CVRT vs. MMKT

Last updated Aug 6, 2026

CVRT (Calamos Convertible Equity Alternative ETF) and MMKT (Texas Capital Government Money Market ETF) are both exchange-traded funds - CVRT is a Convertible Bonds fund actively managed by Calamos, while MMKT is a Money Market fund actively managed by Texas Capital. Both are actively managed. Over the past year, CVRT returned 50.50% vs 3.70% for MMKT. Their -0.01 correlation means they have often moved in opposite directions in the past. CVRT charges 0.69%/yr vs 0.20%/yr for MMKT.

Performance

CVRT vs. MMKT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Convertible Equity Alternative ETF (CVRT) and Texas Capital Government Money Market ETF (MMKT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CVRT achieves a 28.87% return, which is significantly higher than MMKT's 2.06% return.

CVRT

• 1D: -1.28%
• 1M: -2.14%
• 6M: 18.72%
• YTD: 28.87%
• 1Y: 50.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 29.98%

MMKT

• 1D: 0.01%
• 1M: 0.31%
• 6M: 1.75%
• YTD: 2.06%
• 1Y: 3.70%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.01%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CVRT Calamos Convertible Equity Alternative ETF	$1.35M	$883.90K	$624.02K
MMKT Texas Capital Government Money Market ETF	$580.98K	$555.61K	$727.31K

CVRT vs. MMKT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CVRT Calamos Convertible Equity Alternative ETF	28.87%	29.37%	6.00%
MMKT Texas Capital Government Money Market ETF	2.06%	4.13%	1.22%

Correlation

The correlation between CVRT and MMKT is -0.15, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.15
Correlation (All Time) Calculated using the full available price history since Sep 25, 2024	-0.01

The correlation between CVRT and MMKT shifts across timeframes, from -0.15 (1 year) to -0.01 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CVRT vs. MMKT — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CVRT

CVRT Risk / Return Rank: 78
CVRT Sharpe Ratio Rank: 82
CVRT Sortino Ratio Rank: 75
CVRT Omega Ratio Rank: 75
CVRT Calmar Ratio Rank: 79
CVRT Martin Ratio Rank: 80

MMKT

MMKT Risk / Return Rank: 100
MMKT Sharpe Ratio Rank: 100
MMKT Sortino Ratio Rank: 100
MMKT Omega Ratio Rank: 100
MMKT Calmar Ratio Rank: 100
MMKT Martin Ratio Rank: 100

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CVRT vs. MMKT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Convertible Equity Alternative ETF (CVRT) and Texas Capital Government Money Market ETF (MMKT). 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	MMKT	Difference
Sharpe ratio: Return per unit of total volatility	2.10	17.54	-15.44
Sortino ratio: Return per unit of downside risk	2.73	69.83	-67.10
Omega ratio: Gain probability vs. loss probability	1.35	19.26	-17.91
Calmar ratio: Return relative to maximum drawdown	3.22	152.70	-149.48
Martin ratio: Return relative to average drawdown	11.95	1,128.57	-1,116.62

CVRT vs. MMKT - Sharpe Ratio Comparison

The current CVRT Sharpe Ratio is 2.10, which is lower than the MMKT Sharpe Ratio of 17.54. The chart below compares the historical Sharpe Ratios of CVRT and MMKT, 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. MMKT - Drawdown Comparison

The maximum CVRT drawdown since its inception was -20.71%, which is greater than MMKT's maximum drawdown of -0.04%. Use the drawdown chart below to compare losses from any high point for CVRT and MMKT.

Drawdown Indicators

	CVRT	MMKT	Difference
Max Drawdown Largest peak-to-trough decline	-20.71%	-0.04%	-20.67%
Max Drawdown (1Y) Largest decline over 1 year	-15.77%	-0.02%	-15.75%
Current Drawdown Current decline from peak	-9.63%	0.00%	-9.63%
Average Drawdown Average peak-to-trough decline	-3.37%	0.00%	-3.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.24%	0.00%	+4.24%

Volatility

CVRT vs. MMKT - Volatility Comparison

Calamos Convertible Equity Alternative ETF (CVRT) has a higher volatility of 7.98% compared to Texas Capital Government Money Market ETF (MMKT) at 0.06%. This indicates that CVRT's price experiences larger fluctuations and is considered to be riskier than MMKT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVRT	MMKT	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.98%	0.06%	+7.92%
Volatility (6M) Calculated over the trailing 6-month period	19.82%	0.13%	+19.69%
Volatility (1Y) Calculated over the trailing 1-year period	24.12%	0.21%	+23.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.59%	0.23%	+20.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.59%	0.23%	+20.36%

CVRT vs. MMKT - Expense Ratio Comparison

CVRT has a 0.69% expense ratio, which is higher than MMKT's 0.20% expense ratio.

Dividends

CVRT vs. MMKT - Dividend Comparison

CVRT's dividend yield for the trailing twelve months is around 1.51%, less than MMKT's 3.64% yield.

Position	TTM	2025	2024	2023
CVRT Calamos Convertible Equity Alternative ETF	1.51%	1.68%	1.49%	0.32%
MMKT Texas Capital Government Money Market ETF	3.64%	3.98%	1.07%	0.00%

Frequently Asked Questions

Can I hold both CVRT and MMKT in my portfolio?

CVRT and MMKT have a correlation of -0.15, 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 MMKT?

CVRT has higher volatility (7.98%) compared to MMKT (0.06%). In terms of maximum drawdown, CVRT dropped -20.71% vs MMKT's -0.04%.

Which ETF is better, CVRT or MMKT?

On 1-year performance, CVRT leads with 50.50% vs 3.70% for MMKT. On fees, MMKT is cheaper at 0.20% per year. On volatility, MMKT has been the lower-risk option at 0.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVRT or MMKT?

Over the 1-year period, CVRT has performed better with a 50.50% return vs 3.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVRT or MMKT?

MMKT is cheaper with a 0.20% expense ratio, compared with 0.69% for CVRT.

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

MMKT has the higher dividend yield at 3.64%, compared with 1.51% for CVRT.

What is the main difference between CVRT and MMKT?

CVRT is categorized as Convertible Bonds, while MMKT is Money Market. They also come from different issuers: Calamos and Texas Capital. Their fees differ too: 0.69% for CVRT and 0.20% for MMKT.

Which has better risk-adjusted returns?

MMKT currently has the higher Sharpe Ratio (17.54 vs 2.10), 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.