CCEF vs. CVRT

Last updated Jun 23, 2026

CCEF (Calamos CEF Income & Arbitrage ETF) and CVRT (Calamos Convertible Equity Alternative ETF) are both exchange-traded funds - CCEF is a Dividend fund actively managed by Calamos, while CVRT is a Convertible Bonds fund actively managed by Calamos. Both are actively managed. Over the past year, CCEF returned 15.76% vs 74.38% for CVRT. A 0.67 correlation means they provide meaningful diversification when combined. CCEF charges 2.74%/yr vs 0.69%/yr for CVRT.

Performance

CCEF vs. CVRT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos CEF Income & Arbitrage ETF (CCEF) 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, CCEF achieves a 6.04% return, which is significantly lower than CVRT's 39.11% return.

CCEF

• 1D: -0.09%
• 1M: 0.89%
• YTD: 6.04%
• 6M: 6.94%
• 1Y: 15.76%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CVRT

• 1D: -0.13%
• 1M: 3.58%
• YTD: 39.11%
• 6M: 36.22%
• 1Y: 74.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CCEF vs. CVRT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CCEF Calamos CEF Income & Arbitrage ETF	6.04%	13.47%	17.80%
CVRT Calamos Convertible Equity Alternative ETF	39.11%	29.37%	16.73%

Correlation

The correlation between CCEF and CVRT is 0.62, 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	0.62
Correlation (All Time) Calculated using the full available price history since Jan 16, 2024	0.67

The correlation between CCEF and CVRT has been stable across timeframes, ranging from 0.62 to 0.67 - a consistent structural relationship.

Return for Risk

CCEF vs. CVRT — Risk / Return Rank

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

CCEF

CCEF Risk / Return Rank: 55
CCEF Sharpe Ratio Rank: 59
CCEF Sortino Ratio Rank: 58
CCEF Omega Ratio Rank: 62
CCEF Calmar Ratio Rank: 42
CCEF Martin Ratio Rank: 53

CVRT

CVRT Risk / Return Rank: 93
CVRT Sharpe Ratio Rank: 94
CVRT Sortino Ratio Rank: 90
CVRT Omega Ratio Rank: 90
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.

CCEF vs. CVRT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos CEF Income & Arbitrage ETF (CCEF) 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.

	CCEF	CVRT	Difference
Sharpe ratio: Return per unit of total volatility	1.92	3.32	-1.39
Sortino ratio: Return per unit of downside risk	2.66	3.95	-1.29
Omega ratio: Gain probability vs. loss probability	1.36	1.55	-0.19
Calmar ratio: Return relative to maximum drawdown	2.04	8.70	-6.65
Martin ratio: Return relative to average drawdown	8.80	30.60	-21.80

CCEF vs. CVRT - Sharpe Ratio Comparison

The current CCEF Sharpe Ratio is 1.92, which is lower than the CVRT Sharpe Ratio of 3.32. The chart below compares the historical Sharpe Ratios of CCEF 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

CCEF vs. CVRT - Drawdown Comparison

The maximum CCEF drawdown since its inception was -13.25%, smaller than the maximum CVRT drawdown of -20.71%. Use the drawdown chart below to compare losses from any high point for CCEF and CVRT.

Drawdown Indicators

	CCEF	CVRT	Difference
Max Drawdown Largest peak-to-trough decline	-13.25%	-20.71%	+7.46%
Max Drawdown (1Y) Largest decline over 1 year	-7.75%	-8.60%	+0.85%
Current Drawdown Current decline from peak	-0.50%	-2.45%	+1.95%
Average Drawdown Average peak-to-trough decline	-1.35%	-3.08%	+1.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.79%	2.44%	-0.65%

Volatility

CCEF vs. CVRT - Volatility Comparison

The current volatility for Calamos CEF Income & Arbitrage ETF (CCEF) is 2.58%, while Calamos Convertible Equity Alternative ETF (CVRT) has a volatility of 8.70%. This indicates that CCEF 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

	CCEF	CVRT	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.58%	8.70%	-6.12%
Volatility (6M) Calculated over the trailing 6-month period	6.98%	18.69%	-11.71%
Volatility (1Y) Calculated over the trailing 1-year period	8.24%	22.59%	-14.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.78%	20.25%	-9.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.78%	20.25%	-9.47%

CCEF vs. CVRT - Expense Ratio Comparison

CCEF has a 2.74% expense ratio, which is higher than CVRT's 0.69% expense ratio.

Dividends

CCEF vs. CVRT - Dividend Comparison

CCEF's dividend yield for the trailing twelve months is around 7.96%, more than CVRT's 1.44% yield.

Position	TTM	2025	2024	2023
CCEF Calamos CEF Income & Arbitrage ETF	7.96%	8.08%	6.55%	0.00%
CVRT Calamos Convertible Equity Alternative ETF	1.44%	1.68%	1.49%	0.32%

Frequently Asked Questions

Can I hold both CCEF and CVRT in my portfolio?

CCEF and CVRT have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CCEF or CVRT?

CVRT has higher volatility (8.70%) compared to CCEF (2.58%). In terms of maximum drawdown, CCEF dropped -13.25% vs CVRT's -20.71%.

Which ETF is better, CCEF or CVRT?

On 1-year performance, CVRT leads with 74.38% vs 15.76% for CCEF. On fees, CVRT is cheaper at 0.69% per year. On volatility, CCEF has been the lower-risk option at 2.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CCEF or CVRT?

Over the 1-year period, CVRT has performed better with a 74.38% return vs 15.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CCEF or CVRT?

CVRT is cheaper with a 0.69% expense ratio, compared with 2.74% for CCEF.

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

CCEF has the higher dividend yield at 7.96%, compared with 1.44% for CVRT.

What is the main difference between CCEF and CVRT?

CCEF is categorized as Dividend, while CVRT is Convertible Bonds. Their fees differ too: 2.74% for CCEF and 0.69% for CVRT.

Which has better risk-adjusted returns?

CVRT currently has the higher Sharpe Ratio (3.32 vs 1.92), 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.