CVRT vs. VFIAX

Last updated Jun 4, 2026

CVRT (Calamos Convertible Equity Alternative ETF) and VFIAX (Vanguard 500 Index Fund Admiral Shares) are both funds - CVRT is a Convertible Bonds fund actively managed by Calamos, while VFIAX is a S&P 500 fund tracking the S&P 500 Index. CVRT is actively managed, while VFIAX is passively managed. Over the past year, CVRT returned 76.22% vs 28.95% for VFIAX. A 0.75 correlation means they provide meaningful diversification when combined. CVRT charges 0.69%/yr vs 0.04%/yr for VFIAX.

Performance

CVRT vs. VFIAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Convertible Equity Alternative ETF (CVRT) and Vanguard 500 Index Fund Admiral Shares (VFIAX). 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 higher than VFIAX's 11.69% return.

CVRT

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

VFIAX

• 1D: 0.13%
• 1M: 5.80%
• YTD: 11.69%
• 6M: 11.73%
• 1Y: 28.95%
• 3Y*: 22.72%
• 5Y*: 14.24%
• 10Y*: 15.63%

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

CVRT vs. VFIAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CVRT Calamos Convertible Equity Alternative ETF	40.89%	29.37%	13.23%	11.02%
VFIAX Vanguard 500 Index Fund Admiral Shares	11.69%	17.83%	24.97%	12.31%

Correlation

The correlation between CVRT and VFIAX is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.71
Correlation (All Time) Calculated using the full available price history since Oct 5, 2023	0.75

The correlation between CVRT and VFIAX has been stable across timeframes, ranging from 0.71 to 0.75 - a consistent structural relationship.

CVRT vs. VFIAX - Sectors Allocation Comparison

Sectors	CVRT	VFIAX
Technology	43.9%	35.7%
Utilities	14.0%	2.4%
Industrials	8.9%	8.3%
Financial Services	8.2%	11.6%
Healthcare	7.4%	8.5%
Communication Services	3.4%	11.3%
Real Estate	2.7%	1.9%
Energy	2.4%	3.5%
Basic Materials	2.1%	1.8%
Consumer Cyclical	1.4%	10.2%
Consumer Defensive	0.8%	4.9%

Return for Risk

CVRT vs. VFIAX — 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

VFIAX

VFIAX Risk / Return Rank: 73
VFIAX Sharpe Ratio Rank: 75
VFIAX Sortino Ratio Rank: 67
VFIAX Omega Ratio Rank: 67
VFIAX Calmar Ratio Rank: 74
VFIAX Martin Ratio Rank: 83

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. VFIAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Convertible Equity Alternative ETF (CVRT) and Vanguard 500 Index Fund Admiral Shares (VFIAX). 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	VFIAX	Difference
Sharpe ratio: Return per unit of total volatility	3.57	2.52	+1.05
Sortino ratio: Return per unit of downside risk	4.32	3.42	+0.90
Omega ratio: Gain probability vs. loss probability	1.59	1.46	+0.14
Calmar ratio: Return relative to maximum drawdown	8.91	3.35	+5.56
Martin ratio: Return relative to average drawdown	34.91	15.66	+19.25
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. VFIAX - Sharpe Ratio Comparison

The current CVRT Sharpe Ratio is 3.57, which is higher than the VFIAX Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of CVRT and VFIAX, 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	VFIAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.57	2.52	+1.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.85	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.84	0.47	+1.38

Drawdowns

CVRT vs. VFIAX - Drawdown Comparison

The maximum CVRT drawdown since its inception was -20.71%, smaller than the maximum VFIAX drawdown of -55.20%. Use the drawdown chart below to compare losses from any high point for CVRT and VFIAX.

Drawdown Indicators

	CVRT	VFIAX	Difference
Max Drawdown Largest peak-to-trough decline	-20.71%	-55.20%	+34.49%
Max Drawdown (1Y) Largest decline over 1 year	-8.60%	-8.90%	+0.30%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.75%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.53%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.83%	—
Current Drawdown Current decline from peak	-1.21%	0.00%	-1.21%
Average Drawdown Average peak-to-trough decline	-3.06%	-9.40%	+6.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.19%	1.90%	+0.29%

Volatility

CVRT vs. VFIAX - Volatility Comparison

Calamos Convertible Equity Alternative ETF (CVRT) has a higher volatility of 7.64% compared to Vanguard 500 Index Fund Admiral Shares (VFIAX) at 2.82%. This indicates that CVRT's price experiences larger fluctuations and is considered to be riskier than VFIAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVRT	VFIAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.64%	2.82%	+4.82%
Volatility (6M) Calculated over the trailing 6-month period	17.57%	8.98%	+8.59%
Volatility (1Y) Calculated over the trailing 1-year period	21.47%	11.86%	+9.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.96%	16.90%	+3.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.96%	18.07%	+1.89%

CVRT vs. VFIAX - Expense Ratio Comparison

CVRT has a 0.69% expense ratio, which is higher than VFIAX's 0.04% expense ratio.

Dividends

CVRT vs. VFIAX - Dividend Comparison

CVRT's dividend yield for the trailing twelve months is around 1.43%, more than VFIAX's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CVRT Calamos Convertible Equity Alternative ETF	1.43%	1.68%	1.49%	0.32%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VFIAX Vanguard 500 Index Fund Admiral Shares	1.01%	1.12%	1.24%	1.45%	1.68%	1.24%	1.53%	1.87%	2.05%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both CVRT and VFIAX in my portfolio?

CVRT and VFIAX have a correlation of 0.71, 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 VFIAX?

CVRT has higher volatility (7.64%) compared to VFIAX (2.82%). In terms of maximum drawdown, CVRT dropped -20.71% vs VFIAX's -55.20%.

Which has better risk-adjusted returns?

CVRT currently has the higher Sharpe Ratio (3.57 vs 2.52), 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.