CVRT vs. TBIL

Last updated Aug 1, 2026

CVRT (Calamos Convertible Equity Alternative ETF) and TBIL (F/m US Treasury 3 Month Bill ETF) are both exchange-traded funds - CVRT is a Convertible Bonds fund actively managed by Calamos, while TBIL is a Ultrashort Bond fund tracking the Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index. CVRT is actively managed, while TBIL is passively managed. Over the past year, CVRT returned 44.00% vs 3.91% for TBIL. Their -0.04 correlation means they have often moved in opposite directions in the past. CVRT charges 0.69%/yr vs 0.15%/yr for TBIL.

Performance

CVRT vs. TBIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Convertible Equity Alternative ETF (CVRT) and F/m US Treasury 3 Month Bill ETF (TBIL). 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 TBIL's 2.11% return.

CVRT

• 1D: 0.21%
• 1M: -5.94%
• 6M: 16.26%
• YTD: 25.14%
• 1Y: 44.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 28.80%

TBIL

• 1D: 0.04%
• 1M: 0.34%
• 6M: 1.80%
• YTD: 2.11%
• 1Y: 3.91%
• 3Y*: 4.57%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.50%

*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
TBIL F/m US Treasury 3 Month Bill ETF	$84.47M	$81.39M	$91.49M

CVRT vs. TBIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CVRT Calamos Convertible Equity Alternative ETF	25.14%	29.37%	13.23%	11.44%
TBIL F/m US Treasury 3 Month Bill ETF	2.11%	4.19%	5.15%	1.29%

Correlation

The correlation between CVRT and TBIL is -0.07, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.07
Correlation (All Time) Calculated using the full available price history since Oct 4, 2023	-0.04

Return for Risk

CVRT vs. TBIL — 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

TBIL

TBIL Risk / Return Rank: 100
TBIL Sharpe Ratio Rank: 100
TBIL Sortino Ratio Rank: 100
TBIL Omega Ratio Rank: 100
TBIL Calmar Ratio Rank: 100
TBIL 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. TBIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Convertible Equity Alternative ETF (CVRT) and F/m US Treasury 3 Month Bill ETF (TBIL). 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	TBIL	Difference
Sharpe ratio: Return per unit of total volatility	1.84	14.11	-12.27
Sortino ratio: Return per unit of downside risk	2.44	68.82	-66.38
Omega ratio: Gain probability vs. loss probability	1.31	22.93	-21.62
Calmar ratio: Return relative to maximum drawdown	2.80	195.78	-192.98
Martin ratio: Return relative to average drawdown	10.73	1,113.66	-1,102.92

CVRT vs. TBIL - Sharpe Ratio Comparison

The current CVRT Sharpe Ratio is 1.84, which is lower than the TBIL Sharpe Ratio of 14.11. The chart below compares the historical Sharpe Ratios of CVRT and TBIL, 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. TBIL - Drawdown Comparison

The maximum CVRT drawdown since its inception was -20.71%, which is greater than TBIL's maximum drawdown of -0.10%. Use the drawdown chart below to compare losses from any high point for CVRT and TBIL.

Drawdown Indicators

	CVRT	TBIL	Difference
Max Drawdown Largest peak-to-trough decline	-20.71%	-0.10%	-20.61%
Max Drawdown (1Y) Largest decline over 1 year	-15.77%	-0.02%	-15.75%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.02%	—
Current Drawdown Current decline from peak	-12.25%	0.00%	-12.25%
Average Drawdown Average peak-to-trough decline	-3.34%	0.00%	-3.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.12%	0.00%	+4.12%

Volatility

CVRT vs. TBIL - Volatility Comparison

Calamos Convertible Equity Alternative ETF (CVRT) has a higher volatility of 7.93% compared to F/m US Treasury 3 Month Bill ETF (TBIL) at 0.09%. This indicates that CVRT's price experiences larger fluctuations and is considered to be riskier than TBIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVRT	TBIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.93%	0.09%	+7.84%
Volatility (6M) Calculated over the trailing 6-month period	19.78%	0.20%	+19.58%
Volatility (1Y) Calculated over the trailing 1-year period	24.03%	0.28%	+23.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.55%	0.32%	+20.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.55%	0.32%	+20.23%

CVRT vs. TBIL - Expense Ratio Comparison

CVRT has a 0.69% expense ratio, which is higher than TBIL's 0.15% expense ratio.

Dividends

CVRT vs. TBIL - Dividend Comparison

CVRT's dividend yield for the trailing twelve months is around 1.58%, less than TBIL's 4.04% yield.

Position	TTM	2025	2024	2023	2022
CVRT Calamos Convertible Equity Alternative ETF	1.58%	1.68%	1.49%	0.32%	0.00%
TBIL F/m US Treasury 3 Month Bill ETF	4.04%	4.07%	5.02%	5.00%	1.10%

Frequently Asked Questions

Can I hold both CVRT and TBIL in my portfolio?

CVRT and TBIL have a correlation of -0.07, 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 TBIL?

CVRT has higher volatility (7.93%) compared to TBIL (0.09%). In terms of maximum drawdown, CVRT dropped -20.71% vs TBIL's -0.10%.

Which ETF is better, CVRT or TBIL?

On 1-year performance, CVRT leads with 44.00% vs 3.91% for TBIL. On fees, TBIL is cheaper at 0.15% per year. On volatility, TBIL has been the lower-risk option at 0.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVRT or TBIL?

Over the 1-year period, CVRT has performed better with a 44.00% return vs 3.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVRT or TBIL?

TBIL is cheaper with a 0.15% expense ratio, compared with 0.69% for CVRT.

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

TBIL has the higher dividend yield at 4.04%, compared with 1.58% for CVRT.

What is the main difference between CVRT and TBIL?

CVRT is categorized as Convertible Bonds, while TBIL is Ultrashort Bond. They also come from different issuers: Calamos and F/m. Their fees differ too: 0.69% for CVRT and 0.15% for TBIL.

Which has better risk-adjusted returns?

TBIL currently has the higher Sharpe Ratio (14.11 vs 1.84), 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.