CVIE vs SPY
Calvert International Responsible Index ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. CVIE delivered stronger 1-year returns. CVIE offers more diversification with 755 holdings.
Side-by-Side Comparison
| Metric | CVIE | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.18% | 0.09% | |
| AUM | $477M | $821.1B | |
| Dividend Yield | 2.42% | 1.01% | |
| Holdings | 755 | 505 | |
| YTD Return | +19.72% | +12.68% | |
| 1Y Return | +33.06% | +21.82% | |
| 3Y Return (annualized) | +23.30% | +21.98% | |
| 5Y Return (annualized) | - | +12.89% | |
| Volatility (annualized) | 13.8% | 15.3% | |
| Max Drawdown | -13.5% | -56.5% | |
| Fund Family | Calvert | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Jan 30, 2023 | Jan 22, 1993 |
CVIE vs SPY Performance
Calvert International Responsible Index ETF (CVIE) is a ETF from Calvert and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year CVIE returned +33.06% while SPY returned +21.82%. Year to date, CVIE is up 19.72% versus a gain of 12.68% for SPY.
Over three years, CVIE compounded at +23.30% per year against +21.98% for SPY. Across the full 4-year window we track, CVIE has the edge at +18.88% annualized vs +8.81%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 13.8% for CVIE. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -13.5% for CVIE and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.74. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
CVIE charges 0.18% per year while SPY charges 0.09%. On a $10,000 position that is $18 vs $9 annually, a gap of $9 per year that compounds over a long holding period. On income, CVIE currently yields 2.42% against 1.01% for SPY.
Holdings Overlap
Frequently Asked Questions
Which is cheaper, CVIE or SPY?
CVIE has an expense ratio of 0.18% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $9 per year of difference.
Which performed better, CVIE or SPY?
Over the past year CVIE returned +33.06% vs +21.82% for SPY, so CVIE leads on 1-year performance. Over the longest common window we track (4 years), CVIE annualized +18.88% vs +8.81% for SPY. Past performance does not guarantee future results.
Which is riskier, CVIE or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 13.8% for CVIE. Worst drawdown: CVIE -13.5% vs SPY -56.5%.
Should I hold both CVIE and SPY?
CVIE and SPY have a monthly-return correlation of 0.74, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between CVIE and SPY?
CVIE and SPY share 2 common holdings with a 0.2% weight overlap. Combined, they hold 1219 unique securities.
Which pays a higher dividend, CVIE or SPY?
CVIE yields 2.42% while SPY yields 1.01%, so CVIE currently pays the higher dividend yield.
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