CVRT vs. CAIE

Last updated Jul 14, 2026

CVRT (Calamos Convertible Equity Alternative ETF) and CAIE (Calamos Autocallable Income ETF) are both exchange-traded funds - CVRT is a Convertible Bonds fund actively managed by Calamos, while CAIE is a Derivative Income fund tracking the MerQube US Large Cap Vol Advantage Autocallable Index. CVRT is actively managed, while CAIE is passively managed. Over the past year, CVRT returned 50.79% vs 19.94% for CAIE. A 0.68 correlation means they provide meaningful diversification when combined. CVRT charges 0.69%/yr vs 0.74%/yr for CAIE.

Performance

CVRT vs. CAIE - Performance Comparison

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

Returns By Period

In the year-to-date period, CVRT achieves a 28.31% return, which is significantly higher than CAIE's 8.26% return.

CVRT

• 1D: -1.85%
• 1M: -5.29%
• 6M: 21.33%
• YTD: 28.31%
• 1Y: 50.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CAIE

• 1D: -0.70%
• 1M: 0.81%
• 6M: 6.47%
• YTD: 8.26%
• 1Y: 19.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CVRT vs. CAIE - Yearly Performance Comparison

	2026 (YTD)	2025
CVRT Calamos Convertible Equity Alternative ETF	28.31%	23.05%
CAIE Calamos Autocallable Income ETF	8.26%	15.12%

Correlation

The correlation between CVRT and CAIE is 0.67, 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	0.67
Correlation (All Time) Calculated using the full available price history since Jun 25, 2025	0.68

The correlation between CVRT and CAIE has been stable across timeframes, ranging from 0.67 to 0.68 - a consistent structural relationship.

Return for Risk

CVRT vs. CAIE — Risk / Return Rank

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

CVRT

CVRT Risk / Return Rank: 86
CVRT Sharpe Ratio Rank: 86
CVRT Sortino Ratio Rank: 80
CVRT Omega Ratio Rank: 80
CVRT Calmar Ratio Rank: 93
CVRT Martin Ratio Rank: 91

CAIE

CAIE Risk / Return Rank: 66
CAIE Sharpe Ratio Rank: 65
CAIE Sortino Ratio Rank: 63
CAIE Omega Ratio Rank: 64
CAIE Calmar Ratio Rank: 65
CAIE Martin Ratio Rank: 75

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.

CVRT vs. CAIE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Convertible Equity Alternative ETF (CVRT) and Calamos Autocallable Income ETF (CAIE). 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	CAIE	Difference
Sharpe ratio: Return per unit of total volatility	2.20	1.69	+0.51
Sortino ratio: Return per unit of downside risk	2.82	2.35	+0.47
Omega ratio: Gain probability vs. loss probability	1.37	1.31	+0.06
Calmar ratio: Return relative to maximum drawdown	5.09	2.59	+2.50
Martin ratio: Return relative to average drawdown	16.96	11.07	+5.89

CVRT vs. CAIE - Sharpe Ratio Comparison

The current CVRT Sharpe Ratio is 2.20, which is higher than the CAIE Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of CVRT and CAIE, 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

CVRT vs. CAIE - Drawdown Comparison

The maximum CVRT drawdown since its inception was -20.71%, which is greater than CAIE's maximum drawdown of -7.73%. Use the drawdown chart below to compare losses from any high point for CVRT and CAIE.

Drawdown Indicators

	CVRT	CAIE	Difference
Max Drawdown Largest peak-to-trough decline	-20.71%	-7.73%	-12.98%
Max Drawdown (1Y) Largest decline over 1 year	-10.03%	-7.73%	-2.30%
Current Drawdown Current decline from peak	-10.03%	-1.13%	-8.90%
Average Drawdown Average peak-to-trough decline	-3.17%	-1.10%	-2.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.00%	1.81%	+1.19%

Volatility

CVRT vs. CAIE - Volatility Comparison

Calamos Convertible Equity Alternative ETF (CVRT) has a higher volatility of 7.42% compared to Calamos Autocallable Income ETF (CAIE) at 2.66%. This indicates that CVRT's price experiences larger fluctuations and is considered to be riskier than CAIE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVRT	CAIE	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.42%	2.66%	+4.76%
Volatility (6M) Calculated over the trailing 6-month period	18.98%	8.34%	+10.64%
Volatility (1Y) Calculated over the trailing 1-year period	23.25%	11.89%	+11.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.36%	11.84%	+8.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.36%	11.84%	+8.52%

CVRT vs. CAIE - Expense Ratio Comparison

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

Dividends

CVRT vs. CAIE - Dividend Comparison

CVRT's dividend yield for the trailing twelve months is around 1.54%, less than CAIE's 14.53% yield.

Position	TTM	2025	2024	2023
CAIE Calamos Autocallable Income ETF	14.53%	7.46%	0.00%	0.00%
CVRT Calamos Convertible Equity Alternative ETF	1.54%	1.68%	1.49%	0.32%

Frequently Asked Questions

Can I hold both CVRT and CAIE in my portfolio?

CVRT and CAIE have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CVRT or CAIE?

CVRT has higher volatility (7.42%) compared to CAIE (2.66%). In terms of maximum drawdown, CVRT dropped -20.71% vs CAIE's -7.73%.

Which ETF is better, CVRT or CAIE?

On 1-year performance, CVRT leads with 50.79% vs 19.94% for CAIE. On fees, CVRT is cheaper at 0.69% per year. On volatility, CAIE has been the lower-risk option at 2.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVRT or CAIE?

Over the 1-year period, CVRT has performed better with a 50.79% return vs 19.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVRT or CAIE?

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

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

CAIE has the higher dividend yield at 14.53%, compared with 1.54% for CVRT.

What is the main difference between CVRT and CAIE?

CVRT is categorized as Convertible Bonds, while CAIE is Derivative Income. Their fees differ too: 0.69% for CVRT and 0.74% for CAIE.

Which has better risk-adjusted returns?

CVRT currently has the higher Sharpe Ratio (2.20 vs 1.69), 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.