CVSB vs VUSB: Grades, Fees and Holdings Compared

Calvert Ultra-Short Investment Grade ETF

CVSBBNYSE Arca

Vanguard Ultra-Short Bond ETF

VUSBACboe

Overlap

No data

Expense ratio

VUSB −0.14pt a year

CVSB0.24%VUSB0.10%

Avg volume · 30D

VUSB 51.4×the volume

CVSB39.7KVUSB2.04M

3Y return · a year

CVSB+5.2%VUSB+5.2%

CVSB vs VUSB Performance

Nov 7, 2025 – Nov 9, 2026

+3.8%CVSB+3.7%VUSB

Expense ratio: CVSB 0.24%; VUSB 0.10%, better
Fund size: CVSB $284M; VUSB $9.9B
1Y total return: CVSB +3.8%, better; VUSB +3.7%
Yield (12M): CVSB 4.25%; VUSB 4.27%, better
Holdings: CVSB 286; VUSB 1352
Avg volume (30D): CVSB 39.7K sh; VUSB 2.04M sh, better
NAV per share: CVSB $50.54; VUSB $49.51
52W range

ETF.net Grade

Pillar letters and Scores for CVSB, VUSB, with each pillar’s weight
Pillar	CVSB	VUSB
Cost30% weight	F24	A84Higher
Mission25% weight	A100	A100
Risk15% weight	C51	C52Higher
Tradability15% weight	D38	B67Higher
Holdings10% weight	A70	A86Higher
Durability5% weight	B56	A88Higher

Rank among Cash & Ultra-Short Income funds

How we build Categories ›

Same Category. CVSB and VUSB are both graded against the same 78 Cash & Ultra-Short Income funds, so their Grades compare head to head.

Cash & Ultra-Short Income⁠

Category · 78 funds

See all 78 ›

VUSB ranks 2nd and CVSB 51st of 78 funds in the Cash & Ultra-Short Income Category.

Rank 1AICSHiShares Ultra Short Duration Bond Active ETFScore 84
Rank 2ACLIPGlobal X 1-3 Month T-Bill ETFScore 81
Rank 2AVBILVanguard 0-3 Month Treasury Bill ETFScore 81
Rank 2AVUSBVanguard Ultra-Short Bond ETFScore 81
Rank 5ATBLLInvesco Short Term Treasury ETFScore 80
Rank 51BBUXXStrive Enhanced Income Short Maturity ETFScore 55
Rank 51BCVSBCalvert Ultra-Short Investment Grade ETFScore 55
Rank 51BEMNTPIMCO Enhanced Short Maturity Active ESG Exchange-Traded FundScore 55

Our read on each fund

ETF.net Research

CVSBBCalvert Ultra-Short Investment Grade ETF

VUSBAVanguard Ultra-Short Bond ETF

In short

CVSB Parking cash usually means a plain-vanilla ultra-short bond fund. CVSB does that job through Calvert's responsible-investment criteria: an actively managed, investment-grade short-bond portfolio from the Morgan Stanley stable that pays monthly.

VUSB Vanguard's first actively managed bond ETF, run by its in-house fixed income team and priced at 0.10%. It holds investment-grade paper maturing inside two years: a step past a money fund, well short of a real bond fund.

Stated mandate

CVSB The Fund seeks to maximize income while preserving capital through short-term bonds and other income-producing securities. Normally, at least 80% of net assets are invested in investment-grade short-term fixed, variable, and floating-rate securities.

VUSB The fund seeks current income with limited price volatility while investing in diversified high- and medium-quality fixed-income securities. It expects to maintain a dollar-weighted average maturity of 0–2 years.

Why people hold it

CVSB One of the few cash-alternative ETFs built around responsible-investment criteria, with Calvert's ESG research shaping the credit list and Morgan Stanley Investment Management as adviser.calvert.com morganstanley.com
Actively managed, not index-bound: the team can shift across fixed, variable and floating-rate paper, with at least 80% of net assets in investment-grade short-term securities.
Pays monthly, so income arrives on a regular cadence rather than in quarterly lumps.

VUSB At 0.10%, it costs half the typical ultra-short bond ETF and undercuts the other leaders in the group: SHV, PULS, FLDR and DUSB all charge 0.15%.
Active, not adventurous. The managers buy investment-grade bonds (A3-or-better high quality plus BBB-tier medium quality) and hold average maturity to zero-to-two years.vanguard.com
Income lands monthly, sourced from roughly 170 bonds, so no single issuer drives the outcome.
A multi-billion-dollar fund that trades actively, and the same portfolio team also runs a similar Vanguard ultra-short fund.vanguard.com

Worth knowing

CVSB At 0.24% a year it runs above the cash-alternative median and well above the category's cheapest large names (ICSH at 0.08%, JPST at 0.18%).
Small and thinly traded next to the giants of the ultra-short shelf, so spreads can be wider and fills less predictable.
Short bonds are not cash. The fund seeks to preserve capital, but it is a bond portfolio whose share price moves with rates and credit, not a stable-value money market fund.

VUSB This is not a money market fund. No fixed $1 share price, and the market price can trade above or below the value of the holdings.vanguard.com
The mandate allows BBB-tier credit, a notch of risk a Treasury-only neighbor like SHV doesn't take.vanguard.com
Bonds this short reprice with short-term rates, so the monthly payout drifts up and down instead of holding a set level.vanguard.com

Full CVSB profile⁠

Full VUSB profile⁠

CVSB vs VUSB Holdings

How CVSB and VUSB differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile86.5%
Sector3 Sectors95.6%
Asset classBonds100%

Sector

Sector weights in CVSB and VUSB, widest gap first
Sector	Gap	CVSB	VUSB
Corporate	VUSB +4.4 points	57.8%	62.2%
Government	CVSB +2.6 points	10.4%	7.8%
Securitized	CVSB +1.9 points	31.9%	30.0%

Country, concentration and asset class

Country by domicile

Country weights in CVSB and VUSB, widest gap first
Country	Gap	CVSB	VUSB
United States	CVSB +9.4 points	86.3%	76.9%
Canada	VUSB +2.9 points	4.3%	7.2%
Cayman Islands	VUSB +2.5 points	0.0%	2.5%
Japan	VUSB +2.1 points	0.0%	2.1%
Germany	VUSB +1.7 points	0.0%	1.7%
United Kingdom	VUSB +1.6 points	1.9%	3.5%
Australia	VUSB +1.6 points	0.0%	1.6%
Spain	CVSB +1.2 points	1.9%	0.7%
Other countries (13)	CVSB +1.8 points	5.6%	3.8%

Concentration

Weight in the 10 largest Holdings

CVSB26.3%
VUSB12.6%

Securities held

CVSB273
VUSB1,346

Asset class

CVSB: Bonds
VUSB: Bonds

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. CVSB holds 273 securities, VUSB 1,346.

All 295 CVSB holdings⁠All 1,347 VUSB 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.

CVSB vs VUSB Cost

Overpaying CVSB vs VUSB

$2,853

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

CVSB 0.24%
$4,959
VUSB 0.10%
$2,106

Amount$10,000

Years30 years

Cost over time

CVSB 0.24%
VUSB 0.10%
Overpaying

Year by year

Year	CVSB	VUSB	Overpaying
10	$437	$183	$254
20	$1,699	$717	$982
30	$4,959	$2,106	$2,853

Expense ratio

0.24%CVSB
0.10%VUSB, cheaper

VUSB0.10%CVSB0.24%

0.03%1.00%

Middle half of Cash & Ultra-Short Income funds
Median 0.18%

VUSB 13th cheapest of 78 funds

CVSB 60th cheapest of 78 funds

CVSB vs VUSB Dividends

Last 12 months to Nov 9, 2026

Yield (12M): CVSB 4.25%; VUSB 4.27%, better
Payout (12M): CVSB $2.15; VUSB $2.12
Last payment: CVSB $0.19; VUSB $0.18
Ex-dividend: CVSB Oct 30, 2026; VUSB Nov 2, 2026
Paid on: CVSB Nov 5, 2026; VUSB Nov 4, 2026
Frequency: CVSB Monthly; VUSB Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

CVSBMonthly · 45 paymentsAll CVSB payments⁠

VUSBMonthly · 46 paymentsAll VUSB payments⁠

CVSB vs VUSB Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: CVSB 0.6%, betterVUSB 0.8%
Return per unit of riskSharpe ratio, 3 years: CVSB 1.36, betterVUSB 0.86
Worst fallMax drawdown, 5 years: CVSB −0.6%since Feb 2023VUSB −1.7%
Market sensitivityBeta, 5 years: CVSB 0.05VUSB 0.10; Market = 1

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