CVRT vs. CAIQ

Last updated Apr 1, 2026

Compare and contrast key facts about Calamos Convertible Equity Alternative ETF (CVRT) and Calamos Nasdaq Autocallable Income ETF (CAIQ).

CVRT and CAIQ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CVRT is an actively managed fund by Calamos. It was launched on Oct 4, 2023. CAIQ is a passively managed fund by Calamos that tracks the performance of the MerQube Nasdaq-100 Vol Advantage Autocallable Index. It was launched on Nov 20, 2024.

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.

CVRT vs. CAIQ - Yearly Performance Comparison

	2026 (YTD)	2025
CVRT Calamos Convertible Equity Alternative ETF	9.28%	6.70%
CAIQ Calamos Nasdaq Autocallable Income ETF	-4.16%	4.03%

Returns By Period

In the year-to-date period, CVRT achieves a 9.28% return, which is significantly higher than CAIQ's -4.16% return.

CVRT

• 1D: 3.84%
• 1M: -3.00%
• YTD: 9.28%
• 6M: 15.65%
• 1Y: 47.99%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CAIQ

• 1D: 3.02%
• 1M: -3.99%
• YTD: -4.16%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CVRT vs. CAIQ - Expense Ratio Comparison

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

CAIQ

Calamos Nasdaq Autocallable Income ETF

CVRT

Calamos Convertible Equity Alternative ETF

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: 93
CVRT Sharpe Ratio Rank: 92
CVRT Sortino Ratio Rank: 92
CVRT Omega Ratio Rank: 91
CVRT Calmar Ratio Rank: 95
CVRT Martin Ratio Rank: 96

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.

	CVRT	CAIQ	Difference
Sharpe ratio Return per unit of total volatility	2.10	—	—
Sortino ratio Return per unit of downside risk	2.75	—	—
Omega ratio Gain probability vs. loss probability	1.39	—	—
Calmar ratio Return relative to maximum drawdown	4.10	—	—
Martin ratio Return relative to average drawdown	18.03	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	CVRT	CAIQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.10	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.33	-0.06	+1.39

Correlation

The correlation between CVRT and CAIQ is 0.69, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

CVRT vs. CAIQ - Dividend Comparison

CVRT's dividend yield for the trailing twelve months is around 1.59%, less than CAIQ's 4.82% yield.

	TTM	2025	2024	2023
CVRT Calamos Convertible Equity Alternative ETF	1.59%	1.68%	1.49%	0.32%
CAIQ Calamos Nasdaq Autocallable Income ETF	4.82%	1.54%	0.00%	0.00%

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	-11.56%	—	—
Current Drawdown Current decline from peak	-5.08%	-6.31%	+1.23%
Average Drawdown Average peak-to-trough decline	-3.21%	-2.18%	-1.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.63%	—	—

Volatility

Volatility by Period

	CVRT	CAIQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.03%	—	—
Volatility (6M) Calculated over the trailing 6-month period	17.77%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	23.00%	14.16%	+8.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.66%	14.16%	+5.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.66%	14.16%	+5.50%