CVIE vs GSIE
Calvert International Responsible Index ETF vs Goldman Sachs ActiveBeta International Equity ETF
Which is better, CVIE or GSIE?
CVIE has been ahead.
CVIE has a lower expense ratio. CVIE led over 1Y, 3Y and the full window. The two have moved almost in lockstep, correlation 0.91. GSIE is less concentrated, with 10.9% 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 | GSIE |
|---|---|---|
| Expense Ratio | 0.18%Best | 0.25% |
| AUM | $490M | $5.9B |
| Dividend Yield | 2.39% | 2.63% |
| Holdings | 1,441 | 633 |
| YTD Return | +13.54%Best | +7.77% |
| 1Y Return | +20.96%Best | +14.51% |
| 3Y Return (annualized) | +21.76%Best | +18.48% |
| 5Y Return (annualized) | - | +8.56% |
| Volatility (annualized) | 13.8% | 11.7%Best |
| Max Drawdown | -13.5% | -13.1%Best |
| $10,000 over 3.7 years | $17,534Best | $16,154 |
| Top 10 Weight | 20.1% | 10.9%Best |
| Fund Family | Calvert | Goldman Sachs Asset Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Jan 30, 2023 | Nov 6, 2015 |
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 GSIE 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 GSIE Performance
Calvert International Responsible Index ETF (CVIE) is an ETF from Calvert and Goldman Sachs ActiveBeta International Equity ETF (GSIE) is an ETF from Goldman Sachs Asset Management. Over the past year CVIE returned +20.96% while GSIE returned +14.51%. Year to date, CVIE is up 13.54% versus a gain of 7.77% for GSIE.
Over three years, CVIE compounded at +21.76% per year against +18.48% for GSIE. Across the full 4-year window we track, CVIE has the edge at +16.39% annualized vs +13.84%.
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 11.7% for GSIE. 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 -13.1% for GSIE. 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 GSIE charges 0.25%. On a $10,000 position that is $18 vs $25 annually, a gap of $7 per year that compounds over a long holding period. On income, CVIE currently yields 2.39% against 2.63% for GSIE.
Holdings Overlap
57.7% of CVIE's money is in holdings GSIE also owns. 62.7% of GSIE's money is in holdings CVIE also owns.
The two portfolios partly overlap.
368 positions in common, counted across the 723 positions we hold weights for in CVIE and 626 in GSIE, against full books of 1,441 and 633.
What only one of them owns
Our book lists 0 positions for GSIE that do not appear in our book for CVIE (0.8% of the fund), and 4 for CVIE that do not appear in GSIE (1.2%).
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 GSIE | Difference |
|---|---|---|---|
| ASML:ASAsml Holding Nv Unsponsored Adr Ordinary Shares | 2.32% | 2.44% | 0.12% |
| HSBA:LNHsbc Holdings Plc | 1.09% | 1.11% | 0.02% |
| ROP:SMRoche Holding Ag /Chf/ 0.00000000 | 1.06% | 1.02% | 0.04% |
| RY:CARoyal Bank of Canada | 0.96% | 1.10% | 0.14% |
| NOVN:SMNovartis Ag Ordinary Shares | 0.92% | 0.95% | 0.03% |
| AZN:LNAstraZeneca PLC | 0.89% | 0.74% | 0.15% |
| TD:CAToronto Dominion Bank/The | 0.73% | 0.82% | 0.09% |
| SIE:SGSiemens Ag | 0.87% | 0.55% | 0.32% |
| NESN:SMNestle Sa | 0.83% | 0.53% | 0.30% |
| SAP:SGSap Se | 0.79% | 0.53% | 0.26% |
62.7% of GSIE 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 GSIE?
CVIE has an expense ratio of 0.18% while GSIE charges 0.25%. CVIE is the cheaper option, by $7 a year on a $10,000 investment.
Which performed better, CVIE or GSIE?
Over the past year CVIE returned +20.96% vs +14.51% for GSIE, so CVIE leads on 1-year performance. Over the longest common window we track (4 years), CVIE annualized +16.39% vs +13.84% for GSIE. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, CVIE or GSIE?
CVIE has been the more volatile fund at 13.8% annualized versus 11.7% for GSIE. Worst drawdown: CVIE -13.5% vs GSIE -13.1%.
Should I hold both CVIE and GSIE?
CVIE and GSIE 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 GSIE?
62.7% of GSIE's money is in holdings CVIE also owns. 62.7% of GSIE's is in holdings CVIE also owns. They hold 368 positions in common, counted across the 723 positions we hold weights for in CVIE and 626 in GSIE.
Which pays a higher dividend, CVIE or GSIE?
CVIE yields 2.39% while GSIE yields 2.63%, so GSIE currently pays the higher dividend yield.
Is GSIE better than CVIE?
CVIE has a lower expense ratio. CVIE led over 1Y, 3Y and the full window. The two have moved almost in lockstep, correlation 0.91. GSIE is less concentrated, with 10.9% 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.