TBIL vs. CVRT

Last updated Aug 1, 2026

TBIL (F/m US Treasury 3 Month Bill ETF) and CVRT (Calamos Convertible Equity Alternative ETF) are both exchange-traded funds - TBIL is a Ultrashort Bond fund tracking the Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index, while CVRT is a Convertible Bonds fund actively managed by Calamos. TBIL is passively managed, while CVRT is actively managed. Over the past year, TBIL returned 3.91% vs 44.00% for CVRT. Their -0.04 correlation means they have often moved in opposite directions in the past. TBIL charges 0.15%/yr vs 0.69%/yr for CVRT.

Performance

TBIL vs. CVRT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in F/m US Treasury 3 Month Bill ETF (TBIL) 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, TBIL achieves a 2.11% return, which is significantly lower than CVRT's 25.14% return.

TBIL

• 1D: 0.04%
• 1M: 0.34%
• 6M: 1.80%
• YTD: 2.11%
• 1Y: 3.91%
• 3Y*: 4.57%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.50%

CVRT

• 1D: 0.21%
• 1M: -5.94%
• 6M: 16.26%
• YTD: 25.14%
• 1Y: 44.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 28.80%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CVRT Calamos Convertible Equity Alternative ETF	$320.90K	$427.43K	$464.23K
TBIL F/m US Treasury 3 Month Bill ETF	$84.47M	$81.39M	$91.49M

TBIL vs. CVRT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TBIL F/m US Treasury 3 Month Bill ETF	2.11%	4.19%	5.15%	1.29%
CVRT Calamos Convertible Equity Alternative ETF	25.14%	29.37%	13.23%	11.44%

Correlation

The correlation between TBIL and CVRT is -0.07, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.07
Correlation (All Time) Calculated using the full available price history since Oct 4, 2023	-0.04

Return for Risk

TBIL vs. CVRT — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TBIL

TBIL Risk / Return Rank: 100
TBIL Sharpe Ratio Rank: 100
TBIL Sortino Ratio Rank: 100
TBIL Omega Ratio Rank: 100
TBIL Calmar Ratio Rank: 100
TBIL Martin Ratio Rank: 100

CVRT

CVRT Risk / Return Rank: 78
CVRT Sharpe Ratio Rank: 80
CVRT Sortino Ratio Rank: 76
CVRT Omega Ratio Rank: 75
CVRT Calmar Ratio Rank: 78
CVRT Martin Ratio Rank: 82

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TBIL vs. CVRT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for F/m US Treasury 3 Month Bill ETF (TBIL) 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.

	TBIL	CVRT	Difference
Sharpe ratio: Return per unit of total volatility	14.11	1.84	+12.27
Sortino ratio: Return per unit of downside risk	68.82	2.44	+66.38
Omega ratio: Gain probability vs. loss probability	22.93	1.31	+21.62
Calmar ratio: Return relative to maximum drawdown	195.78	2.80	+192.98
Martin ratio: Return relative to average drawdown	1,113.66	10.73	+1,102.92

TBIL vs. CVRT - Sharpe Ratio Comparison

The current TBIL Sharpe Ratio is 14.11, which is higher than the CVRT Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of TBIL 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

TBIL vs. CVRT - Drawdown Comparison

The maximum TBIL drawdown since its inception was -0.10%, smaller than the maximum CVRT drawdown of -20.71%. Use the drawdown chart below to compare losses from any high point for TBIL and CVRT.

Drawdown Indicators

	TBIL	CVRT	Difference
Max Drawdown Largest peak-to-trough decline	-0.10%	-20.71%	+20.61%
Max Drawdown (1Y) Largest decline over 1 year	-0.02%	-15.77%	+15.75%
Max Drawdown (3Y) Largest decline over 3 years	-0.02%	—	—
Current Drawdown Current decline from peak	0.00%	-12.25%	+12.25%
Average Drawdown Average peak-to-trough decline	0.00%	-3.34%	+3.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	4.12%	-4.12%

Volatility

TBIL vs. CVRT - Volatility Comparison

The current volatility for F/m US Treasury 3 Month Bill ETF (TBIL) is 0.09%, while Calamos Convertible Equity Alternative ETF (CVRT) has a volatility of 7.93%. This indicates that TBIL 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

	TBIL	CVRT	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.09%	7.93%	-7.84%
Volatility (6M) Calculated over the trailing 6-month period	0.20%	19.78%	-19.58%
Volatility (1Y) Calculated over the trailing 1-year period	0.28%	24.03%	-23.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.32%	20.55%	-20.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.32%	20.55%	-20.23%

TBIL vs. CVRT - Expense Ratio Comparison

TBIL has a 0.15% expense ratio, which is lower than CVRT's 0.69% expense ratio.

Dividends

TBIL vs. CVRT - Dividend Comparison

TBIL's dividend yield for the trailing twelve months is around 4.04%, more than CVRT's 1.58% yield.

Position	TTM	2025	2024	2023	2022
CVRT Calamos Convertible Equity Alternative ETF	1.58%	1.68%	1.49%	0.32%	0.00%
TBIL F/m US Treasury 3 Month Bill ETF	4.04%	4.07%	5.02%	5.00%	1.10%

Frequently Asked Questions

Can I hold both TBIL and CVRT in my portfolio?

TBIL and CVRT have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TBIL or CVRT?

CVRT has higher volatility (7.93%) compared to TBIL (0.09%). In terms of maximum drawdown, TBIL dropped -0.10% vs CVRT's -20.71%.

Which ETF is better, TBIL or CVRT?

On 1-year performance, CVRT leads with 44.00% vs 3.91% for TBIL. On fees, TBIL is cheaper at 0.15% per year. On volatility, TBIL has been the lower-risk option at 0.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TBIL or CVRT?

Over the 1-year period, CVRT has performed better with a 44.00% return vs 3.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TBIL or CVRT?

TBIL is cheaper with a 0.15% expense ratio, compared with 0.69% for CVRT.

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

TBIL has the higher dividend yield at 4.04%, compared with 1.58% for CVRT.

What is the main difference between TBIL and CVRT?

TBIL is categorized as Ultrashort Bond, while CVRT is Convertible Bonds. They also come from different issuers: F/m and Calamos. Their fees differ too: 0.15% for TBIL and 0.69% for CVRT.

Which has better risk-adjusted returns?

TBIL currently has the higher Sharpe Ratio (14.11 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.