FMTM vs. CVRT

Last updated Aug 1, 2026

FMTM (MarketDesk Focused U.S. Momentum ETF) and CVRT (Calamos Convertible Equity Alternative ETF) are both exchange-traded funds - FMTM is a Momentum fund, while CVRT is a Convertible Bonds fund actively managed by Calamos. Both are actively managed. Over the past year, FMTM returned 41.88% vs 44.00% for CVRT. Their correlation of 0.81 means they have usually moved in the same direction. FMTM charges 0.45%/yr vs 0.69%/yr for CVRT.

Performance

FMTM vs. CVRT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MarketDesk Focused U.S. Momentum ETF (FMTM) 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, FMTM achieves a 19.49% return, which is significantly lower than CVRT's 25.14% return.

FMTM

• 1D: 1.16%
• 1M: -9.20%
• 6M: 9.00%
• YTD: 19.49%
• 1Y: 41.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 36.73%

CVRT

• 1D: 0.21%
• 1M: -5.94%
• 6M: 16.26%
• YTD: 25.14%
• 1Y: 44.00%
• 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
FMTM MarketDesk Focused U.S. Momentum ETF	$7.27M	$8.73M	$9.00M

FMTM vs. CVRT - Yearly Performance Comparison

	2026 (YTD)	2025
FMTM MarketDesk Focused U.S. Momentum ETF	19.49%	28.21%
CVRT Calamos Convertible Equity Alternative ETF	25.14%	32.99%

Correlation

The correlation between FMTM and CVRT is 0.87, 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.	0.87
Correlation (All Time) Calculated using the full available price history since Mar 20, 2025	0.81

The correlation between FMTM and CVRT has been stable across timeframes, ranging from 0.81 to 0.87 - a consistent structural relationship.

Return for Risk

FMTM vs. CVRT — Risk / Return Rank

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

FMTM

FMTM Risk / Return Rank: 70
FMTM Sharpe Ratio Rank: 70
FMTM Sortino Ratio Rank: 64
FMTM Omega Ratio Rank: 63
FMTM Calmar Ratio Rank: 78
FMTM Martin Ratio Rank: 76

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.

FMTM vs. CVRT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MarketDesk Focused U.S. Momentum ETF (FMTM) 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.

	FMTM	CVRT	Difference
Sharpe ratio: Return per unit of total volatility	1.58	1.84	-0.26
Sortino ratio: Return per unit of downside risk	2.09	2.44	-0.35
Omega ratio: Gain probability vs. loss probability	1.27	1.31	-0.05
Calmar ratio: Return relative to maximum drawdown	2.73	2.80	-0.07
Martin ratio: Return relative to average drawdown	9.51	10.73	-1.22

FMTM vs. CVRT - Sharpe Ratio Comparison

The current FMTM Sharpe Ratio is 1.58, which is comparable to the CVRT Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of FMTM 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

FMTM vs. CVRT - Drawdown Comparison

The maximum FMTM drawdown since its inception was -15.40%, smaller than the maximum CVRT drawdown of -20.71%. Use the drawdown chart below to compare losses from any high point for FMTM and CVRT.

Drawdown Indicators

	FMTM	CVRT	Difference
Max Drawdown Largest peak-to-trough decline	-15.40%	-20.71%	+5.31%
Max Drawdown (1Y) Largest decline over 1 year	-15.40%	-15.77%	+0.37%
Current Drawdown Current decline from peak	-12.01%	-12.25%	+0.24%
Average Drawdown Average peak-to-trough decline	-2.42%	-3.34%	+0.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.42%	4.12%	+0.30%

Volatility

FMTM vs. CVRT - Volatility Comparison

MarketDesk Focused U.S. Momentum ETF (FMTM) has a higher volatility of 9.67% compared to Calamos Convertible Equity Alternative ETF (CVRT) at 7.93%. This indicates that FMTM's price experiences larger fluctuations and is considered to be riskier than CVRT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMTM	CVRT	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.67%	7.93%	+1.74%
Volatility (6M) Calculated over the trailing 6-month period	21.17%	19.78%	+1.39%
Volatility (1Y) Calculated over the trailing 1-year period	26.61%	24.03%	+2.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.76%	20.55%	+4.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.76%	20.55%	+4.21%

FMTM vs. CVRT - Expense Ratio Comparison

FMTM has a 0.45% expense ratio, which is lower than CVRT's 0.69% expense ratio.

Dividends

FMTM vs. CVRT - Dividend Comparison

FMTM's dividend yield for the trailing twelve months is around 0.25%, less than CVRT's 1.58% yield.

Position	TTM	2025	2024	2023
CVRT Calamos Convertible Equity Alternative ETF	1.58%	1.68%	1.49%	0.32%
FMTM MarketDesk Focused U.S. Momentum ETF	0.25%	0.30%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FMTM and CVRT in my portfolio?

FMTM and CVRT have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMTM or CVRT?

FMTM has higher volatility (9.67%) compared to CVRT (7.93%). In terms of maximum drawdown, FMTM dropped -15.40% vs CVRT's -20.71%.

Which ETF is better, FMTM or CVRT?

On 1-year performance, CVRT leads with 44.00% vs 41.88% for FMTM. On fees, FMTM is cheaper at 0.45% per year. On volatility, CVRT has been the lower-risk option at 7.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FMTM or CVRT?

Over the 1-year period, CVRT has performed better with a 44.00% return vs 41.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FMTM or CVRT?

FMTM is cheaper with a 0.45% expense ratio, compared with 0.69% for CVRT.

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

CVRT has the higher dividend yield at 1.58%, compared with 0.25% for FMTM.

What is the main difference between FMTM and CVRT?

FMTM is categorized as Momentum, while CVRT is Convertible Bonds. Their fees differ too: 0.45% for FMTM and 0.69% for CVRT.

Which has better risk-adjusted returns?

CVRT currently has the higher Sharpe Ratio (1.84 vs 1.58), 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.