CVRT vs. HYGI

Last updated Jun 9, 2026

CVRT (Calamos Convertible Equity Alternative ETF) and HYGI (iShares Inflation Hedged High Yield Bond ETF) are both exchange-traded funds - CVRT is a Convertible Bonds fund actively managed by Calamos, while HYGI is a Inflation-Protected Bonds fund tracking the BlackRock Inflation Hedged High Yield Bond Index - Benchmark TR Gross. CVRT is actively managed, while HYGI is passively managed. At a 0.50 correlation, their price movements are largely independent. CVRT charges 0.69%/yr vs 0.52%/yr for HYGI.

Performance

CVRT vs. HYGI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Convertible Equity Alternative ETF (CVRT) and iShares Inflation Hedged High Yield Bond ETF (HYGI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

CVRT

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

HYGI

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CVRT vs. HYGI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CVRT Calamos Convertible Equity Alternative ETF	33.68%	29.37%	13.23%	11.02%
HYGI iShares Inflation Hedged High Yield Bond ETF	0.00%	6.20%	9.16%	7.61%

Correlation

The correlation between CVRT and HYGI is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (All Time) Calculated using the full available price history since Oct 5, 2023	0.50

Over the past year, the correlation between CVRT and HYGI has dropped to 0.12 - well below their long-term average of 0.50, suggesting their price drivers have been diverging.

CVRT vs. HYGI - Sectors Allocation Comparison

Sectors	CVRT	HYGI
Technology	42.3%	-
Utilities	13.8%	99.6%
Industrials	9.3%	-
Financial Services	8.3%	-
Healthcare	7.5%	-
Communication Services	3.4%	-
Real Estate	2.6%	0.4%
Energy	2.3%	-
Basic Materials	2.2%	-
Consumer Cyclical	1.4%	-
Consumer Defensive	0.8%	-

Return for Risk

CVRT vs. HYGI — 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

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. HYGI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Convertible Equity Alternative ETF (CVRT) and iShares Inflation Hedged High Yield Bond ETF (HYGI). 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	HYGI	Difference
Sharpe ratio: Return per unit of total volatility	2.99	—	—
Sortino ratio: Return per unit of downside risk	3.63	—	—
Omega ratio: Gain probability vs. loss probability	1.51	—	—
Calmar ratio: Return relative to maximum drawdown	7.71	—	—
Martin ratio: Return relative to average drawdown	29.24	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	CVRT	HYGI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.99	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.68	—	—

Drawdowns

Drawdown Indicators

	CVRT	HYGI	Difference
Max Drawdown Largest peak-to-trough decline	-20.71%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-8.60%	—	—
Current Drawdown Current decline from peak	-6.26%	—	—
Average Drawdown Average peak-to-trough decline	-3.07%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	2.26%	—	—

Volatility

Volatility by Period

	CVRT	HYGI	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.06%	—	—
Volatility (6M) Calculated over the trailing 6-month period	18.46%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	22.22%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.20%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.20%	—	—

CVRT vs. HYGI - Expense Ratio Comparison

CVRT has a 0.69% expense ratio, which is higher than HYGI's 0.52% expense ratio.

Dividends

CVRT vs. HYGI - Dividend Comparison

CVRT's dividend yield for the trailing twelve months is around 1.50%, while HYGI has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
CVRT Calamos Convertible Equity Alternative ETF	1.50%	1.68%	1.49%	0.32%	0.00%
HYGI iShares Inflation Hedged High Yield Bond ETF	0.97%	3.41%	6.08%	6.22%	3.19%

Frequently Asked Questions

Can I hold both CVRT and HYGI in my portfolio?

CVRT and HYGI have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CVRT or HYGI?

On fees, HYGI is cheaper at 0.52% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CVRT or HYGI?

HYGI is cheaper with a 0.52% expense ratio, compared with 0.69% for CVRT.

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

CVRT has the higher dividend yield at 1.50%, compared with 0.97% for HYGI.

What is the main difference between CVRT and HYGI?

CVRT is categorized as Convertible Bonds, while HYGI is Inflation-Protected Bonds. They also come from different issuers: Calamos and iShares. Their fees differ too: 0.69% for CVRT and 0.52% for HYGI.