CBXL vs. CVRT

Last updated Jun 26, 2026

CBXL (Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF) and CVRT (Calamos Convertible Equity Alternative ETF) are both exchange-traded funds - CBXL is a Defined Outcome fund actively managed by Calamos, while CVRT is a Convertible Bonds fund actively managed by Calamos. Both are actively managed. At a 0.47 correlation, their price movements are largely independent. CBXL charges 0.79%/yr vs 0.69%/yr for CVRT.

Performance

CBXL vs. CVRT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF (CBXL) 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, CBXL achieves a -10.95% return, which is significantly lower than CVRT's 34.91% return.

CBXL

• 1D: -0.05%
• 1M: -3.47%
• YTD: -10.95%
• 6M: -11.09%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CVRT

• 1D: 0.03%
• 1M: -1.38%
• YTD: 34.91%
• 6M: 31.79%
• 1Y: 66.08%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CBXL vs. CVRT - Yearly Performance Comparison

	2026 (YTD)	2025
CBXL Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF	-10.95%	-9.01%
CVRT Calamos Convertible Equity Alternative ETF	34.91%	1.89%

Correlation

The correlation between CBXL and CVRT is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 14, 2025	0.47

Return for Risk

CBXL vs. CVRT — Risk / Return Rank

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

CBXL

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

CVRT

CVRT Risk / Return Rank: 93
CVRT Sharpe Ratio Rank: 93
CVRT Sortino Ratio Rank: 89
CVRT Omega Ratio Rank: 89
CVRT Calmar Ratio Rank: 96
CVRT Martin Ratio Rank: 95

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.

CBXL vs. CVRT - Risk-Adjusted Trends Comparison

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

	CBXL	CVRT	Difference
Sharpe ratio: Return per unit of total volatility	—	2.93	—
Sortino ratio: Return per unit of downside risk	—	3.58	—
Omega ratio: Gain probability vs. loss probability	—	1.49	—
Calmar ratio: Return relative to maximum drawdown	—	7.72	—
Martin ratio: Return relative to average drawdown	—	26.50	—

Drawdowns

CBXL vs. CVRT - Drawdown Comparison

The maximum CBXL drawdown since its inception was -19.77%, roughly equal to the maximum CVRT drawdown of -20.71%. Use the drawdown chart below to compare losses from any high point for CBXL and CVRT.

Drawdown Indicators

	CBXL	CVRT	Difference
Max Drawdown Largest peak-to-trough decline	-19.77%	-20.71%	+0.94%
Max Drawdown (1Y) Largest decline over 1 year	—	-8.60%	—
Current Drawdown Current decline from peak	-19.77%	-5.40%	-14.37%
Average Drawdown Average peak-to-trough decline	-12.68%	-3.09%	-9.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.50%	—

Volatility

Volatility by Period

	CBXL	CVRT	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	8.46%	—
Volatility (6M) Calculated over the trailing 6-month period	—	18.74%	—
Volatility (1Y) Calculated over the trailing 1-year period	12.96%	22.66%	-9.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.96%	20.26%	-7.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.96%	20.26%	-7.30%

CBXL vs. CVRT - Expense Ratio Comparison

CBXL has a 0.79% expense ratio, which is higher than CVRT's 0.69% expense ratio.

Dividends

CBXL vs. CVRT - Dividend Comparison

CBXL's dividend yield for the trailing twelve months is around 1.60%, more than CVRT's 1.49% yield.

Position	TTM	2025	2024	2023
CBXL Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF	1.60%	1.42%	0.00%	0.00%
CVRT Calamos Convertible Equity Alternative ETF	1.49%	1.68%	1.49%	0.32%

Frequently Asked Questions

Can I hold both CBXL and CVRT in my portfolio?

CBXL and CVRT have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CBXL 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, CBXL or CVRT?

CVRT is cheaper with a 0.69% expense ratio, compared with 0.79% for CBXL.

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

CBXL has the higher dividend yield at 1.60%, compared with 1.49% for CVRT.

What is the main difference between CBXL and CVRT?

CBXL is categorized as Defined Outcome, while CVRT is Convertible Bonds. Their fees differ too: 0.79% for CBXL and 0.69% for CVRT.