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

	USNZ	CVSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.37%	0.00%	+3.37%
Volatility (6M) Calculated over the trailing 6-month period	10.13%	0.00%	+10.13%
Volatility (1Y) Calculated over the trailing 1-year period	13.02%	6.49%	+6.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.63%	13.87%	+2.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.63%	13.87%	+2.76%

USNZ vs. CVSE - Expense Ratio Comparison

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

Dividends

USNZ vs. CVSE - Dividend Comparison

USNZ's dividend yield for the trailing twelve months is around 0.94%, 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%
USNZ Xtrackers Net Zero Pathway Paris Aligned US Equity ETF	0.94%	1.02%	1.14%	1.19%	0.80%

Frequently Asked Questions

Can I hold both USNZ and CVSE in my portfolio?

USNZ 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, USNZ or CVSE?

USNZ has higher volatility (3.37%) compared to CVSE (0.00%). In terms of maximum drawdown, USNZ dropped -19.16% vs CVSE's -20.29%.

Which ETF is better, USNZ or CVSE?

On 3-year performance, USNZ leads with 21.25% vs 13.34% for CVSE. On fees, USNZ 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, USNZ or CVSE?

Over the 3-year period, USNZ has performed better with a 21.25% return vs 13.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USNZ or CVSE?

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

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

USNZ has the higher dividend yield at 0.94%, compared with 0.59% for CVSE.

What is the main difference between USNZ and CVSE?

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

Which has better risk-adjusted returns?

USNZ currently has the higher Sharpe Ratio (2.24 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.