HYGI vs. CVRT

Last updated Jun 9, 2026

HYGI (iShares Inflation Hedged High Yield Bond ETF) and CVRT (Calamos Convertible Equity Alternative ETF) are both exchange-traded funds - HYGI is a Inflation-Protected Bonds fund tracking the BlackRock Inflation Hedged High Yield Bond Index - Benchmark TR Gross, while CVRT is a Convertible Bonds fund actively managed by Calamos. HYGI is passively managed, while CVRT is actively managed. At a 0.50 correlation, their price movements are largely independent. HYGI charges 0.52%/yr vs 0.69%/yr for CVRT.

Performance

HYGI vs. CVRT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Inflation Hedged High Yield Bond ETF (HYGI) and Calamos Convertible Equity Alternative ETF (CVRT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

HYGI

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CVRT

• 1D: 0.22%
• 1M: 0.03%
• YTD: 33.68%
• 6M: 32.37%
• 1Y: 65.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HYGI vs. CVRT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HYGI iShares Inflation Hedged High Yield Bond ETF	0.00%	6.20%	9.16%	8.02%
CVRT Calamos Convertible Equity Alternative ETF	33.68%	29.37%	13.23%	11.44%

Correlation

The correlation between HYGI and CVRT is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (All Time) Calculated using the full available price history since Oct 4, 2023	0.50

Over the past year, the correlation between HYGI and CVRT has dropped to 0.12 - well below their long-term average of 0.50, suggesting their price drivers have been diverging.

HYGI vs. CVRT - Sectors Allocation Comparison

Sectors	HYGI	CVRT
Utilities	99.6%	13.8%
Real Estate	0.4%	2.6%
Basic Materials	-	2.2%
Communication Services	-	3.4%
Consumer Cyclical	-	1.4%
Consumer Defensive	-	0.8%
Energy	-	2.3%
Financial Services	-	8.3%
Healthcare	-	7.5%
Industrials	-	9.3%
Technology	-	42.3%

Return for Risk

HYGI vs. CVRT — Risk / Return Rank

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

CVRT

CVRT Risk / Return Rank: 92
CVRT Sharpe Ratio Rank: 93
CVRT Sortino Ratio Rank: 88
CVRT Omega Ratio Rank: 89
CVRT Calmar Ratio Rank: 96
CVRT Martin Ratio Rank: 95

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.

HYGI vs. CVRT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Inflation Hedged High Yield Bond ETF (HYGI) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	HYGI	CVRT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.99	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	1.68	—

Drawdowns

Drawdown Indicators

	HYGI	CVRT	Difference
Max Drawdown Largest peak-to-trough decline	—	-20.71%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-8.60%	—
Current Drawdown Current decline from peak	—	-6.26%	—
Average Drawdown Average peak-to-trough decline	—	-3.07%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.26%	—

Volatility

Volatility by Period

	HYGI	CVRT	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	9.06%	—
Volatility (6M) Calculated over the trailing 6-month period	—	18.46%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	22.22%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	20.20%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	20.20%	—

HYGI vs. CVRT - Expense Ratio Comparison

HYGI has a 0.52% expense ratio, which is lower than CVRT's 0.69% expense ratio.

Dividends

HYGI vs. CVRT - Dividend Comparison

HYGI has not paid dividends to shareholders, while CVRT's dividend yield for the trailing twelve months is around 1.50%.

Position	TTM	2025	2024	2023	2022
CVRT Calamos Convertible Equity Alternative ETF	1.50%	1.68%	1.49%	0.32%	0.00%
HYGI iShares Inflation Hedged High Yield Bond ETF	0.97%	3.41%	6.08%	6.22%	3.19%

Frequently Asked Questions

Can I hold both HYGI and CVRT in my portfolio?

HYGI and CVRT have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HYGI or CVRT?

On fees, HYGI is cheaper at 0.52% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HYGI or CVRT?

HYGI is cheaper with a 0.52% expense ratio, compared with 0.69% for CVRT.

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

CVRT has the higher dividend yield at 1.50%, compared with 0.97% for HYGI.

What is the main difference between HYGI and CVRT?

HYGI is categorized as Inflation-Protected Bonds, while CVRT is Convertible Bonds. They also come from different issuers: iShares and Calamos. Their fees differ too: 0.52% for HYGI and 0.69% for CVRT.