CVRT vs. IVLU

Last updated Jun 9, 2026

CVRT (Calamos Convertible Equity Alternative ETF) and IVLU (iShares MSCI Intl Value Factor ETF) are both exchange-traded funds - CVRT is a Convertible Bonds fund actively managed by Calamos, while IVLU is a Foreign Large Cap Equities fund tracking the MSCI World ex USA Enhanced Value. CVRT is actively managed, while IVLU is passively managed. Over the past year, CVRT returned 65.98% vs 32.63% for IVLU. A 0.53 correlation means they provide meaningful diversification when combined. CVRT charges 0.69%/yr vs 0.30%/yr for IVLU.

Performance

CVRT vs. IVLU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Convertible Equity Alternative ETF (CVRT) and iShares MSCI Intl Value Factor ETF (IVLU). 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 IVLU's 10.99% return.

CVRT

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

IVLU

• 1D: 0.45%
• 1M: 0.05%
• YTD: 10.99%
• 6M: 14.55%
• 1Y: 32.63%
• 3Y*: 23.34%
• 5Y*: 13.74%
• 10Y*: 11.09%

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

CVRT vs. IVLU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CVRT Calamos Convertible Equity Alternative ETF	33.68%	29.37%	13.23%	11.02%
IVLU iShares MSCI Intl Value Factor ETF	10.99%	46.09%	6.76%	11.15%

Correlation

The correlation between CVRT and IVLU is 0.51, 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	0.51
Correlation (All Time) Calculated using the full available price history since Oct 5, 2023	0.53

The correlation between CVRT and IVLU has been stable across timeframes, ranging from 0.51 to 0.53 - a consistent structural relationship.

CVRT vs. IVLU - Sectors Allocation Comparison

Sectors	CVRT	IVLU
Technology	42.3%	11.3%
Utilities	13.8%	3.3%
Industrials	9.3%	17.2%
Financial Services	8.3%	25.3%
Healthcare	7.5%	9.7%
Communication Services	3.4%	4.0%
Real Estate	2.6%	1.5%
Energy	2.3%	5.1%
Basic Materials	2.2%	7.5%
Consumer Cyclical	1.4%	7.4%
Consumer Defensive	0.8%	6.3%

Return for Risk

CVRT vs. IVLU — 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

IVLU

IVLU Risk / Return Rank: 69
IVLU Sharpe Ratio Rank: 73
IVLU Sortino Ratio Rank: 72
IVLU Omega Ratio Rank: 72
IVLU Calmar Ratio Rank: 62
IVLU Martin Ratio Rank: 64

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. IVLU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Convertible Equity Alternative ETF (CVRT) and iShares MSCI Intl Value Factor ETF (IVLU). 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	IVLU	Difference
Sharpe ratio: Return per unit of total volatility	2.99	2.14	+0.85
Sortino ratio: Return per unit of downside risk	3.63	2.92	+0.70
Omega ratio: Gain probability vs. loss probability	1.51	1.38	+0.12
Calmar ratio: Return relative to maximum drawdown	7.71	2.80	+4.91
Martin ratio: Return relative to average drawdown	29.24	10.66	+18.58
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. IVLU - Sharpe Ratio Comparison

The current CVRT Sharpe Ratio is 2.99, which is higher than the IVLU Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of CVRT and IVLU, 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	IVLU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.99	2.14	+0.85
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.84	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.63	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.68	0.47	+1.21

Drawdowns

CVRT vs. IVLU - Drawdown Comparison

The maximum CVRT drawdown since its inception was -20.71%, smaller than the maximum IVLU drawdown of -41.85%. Use the drawdown chart below to compare losses from any high point for CVRT and IVLU.

Drawdown Indicators

	CVRT	IVLU	Difference
Max Drawdown Largest peak-to-trough decline	-20.71%	-41.85%	+21.14%
Max Drawdown (1Y) Largest decline over 1 year	-8.60%	-11.69%	+3.09%
Max Drawdown (3Y) Largest decline over 3 years	—	-15.48%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-26.04%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-41.85%	—
Current Drawdown Current decline from peak	-6.26%	-2.27%	-3.99%
Average Drawdown Average peak-to-trough decline	-3.07%	-8.59%	+5.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.26%	3.07%	-0.81%

Volatility

CVRT vs. IVLU - Volatility Comparison

Calamos Convertible Equity Alternative ETF (CVRT) has a higher volatility of 9.06% compared to iShares MSCI Intl Value Factor ETF (IVLU) at 4.47%. This indicates that CVRT's price experiences larger fluctuations and is considered to be riskier than IVLU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVRT	IVLU	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.06%	4.47%	+4.59%
Volatility (6M) Calculated over the trailing 6-month period	18.46%	12.48%	+5.98%
Volatility (1Y) Calculated over the trailing 1-year period	22.22%	15.33%	+6.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.20%	16.52%	+3.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.20%	17.67%	+2.53%

CVRT vs. IVLU - Expense Ratio Comparison

CVRT has a 0.69% expense ratio, which is higher than IVLU's 0.30% expense ratio.

Dividends

CVRT vs. IVLU - Dividend Comparison

CVRT's dividend yield for the trailing twelve months is around 1.50%, less than IVLU's 3.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CVRT Calamos Convertible Equity Alternative ETF	1.50%	1.68%	1.49%	0.32%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
IVLU iShares MSCI Intl Value Factor ETF	3.34%	3.71%	4.46%	4.69%	3.59%	3.47%	2.05%	3.53%	2.82%	2.87%	2.53%	0.93%

Frequently Asked Questions

Can I hold both CVRT and IVLU in my portfolio?

CVRT and IVLU have a correlation of 0.51, 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 IVLU?

CVRT has higher volatility (9.06%) compared to IVLU (4.47%). In terms of maximum drawdown, CVRT dropped -20.71% vs IVLU's -41.85%.

Which ETF is better, CVRT or IVLU?

On 1-year performance, CVRT leads with 65.98% vs 32.63% for IVLU. On fees, IVLU is cheaper at 0.30% per year. On volatility, IVLU has been the lower-risk option at 4.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVRT or IVLU?

Over the 1-year period, CVRT has performed better with a 65.98% return vs 32.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVRT or IVLU?

IVLU is cheaper with a 0.30% expense ratio, compared with 0.69% for CVRT.

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

IVLU has the higher dividend yield at 3.34%, compared with 1.50% for CVRT.

What is the main difference between CVRT and IVLU?

CVRT is categorized as Convertible Bonds, while IVLU is Foreign Large Cap Equities. They also come from different issuers: Calamos and iShares. Their fees differ too: 0.69% for CVRT and 0.30% for IVLU.

Which has better risk-adjusted returns?

CVRT currently has the higher Sharpe Ratio (2.99 vs 2.14), 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.