ULVM vs. CVRT
ULVM (VictoryShares US Value Momentum ETF) and CVRT (Calamos Convertible Equity Alternative ETF) are both exchange-traded funds - ULVM is a Momentum fund tracking the Nasdaq Victory US Value Momentum Index, while CVRT is a Convertible Bonds fund actively managed by Calamos. ULVM is passively managed, while CVRT is actively managed. Over the past year, ULVM returned 29.82% vs 44.00% for CVRT. Their 0.66 correlation means they have sometimes moved together and sometimes differently. ULVM charges 0.20%/yr vs 0.69%/yr for CVRT.
Performance
ULVM vs. CVRT - Performance Comparison
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Returns By Period
In the year-to-date period, ULVM achieves a 20.05% return, which is significantly lower than CVRT's 25.14% return.
ULVM
- 1D
- -0.20%
- 1M
- 2.46%
- 6M
- 15.22%
- YTD
- 20.05%
- 1Y
- 29.82%
- 3Y*
- 20.61%
- 5Y*
- 12.55%
- 10Y*
- —
- ALL TIME*
- 11.18%
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 | |
| $297.74K | $260.49K | $217.66K |
ULVM vs. CVRT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ULVM VictoryShares US Value Momentum ETF | 20.05% | 15.84% | 19.76% | 14.10% |
CVRT Calamos Convertible Equity Alternative ETF | 25.14% | 29.37% | 13.23% | 11.44% |
Correlation
The correlation between ULVM and CVRT is 0.54, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.54 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2023 | 0.66 |
The correlation between ULVM and CVRT shifts across timeframes, from 0.54 (1 year) to 0.66 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ULVM vs. CVRT — Risk / Return Rank
ULVM
CVRT
ULVM vs. CVRT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VictoryShares US Value Momentum ETF (ULVM) 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.
| ULVM | CVRT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.94 | ||
| Sortino ratioReturn per unit of downside risk | +1.48 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.31 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 4.63 | 2.80 | +1.83 |
| Martin ratioReturn relative to average drawdown | 19.50 | 10.73 | +8.77 |
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Drawdowns
ULVM vs. CVRT - Drawdown Comparison
The maximum ULVM drawdown since its inception was -40.71%, which is greater than CVRT's maximum drawdown of -20.71%. Use the drawdown chart below to compare losses from any high point for ULVM and CVRT.
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Drawdown Indicators
| ULVM | CVRT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.71% | -20.71% | -20.00% |
Max Drawdown (1Y)Largest decline over 1 year | -6.47% | -15.77% | +9.30% |
Max Drawdown (3Y)Largest decline over 3 years | -18.14% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -19.77% | — | — |
Current DrawdownCurrent decline from peak | -1.26% | -12.25% | +10.99% |
Average DrawdownAverage peak-to-trough decline | -5.65% | -3.34% | -2.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.53% | 4.12% | -2.59% |
Volatility
ULVM vs. CVRT - Volatility Comparison
The current volatility for VictoryShares US Value Momentum ETF (ULVM) is 2.72%, while Calamos Convertible Equity Alternative ETF (CVRT) has a volatility of 7.93%. This indicates that ULVM 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
| ULVM | CVRT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.72% | 7.93% | -5.21% |
Volatility (6M)Calculated over the trailing 6-month period | 8.10% | 19.78% | -11.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.81% | 24.03% | -13.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.39% | 20.55% | -5.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.73% | 20.55% | -1.82% |
ULVM vs. CVRT - Expense Ratio Comparison
ULVM has a 0.20% expense ratio, which is lower than CVRT's 0.69% expense ratio.
Dividends
ULVM vs. CVRT - Dividend Comparison
ULVM's dividend yield for the trailing twelve months is around 1.62%, more than CVRT's 1.58% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
ULVM VictoryShares US Value Momentum ETF | 1.62% | 1.81% | 1.57% | 1.94% | 1.91% | 1.36% | 1.51% | 1.88% | 1.67% | 0.38% |
Frequently Asked Questions
ULVM and CVRT have a correlation of 0.54, 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 ULVM (2.72%). In terms of maximum drawdown, ULVM dropped -40.71% vs CVRT's -20.71%.
On 1-year performance, CVRT leads with 44.00% vs 29.82% for ULVM. On fees, ULVM is cheaper at 0.20% per year. On volatility, ULVM has been the lower-risk option at 2.72%. 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 29.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ULVM is cheaper with a 0.20% expense ratio, compared with 0.69% for CVRT.
ULVM has the higher dividend yield at 1.62%, compared with 1.58% for CVRT.
ULVM is categorized as Momentum, while CVRT is Convertible Bonds. They also come from different issuers: Victory and Calamos. Their fees differ too: 0.20% for ULVM and 0.69% for CVRT.
ULVM currently has the higher Sharpe Ratio (2.78 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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