XOEX vs. CVSE

Last updated Jun 4, 2026

XOEX (Xtrackers S&P 100 Ex Top 20 ETF) and CVSE (Calvert US Select Equity ETF) are both Large Cap Blend Equities funds. XOEX is passively managed, while CVSE is actively managed. Over the past 3 years, XOEX returned 18.33%/yr vs 13.34%/yr for CVSE. A 0.76 correlation means they provide meaningful diversification when combined. XOEX charges 0.15%/yr vs 0.29%/yr for CVSE.

Performance

XOEX vs. CVSE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers S&P 100 Ex Top 20 ETF (XOEX) and Calvert US Select Equity ETF (CVSE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

XOEX

• 1D: -0.53%
• 1M: 6.34%
• YTD: 9.69%
• 6M: 10.33%
• 1Y: 28.12%
• 3Y*: 18.33%
• 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)

XOEX vs. CVSE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
XOEX Xtrackers S&P 100 Ex Top 20 ETF	9.69%	18.97%	12.07%	9.45%
CVSE Calvert US Select Equity ETF	0.00%	10.14%	19.11%	13.35%

Correlation

The correlation between XOEX 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 (3Y) Calculated over the trailing 3-year period	0.73
Correlation (All Time) Calculated using the full available price history since Feb 2, 2023	0.76

Over the past year, the correlation between XOEX and CVSE has dropped to 0.46 - well below their long-term average of 0.76, suggesting their price drivers have been diverging.

XOEX vs. CVSE - Sectors Allocation Comparison

Sectors	XOEX	CVSE
Technology	26.7%	39.5%
Healthcare	16.7%	10.3%
Financial Services	15.5%	16.3%
Industrials	14.6%	11.3%
Consumer Defensive	7.7%	1.7%
Communication Services	5.1%	5.1%
Consumer Cyclical	4.8%	7.0%
Energy	3.4%	-
Utilities	2.6%	2.5%
Basic Materials	1.7%	2.7%
Real Estate	1.1%	3.5%

Return for Risk

XOEX vs. CVSE — Risk / Return Rank

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

XOEX

XOEX Risk / Return Rank: 80
XOEX Sharpe Ratio Rank: 80
XOEX Sortino Ratio Rank: 83
XOEX Omega Ratio Rank: 78
XOEX Calmar Ratio Rank: 77
XOEX Martin Ratio Rank: 79

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.

XOEX vs. CVSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers S&P 100 Ex Top 20 ETF (XOEX) 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.

	XOEX	CVSE	Difference
Sharpe ratio Return per unit of total volatility	2.58	1.28	+1.31
Sortino ratio Return per unit of downside risk	3.70	1.90	+1.81
Omega ratio Gain probability vs. loss probability	1.46	1.40	+0.06
Calmar ratio Return relative to maximum drawdown	3.86	2.66	+1.21
Martin ratio Return relative to average drawdown	15.43	5.71	+9.71
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XOEX vs. CVSE - Sharpe Ratio Comparison

The current XOEX Sharpe Ratio is 2.58, which is higher than the CVSE Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of XOEX 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

	XOEX	CVSE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.58	1.28	+1.31
Sharpe Ratio (All Time) Calculated using the full available price history	1.27	0.92	+0.35

Drawdowns

XOEX vs. CVSE - Drawdown Comparison

The maximum XOEX drawdown since its inception was -14.68%, smaller than the maximum CVSE drawdown of -20.29%. Use the drawdown chart below to compare losses from any high point for XOEX and CVSE.

Drawdown Indicators

	XOEX	CVSE	Difference
Max Drawdown Largest peak-to-trough decline	-14.68%	-20.29%	+5.61%
Max Drawdown (1Y) Largest decline over 1 year	-7.31%	-3.08%	-4.23%
Max Drawdown (3Y) Largest decline over 3 years	-14.68%	-20.29%	+5.61%
Current Drawdown Current decline from peak	-0.53%	-1.68%	+1.15%
Average Drawdown Average peak-to-trough decline	-2.65%	-2.69%	+0.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.83%	1.42%	+0.41%

Volatility

XOEX vs. CVSE - Volatility Comparison

Xtrackers S&P 100 Ex Top 20 ETF (XOEX) has a higher volatility of 3.18% compared to Calvert US Select Equity ETF (CVSE) at 0.00%. This indicates that XOEX'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

	XOEX	CVSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.18%	0.00%	+3.18%
Volatility (6M) Calculated over the trailing 6-month period	8.30%	0.00%	+8.30%
Volatility (1Y) Calculated over the trailing 1-year period	10.96%	6.49%	+4.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.42%	13.87%	-0.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.42%	13.87%	-0.45%

XOEX vs. CVSE - Expense Ratio Comparison

XOEX has a 0.15% expense ratio, which is lower than CVSE's 0.29% expense ratio.

Dividends

XOEX vs. CVSE - Dividend Comparison

XOEX's dividend yield for the trailing twelve months is around 1.60%, 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%
XOEX Xtrackers S&P 100 Ex Top 20 ETF	1.60%	1.95%	2.09%	1.72%	0.42%

Frequently Asked Questions

Can I hold both XOEX and CVSE in my portfolio?

XOEX 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, XOEX or CVSE?

XOEX has higher volatility (3.18%) compared to CVSE (0.00%). In terms of maximum drawdown, XOEX dropped -14.68% vs CVSE's -20.29%.

Which ETF is better, XOEX or CVSE?

On 3-year performance, XOEX leads with 18.33% vs 13.34% for CVSE. On fees, XOEX is cheaper at 0.15% 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, XOEX or CVSE?

Over the 3-year period, XOEX has performed better with a 18.33% return vs 13.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XOEX or CVSE?

XOEX is cheaper with a 0.15% expense ratio, compared with 0.29% for CVSE.

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

XOEX has the higher dividend yield at 1.60%, compared with 0.59% for CVSE.

What is the main difference between XOEX and CVSE?

They also come from different issuers: Xtrackers and Calvert. Their fees differ too: 0.15% for XOEX and 0.29% for CVSE.

Which has better risk-adjusted returns?

XOEX currently has the higher Sharpe Ratio (2.58 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.