CVRT vs. CTA

Last updated Jun 9, 2026

CVRT (Calamos Convertible Equity Alternative ETF) and CTA (Simplify Managed Futures Strategy ETF) are both exchange-traded funds - CVRT is a Convertible Bonds fund actively managed by Calamos, while CTA is a Systematic Trend fund actively managed by Simplify. Both are actively managed. Over the past year, CVRT returned 65.98% vs 10.03% for CTA. At a correlation of -0.03, they often move in opposite directions. CVRT charges 0.69%/yr vs 0.78%/yr for CTA.

Performance

CVRT vs. CTA - Performance Comparison

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

Returns By Period

In the year-to-date period, CVRT achieves a 33.68% return, which is significantly higher than CTA's 9.63% return.

CVRT

• 1D: 0.22%
• 1M: 0.03%
• YTD: 33.68%
• 6M: 32.37%
• 1Y: 65.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CTA

• 1D: 0.52%
• 1M: -4.51%
• YTD: 9.63%
• 6M: 12.55%
• 1Y: 10.03%
• 3Y*: 10.94%
• 5Y*: —
• 10Y*: —

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

CVRT vs. CTA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CVRT Calamos Convertible Equity Alternative ETF	33.68%	29.37%	13.23%	11.02%
CTA Simplify Managed Futures Strategy ETF	9.63%	0.88%	24.15%	-7.69%

Correlation

The correlation between CVRT and CTA is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.01
Correlation (All Time) Calculated using the full available price history since Oct 5, 2023	-0.03

CVRT vs. CTA - Sectors Allocation Comparison

Sectors	CVRT	CTA
Technology	42.3%	-
Utilities	13.8%	-
Industrials	9.3%	-
Financial Services	8.3%	-49.1%
Healthcare	7.5%	-
Communication Services	3.4%	-
Real Estate	2.6%	-
Energy	2.3%	-
Basic Materials	2.2%	-
Consumer Cyclical	1.4%	-
Consumer Defensive	0.8%	-

Return for Risk

CVRT vs. CTA — Risk / Return Rank

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

CVRT

CVRT Risk / Return Rank: 92
CVRT Sharpe Ratio Rank: 93
CVRT Sortino Ratio Rank: 88
CVRT Omega Ratio Rank: 89
CVRT Calmar Ratio Rank: 96
CVRT Martin Ratio Rank: 95

CTA

CTA Risk / Return Rank: 19
CTA Sharpe Ratio Rank: 18
CTA Sortino Ratio Rank: 17
CTA Omega Ratio Rank: 18
CTA Calmar Ratio Rank: 22
CTA Martin Ratio Rank: 21

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. CTA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Convertible Equity Alternative ETF (CVRT) and Simplify Managed Futures Strategy ETF (CTA). 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	CTA	Difference
Sharpe ratio: Return per unit of total volatility	2.99	0.50	+2.49
Sortino ratio: Return per unit of downside risk	3.63	0.78	+2.85
Omega ratio: Gain probability vs. loss probability	1.51	1.10	+0.40
Calmar ratio: Return relative to maximum drawdown	7.71	0.92	+6.80
Martin ratio: Return relative to average drawdown	29.24	2.32	+26.91
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CVRT vs. CTA - Sharpe Ratio Comparison

The current CVRT Sharpe Ratio is 2.99, which is higher than the CTA Sharpe Ratio of 0.50. The chart below compares the historical Sharpe Ratios of CVRT and CTA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CVRT	CTA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.99	0.50	+2.49
Sharpe Ratio (All Time) Calculated using the full available price history	1.68	0.58	+1.11

Drawdowns

CVRT vs. CTA - Drawdown Comparison

The maximum CVRT drawdown since its inception was -20.71%, which is greater than CTA's maximum drawdown of -18.07%. Use the drawdown chart below to compare losses from any high point for CVRT and CTA.

Drawdown Indicators

	CVRT	CTA	Difference
Max Drawdown Largest peak-to-trough decline	-20.71%	-18.07%	-2.64%
Max Drawdown (1Y) Largest decline over 1 year	-8.60%	-11.00%	+2.40%
Max Drawdown (3Y) Largest decline over 3 years	—	-11.23%	—
Current Drawdown Current decline from peak	-6.26%	-10.05%	+3.79%
Average Drawdown Average peak-to-trough decline	-3.07%	-5.69%	+2.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.26%	4.33%	-2.07%

Volatility

CVRT vs. CTA - Volatility Comparison

Calamos Convertible Equity Alternative ETF (CVRT) has a higher volatility of 9.06% compared to Simplify Managed Futures Strategy ETF (CTA) at 6.73%. This indicates that CVRT's price experiences larger fluctuations and is considered to be riskier than CTA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVRT	CTA	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.06%	6.73%	+2.33%
Volatility (6M) Calculated over the trailing 6-month period	18.46%	17.43%	+1.03%
Volatility (1Y) Calculated over the trailing 1-year period	22.22%	20.21%	+2.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.20%	16.59%	+3.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.20%	16.59%	+3.61%

CVRT vs. CTA - Expense Ratio Comparison

CVRT has a 0.69% expense ratio, which is lower than CTA's 0.78% expense ratio.

Dividends

CVRT vs. CTA - Dividend Comparison

CVRT's dividend yield for the trailing twelve months is around 1.50%, less than CTA's 4.97% yield.

Position	TTM	2025	2024	2023	2022
CTA Simplify Managed Futures Strategy ETF	4.97%	3.19%	4.80%	7.78%	6.58%
CVRT Calamos Convertible Equity Alternative ETF	1.50%	1.68%	1.49%	0.32%	0.00%

Frequently Asked Questions

Can I hold both CVRT and CTA in my portfolio?

CVRT and CTA have a correlation of -0.01, 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 CTA?

CVRT has higher volatility (9.06%) compared to CTA (6.73%). In terms of maximum drawdown, CVRT dropped -20.71% vs CTA's -18.07%.

Which ETF is better, CVRT or CTA?

On 1-year performance, CVRT leads with 65.98% vs 10.03% for CTA. On fees, CVRT is cheaper at 0.69% per year. On volatility, CTA has been the lower-risk option at 6.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVRT or CTA?

Over the 1-year period, CVRT has performed better with a 65.98% return vs 10.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVRT or CTA?

CVRT is cheaper with a 0.69% expense ratio, compared with 0.78% for CTA.

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

CTA has the higher dividend yield at 4.97%, compared with 1.50% for CVRT.

What is the main difference between CVRT and CTA?

CVRT is categorized as Convertible Bonds, while CTA is Systematic Trend. They also come from different issuers: Calamos and Simplify. Their fees differ too: 0.69% for CVRT and 0.78% for CTA.

Which has better risk-adjusted returns?

CVRT currently has the higher Sharpe Ratio (2.99 vs 0.50), 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.