CCD vs. ICVT
CCD (Calamos Dynamic Convertible and Income Fund) is a stock, while ICVT (iShares Convertible Bond ETF) is Preferred Stock/Convertible Bonds fund tracking the Bloomberg U.S. Convertible Cash Pay Bond > $250MM Index. Over the past 10 years, CCD returned 14.01%/yr vs 14.18%/yr for ICVT. A 0.55 correlation means they provide meaningful diversification when combined.
Performance
CCD vs. ICVT - Performance Comparison
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Returns By Period
In the year-to-date period, CCD achieves a 26.13% return, which is significantly higher than ICVT's 24.42% return. Both investments have delivered pretty close results over the past 10 years, with CCD having a 14.01% annualized return and ICVT not far ahead at 14.18%.
CCD
- 1D
- -1.25%
- 1M
- 3.04%
- YTD
- 26.13%
- 6M
- 22.87%
- 1Y
- 45.94%
- 3Y*
- 17.28%
- 5Y*
- 5.90%
- 10Y*
- 14.01%
ICVT
- 1D
- -1.95%
- 1M
- 3.04%
- YTD
- 24.42%
- 6M
- 22.70%
- 1Y
- 40.17%
- 3Y*
- 20.04%
- 5Y*
- 6.76%
- 10Y*
- 14.18%
CCD vs. ICVT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CCD Calamos Dynamic Convertible and Income Fund | 26.13% | -4.26% | 35.89% | 7.98% | -28.00% | 20.33% | 45.75% | 41.60% | -9.64% | 26.56% |
ICVT iShares Convertible Bond ETF | 24.42% | 18.10% | 10.61% | 15.35% | -20.66% | -0.66% | 61.01% | 21.76% | -0.27% | 16.38% |
Correlation
The correlation between CCD and ICVT is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.71 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.64 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.65 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.60 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2015 | 0.55 |
The correlation between CCD and ICVT shifts across timeframes, from 0.55 (all time) to 0.71 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
CCD vs. ICVT — Risk / Return Rank
CCD
ICVT
CCD vs. ICVT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Calamos Dynamic Convertible and Income Fund (CCD) and iShares Convertible Bond ETF (ICVT). 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.
| CCD | ICVT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.04 | ||
| Sortino ratioReturn per unit of downside risk | +0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.46 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 4.17 | 5.35 | -1.18 |
| Martin ratioReturn relative to average drawdown | 18.09 | 18.22 | -0.14 |
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Drawdowns
CCD vs. ICVT - Drawdown Comparison
The maximum CCD drawdown since its inception was -55.42%, which is greater than ICVT's maximum drawdown of -33.25%. Use the drawdown chart below to compare losses from any high point for CCD and ICVT.
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Drawdown Indicators
| CCD | ICVT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.42% | -33.25% | -22.17% |
Max Drawdown (1Y)Largest decline over 1 year | -11.08% | -7.55% | -3.53% |
Max Drawdown (3Y)Largest decline over 3 years | -22.28% | -11.22% | -11.06% |
Max Drawdown (5Y)Largest decline over 5 years | -37.54% | -29.95% | -7.59% |
Max Drawdown (10Y)Largest decline over 10 years | -55.42% | -33.25% | -22.17% |
Current DrawdownCurrent decline from peak | -1.81% | -1.95% | +0.14% |
Average DrawdownAverage peak-to-trough decline | -11.78% | -9.46% | -2.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.55% | 2.21% | +0.34% |
Volatility
CCD vs. ICVT - Volatility Comparison
The current volatility for Calamos Dynamic Convertible and Income Fund (CCD) is 6.28%, while iShares Convertible Bond ETF (ICVT) has a volatility of 7.08%. This indicates that CCD experiences smaller price fluctuations and is considered to be less risky than ICVT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CCD | ICVT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.28% | 7.08% | -0.80% |
Volatility (6M)Calculated over the trailing 6-month period | 15.43% | 13.10% | +2.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.28% | 15.68% | +2.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.44% | 13.51% | +6.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.88% | 15.61% | +10.27% |
Dividends
CCD vs. ICVT - Dividend Comparison
CCD's dividend yield for the trailing twelve months is around 9.27%, more than ICVT's 1.30% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CCD Calamos Dynamic Convertible and Income Fund | 9.27% | 11.22% | 9.63% | 11.83% | 11.42% | 7.43% | 7.11% | 8.93% | 12.21% | 9.99% | 11.43% | 7.40% |
ICVT iShares Convertible Bond ETF | 1.30% | 1.73% | 2.19% | 1.85% | 1.93% | 7.70% | 3.98% | 1.86% | 4.82% | 2.56% | 3.06% | 1.57% |
Frequently Asked Questions
CCD and ICVT have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ICVT has higher volatility (7.08%) compared to CCD (6.28%). In terms of maximum drawdown, CCD dropped -55.42% vs ICVT's -33.25%.
ICVT currently has the higher Sharpe Ratio (2.57 vs 2.53), 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.
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