CICVX vs. CVRT

Last updated Apr 1, 2026

Compare and contrast key facts about Calamos Convertible Fund (CICVX) and Calamos Convertible Equity Alternative ETF (CVRT).

CICVX is managed by Calamos. It was launched on Jun 25, 1997. CVRT is an actively managed fund by Calamos. It was launched on Oct 4, 2023.

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.

CICVX vs. CVRT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CICVX Calamos Convertible Fund	0.23%	19.03%	9.94%	7.92%
CVRT Calamos Convertible Equity Alternative ETF	9.28%	29.37%	13.23%	11.02%

Returns By Period

In the year-to-date period, CICVX achieves a 0.23% return, which is significantly lower than CVRT's 9.28% return.

CICVX

• 1D: -1.77%
• 1M: -6.19%
• YTD: 0.23%
• 6M: 1.71%
• 1Y: 23.96%
• 3Y*: 12.12%
• 5Y*: 3.59%
• 10Y*: 10.31%

CVRT

• 1D: 3.84%
• 1M: -3.00%
• YTD: 9.28%
• 6M: 15.65%
• 1Y: 47.99%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CICVX vs. CVRT - Expense Ratio Comparison

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

CICVX

Calamos Convertible Fund

CVRT

Calamos Convertible Equity Alternative ETF

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: 84
CICVX Sharpe Ratio Rank: 82
CICVX Sortino Ratio Rank: 82
CICVX Omega Ratio Rank: 75
CICVX Calmar Ratio Rank: 92
CICVX Martin Ratio Rank: 89

CVRT

CVRT Risk / Return Rank: 93
CVRT Sharpe Ratio Rank: 92
CVRT Sortino Ratio Rank: 92
CVRT Omega Ratio Rank: 91
CVRT Calmar Ratio Rank: 95
CVRT Martin Ratio Rank: 96

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.

	CICVX	CVRT	Difference
Sharpe ratio Return per unit of total volatility	1.54	2.10	-0.56
Sortino ratio Return per unit of downside risk	2.10	2.75	-0.65
Omega ratio Gain probability vs. loss probability	1.29	1.39	-0.10
Calmar ratio Return relative to maximum drawdown	2.73	4.10	-1.37
Martin ratio Return relative to average drawdown	9.81	18.03	-8.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CICVX vs. CVRT - Sharpe Ratio Comparison

The current CICVX Sharpe Ratio is 1.54, which is comparable to the CVRT Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of CICVX and CVRT, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CICVX	CVRT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.54	2.10	-0.56
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.29	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.81	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	1.33	-1.04

Correlation

The correlation between CICVX and CVRT is 0.93, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

CICVX vs. CVRT - Dividend Comparison

CICVX's dividend yield for the trailing twelve months is around 12.57%, more than CVRT's 1.59% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CICVX Calamos Convertible Fund	12.57%	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	1.59%	1.68%	1.49%	0.32%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

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	-7.89%	-11.56%	+3.67%
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	-7.70%	-5.08%	-2.62%
Average Drawdown Average peak-to-trough decline	-17.58%	-3.21%	-14.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.20%	2.63%	-0.43%

Volatility

CICVX vs. CVRT - Volatility Comparison

The current volatility for Calamos Convertible Fund (CICVX) is 6.16%, while Calamos Convertible Equity Alternative ETF (CVRT) has a volatility of 10.03%. 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	6.16%	10.03%	-3.87%
Volatility (6M) Calculated over the trailing 6-month period	11.86%	17.77%	-5.91%
Volatility (1Y) Calculated over the trailing 1-year period	15.31%	23.00%	-7.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.64%	19.66%	-7.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.69%	19.66%	-6.97%