CVRT vs. CBOJ

Last updated Jul 17, 2026

CVRT (Calamos Convertible Equity Alternative ETF) and CBOJ (Calamos Bitcoin Structured Alt Protection ETF - January) are both exchange-traded funds - CVRT is a Convertible Bonds fund actively managed by Calamos, while CBOJ is a Defined Outcome fund tracking the CBOE Bitcoin US ETF Index. CVRT is actively managed, while CBOJ is passively managed. Over the past year, CVRT returned 43.26% vs -6.14% for CBOJ. At a 0.41 correlation, their price movements are largely independent. Both charge a 0.69% expense ratio.

Performance

CVRT vs. CBOJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Convertible Equity Alternative ETF (CVRT) and Calamos Bitcoin Structured Alt Protection ETF - January (CBOJ). 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 CBOJ's -1.54% return.

CVRT

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

CBOJ

• 1D: -0.08%
• 1M: -0.17%
• 6M: -1.71%
• YTD: -1.54%
• 1Y: -6.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CVRT vs. CBOJ - Yearly Performance Comparison

	2026 (YTD)	2025
CVRT Calamos Convertible Equity Alternative ETF	24.60%	21.33%
CBOJ Calamos Bitcoin Structured Alt Protection ETF - January	-1.54%	-0.83%

Correlation

The correlation between CVRT and CBOJ is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (All Time) Calculated using the full available price history since Jan 22, 2025	0.41

Return for Risk

CVRT vs. CBOJ — 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

CBOJ

CBOJ Risk / Return Rank: 2
CBOJ Sharpe Ratio Rank: 0
CBOJ Sortino Ratio Rank: 1
CBOJ Omega Ratio Rank: 1
CBOJ Calmar Ratio Rank: 3
CBOJ Martin Ratio Rank: 4

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. CBOJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Convertible Equity Alternative ETF (CVRT) and Calamos Bitcoin Structured Alt Protection ETF - January (CBOJ). 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	CBOJ	Difference
Sharpe ratio: Return per unit of total volatility	1.86	-1.30	+3.16
Sortino ratio: Return per unit of downside risk	2.45	-1.74	+4.19
Omega ratio: Gain probability vs. loss probability	1.32	0.80	+0.52
Calmar ratio: Return relative to maximum drawdown	3.44	-0.73	+4.17
Martin ratio: Return relative to average drawdown	13.46	-1.08	+14.53

CVRT vs. CBOJ - Sharpe Ratio Comparison

The current CVRT Sharpe Ratio is 1.86, which is higher than the CBOJ Sharpe Ratio of -1.30. The chart below compares the historical Sharpe Ratios of CVRT and CBOJ, 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. CBOJ - Drawdown Comparison

The maximum CVRT drawdown since its inception was -20.71%, which is greater than CBOJ's maximum drawdown of -8.44%. Use the drawdown chart below to compare losses from any high point for CVRT and CBOJ.

Drawdown Indicators

	CVRT	CBOJ	Difference
Max Drawdown Largest peak-to-trough decline	-20.71%	-8.44%	-12.27%
Max Drawdown (1Y) Largest decline over 1 year	-12.63%	-8.44%	-4.19%
Current Drawdown Current decline from peak	-12.63%	-7.86%	-4.77%
Average Drawdown Average peak-to-trough decline	-3.20%	-3.50%	+0.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.22%	5.72%	-2.50%

Volatility

CVRT vs. CBOJ - Volatility Comparison

Calamos Convertible Equity Alternative ETF (CVRT) has a higher volatility of 6.52% compared to Calamos Bitcoin Structured Alt Protection ETF - January (CBOJ) at 0.66%. This indicates that CVRT's price experiences larger fluctuations and is considered to be riskier than CBOJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVRT	CBOJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.52%	0.66%	+5.86%
Volatility (6M) Calculated over the trailing 6-month period	19.20%	2.33%	+16.87%
Volatility (1Y) Calculated over the trailing 1-year period	23.38%	4.76%	+18.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.41%	4.45%	+15.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.41%	4.45%	+15.96%

CVRT vs. CBOJ - Expense Ratio Comparison

Both CVRT and CBOJ have an expense ratio of 0.69%.

Dividends

CVRT vs. CBOJ - Dividend Comparison

CVRT's dividend yield for the trailing twelve months is around 1.59%, less than CBOJ's 3.20% yield.

Position	TTM	2025	2024	2023
CBOJ Calamos Bitcoin Structured Alt Protection ETF - January	3.20%	3.16%	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 CBOJ in my portfolio?

CVRT and CBOJ have a correlation of 0.41, 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 CBOJ?

CVRT has higher volatility (6.52%) compared to CBOJ (0.66%). In terms of maximum drawdown, CVRT dropped -20.71% vs CBOJ's -8.44%.

Which ETF is better, CVRT or CBOJ?

On 1-year performance, CVRT leads with 43.26% vs -6.14% for CBOJ. Both ETFs have the same 0.69% expense ratio. On volatility, CBOJ has been the lower-risk option at 0.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVRT or CBOJ?

Over the 1-year period, CVRT has performed better with a 43.26% return vs -6.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVRT or CBOJ?

CVRT and CBOJ have the same expense ratio: 0.69% per year.

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

CBOJ has the higher dividend yield at 3.20%, compared with 1.59% for CVRT.

What is the main difference between CVRT and CBOJ?

CVRT is categorized as Convertible Bonds, while CBOJ is Defined Outcome.

Which has better risk-adjusted returns?

CVRT currently has the higher Sharpe Ratio (1.86 vs -1.30), 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.