CVLC vs SPY
Calvert US Large-Cap Core Responsible Index ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, CVLC or SPY?
Nearly the same fund. SPY costs less.
SPY has a lower expense ratio. CVLC led over 1Y, SPY over 3Y and the full window. The two have moved almost in lockstep, correlation 0.99. CVLC is less concentrated, with 36.9% of the fund in its ten largest positions against 37.8%.
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 | CVLC | SPY |
|---|---|---|
| Expense Ratio | 0.15% | 0.09%Best |
| AUM | $969M | $804.7B |
| Dividend Yield | 0.90% | 0.98% |
| Holdings | 759 | 505 |
| YTD Return | +13.87%Best | +13.82% |
| 1Y Return | +17.59%Best | +16.96% |
| 3Y Return (annualized) | +22.76% | +22.97%Best |
| 5Y Return (annualized) | - | +13.73% |
| Volatility (annualized) | 13.3% | 12.3%Best |
| Max Drawdown | -19.9% | -18.8%Best |
| $10,000 over 3.6 years | $19,197 | $19,562Best |
| Top 10 Weight | 36.9%Best | 37.8% |
| 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 21, 2026 (3.6 years).
CVLC 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.
CVLC vs SPY Performance
Calvert US Large-Cap Core Responsible Index ETF (CVLC) 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 CVLC returned +17.59% while SPY returned +16.96%. Year to date, CVLC is up 13.87% versus a gain of 13.82% for SPY.
Over three years, CVLC compounded at +22.76% per year against +22.97% for SPY. Across the full 4-year window we track, SPY has the edge at +20.49% annualized vs +19.86%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
CVLC has been the more volatile fund, with annualized monthly volatility of 13.3% compared with 12.3% 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 -19.9% for CVLC 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 0.99. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
CVLC charges 0.15% per year while SPY charges 0.09%. On a $10,000 position that is $15 vs $9 annually, a gap of $6 per year that compounds over a long holding period. On income, CVLC currently yields 0.90% against 0.98% for SPY.
Holdings Overlap
90.9% of CVLC's money is in holdings SPY also owns. 80.5% of SPY's money is in holdings CVLC also owns.
Most of CVLC is already inside SPY. Owning both mostly buys the same companies twice.
391 positions in common, counted across the 753 positions we hold weights for in CVLC and 504 in SPY, against full books of 759 and 505.
What only one of them owns
Our book lists 109 positions for SPY that do not appear in our book for CVLC (19.1% of the fund), and 345 for CVLC that do not appear in SPY (8.3%).
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.
Top Shared Holdings
| Stock | Weight in CVLC | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp | 7.48% | 8.01% | 0.53% |
| AAPLApple, Inc | 6.85% | 7.26% | 0.41% |
| MSFTMicrosoft Corp | 5.27% | 5.66% | 0.39% |
| GOOGLAlphabet Inc,class A | 5.25% | 2.99% | 2.26% |
| AMZNAmazon.Com Inc | 3.66% | 3.79% | 0.13% |
| AVGOBroadcom Inc | 2.52% | 2.66% | 0.14% |
| MUMicron Technology, Inc. | 1.66% | 1.60% | 0.06% |
| JPMJpmorgan Chase | 1.52% | 1.45% | 0.07% |
| LLYEli Lilly & Co. | 1.54% | 1.40% | 0.14% |
| AMDAdvanced Micro Devices Inc | 1.18% | 1.14% | 0.04% |
90.9% of CVLC is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, CVLC or SPY?
CVLC has an expense ratio of 0.15% while SPY charges 0.09%. SPY is the cheaper option, by $6 a year on a $10,000 investment.
Which performed better, CVLC or SPY?
Over the past year CVLC returned +17.59% vs +16.96% for SPY, so CVLC leads on 1-year performance. Over the longest common window we track (4 years), CVLC annualized +19.86% vs +20.49% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, CVLC or SPY?
CVLC has been the more volatile fund at 13.3% annualized versus 12.3% for SPY. Worst drawdown: CVLC -19.9% vs SPY -18.8%.
Should I hold both CVLC and SPY?
CVLC and SPY have a monthly-return correlation of 0.99, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between CVLC and SPY?
90.9% of CVLC's money is in holdings SPY also owns. 80.5% of SPY's is in holdings CVLC also owns. They hold 391 positions in common, counted across the 753 positions we hold weights for in CVLC and 504 in SPY.
Which pays a higher dividend, CVLC or SPY?
CVLC yields 0.90% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than CVLC?
SPY has a lower expense ratio. CVLC led over 1Y, SPY over 3Y and the full window. The two have moved almost in lockstep, correlation 0.99. CVLC is less concentrated, with 36.9% of the fund in its ten largest positions against 37.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.