CVRT vs. CWB
CVRT (Calamos Convertible Equity Alternative ETF) and CWB (SPDR Bloomberg Barclays Convertible Securities ETF) are both Convertible Bonds funds. CVRT is actively managed, while CWB is passively managed. Over the past year, CVRT returned 50.02% vs 25.29% for CWB. Their correlation of 0.93 means they have usually moved in the same direction. CVRT charges 0.69%/yr vs 0.40%/yr for CWB.
Performance
CVRT vs. CWB - Performance Comparison
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Returns By Period
In the year-to-date period, CVRT achieves a 27.81% return, which is significantly higher than CWB's 16.87% return.
CVRT
- 1D
- 2.13%
- 1M
- -1.56%
- 6M
- 16.93%
- YTD
- 27.81%
- 1Y
- 50.02%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 29.67%
CWB
- 1D
- 1.63%
- 1M
- -0.83%
- 6M
- 11.02%
- YTD
- 16.87%
- 1Y
- 25.29%
- 3Y*
- 15.88%
- 5Y*
- 5.90%
- 10Y*
- 11.75%
- ALL TIME*
- 11.65%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $324.55K | $419.91K | $466.26K | |
| $65.31M | $67.68M | $92.69M |
CVRT vs. CWB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CVRT Calamos Convertible Equity Alternative ETF | 27.81% | 29.37% | 13.23% | 11.44% |
CWB SPDR Bloomberg Barclays Convertible Securities ETF | 16.87% | 16.61% | 10.06% | 9.02% |
Correlation
The correlation between CVRT and CWB is 0.94, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.94 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2023 | 0.93 |
The correlation between CVRT and CWB has been stable across timeframes, ranging from 0.93 to 0.94 - a consistent structural relationship.
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Return for Risk
CVRT vs. CWB — Risk / Return Rank
CVRT
CWB
CVRT vs. CWB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Calamos Convertible Equity Alternative ETF (CVRT) and SPDR Bloomberg Barclays Convertible Securities ETF (CWB). 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 | CWB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.57 | ||
| Sortino ratioReturn per unit of downside risk | +0.62 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.27 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 3.19 | 2.29 | +0.89 |
| Martin ratioReturn relative to average drawdown | 12.05 | 8.15 | +3.90 |
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Drawdowns
CVRT vs. CWB - Drawdown Comparison
The maximum CVRT drawdown since its inception was -20.71%, smaller than the maximum CWB drawdown of -32.06%. Use the drawdown chart below to compare losses from any high point for CVRT and CWB.
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Drawdown Indicators
| CVRT | CWB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.71% | -32.06% | +11.35% |
Max Drawdown (1Y)Largest decline over 1 year | -15.77% | -11.08% | -4.69% |
Max Drawdown (3Y)Largest decline over 3 years | — | -11.92% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -28.41% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -32.06% | — |
Current DrawdownCurrent decline from peak | -10.38% | -6.45% | -3.93% |
Average DrawdownAverage peak-to-trough decline | -3.35% | -6.16% | +2.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.16% | 3.11% | +1.05% |
Volatility
CVRT vs. CWB - Volatility Comparison
Calamos Convertible Equity Alternative ETF (CVRT) has a higher volatility of 7.94% compared to SPDR Bloomberg Barclays Convertible Securities ETF (CWB) at 6.02%. This indicates that CVRT's price experiences larger fluctuations and is considered to be riskier than CWB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CVRT | CWB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.94% | 6.02% | +1.92% |
Volatility (6M)Calculated over the trailing 6-month period | 19.73% | 13.92% | +5.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.06% | 16.67% | +7.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.57% | 13.48% | +7.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.57% | 14.70% | +5.87% |
CVRT vs. CWB - Expense Ratio Comparison
CVRT has a 0.69% expense ratio, which is higher than CWB's 0.40% expense ratio.
Dividends
CVRT vs. CWB - Dividend Comparison
CVRT's dividend yield for the trailing twelve months is around 1.52%, which matches CWB's 1.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CVRT Calamos Convertible Equity Alternative ETF | 1.52% | 1.68% | 1.49% | 0.32% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
CWB SPDR Bloomberg Barclays Convertible Securities ETF | 1.52% | 1.69% | 1.85% | 1.97% | 2.21% | 1.97% | 2.34% | 3.03% | 6.17% | 4.25% | 4.60% | 7.52% |
Frequently Asked Questions
With a correlation of 0.94, CVRT and CWB 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.
CVRT has higher volatility (7.94%) compared to CWB (6.02%). In terms of maximum drawdown, CVRT dropped -20.71% vs CWB's -32.06%.
On 1-year performance, CVRT leads with 50.02% vs 25.29% for CWB. On fees, CWB is cheaper at 0.40% per year. On volatility, CWB has been the lower-risk option at 6.02%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, CVRT has performed better with a 50.02% return vs 25.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CWB is cheaper with a 0.40% expense ratio, compared with 0.69% for CVRT.
CVRT and CWB have nearly identical dividend yields, around 1.52%.
They also come from different issuers: Calamos and State Street. Their fees differ too: 0.69% for CVRT and 0.40% for CWB.
CVRT currently has the higher Sharpe Ratio (2.09 vs 1.53), 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.
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