CICVX vs. CVRT

Last updated Jun 23, 2026

CICVX (Calamos Convertible Fund) and CVRT (Calamos Convertible Equity Alternative ETF) are both funds - CICVX is a Preferred Stock/Convertible Bonds fund managed by Calamos, while CVRT is a Convertible Bonds fund actively managed by Calamos. Over the past year, CICVX returned 45.20% vs 74.38% for CVRT. Their correlation of 0.93 suggests significant overlap in exposure. CICVX charges 0.85%/yr vs 0.69%/yr for CVRT.

Performance

CICVX vs. CVRT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Convertible Fund (CICVX) 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, CICVX achieves a 27.00% return, which is significantly lower than CVRT's 39.11% return.

CICVX

• 1D: 1.36%
• 1M: 5.19%
• YTD: 27.00%
• 6M: 24.56%
• 1Y: 45.20%
• 3Y*: 20.20%
• 5Y*: 8.39%
• 10Y*: 12.63%

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)

CICVX vs. CVRT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CICVX Calamos Convertible Fund	27.00%	19.03%	9.94%	7.92%
CVRT Calamos Convertible Equity Alternative ETF	39.11%	29.37%	13.23%	11.44%

Correlation

The correlation between CICVX and CVRT is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (All Time) Calculated using the full available price history since Oct 4, 2023	0.93

The correlation between CICVX and CVRT has been stable across timeframes, ranging from 0.93 to 0.95 - a consistent structural relationship.

Return for Risk

CICVX vs. CVRT — Risk / Return Rank

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

CICVX

CICVX Risk / Return Rank: 90
CICVX Sharpe Ratio Rank: 93
CICVX Sortino Ratio Rank: 84
CICVX Omega Ratio Rank: 82
CICVX Calmar Ratio Rank: 96
CICVX Martin Ratio Rank: 96

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.

CICVX vs. CVRT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Convertible Fund (CICVX) 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.

	CICVX	CVRT	Difference
Sharpe ratio: Return per unit of total volatility	2.89	3.32	-0.42
Sortino ratio: Return per unit of downside risk	3.69	3.95	-0.26
Omega ratio: Gain probability vs. loss probability	1.50	1.55	-0.05
Calmar ratio: Return relative to maximum drawdown	5.92	8.70	-2.78
Martin ratio: Return relative to average drawdown	21.81	30.60	-8.80

CICVX vs. CVRT - Sharpe Ratio Comparison

The current CICVX Sharpe Ratio is 2.89, which is comparable to the CVRT Sharpe Ratio of 3.32. The chart below compares the historical Sharpe Ratios of CICVX 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

CICVX vs. CVRT - Drawdown Comparison

The maximum CICVX drawdown since its inception was -49.33%, which is greater than CVRT's maximum drawdown of -20.71%. Use the drawdown chart below to compare losses from any high point for CICVX and CVRT.

Drawdown Indicators

	CICVX	CVRT	Difference
Max Drawdown Largest peak-to-trough decline	-49.33%	-20.71%	-28.62%
Max Drawdown (1Y) Largest decline over 1 year	-7.70%	-8.60%	+0.90%
Max Drawdown (3Y) Largest decline over 3 years	-14.79%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-27.17%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-27.17%	—	—
Current Drawdown Current decline from peak	0.00%	-2.45%	+2.45%
Average Drawdown Average peak-to-trough decline	-17.45%	-3.08%	-14.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.09%	2.44%	-0.35%

Volatility

CICVX vs. CVRT - Volatility Comparison

The current volatility for Calamos Convertible Fund (CICVX) is 6.26%, while Calamos Convertible Equity Alternative ETF (CVRT) has a volatility of 8.70%. This indicates that CICVX 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

	CICVX	CVRT	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.26%	8.70%	-2.44%
Volatility (6M) Calculated over the trailing 6-month period	13.10%	18.69%	-5.59%
Volatility (1Y) Calculated over the trailing 1-year period	15.74%	22.59%	-6.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.10%	20.25%	-7.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.00%	20.25%	-7.25%

CICVX vs. CVRT - Expense Ratio Comparison

CICVX has a 0.85% expense ratio, which is higher than CVRT's 0.69% expense ratio.

Dividends

CICVX vs. CVRT - Dividend Comparison

CICVX's dividend yield for the trailing twelve months is around 9.82%, more than CVRT's 1.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CICVX Calamos Convertible Fund	9.82%	12.51%	1.83%	2.48%	0.94%	15.90%	7.74%	1.39%	16.75%	4.55%	3.43%	5.41%
CVRT Calamos Convertible Equity Alternative ETF	1.44%	1.68%	1.49%	0.32%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CICVX and CVRT in my portfolio?

With a correlation of 0.95, CICVX and CVRT move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, CICVX or CVRT?

CVRT has higher volatility (8.70%) compared to CICVX (6.26%). In terms of maximum drawdown, CICVX dropped -49.33% vs CVRT's -20.71%.

Which has better risk-adjusted returns?

CVRT currently has the higher Sharpe Ratio (3.32 vs 2.89), 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.