IUS vs. CVRT

Last updated Jul 12, 2026

IUS (Invesco RAFI Strategic US ETF) and CVRT (Calamos Convertible Equity Alternative ETF) are both exchange-traded funds - IUS is a Large Cap Blend Equities fund tracking the Invesco Strategic US Index, while CVRT is a Convertible Bonds fund actively managed by Calamos. IUS is passively managed, while CVRT is actively managed. Over the past year, IUS returned 30.20% vs 53.64% for CVRT. A 0.69 correlation means they provide meaningful diversification when combined. IUS charges 0.19%/yr vs 0.69%/yr for CVRT.

Performance

IUS vs. CVRT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco RAFI Strategic US ETF (IUS) 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, IUS achieves a 17.86% return, which is significantly lower than CVRT's 30.73% return.

IUS

• 1D: 0.56%
• 1M: 2.76%
• 6M: 14.47%
• YTD: 17.86%
• 1Y: 30.20%
• 3Y*: 19.89%
• 5Y*: 14.04%
• 10Y*: —

CVRT

• 1D: -0.61%
• 1M: -2.50%
• 6M: 24.70%
• YTD: 30.73%
• 1Y: 53.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IUS vs. CVRT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
IUS Invesco RAFI Strategic US ETF	17.86%	16.94%	16.51%	10.91%
CVRT Calamos Convertible Equity Alternative ETF	30.73%	29.37%	13.23%	11.44%

Correlation

The correlation between IUS and CVRT is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.62
Correlation (All Time) Calculated using the full available price history since Oct 4, 2023	0.69

The correlation between IUS and CVRT has been stable across timeframes, ranging from 0.61 to 0.69 - a consistent structural relationship.

Return for Risk

IUS vs. CVRT — Risk / Return Rank

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

IUS

IUS Risk / Return Rank: 93
IUS Sharpe Ratio Rank: 94
IUS Sortino Ratio Rank: 93
IUS Omega Ratio Rank: 93
IUS Calmar Ratio Rank: 92
IUS Martin Ratio Rank: 94

CVRT

CVRT Risk / Return Rank: 88
CVRT Sharpe Ratio Rank: 89
CVRT Sortino Ratio Rank: 83
CVRT Omega Ratio Rank: 83
CVRT Calmar Ratio Rank: 94
CVRT Martin Ratio Rank: 92

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.

IUS vs. CVRT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco RAFI Strategic US ETF (IUS) 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.

	IUS	CVRT	Difference
Sharpe ratio: Return per unit of total volatility	2.79	2.32	+0.47
Sortino ratio: Return per unit of downside risk	3.83	2.95	+0.88
Omega ratio: Gain probability vs. loss probability	1.51	1.39	+0.12
Calmar ratio: Return relative to maximum drawdown	4.82	5.71	-0.89
Martin ratio: Return relative to average drawdown	20.02	18.25	+1.77

IUS vs. CVRT - Sharpe Ratio Comparison

The current IUS Sharpe Ratio is 2.79, which is comparable to the CVRT Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of IUS 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

IUS vs. CVRT - Drawdown Comparison

The maximum IUS drawdown since its inception was -34.67%, which is greater than CVRT's maximum drawdown of -20.71%. Use the drawdown chart below to compare losses from any high point for IUS and CVRT.

Drawdown Indicators

	IUS	CVRT	Difference
Max Drawdown Largest peak-to-trough decline	-34.67%	-20.71%	-13.96%
Max Drawdown (1Y) Largest decline over 1 year	-6.15%	-9.41%	+3.26%
Max Drawdown (3Y) Largest decline over 3 years	-15.61%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-18.72%	—	—
Current Drawdown Current decline from peak	0.00%	-8.33%	+8.33%
Average Drawdown Average peak-to-trough decline	-3.83%	-3.16%	-0.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.49%	2.94%	-1.45%

Volatility

IUS vs. CVRT - Volatility Comparison

The current volatility for Invesco RAFI Strategic US ETF (IUS) is 3.20%, while Calamos Convertible Equity Alternative ETF (CVRT) has a volatility of 7.38%. This indicates that IUS 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

	IUS	CVRT	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.20%	7.38%	-4.18%
Volatility (6M) Calculated over the trailing 6-month period	7.98%	18.96%	-10.98%
Volatility (1Y) Calculated over the trailing 1-year period	10.61%	23.14%	-12.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.01%	20.34%	-5.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.97%	20.34%	-2.37%

IUS vs. CVRT - Expense Ratio Comparison

IUS has a 0.19% expense ratio, which is lower than CVRT's 0.69% expense ratio.

Dividends

IUS vs. CVRT - Dividend Comparison

IUS's dividend yield for the trailing twelve months is around 1.26%, less than CVRT's 1.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
CVRT Calamos Convertible Equity Alternative ETF	1.52%	1.68%	1.49%	0.32%	0.00%	0.00%	0.00%	0.00%	0.00%
IUS Invesco RAFI Strategic US ETF	1.26%	1.48%	1.52%	1.72%	1.78%	1.46%	1.74%	1.77%	0.73%

Frequently Asked Questions

Can I hold both IUS and CVRT in my portfolio?

IUS and CVRT have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IUS or CVRT?

CVRT has higher volatility (7.38%) compared to IUS (3.20%). In terms of maximum drawdown, IUS dropped -34.67% vs CVRT's -20.71%.

Which ETF is better, IUS or CVRT?

On 1-year performance, CVRT leads with 53.64% vs 30.20% for IUS. On fees, IUS is cheaper at 0.19% per year. On volatility, IUS has been the lower-risk option at 3.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IUS or CVRT?

Over the 1-year period, CVRT has performed better with a 53.64% return vs 30.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IUS or CVRT?

IUS is cheaper with a 0.19% expense ratio, compared with 0.69% for CVRT.

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

CVRT has the higher dividend yield at 1.52%, compared with 1.26% for IUS.

What is the main difference between IUS and CVRT?

IUS is categorized as Large Cap Blend Equities, while CVRT is Convertible Bonds. They also come from different issuers: Invesco and Calamos. Their fees differ too: 0.19% for IUS and 0.69% for CVRT.

Which has better risk-adjusted returns?

IUS currently has the higher Sharpe Ratio (2.79 vs 2.32), 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.