CVRT vs. JEPQ

Last updated Jul 14, 2026

CVRT (Calamos Convertible Equity Alternative ETF) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) are both exchange-traded funds - CVRT is a Convertible Bonds fund actively managed by Calamos, while JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index. CVRT is actively managed, while JEPQ is passively managed. Over the past year, CVRT returned 50.79% vs 22.08% for JEPQ. A 0.73 correlation means they provide meaningful diversification when combined. CVRT charges 0.69%/yr vs 0.35%/yr for JEPQ.

Performance

CVRT vs. JEPQ - Performance Comparison

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

Returns By Period

In the year-to-date period, CVRT achieves a 28.31% return, which is significantly higher than JEPQ's 8.49% return.

CVRT

• 1D: -1.85%
• 1M: -5.29%
• 6M: 21.33%
• YTD: 28.31%
• 1Y: 50.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —

JEPQ

• 1D: -1.52%
• 1M: 0.59%
• 6M: 6.42%
• YTD: 8.49%
• 1Y: 22.08%
• 3Y*: 18.89%
• 5Y*: —
• 10Y*: —

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

CVRT vs. JEPQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CVRT Calamos Convertible Equity Alternative ETF	28.31%	29.37%	13.23%	11.44%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	8.49%	15.18%	24.85%	11.16%

Correlation

The correlation between CVRT and JEPQ 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	0.73

The correlation between CVRT and JEPQ has been stable across timeframes, ranging from 0.73 to 0.74 - a consistent structural relationship.

Return for Risk

CVRT vs. JEPQ — Risk / Return Rank

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

CVRT

CVRT Risk / Return Rank: 86
CVRT Sharpe Ratio Rank: 86
CVRT Sortino Ratio Rank: 80
CVRT Omega Ratio Rank: 80
CVRT Calmar Ratio Rank: 93
CVRT Martin Ratio Rank: 91

JEPQ

JEPQ Risk / Return Rank: 65
JEPQ Sharpe Ratio Rank: 60
JEPQ Sortino Ratio Rank: 58
JEPQ Omega Ratio Rank: 65
JEPQ Calmar Ratio Rank: 63
JEPQ Martin Ratio Rank: 77

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. JEPQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Convertible Equity Alternative ETF (CVRT) and JPMorgan Nasdaq Equity Premium Income ETF (JEPQ). 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	JEPQ	Difference
Sharpe ratio: Return per unit of total volatility	2.20	1.62	+0.58
Sortino ratio: Return per unit of downside risk	2.82	2.19	+0.62
Omega ratio: Gain probability vs. loss probability	1.37	1.31	+0.06
Calmar ratio: Return relative to maximum drawdown	5.09	2.52	+2.57
Martin ratio: Return relative to average drawdown	16.96	11.61	+5.35

CVRT vs. JEPQ - Sharpe Ratio Comparison

The current CVRT Sharpe Ratio is 2.20, which is higher than the JEPQ Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of CVRT and JEPQ, 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. JEPQ - Drawdown Comparison

The maximum CVRT drawdown since its inception was -20.71%, roughly equal to the maximum JEPQ drawdown of -20.07%. Use the drawdown chart below to compare losses from any high point for CVRT and JEPQ.

Drawdown Indicators

	CVRT	JEPQ	Difference
Max Drawdown Largest peak-to-trough decline	-20.71%	-20.07%	-0.64%
Max Drawdown (1Y) Largest decline over 1 year	-10.03%	-8.82%	-1.21%
Max Drawdown (3Y) Largest decline over 3 years	—	-20.07%	—
Current Drawdown Current decline from peak	-10.03%	-2.03%	-8.00%
Average Drawdown Average peak-to-trough decline	-3.17%	-3.37%	+0.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.00%	1.91%	+1.09%

Volatility

CVRT vs. JEPQ - Volatility Comparison

Calamos Convertible Equity Alternative ETF (CVRT) has a higher volatility of 7.42% compared to JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) at 6.46%. This indicates that CVRT's price experiences larger fluctuations and is considered to be riskier than JEPQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVRT	JEPQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.42%	6.46%	+0.96%
Volatility (6M) Calculated over the trailing 6-month period	18.98%	11.30%	+7.68%
Volatility (1Y) Calculated over the trailing 1-year period	23.25%	13.75%	+9.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.36%	16.82%	+3.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.36%	16.82%	+3.54%

CVRT vs. JEPQ - Expense Ratio Comparison

CVRT has a 0.69% expense ratio, which is higher than JEPQ's 0.35% expense ratio.

Dividends

CVRT vs. JEPQ - Dividend Comparison

CVRT's dividend yield for the trailing twelve months is around 1.54%, less than JEPQ's 10.51% yield.

Position	TTM	2025	2024	2023	2022
CVRT Calamos Convertible Equity Alternative ETF	1.54%	1.68%	1.49%	0.32%	0.00%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	10.51%	10.53%	9.65%	10.03%	9.44%

Frequently Asked Questions

Can I hold both CVRT and JEPQ in my portfolio?

CVRT and JEPQ 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 JEPQ?

CVRT has higher volatility (7.42%) compared to JEPQ (6.46%). In terms of maximum drawdown, CVRT dropped -20.71% vs JEPQ's -20.07%.

Which ETF is better, CVRT or JEPQ?

On 1-year performance, CVRT leads with 50.79% vs 22.08% for JEPQ. On fees, JEPQ is cheaper at 0.35% per year. On volatility, JEPQ has been the lower-risk option at 6.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVRT or JEPQ?

Over the 1-year period, CVRT has performed better with a 50.79% return vs 22.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVRT or JEPQ?

JEPQ is cheaper with a 0.35% expense ratio, compared with 0.69% for CVRT.

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

JEPQ has the higher dividend yield at 10.51%, compared with 1.54% for CVRT.

What is the main difference between CVRT and JEPQ?

CVRT is categorized as Convertible Bonds, while JEPQ is Nasdaq-100. They also come from different issuers: Calamos and JPMorgan. Their fees differ too: 0.69% for CVRT and 0.35% for JEPQ.

Which has better risk-adjusted returns?

CVRT currently has the higher Sharpe Ratio (2.20 vs 1.62), 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.