CVMC vs ESGU: Grades, Fees and Holdings Compared

Calvert US Mid-Cap Core Responsible Index ETF

CVMCBNYSE Arca

iShares ESG Aware MSCI USA ETF

ESGUANasdaq

Overlap

14.2%by weight

Expense ratio

CVMC0.15%ESGU0.15%

Avg volume · 30D

ESGU 72.5×the volume

CVMC5.37KESGU389K

3Y return · a year

ESGU +2.6pt

CVMC+20.5%ESGU+23.1%

CVMC vs ESGU Performance

Oct 31, 2025 – Oct 30, 2026

+20.8%CVMC+11.5%ESGU

Expense ratio: CVMC 0.15%; ESGU 0.15%
Fund size: CVMC $113M; ESGU $17.8B
1Y total return: CVMC +20.8%, better; ESGU +11.5%
Yield (12M): CVMC 1.19%, better; ESGU 0.94%
Holdings: CVMC 595; ESGU 271
Avg volume (30D): CVMC 5.37K sh; ESGU 389K sh, better
NAV per share: CVMC $75.47; ESGU $165.22
52W range

ETF.net Grade

Pillar letters and Scores for CVMC, ESGU, with each pillar’s weight
Pillar	CVMC	ESGU
Cost30% weight	B68	B68
Mission25% weight	A85	A97Higher
Risk15% weight	C50	C50
Tradability15% weight	D30	A92Higher
Holdings10% weight	A83Higher	B59
Durability5% weight	D38	A95Higher

Rank among US ESG & Values Index funds

How we build Categories ›

Same Category. CVMC and ESGU are both graded against the same 47 US ESG & Values Index funds, so their Grades compare head to head.

US ESG & Values Index⁠

Category · 47 funds

See all 47 ›

ESGU ranks 4th and CVMC 21st of 47 funds in the US ESG & Values Index Category.

Rank 1AKLMNInvesco MSCI North America Climate ETFScore 82
Rank 2AEFIVState Street SPDR S&P 500 ESG ETFScore 79
Rank 3ASNPEXtrackers S&P 500 Scored & Screened ETFScore 78
Rank 4AESGUiShares ESG Aware MSCI USA ETFScore 76
Rank 5ADFSUDimensional US Sustainability Core 1 ETFScore 74
Rank 18BSHEState Street SPDR MSCI USA Gender Diversity ETFScore 64
Rank 21BCVMCCalvert US Mid-Cap Core Responsible Index ETFScore 63
Rank 21BDSIiShares ESG MSCI KLD 400 ETFScore 63

Our read on each fund

ETF.net Research

CVMCBCalvert US Mid-Cap Core Responsible Index ETF

ESGUAiShares ESG Aware MSCI USA ETF

In short

CVMC Most mid-cap index funds buy the middle of the market and stop there. CVMC screens it first, tracking a Calvert-built responsible index of US mid-caps for 0.15% a year.

ESGU Screening out companies is easy; keeping the market's shape while you do it is the hard part. ESGU's index optimizes toward stronger ESG characteristics while targeting risk and return similar to the broad MSCI USA Index.

Stated mandate

CVMC The Fund seeks to track the performance of the Calvert US Mid-Cap Core Responsible Index.

ESGU Seeks to track an index of large- and mid-cap U.S. companies selected for favorable environmental, social and governance (ESG) characteristics while seeking risk/return similar to the MSCI USA Index.

Why people hold it

CVMC Follows Calvert's own responsible index (CALMID) instead of a generic mid-cap benchmark, so the screening lives in the index rules rather than in a manager's discretion.
At 0.15% a year it charges the same as the typical fund in its US mid-cap peer group, so the values screen does not come with a premium price tag.
Plain structure under the hood: a passive US mid-cap core stock basket in a standard 1940 Act fund, with no leverage, options overlay or exotic wrapper. It pays quarterly.

ESGU Not a screen-and-drop portfolio: the index optimizes toward better ESG characteristics while targeting risk and return similar to the broad MSCI USA Index.ishares.com
0.15% a year, below the typical fund in its US ESG group, spread across roughly 300 large- and mid-cap names rather than a narrow shortlist.
Running since 2016, a multi-billion-dollar iShares fund that pays quarterly and sits in the top quartile of a crowded US ESG peer group.

Worth knowing

CVMC Thinly traded with a modest asset base, so bid-ask spreads can run wider than the giant mid-cap trackers, especially on larger tickets.
Competitive on cost, but not the floor: VO and SCHM cover US mid-caps for 0.03%. The gap is the price of the responsible index.
Launched in 2023, so its record is short next to mid-cap index funds that have been compounding through multiple market cycles.

ESGU Cheaper seats in the same row: XVV at 0.08%, ESGV at 0.09%, SNPE and EFIV at 0.10%, against 0.15% here.
Market-like risk is the stated goal, so exclusions are lighter than a purist ESG fund and the holdings end up looking a lot like the broad US market.ishares.com
MSCI's ratings decide who makes the cut, so the portfolio reflects one provider's definition of ESG, not an industry standard.ishares.com

Full CVMC profile⁠

Full ESGU profile⁠

CVMC vs ESGU Holdings

How CVMC and ESGU differ

Overlap by weight

14.2%

Shared holdings make up 30.3% of CVMC and 14.9% of ESGU.

Level by level

Holdings93 in both14.2%
Sector11 Sectors69.9%
Countryby domicile98.4%
Asset classEquity100%

Sector

Sector weights in CVMC and ESGU, widest gap first
Sector	More in CVMCMore in ESGU	CVMC	ESGU
Technology	ESGU +20.3 points	18.1%	38.4%
Industrials	CVMC +8.3 points	16.5%	8.2%
Communication	ESGU +6.6 points	1.9%	8.5%
Real Estate	CVMC +5.7 points	7.8%	2.1%
Financials	CVMC +4.4 points	16.3%	11.9%
Utilities	CVMC +4.1 points	5.9%	1.8%
Health Care	CVMC +3.7 points	14.3%	10.6%
Energy	ESGU +3.3 points	0.7%	4.0%
Materials	CVMC +2.5 points	4.4%	1.9%
Consumer Staples	CVMC +1.1 points	5.7%	4.6%
Consumer Discretionary	CVMC +0.3 points	8.4%	8.1%

Country, concentration and asset class

Country by domicile

Country weights in CVMC and ESGU, widest gap first
Country	More in CVMCMore in ESGU	CVMC	ESGU
United States	ESGU +1.4 points	98.4%	99.8%
United Kingdom	CVMC +0.6 points	0.6%	0.0%
Other countries (7)	CVMC +0.8 points	1.0%	0.2%

Concentration

Weight in the 10 largest Holdings

CVMC5.9%
ESGU36.2%

Securities held

CVMC594
ESGU268

Asset class

CVMC: Equity
ESGU: Equity

Holdings

Only in CVMC501
In both93
Only in ESGU175

Only in CVMC

501 securities, 69.6% of CVMC by weight

Moderna Inc Common Stock0.74%
Arthur J Gallagher & Co0.61%
Natera Inc Common Stock0.53%
Dominion Energy Inc0.53%
Fastenal Co Common Stock0.52%
Aflac Inc Common Stock0.51%
Public Storage Reit USD0.50%
Ametek Inc Common Stock0.50%
Becton Dickinson & Co0.49%
Realty Income Corp Reit0.48%
Paccar Inc Common Stock0.47%
Xcel Energy Inc Common0.46%
Autozone Inc Common Stock0.46%
Roper Technologies Inc0.44%
Westinghouse Air Brake0.44%
Vivmark Residential Reit0.44%
Ebay Inc Common Stock USD0.43%
Msci Inc Common Stock USD0.42%
Consolidated Edison0.41%
Everpure Inc Common Stock0.41%
Ventas Inc Reit USD 0.250.40%
Ameriprise Financial Inc0.40%
Microchip Technology Inc0.40%
American International0.40%
Teradyne Inc Common Stock0.39%
Wec Energy Group Inc0.38%
Vulcan Materials Co0.36%
Illumina Inc Common Stock0.36%
Revolution Medicines Inc0.35%
Ge Healthcare0.34%
Paychex Inc Common Stock0.34%
Centene Corp Common Stock0.34%
Extra Space Storage Inc0.32%
Heico Corp Common Stock0.32%
Martin Marietta Materials0.32%
Interactive Brokers Group0.31%
Ameren Corp Common Stock0.31%
Old Dominion Freight Line0.31%
Atlassian Corp Common0.30%
Take-Two Interactive0.30%
Flex Ltd Common Stock USD0.30%
Teledyne Technologies Inc0.30%
Dexcom Inc Common Stock0.30%
Cognizant Technology0.30%
American Water Works Co0.30%
Verisign Inc Common Stock0.29%
M&T Bank Corp Common0.29%
The Detroit Edison0.29%
Huntington Bancshares0.29%
Coinbase Global Inc0.29%

Only in ESGU

175 securities, 84.9% of ESGU by weight

Apple7.66%
NVIDIA7.25%
Microsoft5.71%
Amazon.com Inc3.49%
Alphabet Class C2.89%
Broadcom Inc2.29%
Meta Platforms Class A1.91%
Tesla Inc1.73%
Eli Lilly1.70%
Alphabet Class A1.58%
Micron Technology1.50%
JPMorgan Chase & Co1.34%
Visa Class A1.33%
Advanced Micro Devices1.29%
AbbVie0.89%
Exxonmobil Holdings Corp0.82%
Johnson & Johnson0.81%
Mastercard Class A0.74%
Cisco Systems Inc0.69%
Home Depot0.66%
Procter & Gamble0.66%
Costco Wholesale Corp0.65%
Coca-Cola0.61%
Applied Material Inc0.58%
Lam Research0.56%
Palo Alto Networks0.55%
Verizon Communications Inc0.55%
Merck & Co Inc0.53%
Goldman Sachs Group0.52%
Palantir Technologies Class A0.50%
Rtx0.48%
Caterpillar Inc0.48%
UnitedHealth Group0.46%
Ge Aerospace0.46%
Berkshire Hathaway Inc Class B0.46%
Intel Corporation0.45%
Morgan Stanley0.44%
Ecolab0.43%
Bank of New York Mellon Corp0.43%
Gilead Sciences0.43%
Texas Instrument0.42%
Nextera Energy0.41%
Linde PLC0.40%
International Business Machines Co0.40%
S&P Global0.40%
Automatic Data Processing Inc0.40%
American Express0.39%
American Tower Reit0.39%
Lowes Companies Inc0.38%
Bank of America0.36%

Weight gaps

All 93 Holdings in both funds, largest gap first.

Holding weights in CVMC and ESGU, widest gap first
Holding	More in CVMCMore in ESGU	CVMC	ESGU
Hewlett PackardHPE	CVMC +0.47 points	0.64%	0.17%
Nucor Corp Common StockNUE	CVMC +0.44 points	0.56%	0.12%
Target Corp Common StockTGT	CVMC +0.43 points	0.61%	0.18%
Sempra Common Stock USD 0SRE	CVMC +0.41 points	0.51%	0.10%
PayPal Holdings IncPYPL	CVMC +0.37 points	0.46%	0.09%
Humana Inc Common StockHUM	CVMC +0.35 points	0.46%	0.11%
Rockwell Automation IncROK	CVMC +0.35 points	0.45%	0.10%
Delta Air Lines IncDAL	CVMC +0.33 points	0.48%	0.15%
Keurig Dr Pepper IncKDP	CVMC +0.32 points	0.44%	0.12%
Kimberly-Clark CorpKMB	CVMC +0.32 points	0.58%	0.26%
Keysight Technologies IncKEYS	CVMC +0.31 points	0.47%	0.16%
Ferguson Enterprises IncFERG	CVMC +0.31 points	0.41%	0.10%
Waters Corp Common StockWAT	CVMC +0.30 points	0.43%	0.14%
Yum Brands Inc CommonYUM	CVMC +0.29 points	0.40%	0.11%
Fifth Third BancorpFITB	CVMC +0.30 points	0.45%	0.15%
Iqvia Holdings Inc CommonIQV	CVMC +0.28 points	0.41%	0.13%
The Kroger Co.KR	CVMC +0.27 points	0.39%	0.12%
Workday Inc Common StockWDAY	CVMC +0.27 points	0.37%	0.10%
Hartford Insurance GroupHIG	ESGU +0.27 points	0.33%	0.60%
Agilent Technologies IncA	CVMC +0.27 points	0.47%	0.20%
Edwards Lifesciences CorpEW	CVMC +0.26 points	0.48%	0.22%
Dr Horton Inc CommonDHI	CVMC +0.26 points	0.36%	0.10%
Biogen Inc Common StockBIIB	CVMC +0.26 points	0.38%	0.12%
Veeva Systems Inc CommonVEEV	CVMC +0.26 points	0.44%	0.18%
Carrier Global CorpCARR	CVMC +0.25 points	0.39%	0.14%
Netapp Inc Common StockNTAP	CVMC +0.25 points	0.38%	0.13%
Occidental Petroleum CorpOXY	CVMC +0.25 points	0.44%	0.19%
Iron Mountain Inc ReitIRM	CVMC +0.24 points	0.34%	0.10%
Nisource Inc Common StockNI	ESGU +0.24 points	0.23%	0.47%
Public Service EnterprisePEG	CVMC +0.23 points	0.36%	0.13%
Ww Grainger Inc CommonGWW	CVMC +0.23 points	0.53%	0.30%
Steel Dynamics Inc CommonSTLD	CVMC +0.23 points	0.34%	0.11%
Axon Enterprise IncAXON	CVMC +0.23 points	0.31%	0.07%
Sunbelt Rentals HoldingsSUNB	CVMC +0.22 points	0.34%	0.12%
Nasdaq Inc Common StockNDAQ	CVMC +0.23 points	0.43%	0.20%
Resmed Inc Common StockRMD	CVMC +0.23 points	0.33%	0.10%
Autodesk Inc Common StockADSK	CVMC +0.22 points	0.47%	0.25%
Cbre Group Inc CommonCBRE	CVMC +0.22 points	0.35%	0.13%
Emcor Group Inc CommonEME	CVMC +0.21 points	0.30%	0.09%
Twilio Inc Common StockTWLO	CVMC +0.22 points	0.31%	0.09%
Chipotle Mexican GrillCMG	CVMC +0.21 points	0.37%	0.16%
Ingersoll Rand IncIR	CVMC +0.21 points	0.31%	0.10%
State Street Corp CommonSTT	CVMC +0.19 points	0.43%	0.24%
Mongodb Inc Common StockMDB	CVMC +0.19 points	0.27%	0.08%
Labcorp Holdings IncLH	CVMC +0.18 points	0.29%	0.11%
Zoetis Inc Common StockZTS	CVMC +0.17 points	0.33%	0.16%
West PharmaceuticalWST	CVMC +0.17 points	0.29%	0.12%
Cboe Global Markets IncCBOE	CVMC +0.16 points	0.32%	0.16%
Crown CastleCCI	CVMC +0.15 points	0.38%	0.23%
Alnylam PharmaceuticalsALNY	CVMC +0.15 points	0.22%	0.07%
Ares Management CorpARES	CVMC +0.15 points	0.24%	0.09%
Sysco Corp Common StockSYY	CVMC +0.15 points	0.38%	0.23%
Royalty Pharma PLC CommonRPRX	CVMC +0.15 points	0.28%	0.13%
Zscaler Inc Common StockZS	CVMC +0.15 points	0.28%	0.13%
Dollar General CorpDG	CVMC +0.14 points	0.25%	0.11%
Xpo Inc Common Stock USDXPO	CVMC +0.14 points	0.24%	0.10%
Metlife Inc Common StockMET	CVMC +0.13 points	0.49%	0.36%
Williams-Sonoma IncWSM	CVMC +0.12 points	0.25%	0.13%
Veralto CorpVLTO	CVMC +0.13 points	0.29%	0.16%
Steris PLC Common StockSTE	ESGU +0.13 points	0.22%	0.35%
Synchrony FinancialSYF	CVMC +0.12 points	0.22%	0.10%
Mettler-ToledoMTD	CVMC +0.11 points	0.33%	0.22%
Dollar Tree Inc CommonDLTR	CVMC +0.12 points	0.22%	0.10%
Ppg Industries Inc CommonPPG	CVMC +0.11 points	0.26%	0.15%
Idexx Laboratories IncIDXX	CVMC +0.11 points	0.41%	0.30%
Prudential Financial IncPRU	CVMC +0.11 points	0.37%	0.26%
Eversource Energy CommonES	CVMC +0.11 points	0.27%	0.16%
Incyte Corp Common StockINCY	CVMC +0.10 points	0.20%	0.10%
Citizens Financial GroupCFG	CVMC +0.10 points	0.24%	0.14%
Church & Dwight Co IncCHD	ESGU +0.10 points	0.22%	0.32%
Jb Hunt TransportJBHT	CVMC +0.10 points	0.18%	0.08%
Exelon Corp Common StockEXC	CVMC +0.09 points	0.45%	0.36%
Arch Capital Group LtdACGL	CVMC +0.09 points	0.32%	0.23%
Expeditors InternationalEXPD	CVMC +0.09 points	0.27%	0.18%
F5 Inc Common Stock USD 0FFIV	CVMC +0.09 points	0.21%	0.12%
International Paper CoIP	CVMC +0.08 points	0.19%	0.11%
Ch Robinson Worldwide IncCHRW	CVMC +0.07 points	0.16%	0.09%
First Solar Inc CommonFSLR	CVMC +0.07 points	0.15%	0.08%
Xylem Inc/Ny Common StockXYL	CVMC +0.06 points	0.21%	0.15%
Sba Communications CorpSBAC	CVMC +0.06 points	0.21%	0.15%
Broadridge FinancialBR	CVMC +0.05 points	0.22%	0.17%
Best Buy Co Inc CommonBBY	CVMC +0.06 points	0.17%	0.11%
Rivian Automotive IncRIVN	CVMC +0.05 points	0.13%	0.08%
Casey's General StoresCASY	CVMC +0.04 points	0.24%	0.20%
Weyerhaeuser Co Reit USDWY	CVMC +0.03 points	0.12%	0.09%
T Rowe Price Group IncTROW	CVMC +0.03 points	0.20%	0.17%
Raymond James FinancialRJF	CVMC +0.03 points	0.25%	0.22%
Lennox International IncLII	CVMC +0.03 points	0.11%	0.08%
Bunge Global SA CommonBG	CVMC +0.01 points	0.12%	0.11%
Tractor Supply Co CommonTSCO	CVMC +0.01 points	0.16%	0.15%
Deckers Outdoor CorpDECK	CVMC +0.01 points	0.10%	0.09%
General Mills Inc CommonGIS	ESGU +0.01 points	0.17%	0.18%
Kraft Heinz Co/The CommonKHC	Same weight	0.20%	0.20%

All CVMC holdings⁠All 268 ESGU holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

CVMC vs ESGU Cost

Same expense ratio

$3,137

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

CVMC 0.15%
$3,137
ESGU 0.15%
$3,137

Amount$10,000

Years30 years

Cost over time

CVMC 0.15%
ESGU 0.15%

Year by year

Year	CVMC	ESGU
10	$274	$274
20	$1,071	$1,071
30	$3,137	$3,137

Expense ratio

0.15%CVMC
0.15%ESGU

CVMC0.15%ESGU0.15%

0.08%0.95%

Middle half of US ESG & Values Index funds
Median 0.25%

CVMC 13th cheapest of 47 funds

ESGU 13th cheapest of 47 funds

CVMC vs ESGU Dividends

Last 12 months to Oct 30, 2026

Yield (12M): CVMC 1.19%, better; ESGU 0.94%
Payout (12M): CVMC $0.90; ESGU $1.55
Last payment: CVMC $0.24; ESGU $0.38
Ex-dividend: CVMC Sep 21, 2026; ESGU Sep 15, 2026
Paid on: CVMC Sep 25, 2026; ESGU Sep 18, 2026
Frequency: CVMC Quarterly; ESGU Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

CVMCQuarterly · 15 paymentsAll CVMC payments⁠

ESGUQuarterly · 41 paymentsAll ESGU payments⁠

CVMC vs ESGU Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: CVMC 15.0%ESGU 12.8%, better
Return per unit of riskSharpe ratio, 3 years: CVMC 1.03ESGU 1.35, better
Worst fallMax drawdown, 5 years: CVMC −22.5%since Feb 2023ESGU −26.1%
Market sensitivityBeta, 5 years: CVMC 1.07ESGU 1.04; Market = 1

CVMC and ESGU in the news

All news⁠

ETF Filings
iShares files for a screened MSCI USA ETF that omits ESG from the name
Sep 4, 2026ESGU

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CVMC vs ESGU

In short

Stated mandate

Why people hold it

Worth knowing

How CVMC and ESGU differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in CVMC

Only in ESGU

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

iShares files for a screened MSCI USA ETF that omits ESG from the name

How CVMC and ESGU differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in CVMC

Only in ESGU

Weight gaps