CVRT vs. ULVM
CVRT (Calamos Convertible Equity Alternative ETF) and ULVM (VictoryShares US Value Momentum ETF) are both exchange-traded funds - CVRT is a Convertible Bonds fund actively managed by Calamos, while ULVM is a Momentum fund tracking the Nasdaq Victory US Value Momentum Index. CVRT is actively managed, while ULVM is passively managed. Over the past year, CVRT returned 44.00% vs 29.82% for ULVM. Their 0.66 correlation means they have sometimes moved together and sometimes differently. CVRT charges 0.69%/yr vs 0.20%/yr for ULVM.
Performance
CVRT vs. ULVM - Performance Comparison
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Returns By Period
In the year-to-date period, CVRT achieves a 25.14% return, which is significantly higher than ULVM's 20.05% return.
CVRT
- 1D
- 0.21%
- 1M
- -5.94%
- 6M
- 16.26%
- YTD
- 25.14%
- 1Y
- 44.00%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 28.80%
ULVM
- 1D
- -0.20%
- 1M
- 2.46%
- 6M
- 15.22%
- YTD
- 20.05%
- 1Y
- 29.82%
- 3Y*
- 20.61%
- 5Y*
- 12.55%
- 10Y*
- —
- ALL TIME*
- 11.18%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $320.90K | $427.43K | $464.23K | |
| $297.74K | $260.49K | $217.66K |
CVRT vs. ULVM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CVRT Calamos Convertible Equity Alternative ETF | 25.14% | 29.37% | 13.23% | 11.44% |
ULVM VictoryShares US Value Momentum ETF | 20.05% | 15.84% | 19.76% | 14.10% |
Correlation
The correlation between CVRT and ULVM is 0.54, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.54 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2023 | 0.66 |
The correlation between CVRT and ULVM shifts across timeframes, from 0.54 (1 year) to 0.66 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CVRT vs. ULVM — Risk / Return Rank
CVRT
ULVM
CVRT vs. ULVM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Calamos Convertible Equity Alternative ETF (CVRT) and VictoryShares US Value Momentum ETF (ULVM). 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 | ULVM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.94 | ||
| Sortino ratioReturn per unit of downside risk | -1.48 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.49 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 2.80 | 4.63 | -1.83 |
| Martin ratioReturn relative to average drawdown | 10.73 | 19.50 | -8.77 |
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Drawdowns
CVRT vs. ULVM - Drawdown Comparison
The maximum CVRT drawdown since its inception was -20.71%, smaller than the maximum ULVM drawdown of -40.71%. Use the drawdown chart below to compare losses from any high point for CVRT and ULVM.
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Drawdown Indicators
| CVRT | ULVM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.71% | -40.71% | +20.00% |
Max Drawdown (1Y)Largest decline over 1 year | -15.77% | -6.47% | -9.30% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.14% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -19.77% | — |
Current DrawdownCurrent decline from peak | -12.25% | -1.26% | -10.99% |
Average DrawdownAverage peak-to-trough decline | -3.34% | -5.65% | +2.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.12% | 1.53% | +2.59% |
Volatility
CVRT vs. ULVM - Volatility Comparison
Calamos Convertible Equity Alternative ETF (CVRT) has a higher volatility of 7.93% compared to VictoryShares US Value Momentum ETF (ULVM) at 2.72%. This indicates that CVRT's price experiences larger fluctuations and is considered to be riskier than ULVM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CVRT | ULVM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.93% | 2.72% | +5.21% |
Volatility (6M)Calculated over the trailing 6-month period | 19.78% | 8.10% | +11.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.03% | 10.81% | +13.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.55% | 15.39% | +5.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.55% | 18.73% | +1.82% |
CVRT vs. ULVM - Expense Ratio Comparison
CVRT has a 0.69% expense ratio, which is higher than ULVM's 0.20% expense ratio.
Dividends
CVRT vs. ULVM - Dividend Comparison
CVRT's dividend yield for the trailing twelve months is around 1.58%, less than ULVM's 1.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CVRT Calamos Convertible Equity Alternative ETF | 1.58% | 1.68% | 1.49% | 0.32% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ULVM VictoryShares US Value Momentum ETF | 1.62% | 1.81% | 1.57% | 1.94% | 1.91% | 1.36% | 1.51% | 1.88% | 1.67% | 0.38% |
Frequently Asked Questions
CVRT and ULVM have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CVRT has higher volatility (7.93%) compared to ULVM (2.72%). In terms of maximum drawdown, CVRT dropped -20.71% vs ULVM's -40.71%.
On 1-year performance, CVRT leads with 44.00% vs 29.82% for ULVM. On fees, ULVM is cheaper at 0.20% per year. On volatility, ULVM has been the lower-risk option at 2.72%. 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 44.00% return vs 29.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ULVM is cheaper with a 0.20% expense ratio, compared with 0.69% for CVRT.
ULVM has the higher dividend yield at 1.62%, compared with 1.58% for CVRT.
CVRT is categorized as Convertible Bonds, while ULVM is Momentum. They also come from different issuers: Calamos and Victory. Their fees differ too: 0.69% for CVRT and 0.20% for ULVM.
ULVM currently has the higher Sharpe Ratio (2.78 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.
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