CVTRX vs. SPY
Compare and contrast key facts about Calamos Growth and Income Fund (CVTRX) and State Street SPDR S&P 500 ETF (SPY).
CVTRX is managed by Calamos. It was launched on Sep 21, 1988. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993.
Performance
CVTRX vs. SPY - Performance Comparison
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CVTRX vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CVTRX Calamos Growth and Income Fund | -3.83% | 17.46% | 20.66% | 20.36% | -18.45% | 21.05% | 22.43% | 25.97% | -3.97% | 16.06% |
SPY State Street SPDR S&P 500 ETF | -3.65% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Returns By Period
The year-to-date returns for both investments are quite close, with CVTRX having a -3.83% return and SPY slightly higher at -3.65%. Over the past 10 years, CVTRX has underperformed SPY with an annualized return of 11.55%, while SPY has yielded a comparatively higher 14.06% annualized return.
CVTRX
- 1D
- 2.92%
- 1M
- -4.80%
- YTD
- -3.83%
- 6M
- -2.24%
- 1Y
- 18.06%
- 3Y*
- 15.69%
- 5Y*
- 8.88%
- 10Y*
- 11.55%
SPY
- 1D
- 0.75%
- 1M
- -4.28%
- YTD
- -3.65%
- 6M
- -1.42%
- 1Y
- 18.14%
- 3Y*
- 18.48%
- 5Y*
- 11.86%
- 10Y*
- 14.06%
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CVTRX vs. SPY - Expense Ratio Comparison
CVTRX has a 1.05% expense ratio, which is higher than SPY's 0.09% expense ratio.
Return for Risk
CVTRX vs. SPY — Risk / Return Rank
CVTRX
SPY
CVTRX vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Calamos Growth and Income Fund (CVTRX) and State Street SPDR S&P 500 ETF (SPY). 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.
| CVTRX | SPY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.14 | 0.96 | +0.19 |
Sortino ratioReturn per unit of downside risk | 1.69 | 1.49 | +0.20 |
Omega ratioGain probability vs. loss probability | 1.25 | 1.23 | +0.02 |
Calmar ratioReturn relative to maximum drawdown | 1.90 | 1.53 | +0.36 |
Martin ratioReturn relative to average drawdown | 7.96 | 7.27 | +0.69 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CVTRX | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.14 | 0.96 | +0.19 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.60 | 0.70 | -0.10 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.76 | 0.79 | -0.03 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.80 | 0.56 | +0.23 |
Correlation
The correlation between CVTRX and SPY is 0.88, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
CVTRX vs. SPY - Dividend Comparison
CVTRX's dividend yield for the trailing twelve months is around 7.67%, more than SPY's 1.13% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CVTRX Calamos Growth and Income Fund | 7.67% | 7.38% | 4.83% | 4.18% | 4.02% | 5.52% | 3.22% | 3.56% | 8.61% | 7.21% | 7.31% | 6.96% |
SPY State Street SPDR S&P 500 ETF | 1.13% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Drawdowns
CVTRX vs. SPY - Drawdown Comparison
The maximum CVTRX drawdown since its inception was -44.13%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for CVTRX and SPY.
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Drawdown Indicators
| CVTRX | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.13% | -55.19% | +11.06% |
Max Drawdown (1Y)Largest decline over 1 year | -9.97% | -12.05% | +2.08% |
Max Drawdown (5Y)Largest decline over 5 years | -23.30% | -24.50% | +1.20% |
Max Drawdown (10Y)Largest decline over 10 years | -28.20% | -33.72% | +5.52% |
Current DrawdownCurrent decline from peak | -6.49% | -5.53% | -0.96% |
Average DrawdownAverage peak-to-trough decline | -5.19% | -9.09% | +3.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.37% | 2.54% | -0.17% |
Volatility
CVTRX vs. SPY - Volatility Comparison
Calamos Growth and Income Fund (CVTRX) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 5.34% and 5.35%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CVTRX | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.34% | 5.35% | -0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 9.36% | 9.50% | -0.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.26% | 19.06% | -2.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.83% | 17.06% | -2.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.32% | 17.92% | -2.60% |