SVOL vs. CVRT

Last updated Jun 14, 2026

SVOL (Simplify Volatility Premium ETF) and CVRT (Calamos Convertible Equity Alternative ETF) are both exchange-traded funds - SVOL is a Volatility fund actively managed by Simplify, while CVRT is a Convertible Bonds fund actively managed by Calamos. Both are actively managed. Over the past year, SVOL returned 14.90% vs 70.87% for CVRT. A 0.62 correlation means they provide meaningful diversification when combined. SVOL charges 0.50%/yr vs 0.69%/yr for CVRT.

Performance

SVOL vs. CVRT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Volatility Premium ETF (SVOL) 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, SVOL achieves a -0.84% return, which is significantly lower than CVRT's 35.47% return.

SVOL

• 1D: 1.14%
• 1M: 1.70%
• YTD: -0.84%
• 6M: 0.96%
• 1Y: 14.90%
• 3Y*: 5.92%
• 5Y*: 6.22%
• 10Y*: —

CVRT

• 1D: 1.03%
• 1M: 1.64%
• YTD: 35.47%
• 6M: 35.23%
• 1Y: 70.87%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SVOL vs. CVRT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SVOL Simplify Volatility Premium ETF	-0.84%	2.41%	6.77%	7.52%
CVRT Calamos Convertible Equity Alternative ETF	35.47%	29.37%	13.23%	11.44%

Correlation

The correlation between SVOL and CVRT is 0.59, 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	0.59
Correlation (All Time) Calculated using the full available price history since Oct 4, 2023	0.62

The correlation between SVOL and CVRT has been stable across timeframes, ranging from 0.59 to 0.62 - a consistent structural relationship.

Return for Risk

SVOL vs. CVRT — Risk / Return Rank

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

SVOL

SVOL Risk / Return Rank: 19
SVOL Sharpe Ratio Rank: 18
SVOL Sortino Ratio Rank: 18
SVOL Omega Ratio Rank: 19
SVOL Calmar Ratio Rank: 20
SVOL Martin Ratio Rank: 19

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.

SVOL vs. CVRT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Volatility Premium ETF (SVOL) 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.

	SVOL	CVRT	Difference
Sharpe ratio: Return per unit of total volatility	0.50	3.10	-2.60
Sortino ratio: Return per unit of downside risk	0.83	3.73	-2.90
Omega ratio: Gain probability vs. loss probability	1.11	1.52	-0.40
Calmar ratio: Return relative to maximum drawdown	0.80	8.08	-7.28
Martin ratio: Return relative to average drawdown	1.90	28.81	-26.91

SVOL vs. CVRT - Sharpe Ratio Comparison

The current SVOL Sharpe Ratio is 0.50, which is lower than the CVRT Sharpe Ratio of 3.10. The chart below compares the historical Sharpe Ratios of SVOL 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

SVOL vs. CVRT - Drawdown Comparison

The maximum SVOL drawdown since its inception was -33.50%, which is greater than CVRT's maximum drawdown of -20.71%. Use the drawdown chart below to compare losses from any high point for SVOL and CVRT.

Drawdown Indicators

	SVOL	CVRT	Difference
Max Drawdown Largest peak-to-trough decline	-33.50%	-20.71%	-12.79%
Max Drawdown (1Y) Largest decline over 1 year	-13.01%	-8.60%	-4.41%
Max Drawdown (3Y) Largest decline over 3 years	-33.50%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-33.50%	—	—
Current Drawdown Current decline from peak	-3.40%	-5.00%	+1.60%
Average Drawdown Average peak-to-trough decline	-4.76%	-3.09%	-1.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.50%	2.41%	+3.09%

Volatility

SVOL vs. CVRT - Volatility Comparison

The current volatility for Simplify Volatility Premium ETF (SVOL) is 3.48%, while Calamos Convertible Equity Alternative ETF (CVRT) has a volatility of 9.05%. This indicates that SVOL 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

	SVOL	CVRT	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.48%	9.05%	-5.57%
Volatility (6M) Calculated over the trailing 6-month period	9.95%	18.78%	-8.83%
Volatility (1Y) Calculated over the trailing 1-year period	20.81%	22.44%	-1.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.01%	20.24%	+1.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.90%	20.24%	+1.66%

SVOL vs. CVRT - Expense Ratio Comparison

SVOL has a 0.50% expense ratio, which is lower than CVRT's 0.69% expense ratio.

Dividends

SVOL vs. CVRT - Dividend Comparison

SVOL's dividend yield for the trailing twelve months is around 22.19%, more than CVRT's 1.48% yield.

Position	TTM	2025	2024	2023	2022	2021
CVRT Calamos Convertible Equity Alternative ETF	1.48%	1.68%	1.49%	0.32%	0.00%	0.00%
SVOL Simplify Volatility Premium ETF	22.19%	19.82%	16.79%	16.36%	18.32%	4.65%

Frequently Asked Questions

Can I hold both SVOL and CVRT in my portfolio?

SVOL and CVRT have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SVOL or CVRT?

CVRT has higher volatility (9.05%) compared to SVOL (3.48%). In terms of maximum drawdown, SVOL dropped -33.50% vs CVRT's -20.71%.

Which ETF is better, SVOL or CVRT?

On 1-year performance, CVRT leads with 70.87% vs 14.90% for SVOL. On fees, SVOL is cheaper at 0.50% per year. On volatility, SVOL has been the lower-risk option at 3.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SVOL or CVRT?

Over the 1-year period, CVRT has performed better with a 70.87% return vs 14.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SVOL or CVRT?

SVOL is cheaper with a 0.50% expense ratio, compared with 0.69% for CVRT.

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

SVOL has the higher dividend yield at 22.19%, compared with 1.48% for CVRT.

What is the main difference between SVOL and CVRT?

SVOL is categorized as Volatility, while CVRT is Convertible Bonds. They also come from different issuers: Simplify and Calamos. Their fees differ too: 0.50% for SVOL and 0.69% for CVRT.

Which has better risk-adjusted returns?

CVRT currently has the higher Sharpe Ratio (3.10 vs 0.50), 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.