CVMC vs SPY
Calvert US Mid-Cap Core Responsible Index ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, CVMC or SPY?
Mid Cap Blend against Large Cap Blend.
SPY has a lower expense ratio. CVMC led over 1Y, SPY over 3Y and the full window. CVMC is less concentrated, with 5.8% 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 | CVMC | SPY |
|---|---|---|
| Expense Ratio | 0.15% | 0.09%Best |
| AUM | $106M | $804.7B |
| Dividend Yield | 1.17% | 0.98% |
| Holdings | 595 | 505 |
| YTD Return | +15.73%Best | +11.45% |
| 1Y Return | +18.89%Best | +15.87% |
| 3Y Return (annualized) | +16.46% | +20.93%Best |
| 5Y Return (annualized) | - | +12.59% |
| Volatility (annualized) | 15.5% | 12.4%Best |
| Max Drawdown | -22.5% | -18.8%Best |
| $10,000 over 3.6 years | $15,009 | $19,214Best |
| Top 10 Weight | 5.8%Best | 37.8% |
| Fund Family | Calvert | State Street Investment Management |
| Category | Equity | Equity |
| Style | Mid 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 15, 2026 (3.6 years).
CVMC 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.
CVMC vs SPY Performance
Calvert US Mid-Cap Core Responsible Index ETF (CVMC) 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 CVMC returned +18.89% while SPY returned +15.87%. Year to date, CVMC is up 15.73% versus a gain of 11.45% for SPY.
Over three years, CVMC compounded at +16.46% per year against +20.93% for SPY. Across the full 4-year window we track, SPY has the edge at +19.89% annualized vs +11.94%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
CVMC has been the more volatile fund, with annualized monthly volatility of 15.5% 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 -22.5% for CVMC 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 0.84. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
CVMC 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, CVMC currently yields 1.17% against 0.98% for SPY.
Holdings Overlap
61.4% of CVMC's money is in holdings SPY also owns. 9.9% of SPY's money is in holdings CVMC also owns.
The two portfolios partly overlap.
234 positions in common, counted across the 589 positions we hold weights for in CVMC and 504 in SPY, against full books of 595 and 505.
What only one of them owns
Our book lists 265 positions for SPY that do not appear in our book for CVMC (89.5% of the fund), and 344 for CVMC that do not appear in SPY (36.5%).
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 CVMC | Weight in SPY | Difference |
|---|---|---|---|
| TGTTarget Corp Common Stock Usd.0833 | 0.63% | 0.11% | 0.52% |
| HPEHewlett Packard Enterprise Co | 0.60% | 0.10% | 0.50% |
| AJGArthur J Gallagher & Co. | 0.59% | 0.10% | 0.49% |
| PCARPaccar Inc. | 0.55% | 0.10% | 0.45% |
| MRNAModerna therapeutics | 0.55% | 0.08% | 0.47% |
| NUENucor Corp. | 0.52% | 0.09% | 0.43% |
| DDominion Energy Inc. | 0.51% | 0.09% | 0.42% |
| ORealty Income Corp. | 0.50% | 0.09% | 0.41% |
| EQRVivmark Residential | 0.51% | 0.07% | 0.44% |
| GWWWw Grainger Inc. | 0.48% | 0.09% | 0.39% |
61.4% of CVMC 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.
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Frequently Asked Questions
Which is cheaper, CVMC or SPY?
CVMC 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, CVMC or SPY?
Over the past year CVMC returned +18.89% vs +15.87% for SPY, so CVMC leads on 1-year performance. Over the longest common window we track (4 years), CVMC annualized +11.94% vs +19.89% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, CVMC or SPY?
CVMC has been the more volatile fund at 15.5% annualized versus 12.4% for SPY. Worst drawdown: CVMC -22.5% vs SPY -18.8%.
Should I hold both CVMC and SPY?
CVMC and SPY have a monthly-return correlation of 0.84, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between CVMC and SPY?
61.4% of CVMC's money is in holdings SPY also owns. 9.9% of SPY's is in holdings CVMC also owns. They hold 234 positions in common, counted across the 589 positions we hold weights for in CVMC and 504 in SPY.
Which pays a higher dividend, CVMC or SPY?
CVMC yields 1.17% while SPY yields 0.98%, so CVMC currently pays the higher dividend yield.
Is SPY better than CVMC?
SPY has a lower expense ratio. CVMC led over 1Y, SPY over 3Y and the full window. CVMC is less concentrated, with 5.8% 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.