CVRT vs. CAIQ

Last updated Jul 17, 2026

CVRT (Calamos Convertible Equity Alternative ETF) and CAIQ (Calamos Nasdaq Autocallable Income ETF) are both exchange-traded funds - CVRT is a Convertible Bonds fund actively managed by Calamos, while CAIQ is a Nasdaq-100 fund tracking the MerQube Nasdaq-100 Vol Advantage Autocallable Index. CVRT is actively managed, while CAIQ is passively managed. A 0.65 correlation means they provide meaningful diversification when combined. CVRT charges 0.69%/yr vs 0.74%/yr for CAIQ.

Performance

CVRT vs. CAIQ - Performance Comparison

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

Returns By Period

In the year-to-date period, CVRT achieves a 24.60% return, which is significantly higher than CAIQ's 10.57% return.

CVRT

• 1D: -2.86%
• 1M: -9.74%
• 6M: 16.71%
• YTD: 24.60%
• 1Y: 43.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CAIQ

• 1D: -0.88%
• 1M: -1.64%
• 6M: 9.78%
• YTD: 10.57%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CVRT vs. CAIQ - Yearly Performance Comparison

	2026 (YTD)	2025
CVRT Calamos Convertible Equity Alternative ETF	24.60%	3.63%
CAIQ Calamos Nasdaq Autocallable Income ETF	10.57%	4.03%

Correlation

The correlation between CVRT and CAIQ is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 20, 2025	0.65

Return for Risk

CVRT vs. CAIQ — Risk / Return Rank

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

CVRT

CVRT Risk / Return Rank: 74
CVRT Sharpe Ratio Rank: 73
CVRT Sortino Ratio Rank: 67
CVRT Omega Ratio Rank: 66
CVRT Calmar Ratio Rank: 82
CVRT Martin Ratio Rank: 85

CAIQ

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

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. CAIQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Convertible Equity Alternative ETF (CVRT) and Calamos Nasdaq Autocallable Income ETF (CAIQ). 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	CAIQ	Difference
Sharpe ratio: Return per unit of total volatility	1.86	—	—
Sortino ratio: Return per unit of downside risk	2.45	—	—
Omega ratio: Gain probability vs. loss probability	1.32	—	—
Calmar ratio: Return relative to maximum drawdown	3.44	—	—
Martin ratio: Return relative to average drawdown	13.46	—	—

Drawdowns

CVRT vs. CAIQ - Drawdown Comparison

The maximum CVRT drawdown since its inception was -20.71%, which is greater than CAIQ's maximum drawdown of -9.06%. Use the drawdown chart below to compare losses from any high point for CVRT and CAIQ.

Drawdown Indicators

	CVRT	CAIQ	Difference
Max Drawdown Largest peak-to-trough decline	-20.71%	-9.06%	-11.65%
Max Drawdown (1Y) Largest decline over 1 year	-12.63%	—	—
Current Drawdown Current decline from peak	-12.63%	-2.63%	-10.00%
Average Drawdown Average peak-to-trough decline	-3.20%	-1.67%	-1.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.22%	—	—

Volatility

Volatility by Period

	CVRT	CAIQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.52%	—	—
Volatility (6M) Calculated over the trailing 6-month period	19.20%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	23.38%	13.43%	+9.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.41%	13.43%	+6.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.41%	13.43%	+6.98%

CVRT vs. CAIQ - Expense Ratio Comparison

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

Dividends

CVRT vs. CAIQ - Dividend Comparison

CVRT's dividend yield for the trailing twelve months is around 1.59%, less than CAIQ's 10.27% yield.

Position	TTM	2025	2024	2023
CAIQ Calamos Nasdaq Autocallable Income ETF	10.27%	1.54%	0.00%	0.00%
CVRT Calamos Convertible Equity Alternative ETF	1.59%	1.68%	1.49%	0.32%

Frequently Asked Questions

Can I hold both CVRT and CAIQ in my portfolio?

CVRT and CAIQ have a correlation of 0.65, 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 CAIQ?

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 CAIQ?

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

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

CAIQ has the higher dividend yield at 10.27%, compared with 1.59% for CVRT.

What is the main difference between CVRT and CAIQ?

CVRT is categorized as Convertible Bonds, while CAIQ is Nasdaq-100. Their fees differ too: 0.69% for CVRT and 0.74% for CAIQ.