CVRT vs. BDCX
CVRT (Calamos Convertible Equity Alternative ETF) and BDCX (ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN) are both exchange-traded funds - CVRT is a Convertible Bonds fund actively managed by Calamos, while BDCX is a Leveraged Equities fund tracking the MVIS US Business Development Companies (150%). CVRT is actively managed, while BDCX is passively managed. Over the past year, CVRT returned 65.98% vs -18.01% for BDCX. At a 0.41 correlation, their price movements are largely independent. CVRT charges 0.69%/yr vs 0.95%/yr for BDCX.
Performance
CVRT vs. BDCX - Performance Comparison
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Returns By Period
In the year-to-date period, CVRT achieves a 33.68% return, which is significantly higher than BDCX's -11.90% return.
CVRT
- 1D
- 0.22%
- 1M
- 0.03%
- YTD
- 33.68%
- 6M
- 32.37%
- 1Y
- 65.98%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BDCX
- 1D
- -0.44%
- 1M
- -5.50%
- YTD
- -11.90%
- 6M
- -14.62%
- 1Y
- -18.01%
- 3Y*
- 2.98%
- 5Y*
- 1.22%
- 10Y*
- —
CVRT vs. BDCX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CVRT Calamos Convertible Equity Alternative ETF | 33.68% | 29.37% | 13.23% | 11.02% |
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | -11.90% | -10.42% | 15.32% | 13.13% |
Correlation
The correlation between CVRT and BDCX is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.33 |
Correlation (All Time) Calculated using the full available price history since Oct 5, 2023 | 0.41 |
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Return for Risk
CVRT vs. BDCX — Risk / Return Rank
CVRT
BDCX
CVRT vs. BDCX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Calamos Convertible Equity Alternative ETF (CVRT) and ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX). 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.
| CVRT | BDCX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.65 | ||
| Sortino ratioReturn per unit of downside risk | +4.45 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 0.91 | +0.60 |
| Calmar ratioReturn relative to maximum drawdown | 7.71 | -0.59 | +8.31 |
| Martin ratioReturn relative to average drawdown | 29.24 | -1.04 | +30.28 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CVRT | BDCX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.99 | -0.66 | +3.65 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.05 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.68 | 0.43 | +1.25 |
Drawdowns
CVRT vs. BDCX - Drawdown Comparison
The maximum CVRT drawdown since its inception was -20.71%, smaller than the maximum BDCX drawdown of -34.96%. Use the drawdown chart below to compare losses from any high point for CVRT and BDCX.
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Drawdown Indicators
| CVRT | BDCX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.71% | -34.96% | +14.25% |
Max Drawdown (1Y)Largest decline over 1 year | -8.60% | -30.46% | +21.86% |
Max Drawdown (3Y)Largest decline over 3 years | — | -33.39% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -34.96% | — |
Current DrawdownCurrent decline from peak | -6.26% | -28.40% | +22.14% |
Average DrawdownAverage peak-to-trough decline | -3.07% | -10.10% | +7.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.26% | 17.35% | -15.09% |
Volatility
CVRT vs. BDCX - Volatility Comparison
Calamos Convertible Equity Alternative ETF (CVRT) and ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) have volatilities of 9.06% and 8.65%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CVRT | BDCX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.06% | 8.65% | +0.41% |
Volatility (6M)Calculated over the trailing 6-month period | 18.46% | 22.81% | -4.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.22% | 27.60% | -5.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.20% | 26.59% | -6.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.20% | 26.94% | -6.74% |
CVRT vs. BDCX - Expense Ratio Comparison
CVRT has a 0.69% expense ratio, which is lower than BDCX's 0.95% expense ratio.
Dividends
CVRT vs. BDCX - Dividend Comparison
CVRT's dividend yield for the trailing twelve months is around 1.50%, less than BDCX's 20.31% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | 20.31% | 19.17% | 15.28% | 14.71% | 17.47% | 11.52% | 6.32% |
CVRT Calamos Convertible Equity Alternative ETF | 1.50% | 1.68% | 1.49% | 0.32% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CVRT and BDCX have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CVRT has higher volatility (9.06%) compared to BDCX (8.65%). In terms of maximum drawdown, CVRT dropped -20.71% vs BDCX's -34.96%.
On 1-year performance, CVRT leads with 65.98% vs -18.01% for BDCX. On fees, CVRT is cheaper at 0.69% per year. On volatility, BDCX has been the lower-risk option at 8.65%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, CVRT has performed better with a 65.98% return vs -18.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CVRT is cheaper with a 0.69% expense ratio, compared with 0.95% for BDCX.
BDCX has the higher dividend yield at 20.31%, compared with 1.50% for CVRT.
CVRT is categorized as Convertible Bonds, while BDCX is Leveraged Equities. They also come from different issuers: Calamos and UBS. Their fees differ too: 0.69% for CVRT and 0.95% for BDCX.
CVRT currently has the higher Sharpe Ratio (2.99 vs -0.66), 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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