CVRT vs. CAIQ
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 0.61 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
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Returns By Period
In the year-to-date period, CVRT achieves a 40.89% return, which is significantly higher than CAIQ's 13.25% return.
CVRT
- 1D
- -1.21%
- 1M
- 8.71%
- YTD
- 40.89%
- 6M
- 41.79%
- 1Y
- 76.22%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CAIQ
- 1D
- -0.17%
- 1M
- 4.04%
- YTD
- 13.25%
- 6M
- 12.74%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CVRT vs. CAIQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CVRT Calamos Convertible Equity Alternative ETF | 40.89% | 6.70% |
CAIQ Calamos Nasdaq Autocallable Income ETF | 13.25% | 4.03% |
Correlation
The correlation between CVRT and CAIQ is 0.61, 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 21, 2025 | 0.61 |
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Return for Risk
CVRT vs. CAIQ — Risk / Return Rank
CVRT
CAIQ
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.
| CVRT | CAIQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.59 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 8.91 | — | — |
| Martin ratioReturn relative to average drawdown | 34.91 | — | — |
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 | CAIQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.57 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.84 | 2.63 | -0.78 |
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.
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Drawdown Indicators
| CVRT | CAIQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.71% | -9.06% | -11.65% |
Max Drawdown (1Y)Largest decline over 1 year | -8.60% | — | — |
Current DrawdownCurrent decline from peak | -1.21% | -0.27% | -0.94% |
Average DrawdownAverage peak-to-trough decline | -3.06% | -1.72% | -1.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.19% | — | — |
Volatility
CVRT vs. CAIQ - Volatility Comparison
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Volatility by Period
| CVRT | CAIQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.64% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 17.57% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 21.47% | 14.03% | +7.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.96% | 14.03% | +5.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.96% | 14.03% | +5.93% |
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 1.43%, less than CAIQ's 8.48% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
CAIQ Calamos Nasdaq Autocallable Income ETF | 8.48% | 1.54% | 0.00% | 0.00% |
CVRT Calamos Convertible Equity Alternative ETF | 1.43% | 1.68% | 1.49% | 0.32% |
Frequently Asked Questions
CVRT and CAIQ have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
CVRT is cheaper with a 0.69% expense ratio, compared with 0.74% for CAIQ.
CAIQ has the higher dividend yield at 8.48%, compared with 1.43% for CVRT.
CVRT is categorized as Convertible Bonds, while CAIQ is Nasdaq-100. Their fees differ too: 0.69% for CVRT and 0.74% for CAIQ.
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