CVRT vs. CAGE

Last updated Aug 4, 2026

CVRT (Calamos Convertible Equity Alternative ETF) and CAGE (Calamos Autocallable Growth ETF) are both exchange-traded funds - CVRT is a Convertible Bonds fund actively managed by Calamos, while CAGE is a Defined Outcome fund actively managed by Calamos. Both are actively managed. Their 0.70 correlation means they have sometimes moved together and sometimes differently. CVRT charges 0.69%/yr vs 0.74%/yr for CAGE.

Performance

CVRT vs. CAGE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Convertible Equity Alternative ETF (CVRT) and Calamos Autocallable Growth ETF (CAGE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

CVRT

• 1D: 2.13%
• 1M: -1.56%
• 6M: 16.93%
• YTD: 27.81%
• 1Y: 50.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 29.67%

CAGE

• 1D: 2.24%
• 1M: 2.17%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CAGE Calamos Autocallable Growth ETF	$2.43M	$3.21M	$2.76M
CVRT Calamos Convertible Equity Alternative ETF	$324.55K	$419.91K	$466.26K

CVRT vs. CAGE - Yearly Performance Comparison

	2026 (YTD)
CVRT Calamos Convertible Equity Alternative ETF	5.53%
CAGE Calamos Autocallable Growth ETF	12.91%

Correlation

The correlation between CVRT and CAGE is 0.70, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 16, 2026	0.70

Return for Risk

CVRT vs. CAGE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CVRT

CVRT Risk / Return Rank: 83
CVRT Sharpe Ratio Rank: 86
CVRT Sortino Ratio Rank: 80
CVRT Omega Ratio Rank: 80
CVRT Calmar Ratio Rank: 83
CVRT Martin Ratio Rank: 84

CAGE

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CVRT vs. CAGE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Convertible Equity Alternative ETF (CVRT) and Calamos Autocallable Growth ETF (CAGE). 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.

	CVRT	CAGE	Difference
Sharpe ratio: Return per unit of total volatility	2.09	—	—
Sortino ratio: Return per unit of downside risk	2.72	—	—
Omega ratio: Gain probability vs. loss probability	1.35	—	—
Calmar ratio: Return relative to maximum drawdown	3.19	—	—
Martin ratio: Return relative to average drawdown	12.05	—	—

Drawdowns

CVRT vs. CAGE - Drawdown Comparison

The maximum CVRT drawdown since its inception was -20.71%, which is greater than CAGE's maximum drawdown of -6.67%. Use the drawdown chart below to compare losses from any high point for CVRT and CAGE.

Drawdown Indicators

	CVRT	CAGE	Difference
Max Drawdown Largest peak-to-trough decline	-20.71%	-6.67%	-14.04%
Max Drawdown (1Y) Largest decline over 1 year	-15.77%	—	—
Current Drawdown Current decline from peak	-10.38%	-0.81%	-9.57%
Average Drawdown Average peak-to-trough decline	-3.35%	-2.03%	-1.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.16%	—	—

Volatility

Volatility by Period

	CVRT	CAGE	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.94%	—	—
Volatility (6M) Calculated over the trailing 6-month period	19.73%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	24.06%	21.83%	+2.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.57%	21.83%	-1.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.57%	21.83%	-1.26%

CVRT vs. CAGE - Expense Ratio Comparison

CVRT has a 0.69% expense ratio, which is lower than CAGE's 0.74% expense ratio.

Dividends

CVRT vs. CAGE - Dividend Comparison

CVRT's dividend yield for the trailing twelve months is around 1.52%, while CAGE has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
CAGE Calamos Autocallable Growth ETF	0.00%	0.00%	0.00%	0.00%
CVRT Calamos Convertible Equity Alternative ETF	1.52%	1.68%	1.49%	0.32%

Frequently Asked Questions

Can I hold both CVRT and CAGE in my portfolio?

CVRT and CAGE have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CVRT or CAGE?

On fees, CVRT is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CVRT or CAGE?

CVRT is cheaper with a 0.69% expense ratio, compared with 0.74% for CAGE.

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

CVRT has the higher dividend yield at 1.52%, compared with 0.00% for CAGE.

What is the main difference between CVRT and CAGE?

CVRT is categorized as Convertible Bonds, while CAGE is Defined Outcome. Their fees differ too: 0.69% for CVRT and 0.74% for CAGE.