CVIE vs FEDM
Calvert International Responsible Index ETF vs Northern Trust ESG & Climate Developed Markets ex-US Core ETF
Which is better, CVIE or FEDM?
CVIE has been ahead.
FEDM has a lower expense ratio. CVIE led over 1Y, 3Y and the full window. The two have moved almost in lockstep, correlation 0.91. FEDM is less concentrated, with 15.9% of the fund in its ten largest positions against 20.1%.
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 | FEDM |
|---|---|---|
| Expense Ratio | 0.18% | 0.12%Best |
| AUM | $490M | $82M |
| Dividend Yield | 2.39% | 2.89% |
| Holdings | 1,441 | 265 |
| YTD Return | +13.54%Best | +8.67% |
| 1Y Return | +20.96%Best | +14.21% |
| 3Y Return (annualized) | +21.76%Best | +17.03% |
| 5Y Return (annualized) | - | +7.65% |
| Volatility (annualized) | 13.8% | 12.2%Best |
| Max Drawdown | -13.5%Best | -14.2% |
| $10,000 over 3.7 years | $17,534Best | $15,360 |
| Top 10 Weight | 20.1% | 15.9%Best |
| Fund Family | Calvert | Northern Trust Asset Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Jan 30, 2023 | Sep 20, 2021 |
Volatility and max drawdown, and the $10,000 over 3.7 years row, are measured over the window both funds cover: Feb 1, 2023 to Oct 14, 2026 (3.7 years).
CVIE vs FEDM 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 3.7 years both funds cover.
CVIE vs FEDM Performance
Calvert International Responsible Index ETF (CVIE) is an ETF from Calvert and Northern Trust ESG & Climate Developed Markets ex-US Core ETF (FEDM) is an ETF from Northern Trust Asset Management. Over the past year CVIE returned +20.96% while FEDM returned +14.21%. Year to date, CVIE is up 13.54% versus a gain of 8.67% for FEDM.
Over three years, CVIE compounded at +21.76% per year against +17.03% for FEDM. Across the full 4-year window we track, CVIE has the edge at +16.39% annualized vs +12.30%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
CVIE has been the more volatile fund, with annualized monthly volatility of 13.8% compared with 12.2% for FEDM. 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 -14.2% for FEDM. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.91. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
CVIE charges 0.18% per year while FEDM charges 0.12%. On a $10,000 position that is $18 vs $12 annually, a gap of $6 per year that compounds over a long holding period. On income, CVIE currently yields 2.39% against 2.89% for FEDM.
Holdings Overlap
31.5% of CVIE's money is in holdings FEDM also owns. 68.4% of FEDM's money is in holdings CVIE also owns.
The two portfolios partly overlap.
144 positions in common, counted across the 723 positions we hold weights for in CVIE and 214 in FEDM, against full books of 1,441 and 265.
What only one of them owns
Our book lists 0 positions for FEDM that do not appear in our book for CVIE (0.6% of the fund), and 12 for CVIE that do not appear in FEDM (1.6%).
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 CVIE | Weight in FEDM | Difference |
|---|---|---|---|
| ASML:ASASML HOLDING NV | 2.32% | 2.82% | 0.50% |
| RY:CARoyal Bank of Canada | 0.96% | 1.85% | 0.89% |
| SIE:SGSiemens N Ag | 0.87% | 1.47% | 0.60% |
| NOVN:SMNovartis Ag – Class N | 0.92% | 1.41% | 0.49% |
| 8306:TKMitsubishi Ufj Financial Group Inc | 0.82% | 1.37% | 0.55% |
| AZN:LNAstraZeneca PLC | 0.89% | 1.24% | 0.35% |
| SCHN:PASchneider Electric Se | 0.73% | 1.34% | 0.61% |
| BBVA:MABanco Bilbao Vizcaya Argentaria S.A. Reg Shs | 0.47% | 1.40% | 0.93% |
| NESN:SMNestle Sa | 0.83% | 1.03% | 0.20% |
| CBA:AUCommonwealth Bank Of Australia | 0.61% | 1.21% | 0.60% |
68.4% of FEDM is already inside CVIE.
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, CVIE or FEDM?
CVIE has an expense ratio of 0.18% while FEDM charges 0.12%. FEDM is the cheaper option, by $6 a year on a $10,000 investment.
Which performed better, CVIE or FEDM?
Over the past year CVIE returned +20.96% vs +14.21% for FEDM, so CVIE leads on 1-year performance. Over the longest common window we track (4 years), CVIE annualized +16.39% vs +12.30% for FEDM. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, CVIE or FEDM?
CVIE has been the more volatile fund at 13.8% annualized versus 12.2% for FEDM. Worst drawdown: CVIE -13.5% vs FEDM -14.2%.
Should I hold both CVIE and FEDM?
CVIE and FEDM have a monthly-return correlation of 0.91, 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 CVIE and FEDM?
68.4% of FEDM's money is in holdings CVIE also owns. 68.4% of FEDM's is in holdings CVIE also owns. They hold 144 positions in common, counted across the 723 positions we hold weights for in CVIE and 214 in FEDM.
Which pays a higher dividend, CVIE or FEDM?
CVIE yields 2.39% while FEDM yields 2.89%, so FEDM currently pays the higher dividend yield.
Is FEDM better than CVIE?
FEDM has a lower expense ratio. CVIE led over 1Y, 3Y and the full window. The two have moved almost in lockstep, correlation 0.91. FEDM is less concentrated, with 15.9% of the fund in its ten largest positions against 20.1%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.