Good day Cliff. I'll preface my remarks by stating right off the bat that I am no medal expert. That being said, I don't think that the right hand ribbon in the first picture is the CVSM. The reason I say that is first, the colour of the inner stripe next to the blue is too yellow. I don't think that is a faded red, because if you look at the interior of the retaining bar for the ribbon in the second picture, where you would expect it to be less faded, it still looks to be yellow. Also the two outer stripes appear to be of different widths. Looking at my father's CVSM, they appear to be the same width. Having no detailed reference material, I have no idea what it might be.
My nickel's worth anyway. More knowledgeable collectors are free to debate, argue vehemently or outright close-with-and-destroy as they choose. As I said at the beginning -- I ain't an expert.