PWV vs. CVRT
PWV (Invesco Large Cap Value ETF) and CVRT (Calamos Convertible Equity Alternative ETF) are both exchange-traded funds - PWV is a Large Cap Value Equities fund tracking the Dynamic Large Cap Value Intellidex Index (AMEX), while CVRT is a Convertible Bonds fund actively managed by Calamos. PWV is passively managed, while CVRT is actively managed. Over the past year, PWV returned 31.94% vs 44.00% for CVRT. Their 0.43 correlation means their historical movements had little consistent relationship. PWV charges 0.55%/yr vs 0.69%/yr for CVRT.
Performance
PWV vs. CVRT - Performance Comparison
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Returns By Period
In the year-to-date period, PWV achieves a 21.58% return, which is significantly lower than CVRT's 25.14% return.
PWV
- 1D
- 0.13%
- 1M
- 4.66%
- 6M
- 18.00%
- YTD
- 21.58%
- 1Y
- 31.94%
- 3Y*
- 20.57%
- 5Y*
- 15.05%
- 10Y*
- 12.37%
- ALL TIME*
- 10.53%
CVRT
- 1D
- 0.21%
- 1M
- -5.94%
- 6M
- 16.26%
- YTD
- 25.14%
- 1Y
- 44.00%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 28.80%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $320.90K | $427.43K | $464.23K | |
| $10.04M | $7.39M | $4.81M |
PWV vs. CVRT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
PWV Invesco Large Cap Value ETF | 21.58% | 19.65% | 14.48% | 11.34% |
CVRT Calamos Convertible Equity Alternative ETF | 25.14% | 29.37% | 13.23% | 11.44% |
Correlation
The correlation between PWV and CVRT is 0.22, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.22 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2023 | 0.43 |
Over the past year, the correlation between PWV and CVRT has dropped to 0.22 - well below their long-term average of 0.43, suggesting their price drivers have been diverging.
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Return for Risk
PWV vs. CVRT — Risk / Return Rank
PWV
CVRT
PWV vs. CVRT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Large Cap Value ETF (PWV) 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.
| PWV | CVRT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.48 | ||
| Sortino ratioReturn per unit of downside risk | +2.38 | ||
| Omega ratioGain probability vs. loss probability | 1.60 | 1.31 | +0.29 |
| Calmar ratioReturn relative to maximum drawdown | 7.91 | 2.80 | +5.11 |
| Martin ratioReturn relative to average drawdown | 28.36 | 10.73 | +17.63 |
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Drawdowns
PWV vs. CVRT - Drawdown Comparison
The maximum PWV drawdown since its inception was -49.04%, which is greater than CVRT's maximum drawdown of -20.71%. Use the drawdown chart below to compare losses from any high point for PWV and CVRT.
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Drawdown Indicators
| PWV | CVRT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.04% | -20.71% | -28.33% |
Max Drawdown (1Y)Largest decline over 1 year | -4.05% | -15.77% | +11.72% |
Max Drawdown (3Y)Largest decline over 3 years | -14.31% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -16.36% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -37.67% | — | — |
Current DrawdownCurrent decline from peak | -0.90% | -12.25% | +11.35% |
Average DrawdownAverage peak-to-trough decline | -9.43% | -3.34% | -6.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.13% | 4.12% | -2.99% |
Volatility
PWV vs. CVRT - Volatility Comparison
The current volatility for Invesco Large Cap Value ETF (PWV) is 2.91%, while Calamos Convertible Equity Alternative ETF (CVRT) has a volatility of 7.93%. This indicates that PWV 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
| PWV | CVRT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.91% | 7.93% | -5.02% |
Volatility (6M)Calculated over the trailing 6-month period | 7.24% | 19.78% | -12.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.69% | 24.03% | -14.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.28% | 20.55% | -6.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.14% | 20.55% | -3.41% |
PWV vs. CVRT - Expense Ratio Comparison
PWV has a 0.55% expense ratio, which is lower than CVRT's 0.69% expense ratio.
Dividends
PWV vs. CVRT - Dividend Comparison
PWV's dividend yield for the trailing twelve months is around 1.65%, more than CVRT's 1.58% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CVRT Calamos Convertible Equity Alternative ETF | 1.58% | 1.68% | 1.49% | 0.32% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PWV Invesco Large Cap Value ETF | 1.65% | 2.12% | 2.08% | 2.16% | 2.29% | 1.89% | 2.66% | 2.24% | 2.34% | 1.55% | 2.35% | 2.42% |
Frequently Asked Questions
PWV and CVRT have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CVRT has higher volatility (7.93%) compared to PWV (2.91%). In terms of maximum drawdown, PWV dropped -49.04% vs CVRT's -20.71%.
On 1-year performance, CVRT leads with 44.00% vs 31.94% for PWV. On fees, PWV is cheaper at 0.55% per year. On volatility, PWV has been the lower-risk option at 2.91%. 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 44.00% return vs 31.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PWV is cheaper with a 0.55% expense ratio, compared with 0.69% for CVRT.
PWV has the higher dividend yield at 1.65%, compared with 1.58% for CVRT.
PWV is categorized as Large Cap Value Equities, while CVRT is Convertible Bonds. They also come from different issuers: Invesco and Calamos. Their fees differ too: 0.55% for PWV and 0.69% for CVRT.
PWV currently has the higher Sharpe Ratio (3.32 vs 1.84), 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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