CVTRX vs. CVRT

Last updated Aug 1, 2026

CVTRX (Calamos Growth and Income Fund) and CVRT (Calamos Convertible Equity Alternative ETF) are both funds - CVTRX is a Diversified Portfolio fund managed by Calamos, while CVRT is a Convertible Bonds fund actively managed by Calamos. Over the past year, CVTRX returned 19.81% vs 46.88% for CVRT. Their 0.80 correlation means they have sometimes moved together and sometimes differently. CVTRX charges 1.05%/yr vs 0.69%/yr for CVRT.

Performance

CVTRX vs. CVRT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Growth and Income Fund (CVTRX) and Calamos Convertible Equity Alternative ETF (CVRT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CVTRX achieves a 9.24% return, which is significantly lower than CVRT's 25.14% return.

CVTRX

• 1D: 2.05%
• 1M: -1.02%
• 6M: 7.17%
• YTD: 9.24%
• 1Y: 19.81%
• 3Y*: 17.01%
• 5Y*: 10.14%
• 10Y*: 12.55%
• ALL TIME*: 11.06%

CVRT

• 1D: 0.21%
• 1M: -3.61%
• 6M: 16.26%
• YTD: 25.14%
• 1Y: 46.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 28.80%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CVRT Calamos Convertible Equity Alternative ETF	$320.90K	$427.43K	$464.23K
CVTRX Calamos Growth and Income Fund	$0.00	$0.00	$0.00

CVTRX vs. CVRT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CVTRX Calamos Growth and Income Fund	9.24%	17.46%	20.66%	10.64%
CVRT Calamos Convertible Equity Alternative ETF	25.14%	29.37%	13.23%	11.44%

Correlation

The correlation between CVTRX and CVRT is 0.82, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.82
Correlation (All Time) Calculated using the full available price history since Oct 4, 2023	0.80

The correlation between CVTRX and CVRT has been stable across timeframes, ranging from 0.80 to 0.82 - a consistent structural relationship.

Return for Risk

CVTRX vs. CVRT — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CVTRX

CVTRX Risk / Return Rank: 55
CVTRX Sharpe Ratio Rank: 53
CVTRX Sortino Ratio Rank: 51
CVTRX Omega Ratio Rank: 48
CVTRX Calmar Ratio Rank: 56
CVTRX Martin Ratio Rank: 65

CVRT

CVRT Risk / Return Rank: 78
CVRT Sharpe Ratio Rank: 80
CVRT Sortino Ratio Rank: 76
CVRT Omega Ratio Rank: 75
CVRT Calmar Ratio Rank: 78
CVRT Martin Ratio Rank: 82

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CVTRX vs. CVRT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Growth and Income Fund (CVTRX) and Calamos Convertible Equity Alternative ETF (CVRT). 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.

	CVTRX	CVRT	Difference
Sharpe ratio: Return per unit of total volatility	1.37	1.84	-0.47
Sortino ratio: Return per unit of downside risk	1.94	2.44	-0.51
Omega ratio: Gain probability vs. loss probability	1.24	1.31	-0.07
Calmar ratio: Return relative to maximum drawdown	1.95	2.80	-0.85
Martin ratio: Return relative to average drawdown	8.18	10.73	-2.56

CVTRX vs. CVRT - Sharpe Ratio Comparison

The current CVTRX Sharpe Ratio is 1.37, which is comparable to the CVRT Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of CVTRX and CVRT, 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

CVTRX vs. CVRT - Drawdown Comparison

The maximum CVTRX drawdown since its inception was -44.13%, which is greater than CVRT's maximum drawdown of -20.71%. Use the drawdown chart below to compare losses from any high point for CVTRX and CVRT.

Drawdown Indicators

	CVTRX	CVRT	Difference
Max Drawdown Largest peak-to-trough decline	-44.13%	-20.71%	-23.42%
Max Drawdown (1Y) Largest decline over 1 year	-9.14%	-15.77%	+6.63%
Max Drawdown (3Y) Largest decline over 3 years	-16.45%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-23.30%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-28.20%	—	—
Current Drawdown Current decline from peak	-2.48%	-12.25%	+9.77%
Average Drawdown Average peak-to-trough decline	-5.16%	-3.34%	-1.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.18%	4.12%	-1.94%

Volatility

CVTRX vs. CVRT - Volatility Comparison

The current volatility for Calamos Growth and Income Fund (CVTRX) is 3.80%, while Calamos Convertible Equity Alternative ETF (CVRT) has a volatility of 7.93%. This indicates that CVTRX experiences smaller price fluctuations and is considered to be less risky than CVRT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVTRX	CVRT	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.80%	7.93%	-4.13%
Volatility (6M) Calculated over the trailing 6-month period	10.49%	19.78%	-9.29%
Volatility (1Y) Calculated over the trailing 1-year period	13.05%	24.03%	-10.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.01%	20.55%	-5.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.43%	20.55%	-5.12%

CVTRX vs. CVRT - Expense Ratio Comparison

CVTRX has a 1.05% expense ratio, which is higher than CVRT's 0.69% expense ratio.

Dividends

CVTRX vs. CVRT - Dividend Comparison

CVTRX's dividend yield for the trailing twelve months is around 6.69%, more than CVRT's 1.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CVRT Calamos Convertible Equity Alternative ETF	1.45%	1.68%	1.49%	0.32%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
CVTRX Calamos Growth and Income Fund	6.69%	7.38%	4.83%	4.18%	4.02%	5.52%	3.22%	3.56%	8.61%	7.21%	7.31%	6.96%

Frequently Asked Questions

Can I hold both CVTRX and CVRT in my portfolio?

CVTRX and CVRT have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CVTRX or CVRT?

CVRT has higher volatility (7.93%) compared to CVTRX (3.80%). In terms of maximum drawdown, CVTRX dropped -44.13% vs CVRT's -20.71%.

Which has better risk-adjusted returns?

CVRT currently has the higher Sharpe Ratio (1.84 vs 1.37), 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.