SDCI vs. CVRT

Last updated Jun 14, 2026

SDCI (USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund) and CVRT (Calamos Convertible Equity Alternative ETF) are both exchange-traded funds - SDCI is a Commodities fund actively managed by Wainwright, Inc., while CVRT is a Convertible Bonds fund actively managed by Calamos. Both are actively managed. Over the past year, SDCI returned 27.81% vs 70.87% for CVRT. At a 0.10 correlation, their price movements are largely independent. SDCI charges 0.70%/yr vs 0.69%/yr for CVRT.

Performance

SDCI vs. CVRT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund (SDCI) 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, SDCI achieves a 23.24% return, which is significantly lower than CVRT's 35.47% return.

SDCI

• 1D: -1.02%
• 1M: -6.15%
• YTD: 23.24%
• 6M: 21.10%
• 1Y: 27.81%
• 3Y*: 21.61%
• 5Y*: 19.07%
• 10Y*: —

CVRT

• 1D: 1.03%
• 1M: -0.63%
• YTD: 35.47%
• 6M: 35.23%
• 1Y: 70.87%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SDCI vs. CVRT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SDCI USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund	23.24%	17.60%	17.91%	-3.06%
CVRT Calamos Convertible Equity Alternative ETF	35.47%	29.37%	13.23%	11.44%

Correlation

The correlation between SDCI and CVRT is 0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.03
Correlation (All Time) Calculated using the full available price history since Oct 4, 2023	0.10

Return for Risk

SDCI vs. CVRT — Risk / Return Rank

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

SDCI

SDCI Risk / Return Rank: 62
SDCI Sharpe Ratio Rank: 60
SDCI Sortino Ratio Rank: 55
SDCI Omega Ratio Rank: 53
SDCI Calmar Ratio Rank: 73
SDCI Martin Ratio Rank: 68

CVRT

CVRT Risk / Return Rank: 93
CVRT Sharpe Ratio Rank: 94
CVRT Sortino Ratio Rank: 90
CVRT Omega Ratio Rank: 91
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.

SDCI vs. CVRT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund (SDCI) 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.

	SDCI	CVRT	Difference
Sharpe ratio: Return per unit of total volatility	1.74	3.10	-1.36
Sortino ratio: Return per unit of downside risk	2.31	3.73	-1.42
Omega ratio: Gain probability vs. loss probability	1.29	1.52	-0.23
Calmar ratio: Return relative to maximum drawdown	3.26	8.08	-4.82
Martin ratio: Return relative to average drawdown	10.91	28.81	-17.90

SDCI vs. CVRT - Sharpe Ratio Comparison

The current SDCI Sharpe Ratio is 1.74, which is lower than the CVRT Sharpe Ratio of 3.10. The chart below compares the historical Sharpe Ratios of SDCI 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

SDCI vs. CVRT - Drawdown Comparison

The maximum SDCI drawdown since its inception was -45.79%, which is greater than CVRT's maximum drawdown of -20.71%. Use the drawdown chart below to compare losses from any high point for SDCI and CVRT.

Drawdown Indicators

	SDCI	CVRT	Difference
Max Drawdown Largest peak-to-trough decline	-45.79%	-20.71%	-25.08%
Max Drawdown (1Y) Largest decline over 1 year	-9.04%	-8.60%	-0.44%
Max Drawdown (3Y) Largest decline over 3 years	-11.96%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-18.55%	—	—
Current Drawdown Current decline from peak	-7.31%	-5.00%	-2.31%
Average Drawdown Average peak-to-trough decline	-11.56%	-3.09%	-8.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.70%	2.41%	+0.29%

Volatility

SDCI vs. CVRT - Volatility Comparison

The current volatility for USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund (SDCI) is 3.46%, while Calamos Convertible Equity Alternative ETF (CVRT) has a volatility of 9.05%. This indicates that SDCI 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

	SDCI	CVRT	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.46%	9.05%	-5.59%
Volatility (6M) Calculated over the trailing 6-month period	14.34%	18.78%	-4.44%
Volatility (1Y) Calculated over the trailing 1-year period	16.93%	22.44%	-5.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.47%	20.24%	-1.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.07%	20.24%	-3.17%

SDCI vs. CVRT - Expense Ratio Comparison

SDCI has a 0.70% expense ratio, which is higher than CVRT's 0.69% expense ratio.

Dividends

SDCI vs. CVRT - Dividend Comparison

SDCI's dividend yield for the trailing twelve months is around 2.99%, more than CVRT's 1.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
CVRT Calamos Convertible Equity Alternative ETF	1.48%	1.68%	1.49%	0.32%	0.00%	0.00%	0.00%	0.00%	0.00%
SDCI USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund	2.99%	3.68%	5.92%	3.46%	33.49%	19.26%	0.20%	0.93%	0.68%

Frequently Asked Questions

Can I hold both SDCI and CVRT in my portfolio?

SDCI and CVRT have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SDCI or CVRT?

CVRT has higher volatility (9.05%) compared to SDCI (3.46%). In terms of maximum drawdown, SDCI dropped -45.79% vs CVRT's -20.71%.

Which ETF is better, SDCI or CVRT?

On 1-year performance, CVRT leads with 70.87% vs 27.81% for SDCI. On fees, CVRT is cheaper at 0.69% per year. On volatility, SDCI has been the lower-risk option at 3.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SDCI or CVRT?

Over the 1-year period, CVRT has performed better with a 70.87% return vs 27.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SDCI or CVRT?

CVRT is cheaper with a 0.69% expense ratio, compared with 0.70% for SDCI.

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

SDCI has the higher dividend yield at 2.99%, compared with 1.48% for CVRT.

What is the main difference between SDCI and CVRT?

SDCI is categorized as Commodities, while CVRT is Convertible Bonds. They also come from different issuers: Wainwright, Inc. and Calamos. Their fees differ too: 0.70% for SDCI and 0.69% for CVRT.

Which has better risk-adjusted returns?

CVRT currently has the higher Sharpe Ratio (3.10 vs 1.74), 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.