CVLC vs SPY
Calvert US Large-Cap Core Responsible Index ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. CVLC delivered stronger 1-year returns. CVLC offers more diversification with 759 holdings.
Side-by-Side Comparison
| Metric | CVLC | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.15% | 0.09% | |
| AUM | $982M | $814.4B | |
| Dividend Yield | 0.93% | 1.01% | |
| Holdings | 759 | 505 | |
| YTD Return | +12.83% | +12.10% | |
| 1Y Return | +21.42% | +20.30% | |
| 3Y Return (annualized) | +20.66% | +20.82% | |
| 5Y Return (annualized) | - | +12.53% | |
| Volatility (annualized) | 13.3% | 15.3% | |
| Max Drawdown | -19.9% | -56.5% | |
| Fund Family | Calvert | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Jan 30, 2023 | Jan 22, 1993 |
CVLC vs SPY Performance
Calvert US Large-Cap Core Responsible Index ETF (CVLC) 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 CVLC returned +21.42% while SPY returned +20.30%. Year to date, CVLC is up 12.83% versus a gain of 12.10% for SPY.
Over three years, CVLC compounded at +20.66% per year against +20.82% for SPY. Across the full 4-year window we track, CVLC has the edge at +19.88% annualized vs +8.78%. 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 13.3% for CVLC. 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 -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 0.99. 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 0.93% against 1.01% for SPY.
Holdings Overlap
CVLC and SPY share 392 holdings out of 869 unique holdings combined, representing a 79.1% weight overlap.
High overlap means holding both may not provide much additional diversification.
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. On a $10,000 investment, that is $6 per year of difference.
Which performed better, CVLC or SPY?
Over the past year CVLC returned +21.42% vs +20.30% for SPY, so CVLC leads on 1-year performance. Over the longest common window we track (4 years), CVLC annualized +19.88% vs +8.78% for SPY. Past performance does not guarantee future results.
Which is riskier, CVLC or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 13.3% for CVLC. Worst drawdown: CVLC -19.9% vs SPY -56.5%.
Should I hold both CVLC and SPY?
CVLC and SPY have a monthly-return correlation of 0.99, so they move almost identically. Holding both adds little diversification - most investors pick one, usually on fees or the specific index tracked.
What is the holdings overlap between CVLC and SPY?
CVLC and SPY share 392 common holdings with a 79.1% weight overlap. Combined, they hold 869 unique securities.
Which pays a higher dividend, CVLC or SPY?
CVLC yields 0.93% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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