CVRT vs. FTXL

Last updated Jun 14, 2026

CVRT (Calamos Convertible Equity Alternative ETF) and FTXL (First Trust Nasdaq Semiconductor ETF) are both exchange-traded funds - CVRT is a Convertible Bonds fund actively managed by Calamos, while FTXL is a Semiconductors fund tracking the Nasdaq U.S. Smart Semiconductor Index. CVRT is actively managed, while FTXL is passively managed. Over the past year, CVRT returned 70.87% vs 204.23% for FTXL. A 0.70 correlation means they provide meaningful diversification when combined. CVRT charges 0.69%/yr vs 0.60%/yr for FTXL.

Performance

CVRT vs. FTXL - Performance Comparison

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

Returns By Period

In the year-to-date period, CVRT achieves a 35.47% return, which is significantly lower than FTXL's 108.47% return.

CVRT

• 1D: 1.03%
• 1M: -0.63%
• YTD: 35.47%
• 6M: 35.23%
• 1Y: 70.87%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FTXL

• 1D: 2.27%
• 1M: 10.74%
• YTD: 108.47%
• 6M: 110.95%
• 1Y: 204.23%
• 3Y*: 57.13%
• 5Y*: 33.62%
• 10Y*: —

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

CVRT vs. FTXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CVRT Calamos Convertible Equity Alternative ETF	35.47%	29.37%	13.23%	11.44%
FTXL First Trust Nasdaq Semiconductor ETF	108.47%	48.94%	7.59%	22.58%

Correlation

The correlation between CVRT and FTXL is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.74
Correlation (All Time) Calculated using the full available price history since Oct 4, 2023	0.70

The correlation between CVRT and FTXL has been stable across timeframes, ranging from 0.70 to 0.74 - a consistent structural relationship.

Return for Risk

CVRT vs. FTXL — 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: 91
CVRT Calmar Ratio Rank: 96
CVRT Martin Ratio Rank: 96

FTXL

FTXL Risk / Return Rank: 97
FTXL Sharpe Ratio Rank: 98
FTXL Sortino Ratio Rank: 95
FTXL Omega Ratio Rank: 95
FTXL Calmar Ratio Rank: 98
FTXL Martin Ratio Rank: 98

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. FTXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Convertible Equity Alternative ETF (CVRT) and First Trust Nasdaq Semiconductor ETF (FTXL). 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	FTXL	Difference
Sharpe ratio: Return per unit of total volatility	3.10	5.10	-2.00
Sortino ratio: Return per unit of downside risk	3.73	4.76	-1.03
Omega ratio: Gain probability vs. loss probability	1.52	1.66	-0.14
Calmar ratio: Return relative to maximum drawdown	8.08	13.68	-5.60
Martin ratio: Return relative to average drawdown	28.81	47.98	-19.18

CVRT vs. FTXL - Sharpe Ratio Comparison

The current CVRT Sharpe Ratio is 3.10, which is lower than the FTXL Sharpe Ratio of 5.10. The chart below compares the historical Sharpe Ratios of CVRT and FTXL, 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. FTXL - Drawdown Comparison

The maximum CVRT drawdown since its inception was -20.71%, smaller than the maximum FTXL drawdown of -43.87%. Use the drawdown chart below to compare losses from any high point for CVRT and FTXL.

Drawdown Indicators

	CVRT	FTXL	Difference
Max Drawdown Largest peak-to-trough decline	-20.71%	-43.87%	+23.16%
Max Drawdown (1Y) Largest decline over 1 year	-8.60%	-14.51%	+5.91%
Max Drawdown (3Y) Largest decline over 3 years	—	-41.57%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-43.87%	—
Current Drawdown Current decline from peak	-5.00%	-3.35%	-1.65%
Average Drawdown Average peak-to-trough decline	-3.09%	-10.54%	+7.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.41%	4.13%	-1.72%

Volatility

CVRT vs. FTXL - Volatility Comparison

The current volatility for Calamos Convertible Equity Alternative ETF (CVRT) is 9.05%, while First Trust Nasdaq Semiconductor ETF (FTXL) has a volatility of 19.23%. This indicates that CVRT experiences smaller price fluctuations and is considered to be less risky than FTXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVRT	FTXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.05%	19.23%	-10.18%
Volatility (6M) Calculated over the trailing 6-month period	18.78%	32.79%	-14.01%
Volatility (1Y) Calculated over the trailing 1-year period	22.44%	38.90%	-16.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.24%	36.63%	-16.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.24%	34.55%	-14.31%

CVRT vs. FTXL - Expense Ratio Comparison

CVRT has a 0.69% expense ratio, which is higher than FTXL's 0.60% expense ratio.

Dividends

CVRT vs. FTXL - Dividend Comparison

CVRT's dividend yield for the trailing twelve months is around 1.48%, more than FTXL's 0.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CVRT Calamos Convertible Equity Alternative ETF	1.48%	1.68%	1.49%	0.32%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FTXL First Trust Nasdaq Semiconductor ETF	0.13%	0.28%	0.54%	0.60%	0.89%	0.25%	0.48%	0.92%	0.71%	0.47%	0.12%

Frequently Asked Questions

Can I hold both CVRT and FTXL in my portfolio?

CVRT and FTXL have a correlation of 0.74, 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 FTXL?

FTXL has higher volatility (19.23%) compared to CVRT (9.05%). In terms of maximum drawdown, CVRT dropped -20.71% vs FTXL's -43.87%.

Which ETF is better, CVRT or FTXL?

On 1-year performance, FTXL leads with 204.23% vs 70.87% for CVRT. On fees, FTXL is cheaper at 0.60% per year. On volatility, CVRT has been the lower-risk option at 9.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVRT or FTXL?

Over the 1-year period, FTXL has performed better with a 204.23% return vs 70.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVRT or FTXL?

FTXL is cheaper with a 0.60% expense ratio, compared with 0.69% for CVRT.

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

CVRT has the higher dividend yield at 1.48%, compared with 0.13% for FTXL.

What is the main difference between CVRT and FTXL?

CVRT is categorized as Convertible Bonds, while FTXL is Semiconductors. They also come from different issuers: Calamos and First Trust. Their fees differ too: 0.69% for CVRT and 0.60% for FTXL.

Which has better risk-adjusted returns?

FTXL currently has the higher Sharpe Ratio (5.10 vs 3.10), 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.