CAIQ vs. CVRT

Last updated Jul 14, 2026

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. A 0.65 correlation means they provide meaningful diversification when combined. CAIQ charges 0.74%/yr vs 0.69%/yr for CVRT.

Performance

CAIQ vs. CVRT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Nasdaq Autocallable Income ETF (CAIQ) and Calamos Convertible Equity Alternative ETF (CVRT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CAIQ achieves a 10.78% return, which is significantly lower than CVRT's 28.31% return.

CAIQ

• 1D: -1.44%
• 1M: -1.12%
• 6M: 9.08%
• YTD: 10.78%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CVRT

• 1D: -1.85%
• 1M: -5.29%
• 6M: 21.33%
• YTD: 28.31%
• 1Y: 50.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

CAIQ vs. CVRT - Yearly Performance Comparison

	2026 (YTD)	2025
CAIQ Calamos Nasdaq Autocallable Income ETF	10.78%	4.03%
CVRT Calamos Convertible Equity Alternative ETF	28.31%	3.63%

Correlation

The correlation between CAIQ and CVRT is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 20, 2025	0.65

Return for Risk

CAIQ vs. CVRT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CAIQ

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

CVRT

CVRT Risk / Return Rank: 86
CVRT Sharpe Ratio Rank: 86
CVRT Sortino Ratio Rank: 80
CVRT Omega Ratio Rank: 80
CVRT Calmar Ratio Rank: 93
CVRT Martin Ratio Rank: 91

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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 ratio: Return per unit of total volatility	—	2.20	—
Sortino ratio: Return per unit of downside risk	—	2.82	—
Omega ratio: Gain probability vs. loss probability	—	1.37	—
Calmar ratio: Return relative to maximum drawdown	—	5.09	—
Martin ratio: Return relative to average drawdown	—	16.96	—

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.

Drawdown Indicators

	CAIQ	CVRT	Difference
Max Drawdown Largest peak-to-trough decline	-9.06%	-20.71%	+11.65%
Max Drawdown (1Y) Largest decline over 1 year	—	-10.03%	—
Current Drawdown Current decline from peak	-2.44%	-10.03%	+7.59%
Average Drawdown Average peak-to-trough decline	-1.67%	-3.17%	+1.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.00%	—

Volatility

Volatility by Period

	CAIQ	CVRT	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	7.42%	—
Volatility (6M) Calculated over the trailing 6-month period	—	18.98%	—
Volatility (1Y) Calculated over the trailing 1-year period	13.47%	23.25%	-9.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.47%	20.36%	-6.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.47%	20.36%	-6.89%

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 10.25%, more than CVRT's 1.54% yield.

Position	TTM	2025	2024	2023
CAIQ Calamos Nasdaq Autocallable Income ETF	10.25%	1.54%	0.00%	0.00%
CVRT Calamos Convertible Equity Alternative ETF	1.54%	1.68%	1.49%	0.32%

Frequently Asked Questions

Can I hold both CAIQ and CVRT in my portfolio?

CAIQ and CVRT have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CAIQ or CVRT?

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.

Which ETF is cheaper, CAIQ or CVRT?

CVRT is cheaper with a 0.69% expense ratio, compared with 0.74% for CAIQ.

Which ETF pays a higher dividend yield, CAIQ or CVRT?

CAIQ has the higher dividend yield at 10.25%, compared with 1.54% for CVRT.

What is the main difference between CAIQ and 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.