CAIQ vs. CVRT
CAIQ (Calamos Nasdaq Autocallable Income ETF) and CVRT (Calamos Convertible Equity Alternative ETF) are both exchange-traded funds - CAIQ is a Nasdaq-100 fund tracking the MerQube Nasdaq-100 Vol Advantage Autocallable Index, while CVRT is a Convertible Bonds fund actively managed by Calamos. CAIQ is passively managed, while CVRT is actively managed. Their 0.67 correlation means they have sometimes moved together and sometimes differently. CAIQ charges 0.74%/yr vs 0.69%/yr for CVRT.
Performance
CAIQ vs. CVRT - Performance Comparison
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Returns By Period
In the year-to-date period, CAIQ achieves a 8.99% return, which is significantly lower than CVRT's 25.14% return.
CAIQ
- 1D
- 0.51%
- 1M
- -2.40%
- 6M
- 8.13%
- YTD
- 8.99%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
CVRT
- 1D
- 0.21%
- 1M
- -3.61%
- 6M
- 16.26%
- YTD
- 25.14%
- 1Y
- 46.88%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 28.80%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $5.22M | $5.65M | $5.13M | |
| $320.90K | $427.43K | $464.23K |
CAIQ vs. CVRT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CAIQ Calamos Nasdaq Autocallable Income ETF | 8.99% | 4.03% |
CVRT Calamos Convertible Equity Alternative ETF | 25.14% | 3.63% |
Correlation
The correlation between CAIQ and CVRT is 0.67, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Nov 20, 2025 | 0.67 |
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Return for Risk
CAIQ vs. CVRT — Risk / Return Rank
CAIQ
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
CVRT
CAIQ vs. CVRT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Calamos Nasdaq Autocallable Income ETF (CAIQ) and Calamos Convertible Equity Alternative ETF (CVRT). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| CAIQ | CVRT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.31 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.80 | — |
| Martin ratioReturn relative to average drawdown | — | 10.73 | — |
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Drawdowns
CAIQ vs. CVRT - Drawdown Comparison
The maximum CAIQ drawdown since its inception was -9.06%, smaller than the maximum CVRT drawdown of -20.71%. Use the drawdown chart below to compare losses from any high point for CAIQ and CVRT.
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Drawdown Indicators
| CAIQ | CVRT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -9.06% | -20.71% | +11.65% |
Max Drawdown (1Y)Largest decline over 1 year | — | -15.77% | — |
Current DrawdownCurrent decline from peak | -4.01% | -12.25% | +8.24% |
Average DrawdownAverage peak-to-trough decline | -1.84% | -3.34% | +1.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 4.12% | — |
Volatility
CAIQ vs. CVRT - Volatility Comparison
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Volatility by Period
| CAIQ | CVRT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 7.93% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 19.78% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 13.52% | 24.03% | -10.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.52% | 20.55% | -7.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.52% | 20.55% | -7.03% |
CAIQ vs. CVRT - Expense Ratio Comparison
CAIQ has a 0.74% expense ratio, which is higher than CVRT's 0.69% expense ratio.
Dividends
CAIQ vs. CVRT - Dividend Comparison
CAIQ's dividend yield for the trailing twelve months is around 10.41%, more than CVRT's 1.58% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
CAIQ Calamos Nasdaq Autocallable Income ETF | 10.41% | 1.54% | 0.00% | 0.00% |
CVRT Calamos Convertible Equity Alternative ETF | 1.45% | 1.68% | 1.49% | 0.32% |
Frequently Asked Questions
CAIQ and CVRT have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CVRT is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CVRT is cheaper with a 0.69% expense ratio, compared with 0.74% for CAIQ.
CAIQ has the higher dividend yield at 10.41%, compared with 1.45% for CVRT.
CAIQ is categorized as Nasdaq-100, while CVRT is Convertible Bonds. Their fees differ too: 0.74% for CAIQ and 0.69% for CVRT.
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