ICVT vs. CVRT
ICVT (iShares Convertible Bond ETF) and CVRT (Calamos Convertible Equity Alternative ETF) are both exchange-traded funds - ICVT is a Preferred Stock/Convertible Bonds fund tracking the Bloomberg U.S. Convertible Cash Pay Bond > $250MM Index, while CVRT is a Convertible Bonds fund actively managed by Calamos. ICVT is passively managed, while CVRT is actively managed. Over the past year, ICVT returned 40.17% vs 69.90% for CVRT. Their correlation of 0.93 suggests significant overlap in exposure. ICVT charges 0.20%/yr vs 0.69%/yr for CVRT.
Performance
ICVT vs. CVRT - Performance Comparison
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Returns By Period
In the year-to-date period, ICVT achieves a 24.42% return, which is significantly lower than CVRT's 36.17% return.
ICVT
- 1D
- -1.95%
- 1M
- 3.04%
- YTD
- 24.42%
- 6M
- 22.70%
- 1Y
- 40.17%
- 3Y*
- 20.04%
- 5Y*
- 6.76%
- 10Y*
- 14.18%
CVRT
- 1D
- -2.11%
- 1M
- 1.39%
- YTD
- 36.17%
- 6M
- 33.46%
- 1Y
- 69.90%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ICVT vs. CVRT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ICVT iShares Convertible Bond ETF | 24.42% | 18.10% | 10.61% | 8.54% |
CVRT Calamos Convertible Equity Alternative ETF | 36.17% | 29.37% | 13.23% | 11.44% |
Correlation
The correlation between ICVT and CVRT is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2023 | 0.93 |
The correlation between ICVT and CVRT has been stable across timeframes, ranging from 0.93 to 0.93 - a consistent structural relationship.
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Return for Risk
ICVT vs. CVRT — Risk / Return Rank
ICVT
CVRT
ICVT vs. CVRT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Convertible Bond ETF (ICVT) 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.
| ICVT | CVRT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.53 | ||
| Sortino ratioReturn per unit of downside risk | -0.44 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.52 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 5.35 | 8.17 | -2.82 |
| Martin ratioReturn relative to average drawdown | 18.22 | 28.56 | -10.34 |
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Drawdowns
ICVT vs. CVRT - Drawdown Comparison
The maximum ICVT drawdown since its inception was -33.25%, which is greater than CVRT's maximum drawdown of -20.71%. Use the drawdown chart below to compare losses from any high point for ICVT and CVRT.
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Drawdown Indicators
| ICVT | CVRT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.25% | -20.71% | -12.54% |
Max Drawdown (1Y)Largest decline over 1 year | -7.55% | -8.60% | +1.05% |
Max Drawdown (3Y)Largest decline over 3 years | -11.22% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -29.95% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -33.25% | — | — |
Current DrawdownCurrent decline from peak | -1.95% | -4.51% | +2.56% |
Average DrawdownAverage peak-to-trough decline | -9.46% | -3.09% | -6.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.21% | 2.45% | -0.24% |
Volatility
ICVT vs. CVRT - Volatility Comparison
The current volatility for iShares Convertible Bond ETF (ICVT) is 7.08%, while Calamos Convertible Equity Alternative ETF (CVRT) has a volatility of 8.61%. This indicates that ICVT 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.
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Volatility by Period
| ICVT | CVRT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.08% | 8.61% | -1.53% |
Volatility (6M)Calculated over the trailing 6-month period | 13.10% | 18.81% | -5.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.68% | 22.67% | -6.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.51% | 20.28% | -6.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.61% | 20.28% | -4.67% |
ICVT vs. CVRT - Expense Ratio Comparison
ICVT has a 0.20% expense ratio, which is lower than CVRT's 0.69% expense ratio.
Dividends
ICVT vs. CVRT - Dividend Comparison
ICVT's dividend yield for the trailing twelve months is around 1.30%, less than CVRT's 1.47% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CVRT Calamos Convertible Equity Alternative ETF | 1.47% | 1.68% | 1.49% | 0.32% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ICVT iShares Convertible Bond ETF | 1.30% | 1.73% | 2.19% | 1.85% | 1.93% | 7.70% | 3.98% | 1.86% | 4.82% | 2.56% | 3.06% | 1.57% |
Frequently Asked Questions
With a correlation of 0.93, ICVT and CVRT move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
CVRT has higher volatility (8.61%) compared to ICVT (7.08%). In terms of maximum drawdown, ICVT dropped -33.25% vs CVRT's -20.71%.
On 1-year performance, CVRT leads with 69.90% vs 40.17% for ICVT. On fees, ICVT is cheaper at 0.20% per year. On volatility, ICVT has been the lower-risk option at 7.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, CVRT has performed better with a 69.90% return vs 40.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ICVT is cheaper with a 0.20% expense ratio, compared with 0.69% for CVRT.
CVRT has the higher dividend yield at 1.47%, compared with 1.30% for ICVT.
ICVT is categorized as Preferred Stock/Convertible Bonds, while CVRT is Convertible Bonds. They also come from different issuers: iShares and Calamos. Their fees differ too: 0.20% for ICVT and 0.69% for CVRT.
CVRT currently has the higher Sharpe Ratio (3.10 vs 2.57), 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.
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