CVRT vs. SMST

Last updated Aug 1, 2026

CVRT (Calamos Convertible Equity Alternative ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - CVRT is a Convertible Bonds fund actively managed by Calamos, while SMST is a Inverse Equities fund actively managed by Defiance. Both are actively managed. Over the past year, CVRT returned 46.88% vs 128.37% for SMST. Their -0.55 correlation means they have often moved in opposite directions in the past. CVRT charges 0.69%/yr vs 1.29%/yr for SMST.

Performance

CVRT vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Convertible Equity Alternative ETF (CVRT) and Defiance Daily Target 2X Short MSTR ETF (SMST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CVRT achieves a 25.14% return, which is significantly higher than SMST's -35.77% return.

CVRT

• 1D: 0.21%
• 1M: -3.61%
• 6M: 16.26%
• YTD: 25.14%
• 1Y: 46.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 28.80%

SMST

• 1D: 8.37%
• 1M: 5.47%
• 6M: -29.35%
• YTD: -35.77%
• 1Y: 128.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -83.68%

*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	$320.90K	$427.43K	$464.23K
SMST Defiance Daily Target 2X Short MSTR ETF	$15.35M	$15.12M	$17.58M

CVRT vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CVRT Calamos Convertible Equity Alternative ETF	25.14%	29.37%	9.83%
SMST Defiance Daily Target 2X Short MSTR ETF	-35.77%	-44.36%	-91.71%

Correlation

The correlation between CVRT and SMST is -0.47, 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.	-0.47
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	-0.55

The correlation between CVRT and SMST has been stable across timeframes, ranging from -0.55 to -0.47 - a consistent structural relationship.

Return for Risk

CVRT vs. SMST — Risk / Return Rank

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

CVRT

CVRT Risk / Return Rank: 78
CVRT Sharpe Ratio Rank: 80
CVRT Sortino Ratio Rank: 76
CVRT Omega Ratio Rank: 75
CVRT Calmar Ratio Rank: 78
CVRT Martin Ratio Rank: 82

SMST

SMST Risk / Return Rank: 52
SMST Sharpe Ratio Rank: 45
SMST Sortino Ratio Rank: 62
SMST Omega Ratio Rank: 61
SMST Calmar Ratio Rank: 56
SMST Martin Ratio Rank: 36

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. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Convertible Equity Alternative ETF (CVRT) and Defiance Daily Target 2X Short MSTR ETF (SMST). 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	SMST	Difference
Sharpe ratio: Return per unit of total volatility	1.84	1.13	+0.71
Sortino ratio: Return per unit of downside risk	2.44	2.09	+0.35
Omega ratio: Gain probability vs. loss probability	1.31	1.27	+0.05
Calmar ratio: Return relative to maximum drawdown	2.80	2.00	+0.80
Martin ratio: Return relative to average drawdown	10.73	3.68	+7.06

CVRT vs. SMST - Sharpe Ratio Comparison

The current CVRT Sharpe Ratio is 1.84, which is higher than the SMST Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of CVRT and SMST, 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. SMST - Drawdown Comparison

The maximum CVRT drawdown since its inception was -20.71%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for CVRT and SMST.

Drawdown Indicators

	CVRT	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-20.71%	-99.25%	+78.54%
Max Drawdown (1Y) Largest decline over 1 year	-15.77%	-85.39%	+69.62%
Current Drawdown Current decline from peak	-12.25%	-97.48%	+85.23%
Average Drawdown Average peak-to-trough decline	-3.34%	-91.08%	+87.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.12%	46.35%	-42.23%

Volatility

CVRT vs. SMST - Volatility Comparison

The current volatility for Calamos Convertible Equity Alternative ETF (CVRT) is 7.93%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 38.14%. This indicates that CVRT experiences smaller price fluctuations and is considered to be less risky than SMST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVRT	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.93%	38.14%	-30.21%
Volatility (6M) Calculated over the trailing 6-month period	19.78%	135.29%	-115.51%
Volatility (1Y) Calculated over the trailing 1-year period	24.03%	151.04%	-127.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.55%	166.75%	-146.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.55%	166.75%	-146.20%

CVRT vs. SMST - Expense Ratio Comparison

CVRT has a 0.69% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

CVRT vs. SMST - Dividend Comparison

CVRT's dividend yield for the trailing twelve months is around 1.58%, while SMST has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
CVRT Calamos Convertible Equity Alternative ETF	1.45%	1.68%	1.49%	0.32%
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CVRT and SMST in my portfolio?

CVRT and SMST have a correlation of -0.47, 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 SMST?

SMST has higher volatility (38.14%) compared to CVRT (7.93%). In terms of maximum drawdown, CVRT dropped -20.71% vs SMST's -99.25%.

Which ETF is better, CVRT or SMST?

On 1-year performance, SMST leads with 128.37% vs 46.88% for CVRT. On fees, CVRT is cheaper at 0.69% per year. On volatility, CVRT has been the lower-risk option at 7.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVRT or SMST?

Over the 1-year period, SMST has performed better with a 128.37% return vs 46.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVRT or SMST?

CVRT is cheaper with a 0.69% expense ratio, compared with 1.29% for SMST.

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

CVRT has the higher dividend yield at 1.45%, compared with 0.00% for SMST.

What is the main difference between CVRT and SMST?

CVRT is categorized as Convertible Bonds, while SMST is Inverse Equities. They also come from different issuers: Calamos and Defiance. Their fees differ too: 0.69% for CVRT and 1.29% for SMST.

Which has better risk-adjusted returns?

CVRT currently has the higher Sharpe Ratio (1.84 vs 1.13), 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.