CVIE vs SPY
Calvert International Responsible Index ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, CVIE or SPY?
Each has led over a different period.
SPY has a lower expense ratio. CVIE led over 1Y and 3Y, SPY over the full window. CVIE is less concentrated, with 18.3% of the fund in its ten largest positions against 38.0%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | CVIE | SPY |
|---|---|---|
| Expense Ratio | 0.18% | 0.09%Best |
| AUM | $493M | $804.7B |
| Dividend Yield | 2.42% | 0.98% |
| Holdings | 720 | 505 |
| YTD Return | +19.00%Best | +12.47% |
| 1Y Return | +28.55%Best | +17.51% |
| 3Y Return (annualized) | +22.53%Best | +21.18% |
| 5Y Return (annualized) | - | +12.88% |
| Volatility (annualized) | 13.6% | 12.4%Best |
| Max Drawdown | -13.5%Best | -18.8% |
| $10,000 over 3.6 years | $18,346 | $19,428Best |
| Top 10 Weight | 18.3%Best | 38.0% |
| Fund Family | Calvert | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Jan 30, 2023 | Jan 22, 1993 |
Volatility and max drawdown, and the $10,000 over 3.6 years row, are measured over the window both funds cover: Feb 1, 2023 to Sep 11, 2026 (3.6 years).
CVIE vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 3.6 years both funds cover.
CVIE vs SPY Performance
Calvert International Responsible Index ETF (CVIE) is an ETF from Calvert and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year CVIE returned +28.55% while SPY returned +17.51%. Year to date, CVIE is up 19.00% versus a gain of 12.47% for SPY.
Over three years, CVIE compounded at +22.53% per year against +21.18% for SPY. Across the full 4-year window we track, SPY has the edge at +20.26% annualized vs +18.36%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
CVIE has been the more volatile fund, with annualized monthly volatility of 13.6% compared with 12.4% for SPY. 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 -18.8% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
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 0.98% for SPY.
Holdings Overlap
0.4% of CVIE's money is in holdings SPY also owns. 0.2% of SPY's money is in holdings CVIE also owns.
We cannot see either book well enough to say how much of this pair is duplicated.
3 positions in common, counted across the 717 positions we hold weights for in CVIE and 504 in SPY, against full books of 720 and 505.
What only one of them owns
Our book lists 492 positions for SPY that do not appear in our book for CVIE (99.3% of the fund), and 9 for CVIE that do not appear in SPY (0.8%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
You are not choosing between two funds in isolation.
Whichever of CVIE and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
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, by $9 a year on a $10,000 investment.
Which performed better, CVIE or SPY?
Over the past year CVIE returned +28.55% vs +17.51% for SPY, so CVIE leads on 1-year performance. Over the longest common window we track (4 years), CVIE annualized +18.36% vs +20.26% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, CVIE or SPY?
CVIE has been the more volatile fund at 13.6% annualized versus 12.4% for SPY. Worst drawdown: CVIE -13.5% vs SPY -18.8%.
Should I hold both CVIE and SPY?
CVIE and SPY have a monthly-return correlation of 0.74, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, CVIE or SPY?
CVIE yields 2.42% while SPY yields 0.98%, so CVIE currently pays the higher dividend yield.
Is SPY better than CVIE?
SPY has a lower expense ratio. CVIE led over 1Y and 3Y, SPY over the full window. CVIE is less concentrated, with 18.3% of the fund in its ten largest positions against 38.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.