CBTY vs. CVRT

Last updated Aug 4, 2026

CBTY (Calamos Bitcoin 80 Series Structured Alt Protection ETF - July) and CVRT (Calamos Convertible Equity Alternative ETF) are both exchange-traded funds - CBTY is a Defined Outcome fund tracking the CBOE Bitcoin US ETF Index, while CVRT is a Convertible Bonds fund actively managed by Calamos. CBTY is passively managed, while CVRT is actively managed. Over the past year, CBTY returned -21.47% vs 50.02% for CVRT. Their 0.40 correlation means their historical movements had little consistent relationship. Both charge a 0.69% expense ratio.

Performance

CBTY vs. CVRT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Bitcoin 80 Series Structured Alt Protection ETF - July (CBTY) 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, CBTY achieves a -10.34% return, which is significantly lower than CVRT's 27.81% return.

CBTY

• 1D: 0.68%
• 1M: 0.70%
• 6M: -5.02%
• YTD: -10.34%
• 1Y: -21.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -18.96%

CVRT

• 1D: 2.13%
• 1M: -1.56%
• 6M: 16.93%
• YTD: 27.81%
• 1Y: 50.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 29.67%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CBTY Calamos Bitcoin 80 Series Structured Alt Protection ETF - July	$61.01K	$284.14K	$242.81K
CVRT Calamos Convertible Equity Alternative ETF	$324.55K	$419.91K	$466.26K

CBTY vs. CVRT - Yearly Performance Comparison

	2026 (YTD)	2025
CBTY Calamos Bitcoin 80 Series Structured Alt Protection ETF - July	-10.34%	-10.94%
CVRT Calamos Convertible Equity Alternative ETF	27.81%	19.36%

Correlation

The correlation between CBTY and CVRT is 0.40, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.40
Correlation (All Time) Calculated using the full available price history since Jul 8, 2025	0.40

Return for Risk

CBTY vs. CVRT — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CBTY

CBTY Risk / Return Rank: 2
CBTY Sharpe Ratio Rank: 0
CBTY Sortino Ratio Rank: 1
CBTY Omega Ratio Rank: 1
CBTY Calmar Ratio Rank: 3
CBTY Martin Ratio Rank: 4

CVRT

CVRT Risk / Return Rank: 83
CVRT Sharpe Ratio Rank: 86
CVRT Sortino Ratio Rank: 80
CVRT Omega Ratio Rank: 80
CVRT Calmar Ratio Rank: 83
CVRT Martin Ratio Rank: 84

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CBTY vs. CVRT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Bitcoin 80 Series Structured Alt Protection ETF - July (CBTY) 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.

	CBTY	CVRT	Difference
Sharpe ratio: Return per unit of total volatility	-1.32	2.09	-3.42
Sortino ratio: Return per unit of downside risk	-1.84	2.72	-4.56
Omega ratio: Gain probability vs. loss probability	0.78	1.35	-0.57
Calmar ratio: Return relative to maximum drawdown	-0.78	3.19	-3.96
Martin ratio: Return relative to average drawdown	-1.09	12.05	-13.14

CBTY vs. CVRT - Sharpe Ratio Comparison

The current CBTY Sharpe Ratio is -1.32, which is lower than the CVRT Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of CBTY and CVRT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CBTY vs. CVRT - Drawdown Comparison

The maximum CBTY drawdown since its inception was -27.79%, which is greater than CVRT's maximum drawdown of -20.71%. Use the drawdown chart below to compare losses from any high point for CBTY and CVRT.

Drawdown Indicators

	CBTY	CVRT	Difference
Max Drawdown Largest peak-to-trough decline	-27.79%	-20.71%	-7.08%
Max Drawdown (1Y) Largest decline over 1 year	-27.79%	-15.77%	-12.02%
Current Drawdown Current decline from peak	-26.05%	-10.38%	-15.67%
Average Drawdown Average peak-to-trough decline	-16.27%	-3.35%	-12.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.73%	4.16%	+15.57%

Volatility

CBTY vs. CVRT - Volatility Comparison

The current volatility for Calamos Bitcoin 80 Series Structured Alt Protection ETF - July (CBTY) is 4.37%, while Calamos Convertible Equity Alternative ETF (CVRT) has a volatility of 7.94%. This indicates that CBTY experiences smaller price fluctuations and is considered to be less risky than CVRT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CBTY	CVRT	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.37%	7.94%	-3.57%
Volatility (6M) Calculated over the trailing 6-month period	7.61%	19.73%	-12.12%
Volatility (1Y) Calculated over the trailing 1-year period	16.31%	24.06%	-7.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.27%	20.57%	-4.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.27%	20.57%	-4.30%

CBTY vs. CVRT - Expense Ratio Comparison

Both CBTY and CVRT have an expense ratio of 0.69%.

Dividends

CBTY vs. CVRT - Dividend Comparison

CBTY's dividend yield for the trailing twelve months is around 1.64%, more than CVRT's 1.52% yield.

Position	TTM	2025	2024	2023
CBTY Calamos Bitcoin 80 Series Structured Alt Protection ETF - July	1.64%	1.47%	0.00%	0.00%
CVRT Calamos Convertible Equity Alternative ETF	1.52%	1.68%	1.49%	0.32%

Frequently Asked Questions

Can I hold both CBTY and CVRT in my portfolio?

CBTY and CVRT have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CBTY or CVRT?

CVRT has higher volatility (7.94%) compared to CBTY (4.37%). In terms of maximum drawdown, CBTY dropped -27.79% vs CVRT's -20.71%.

Which ETF is better, CBTY or CVRT?

On 1-year performance, CVRT leads with 50.02% vs -21.47% for CBTY. Both ETFs have the same 0.69% expense ratio. On volatility, CBTY has been the lower-risk option at 4.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CBTY or CVRT?

Over the 1-year period, CVRT has performed better with a 50.02% return vs -21.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CBTY or CVRT?

CBTY and CVRT have the same expense ratio: 0.69% per year.

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

CBTY has the higher dividend yield at 1.64%, compared with 1.52% for CVRT.

What is the main difference between CBTY and CVRT?

CBTY is categorized as Defined Outcome, while CVRT is Convertible Bonds.

Which has better risk-adjusted returns?

CVRT currently has the higher Sharpe Ratio (2.09 vs -1.32), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.