CVRT vs. TLT
CVRT (Calamos Convertible Equity Alternative ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - CVRT is a Convertible Bonds fund actively managed by Calamos, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. CVRT is actively managed, while TLT is passively managed. Over the past year, CVRT returned 65.98% vs 3.67% for TLT. At a 0.13 correlation, their price movements are largely independent. CVRT charges 0.69%/yr vs 0.15%/yr for TLT.
Performance
CVRT vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, CVRT achieves a 33.68% return, which is significantly higher than TLT's -1.08% return.
CVRT
- 1D
- 0.22%
- 1M
- 0.03%
- YTD
- 33.68%
- 6M
- 32.37%
- 1Y
- 65.98%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TLT
- 1D
- -0.52%
- 1M
- -1.31%
- YTD
- -1.08%
- 6M
- -1.51%
- 1Y
- 3.67%
- 3Y*
- -2.05%
- 5Y*
- -6.70%
- 10Y*
- -1.85%
CVRT vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CVRT Calamos Convertible Equity Alternative ETF | 33.68% | 29.37% | 13.23% | 11.02% |
TLT iShares 20+ Year Treasury Bond ETF | -1.08% | 4.25% | -8.05% | 15.76% |
Correlation
The correlation between CVRT and TLT is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Oct 5, 2023 | 0.13 |
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Return for Risk
CVRT vs. TLT — Risk / Return Rank
CVRT
TLT
CVRT vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Calamos Convertible Equity Alternative ETF (CVRT) and iShares 20+ Year Treasury Bond ETF (TLT). 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 | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.61 | ||
| Sortino ratioReturn per unit of downside risk | +3.00 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 1.07 | +0.44 |
| Calmar ratioReturn relative to maximum drawdown | 7.71 | 0.49 | +7.23 |
| Martin ratioReturn relative to average drawdown | 29.24 | 1.19 | +28.04 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CVRT | TLT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.99 | 0.38 | +2.61 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.42 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.12 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.68 | 0.25 | +1.43 |
Drawdowns
CVRT vs. TLT - Drawdown Comparison
The maximum CVRT drawdown since its inception was -20.71%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for CVRT and TLT.
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Drawdown Indicators
| CVRT | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.71% | -48.35% | +27.64% |
Max Drawdown (1Y)Largest decline over 1 year | -8.60% | -7.58% | -1.02% |
Max Drawdown (3Y)Largest decline over 3 years | — | -19.18% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -43.70% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -48.35% | — |
Current DrawdownCurrent decline from peak | -6.26% | -40.92% | +34.66% |
Average DrawdownAverage peak-to-trough decline | -3.07% | -13.83% | +10.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.26% | 3.08% | -0.82% |
Volatility
CVRT vs. TLT - Volatility Comparison
Calamos Convertible Equity Alternative ETF (CVRT) has a higher volatility of 9.06% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.65%. This indicates that CVRT's price experiences larger fluctuations and is considered to be riskier than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CVRT | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.06% | 2.65% | +6.41% |
Volatility (6M)Calculated over the trailing 6-month period | 18.46% | 6.51% | +11.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.22% | 9.60% | +12.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.20% | 15.85% | +4.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.20% | 14.91% | +5.29% |
CVRT vs. TLT - Expense Ratio Comparison
CVRT has a 0.69% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
CVRT vs. TLT - Dividend Comparison
CVRT's dividend yield for the trailing twelve months is around 1.50%, less than TLT's 4.63% 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% |
TLT iShares 20+ Year Treasury Bond ETF | 4.63% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
CVRT and TLT have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CVRT has higher volatility (9.06%) compared to TLT (2.65%). In terms of maximum drawdown, CVRT dropped -20.71% vs TLT's -48.35%.
On 1-year performance, CVRT leads with 65.98% vs 3.67% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.65%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, CVRT has performed better with a 65.98% return vs 3.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLT is cheaper with a 0.15% expense ratio, compared with 0.69% for CVRT.
TLT has the higher dividend yield at 4.63%, compared with 1.50% for CVRT.
CVRT is categorized as Convertible Bonds, while TLT is Government Bonds. They also come from different issuers: Calamos and iShares. Their fees differ too: 0.69% for CVRT and 0.15% for TLT.
CVRT currently has the higher Sharpe Ratio (2.99 vs 0.38), 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.
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