CVRT vs. CICVX

Last updated Jun 23, 2026

CVRT (Calamos Convertible Equity Alternative ETF) and CICVX (Calamos Convertible Fund) are both funds - CVRT is a Convertible Bonds fund actively managed by Calamos, while CICVX is a Preferred Stock/Convertible Bonds fund managed by Calamos. Over the past year, CVRT returned 74.38% vs 45.20% for CICVX. Their correlation of 0.93 suggests significant overlap in exposure. CVRT charges 0.69%/yr vs 0.85%/yr for CICVX.

Performance

CVRT vs. CICVX - Performance Comparison

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

Returns By Period

In the year-to-date period, CVRT achieves a 39.11% return, which is significantly higher than CICVX's 27.00% return.

CVRT

• 1D: -0.13%
• 1M: 3.58%
• YTD: 39.11%
• 6M: 36.22%
• 1Y: 74.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CICVX

• 1D: 1.36%
• 1M: 5.19%
• YTD: 27.00%
• 6M: 24.56%
• 1Y: 45.20%
• 3Y*: 20.20%
• 5Y*: 8.39%
• 10Y*: 12.63%

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

CVRT vs. CICVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CVRT Calamos Convertible Equity Alternative ETF	39.11%	29.37%	13.23%	11.44%
CICVX Calamos Convertible Fund	27.00%	19.03%	9.94%	7.92%

Correlation

The correlation between CVRT and CICVX is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (All Time) Calculated using the full available price history since Oct 4, 2023	0.93

The correlation between CVRT and CICVX has been stable across timeframes, ranging from 0.93 to 0.95 - a consistent structural relationship.

Return for Risk

CVRT vs. CICVX — 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: 94
CVRT Sortino Ratio Rank: 90
CVRT Omega Ratio Rank: 90
CVRT Calmar Ratio Rank: 96
CVRT Martin Ratio Rank: 95

CICVX

CICVX Risk / Return Rank: 90
CICVX Sharpe Ratio Rank: 93
CICVX Sortino Ratio Rank: 84
CICVX Omega Ratio Rank: 82
CICVX Calmar Ratio Rank: 96
CICVX 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. CICVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Convertible Equity Alternative ETF (CVRT) and Calamos Convertible Fund (CICVX). 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	CICVX	Difference
Sharpe ratio: Return per unit of total volatility	3.32	2.89	+0.42
Sortino ratio: Return per unit of downside risk	3.95	3.69	+0.26
Omega ratio: Gain probability vs. loss probability	1.55	1.50	+0.05
Calmar ratio: Return relative to maximum drawdown	8.70	5.92	+2.78
Martin ratio: Return relative to average drawdown	30.60	21.81	+8.80

CVRT vs. CICVX - Sharpe Ratio Comparison

The current CVRT Sharpe Ratio is 3.32, which is comparable to the CICVX Sharpe Ratio of 2.89. The chart below compares the historical Sharpe Ratios of CVRT and CICVX, 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. CICVX - Drawdown Comparison

The maximum CVRT drawdown since its inception was -20.71%, smaller than the maximum CICVX drawdown of -49.33%. Use the drawdown chart below to compare losses from any high point for CVRT and CICVX.

Drawdown Indicators

	CVRT	CICVX	Difference
Max Drawdown Largest peak-to-trough decline	-20.71%	-49.33%	+28.62%
Max Drawdown (1Y) Largest decline over 1 year	-8.60%	-7.70%	-0.90%
Max Drawdown (3Y) Largest decline over 3 years	—	-14.79%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-27.17%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-27.17%	—
Current Drawdown Current decline from peak	-2.45%	0.00%	-2.45%
Average Drawdown Average peak-to-trough decline	-3.08%	-17.45%	+14.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.44%	2.09%	+0.35%

Volatility

CVRT vs. CICVX - Volatility Comparison

Calamos Convertible Equity Alternative ETF (CVRT) has a higher volatility of 8.70% compared to Calamos Convertible Fund (CICVX) at 6.26%. This indicates that CVRT's price experiences larger fluctuations and is considered to be riskier than CICVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVRT	CICVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.70%	6.26%	+2.44%
Volatility (6M) Calculated over the trailing 6-month period	18.69%	13.10%	+5.59%
Volatility (1Y) Calculated over the trailing 1-year period	22.59%	15.74%	+6.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.25%	13.10%	+7.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.25%	13.00%	+7.25%

CVRT vs. CICVX - Expense Ratio Comparison

CVRT has a 0.69% expense ratio, which is lower than CICVX's 0.85% expense ratio.

Dividends

CVRT vs. CICVX - Dividend Comparison

CVRT's dividend yield for the trailing twelve months is around 1.44%, less than CICVX's 9.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CICVX Calamos Convertible Fund	9.82%	12.51%	1.83%	2.48%	0.94%	15.90%	7.74%	1.39%	16.75%	4.55%	3.43%	5.41%
CVRT Calamos Convertible Equity Alternative ETF	1.44%	1.68%	1.49%	0.32%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CVRT and CICVX in my portfolio?

With a correlation of 0.95, CVRT and CICVX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, CVRT or CICVX?

CVRT has higher volatility (8.70%) compared to CICVX (6.26%). In terms of maximum drawdown, CVRT dropped -20.71% vs CICVX's -49.33%.

Which has better risk-adjusted returns?

CVRT currently has the higher Sharpe Ratio (3.32 vs 2.89), 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.