CVSB vs SPY
CVSB vs SPY
Calvert Ultra-Short Investment Grade ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | CVSB | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.24% | 0.09% | |
| AUM | $221M | $789.1B | |
| Dividend Yield | 4.96% | 1.01% | |
| Holdings | 246 | 505 | |
| YTD Return | +2.19% | +13.50% | |
| 1Y Return | +4.31% | +23.56% | |
| 3Y Return (annualized) | +5.40% | +21.17% | |
| 5Y Return (annualized) | - | +13.46% | |
| Volatility (annualized) | 0.6% | 15.3% | |
| Max Drawdown | -0.6% | -56.5% | |
| Fund Family | Calvert | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Jan 30, 2023 | Jan 22, 1993 |
CVSB vs SPY Performance
Calvert Ultra-Short Investment Grade ETF (CVSB) 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 CVSB returned +4.31% while SPY returned +23.56%. Year to date, CVSB is up 2.19% versus a gain of 13.50% for SPY.
Over three years, CVSB compounded at +5.40% per year against +21.17% for SPY. Across the full 4-year window we track, SPY has the edge at +8.85% annualized vs +5.35%. 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 0.6% for CVSB. 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 -0.6% for CVSB 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 0.37. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
CVSB charges 0.24% per year while SPY charges 0.09%. On a $10,000 position that is $24 vs $9 annually, a gap of $15 per year that compounds over a long holding period. On income, CVSB currently yields 4.96% against 1.01% for SPY.
Holdings Overlap
CVSB and SPY share 0 holdings out of 629 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, CVSB or SPY?
CVSB has an expense ratio of 0.24% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $15 per year of difference.
Which performed better, CVSB or SPY?
Over the past year CVSB returned +4.31% vs +23.56% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (4 years), CVSB annualized +5.35% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, CVSB or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 0.6% for CVSB. Worst drawdown: CVSB -0.6% vs SPY -56.5%.
Should I hold both CVSB and SPY?
CVSB and SPY have a monthly-return correlation of 0.37, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between CVSB and SPY?
CVSB and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 629 unique securities.
Which pays a higher dividend, CVSB or SPY?
CVSB yields 4.96% while SPY yields 1.01%, so CVSB currently pays the higher dividend yield.
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