ICVT vs. CVRT

Last updated Jun 4, 2026

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 Barclays 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 42.20% vs 76.22% 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

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Convertible Bond ETF (ICVT) 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, ICVT achieves a 25.28% return, which is significantly lower than CVRT's 40.89% return.

ICVT

• 1D: -0.97%
• 1M: 7.16%
• YTD: 25.28%
• 6M: 24.31%
• 1Y: 42.20%
• 3Y*: 21.04%
• 5Y*: 7.79%
• 10Y*: 13.99%

CVRT

• 1D: -1.21%
• 1M: 8.71%
• YTD: 40.89%
• 6M: 41.79%
• 1Y: 76.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ICVT vs. CVRT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ICVT iShares Convertible Bond ETF	25.28%	18.10%	10.61%	8.51%
CVRT Calamos Convertible Equity Alternative ETF	40.89%	29.37%	13.23%	11.02%

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 5, 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.

ICVT vs. CVRT - Sectors Allocation Comparison

Sectors	ICVT	CVRT
Technology	55.2%	43.9%
Healthcare	44.8%	7.4%
Consumer Cyclical	13.0%	1.4%
Basic Materials	-	2.1%
Communication Services	-	3.4%
Consumer Defensive	-	0.8%
Energy	-	2.4%
Financial Services	-	8.2%
Industrials	-	8.9%
Real Estate	-	2.7%
Utilities	-	14.0%

Return for Risk

ICVT vs. CVRT — Risk / Return Rank

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

ICVT

ICVT Risk / Return Rank: 87
ICVT Sharpe Ratio Rank: 87
ICVT Sortino Ratio Rank: 84
ICVT Omega Ratio Rank: 84
ICVT Calmar Ratio Rank: 90
ICVT Martin Ratio Rank: 89

CVRT

CVRT Risk / Return Rank: 93
CVRT Sharpe Ratio Rank: 93
CVRT Sortino Ratio Rank: 91
CVRT Omega Ratio Rank: 90
CVRT Calmar Ratio Rank: 96
CVRT Martin Ratio Rank: 96

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.

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.

	ICVT	CVRT	Difference
Sharpe ratio: Return per unit of total volatility	2.95	3.57	-0.62
Sortino ratio: Return per unit of downside risk	3.84	4.32	-0.48
Omega ratio: Gain probability vs. loss probability	1.52	1.59	-0.07
Calmar ratio: Return relative to maximum drawdown	5.62	8.91	-3.29
Martin ratio: Return relative to average drawdown	20.48	34.91	-14.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ICVT vs. CVRT - Sharpe Ratio Comparison

The current ICVT Sharpe Ratio is 2.95, which is comparable to the CVRT Sharpe Ratio of 3.57. The chart below compares the historical Sharpe Ratios of ICVT 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.

Sharpe Ratios by Period

	ICVT	CVRT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.95	3.57	-0.62
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.91	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.78	1.84	-1.06

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.

Drawdown Indicators

	ICVT	CVRT	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	-0.97%	-1.21%	+0.24%
Average Drawdown Average peak-to-trough decline	-9.50%	-3.06%	-6.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.07%	2.19%	-0.12%

Volatility

ICVT vs. CVRT - Volatility Comparison

The current volatility for iShares Convertible Bond ETF (ICVT) is 5.53%, while Calamos Convertible Equity Alternative ETF (CVRT) has a volatility of 7.64%. 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.

Volatility by Period

	ICVT	CVRT	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.53%	7.64%	-2.11%
Volatility (6M) Calculated over the trailing 6-month period	11.69%	17.57%	-5.88%
Volatility (1Y) Calculated over the trailing 1-year period	14.36%	21.47%	-7.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.23%	19.96%	-6.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.50%	19.96%	-4.46%

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 1.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CVRT Calamos Convertible Equity Alternative ETF	1.43%	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

Can I hold both ICVT and CVRT in my portfolio?

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.

Which is riskier, ICVT or CVRT?

CVRT has higher volatility (7.64%) compared to ICVT (5.53%). In terms of maximum drawdown, ICVT dropped -33.25% vs CVRT's -20.71%.

Which ETF is better, ICVT or CVRT?

On 1-year performance, CVRT leads with 76.22% vs 42.20% for ICVT. On fees, ICVT is cheaper at 0.20% per year. On volatility, ICVT has been the lower-risk option at 5.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ICVT or CVRT?

Over the 1-year period, CVRT has performed better with a 76.22% return vs 42.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ICVT or CVRT?

ICVT is cheaper with a 0.20% expense ratio, compared with 0.69% for CVRT.

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

CVRT has the higher dividend yield at 1.43%, compared with 1.30% for ICVT.

What is the main difference between ICVT and CVRT?

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.

Which has better risk-adjusted returns?

CVRT currently has the higher Sharpe Ratio (3.57 vs 2.95), 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.