CVRT vs. USL

Last updated Jun 4, 2026

CVRT (Calamos Convertible Equity Alternative ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - CVRT is a Convertible Bonds fund actively managed by Calamos, while USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil. CVRT is actively managed, while USL is passively managed. Over the past year, CVRT returned 76.22% vs 57.86% for USL. At a 0.01 correlation, their price movements are largely independent. CVRT charges 0.69%/yr vs 0.88%/yr for USL.

Performance

CVRT vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Convertible Equity Alternative ETF (CVRT) and United States 12 Month Oil Fund LP (USL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CVRT achieves a 40.89% return, which is significantly lower than USL's 63.07% return.

CVRT

• 1D: -1.21%
• 1M: 8.71%
• YTD: 40.89%
• 6M: 41.79%
• 1Y: 76.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USL

• 1D: 1.55%
• 1M: -1.61%
• YTD: 63.07%
• 6M: 59.66%
• 1Y: 57.86%
• 3Y*: 18.42%
• 5Y*: 17.41%
• 10Y*: 10.91%

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

CVRT vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CVRT Calamos Convertible Equity Alternative ETF	40.89%	29.37%	13.23%	11.02%
USL United States 12 Month Oil Fund LP	63.07%	-12.37%	8.30%	-7.05%

Correlation

The correlation between CVRT and USL is -0.17, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.17
Correlation (All Time) Calculated using the full available price history since Oct 5, 2023	0.01

The correlation between CVRT and USL shifts across timeframes, from -0.17 (1 year) to 0.01 (all time), reflecting how their relationship changes across market environments.

CVRT vs. USL - Sectors Allocation Comparison

Sectors	CVRT	USL
Technology	43.9%	-
Utilities	14.0%	-
Industrials	8.9%	-
Financial Services	8.2%	4.5%
Healthcare	7.4%	-
Communication Services	3.4%	-
Real Estate	2.7%	-
Energy	2.4%	-
Basic Materials	2.1%	-
Consumer Cyclical	1.4%	-
Consumer Defensive	0.8%	-

Return for Risk

CVRT vs. USL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CVRT

CVRT Risk / Return Rank: 93
CVRT Sharpe Ratio Rank: 93
CVRT Sortino Ratio Rank: 91
CVRT Omega Ratio Rank: 90
CVRT Calmar Ratio Rank: 96
CVRT Martin Ratio Rank: 96

USL

USL Risk / Return Rank: 56
USL Sharpe Ratio Rank: 59
USL Sortino Ratio Rank: 53
USL Omega Ratio Rank: 54
USL Calmar Ratio Rank: 69
USL Martin Ratio Rank: 43

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CVRT vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Convertible Equity Alternative ETF (CVRT) and United States 12 Month Oil Fund LP (USL). 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	USL	Difference
Sharpe ratio: Return per unit of total volatility	3.57	2.04	+1.53
Sortino ratio: Return per unit of downside risk	4.32	2.58	+1.74
Omega ratio: Gain probability vs. loss probability	1.59	1.34	+0.25
Calmar ratio: Return relative to maximum drawdown	8.91	3.47	+5.44
Martin ratio: Return relative to average drawdown	34.91	7.02	+27.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CVRT vs. USL - Sharpe Ratio Comparison

The current CVRT Sharpe Ratio is 3.57, which is higher than the USL Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of CVRT and USL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CVRT	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.57	2.04	+1.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.58	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.34	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.84	0.01	+1.83

Drawdowns

CVRT vs. USL - Drawdown Comparison

The maximum CVRT drawdown since its inception was -20.71%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for CVRT and USL.

Drawdown Indicators

	CVRT	USL	Difference
Max Drawdown Largest peak-to-trough decline	-20.71%	-89.06%	+68.35%
Max Drawdown (1Y) Largest decline over 1 year	-8.60%	-16.76%	+8.16%
Max Drawdown (3Y) Largest decline over 3 years	—	-23.33%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-33.82%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-66.02%	—
Current Drawdown Current decline from peak	-1.21%	-38.16%	+36.95%
Average Drawdown Average peak-to-trough decline	-3.06%	-61.46%	+58.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.19%	8.27%	-6.08%

Volatility

CVRT vs. USL - Volatility Comparison

The current volatility for Calamos Convertible Equity Alternative ETF (CVRT) is 7.64%, while United States 12 Month Oil Fund LP (USL) has a volatility of 10.53%. This indicates that CVRT experiences smaller price fluctuations and is considered to be less risky than USL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVRT	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.64%	10.53%	-2.89%
Volatility (6M) Calculated over the trailing 6-month period	17.57%	23.33%	-5.76%
Volatility (1Y) Calculated over the trailing 1-year period	21.47%	28.54%	-7.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.96%	30.08%	-10.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.96%	32.35%	-12.39%

CVRT vs. USL - Expense Ratio Comparison

CVRT has a 0.69% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

CVRT vs. USL - Dividend Comparison

CVRT's dividend yield for the trailing twelve months is around 1.43%, while USL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
CVRT Calamos Convertible Equity Alternative ETF	1.43%	1.68%	1.49%	0.32%
USL United States 12 Month Oil Fund LP	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CVRT and USL in my portfolio?

CVRT and USL have a correlation of -0.17, 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 USL?

USL has higher volatility (10.53%) compared to CVRT (7.64%). In terms of maximum drawdown, CVRT dropped -20.71% vs USL's -89.06%.

Which ETF is better, CVRT or USL?

On 1-year performance, CVRT leads with 76.22% vs 57.86% for USL. On fees, CVRT is cheaper at 0.69% per year. On volatility, CVRT has been the lower-risk option at 7.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVRT or USL?

Over the 1-year period, CVRT has performed better with a 76.22% return vs 57.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVRT or USL?

CVRT is cheaper with a 0.69% expense ratio, compared with 0.88% for USL.

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

CVRT has the higher dividend yield at 1.43%, compared with 0.00% for USL.

What is the main difference between CVRT and USL?

CVRT is categorized as Convertible Bonds, while USL is Oil & Gas. They also come from different issuers: Calamos and Concierge Technologies. Their fees differ too: 0.69% for CVRT and 0.88% for USL.

Which has better risk-adjusted returns?

CVRT currently has the higher Sharpe Ratio (3.57 vs 2.04), 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.