CVRT vs. XLK

Last updated Jul 12, 2026

CVRT (Calamos Convertible Equity Alternative ETF) and XLK (State Street Technology Select Sector SPDR ETF) are both exchange-traded funds - CVRT is a Convertible Bonds fund actively managed by Calamos, while XLK is a Technology Equities fund tracking the S&P Technology Select Sector Daily Capped 35/20 Index. CVRT is actively managed, while XLK is passively managed. Over the past year, CVRT returned 53.64% vs 45.99% for XLK. A 0.72 correlation means they provide meaningful diversification when combined. CVRT charges 0.69%/yr vs 0.08%/yr for XLK.

Performance

CVRT vs. XLK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Convertible Equity Alternative ETF (CVRT) and State Street Technology Select Sector SPDR ETF (XLK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with CVRT having a 30.73% return and XLK slightly lower at 29.35%.

CVRT

• 1D: -0.61%
• 1M: -2.50%
• 6M: 24.70%
• YTD: 30.73%
• 1Y: 53.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

XLK

• 1D: 0.23%
• 1M: 1.52%
• 6M: 27.43%
• YTD: 29.35%
• 1Y: 45.99%
• 3Y*: 30.12%
• 5Y*: 20.60%
• 10Y*: 24.88%

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

CVRT vs. XLK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CVRT Calamos Convertible Equity Alternative ETF	30.73%	29.37%	13.23%	11.44%
XLK State Street Technology Select Sector SPDR ETF	29.35%	24.61%	21.63%	18.43%

Correlation

The correlation between CVRT and XLK is 0.76, 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	0.76
Correlation (All Time) Calculated using the full available price history since Oct 4, 2023	0.72

The correlation between CVRT and XLK has been stable across timeframes, ranging from 0.72 to 0.76 - a consistent structural relationship.

Return for Risk

CVRT vs. XLK — Risk / Return Rank

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

CVRT

CVRT Risk / Return Rank: 88
CVRT Sharpe Ratio Rank: 89
CVRT Sortino Ratio Rank: 83
CVRT Omega Ratio Rank: 83
CVRT Calmar Ratio Rank: 94
CVRT Martin Ratio Rank: 92

XLK

XLK Risk / Return Rank: 68
XLK Sharpe Ratio Rank: 73
XLK Sortino Ratio Rank: 64
XLK Omega Ratio Rank: 66
XLK Calmar Ratio Rank: 72
XLK Martin Ratio Rank: 62

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. XLK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Convertible Equity Alternative ETF (CVRT) and State Street Technology Select Sector SPDR ETF (XLK). 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	XLK	Difference
Sharpe ratio: Return per unit of total volatility	2.32	1.88	+0.44
Sortino ratio: Return per unit of downside risk	2.95	2.39	+0.56
Omega ratio: Gain probability vs. loss probability	1.39	1.32	+0.08
Calmar ratio: Return relative to maximum drawdown	5.71	2.86	+2.84
Martin ratio: Return relative to average drawdown	18.25	8.70	+9.55

CVRT vs. XLK - Sharpe Ratio Comparison

The current CVRT Sharpe Ratio is 2.32, which is comparable to the XLK Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of CVRT and XLK, 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. XLK - Drawdown Comparison

The maximum CVRT drawdown since its inception was -20.71%, smaller than the maximum XLK drawdown of -82.05%. Use the drawdown chart below to compare losses from any high point for CVRT and XLK.

Drawdown Indicators

	CVRT	XLK	Difference
Max Drawdown Largest peak-to-trough decline	-20.71%	-82.05%	+61.34%
Max Drawdown (1Y) Largest decline over 1 year	-9.41%	-15.92%	+6.51%
Max Drawdown (3Y) Largest decline over 3 years	—	-25.66%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-33.56%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.56%	—
Current Drawdown Current decline from peak	-8.33%	-6.16%	-2.17%
Average Drawdown Average peak-to-trough decline	-3.16%	-34.85%	+31.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.94%	5.23%	-2.29%

Volatility

CVRT vs. XLK - Volatility Comparison

The current volatility for Calamos Convertible Equity Alternative ETF (CVRT) is 7.38%, while State Street Technology Select Sector SPDR ETF (XLK) has a volatility of 10.98%. This indicates that CVRT experiences smaller price fluctuations and is considered to be less risky than XLK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVRT	XLK	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.38%	10.98%	-3.60%
Volatility (6M) Calculated over the trailing 6-month period	18.96%	20.68%	-1.72%
Volatility (1Y) Calculated over the trailing 1-year period	23.14%	24.26%	-1.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.34%	25.52%	-5.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.34%	24.77%	-4.43%

CVRT vs. XLK - Expense Ratio Comparison

CVRT has a 0.69% expense ratio, which is higher than XLK's 0.08% expense ratio.

Dividends

CVRT vs. XLK - Dividend Comparison

CVRT's dividend yield for the trailing twelve months is around 1.52%, more than XLK's 0.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CVRT Calamos Convertible Equity Alternative ETF	1.52%	1.68%	1.49%	0.32%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XLK State Street Technology Select Sector SPDR ETF	0.43%	0.54%	0.66%	0.76%	1.04%	0.65%	0.92%	1.16%	1.60%	1.37%	1.74%	1.79%

Frequently Asked Questions

Can I hold both CVRT and XLK in my portfolio?

CVRT and XLK have a correlation of 0.76, 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 XLK?

XLK has higher volatility (10.98%) compared to CVRT (7.38%). In terms of maximum drawdown, CVRT dropped -20.71% vs XLK's -82.05%.

Which ETF is better, CVRT or XLK?

On 1-year performance, CVRT leads with 53.64% vs 45.99% for XLK. On fees, XLK is cheaper at 0.08% per year. On volatility, CVRT has been the lower-risk option at 7.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVRT or XLK?

Over the 1-year period, CVRT has performed better with a 53.64% return vs 45.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVRT or XLK?

XLK is cheaper with a 0.08% expense ratio, compared with 0.69% for CVRT.

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

CVRT has the higher dividend yield at 1.52%, compared with 0.43% for XLK.

What is the main difference between CVRT and XLK?

CVRT is categorized as Convertible Bonds, while XLK is Technology Equities. They also come from different issuers: Calamos and State Street. Their fees differ too: 0.69% for CVRT and 0.08% for XLK.

Which has better risk-adjusted returns?

CVRT currently has the higher Sharpe Ratio (2.32 vs 1.88), 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.