VSGX vs. CVIE

Last updated Jun 24, 2026

VSGX (Vanguard ESG International Stock ETF) and CVIE (Calvert International Responsible Index ETF) are both Foreign Large Cap Equities funds - VSGX tracks the FTSE Global All Cap ex US Choice Index while CVIE tracks the Calvert International Responsible Index. Both are passively managed. Over the past 3 years, VSGX returned 19.42%/yr vs 21.33%/yr for CVIE. With a 0.96 correlation, they move nearly in lockstep. VSGX charges 0.10%/yr vs 0.18%/yr for CVIE.

Performance

VSGX vs. CVIE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard ESG International Stock ETF (VSGX) and Calvert International Responsible Index ETF (CVIE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VSGX achieves a 14.48% return, which is significantly lower than CVIE's 18.12% return.

VSGX

• 1D: -3.39%
• 1M: 1.62%
• YTD: 14.48%
• 6M: 14.12%
• 1Y: 31.39%
• 3Y*: 19.42%
• 5Y*: 7.76%
• 10Y*: —

CVIE

• 1D: -3.25%
• 1M: 2.53%
• YTD: 18.12%
• 6M: 18.23%
• 1Y: 35.53%
• 3Y*: 21.33%
• 5Y*: —
• 10Y*: —

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

VSGX vs. CVIE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
VSGX Vanguard ESG International Stock ETF	14.48%	30.77%	5.72%	6.41%
CVIE Calvert International Responsible Index ETF	18.12%	33.23%	5.37%	9.62%

Correlation

The correlation between VSGX and CVIE is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (All Time) Calculated using the full available price history since Feb 1, 2023	0.96

The correlation between VSGX and CVIE has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

VSGX vs. CVIE - Sectors Allocation Comparison

Sectors	VSGX	CVIE
Technology	30.0%	27.1%
Financial Services	28.3%	23.4%
Healthcare	8.8%	6.9%
Consumer Cyclical	8.3%	6.1%
Industrials	7.2%	14.6%
Basic Materials	5.1%	5.9%
Consumer Defensive	4.8%	5.1%
Communication Services	4.1%	3.8%
Real Estate	2.0%	1.2%
Utilities	0.5%	2.8%
Energy	0.0%	0.9%

Return for Risk

VSGX vs. CVIE — Risk / Return Rank

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

VSGX

VSGX Risk / Return Rank: 54
VSGX Sharpe Ratio Rank: 55
VSGX Sortino Ratio Rank: 53
VSGX Omega Ratio Rank: 56
VSGX Calmar Ratio Rank: 52
VSGX Martin Ratio Rank: 56

CVIE

CVIE Risk / Return Rank: 64
CVIE Sharpe Ratio Rank: 66
CVIE Sortino Ratio Rank: 62
CVIE Omega Ratio Rank: 65
CVIE Calmar Ratio Rank: 61
CVIE Martin Ratio Rank: 65

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.

VSGX vs. CVIE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard ESG International Stock ETF (VSGX) and Calvert International Responsible Index ETF (CVIE). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	VSGX	CVIE	Difference
Sharpe ratio: Return per unit of total volatility	1.79	1.99	-0.21
Sortino ratio: Return per unit of downside risk	2.45	2.70	-0.25
Omega ratio: Gain probability vs. loss probability	1.33	1.36	-0.03
Calmar ratio: Return relative to maximum drawdown	2.46	2.81	-0.35
Martin ratio: Return relative to average drawdown	9.42	11.01	-1.59

VSGX vs. CVIE - Sharpe Ratio Comparison

The current VSGX Sharpe Ratio is 1.79, which is comparable to the CVIE Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of VSGX and CVIE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VSGX vs. CVIE - Drawdown Comparison

The maximum VSGX drawdown since its inception was -33.09%, which is greater than CVIE's maximum drawdown of -13.52%. Use the drawdown chart below to compare losses from any high point for VSGX and CVIE.

Drawdown Indicators

	VSGX	CVIE	Difference
Max Drawdown Largest peak-to-trough decline	-33.09%	-13.52%	-19.57%
Max Drawdown (1Y) Largest decline over 1 year	-12.84%	-12.71%	-0.13%
Max Drawdown (3Y) Largest decline over 3 years	-13.83%	-13.52%	-0.31%
Max Drawdown (5Y) Largest decline over 5 years	-32.14%	—	—
Current Drawdown Current decline from peak	-3.39%	-3.25%	-0.14%
Average Drawdown Average peak-to-trough decline	-7.73%	-2.62%	-5.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.34%	3.23%	+0.11%

Volatility

VSGX vs. CVIE - Volatility Comparison

Vanguard ESG International Stock ETF (VSGX) and Calvert International Responsible Index ETF (CVIE) have volatilities of 7.90% and 7.84%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VSGX	CVIE	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.90%	7.84%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	15.73%	15.80%	-0.07%
Volatility (1Y) Calculated over the trailing 1-year period	17.67%	17.92%	-0.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.60%	15.76%	+0.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.17%	15.76%	+2.41%

VSGX vs. CVIE - Expense Ratio Comparison

VSGX has a 0.10% expense ratio, which is lower than CVIE's 0.18% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VSGX vs. CVIE - Dividend Comparison

VSGX's dividend yield for the trailing twelve months is around 2.97%, more than CVIE's 2.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
CVIE Calvert International Responsible Index ETF	2.36%	2.85%	2.78%	1.96%	0.00%	0.00%	0.00%	0.00%	0.00%
VSGX Vanguard ESG International Stock ETF	2.97%	3.23%	3.10%	2.77%	2.61%	2.49%	1.67%	2.28%	0.38%

Frequently Asked Questions

Can I hold both VSGX and CVIE in my portfolio?

With a correlation of 0.97, VSGX and CVIE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, VSGX or CVIE?

VSGX has higher volatility (7.90%) compared to CVIE (7.84%). In terms of maximum drawdown, VSGX dropped -33.09% vs CVIE's -13.52%.

Which ETF is better, VSGX or CVIE?

On 3-year performance, CVIE leads with 21.33% vs 19.42% for VSGX. On fees, VSGX is cheaper at 0.10% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VSGX or CVIE?

Over the 3-year period, CVIE has performed better with a 21.33% return vs 19.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VSGX or CVIE?

VSGX is cheaper with a 0.10% expense ratio, compared with 0.18% for CVIE.

Which ETF pays a higher dividend yield, VSGX or CVIE?

VSGX has the higher dividend yield at 2.97%, compared with 2.36% for CVIE.

What is the main difference between VSGX and CVIE?

VSGX tracks FTSE Global All Cap ex US Choice Index, while CVIE tracks Calvert International Responsible Index. They also come from different issuers: Vanguard and Calvert. Their fees differ too: 0.10% for VSGX and 0.18% for CVIE.

Which has better risk-adjusted returns?

CVIE currently has the higher Sharpe Ratio (1.99 vs 1.79), 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.