VLUE vs. CVRT

Last updated Jun 9, 2026

VLUE (iShares Edge MSCI USA Value Factor ETF) and CVRT (Calamos Convertible Equity Alternative ETF) are both exchange-traded funds - VLUE is a Large Cap Value Equities fund tracking the MSCI USA Value Weighted Index, while CVRT is a Convertible Bonds fund actively managed by Calamos. VLUE is passively managed, while CVRT is actively managed. Over the past year, VLUE returned 83.03% vs 65.98% for CVRT. A 0.70 correlation means they provide meaningful diversification when combined. VLUE charges 0.15%/yr vs 0.69%/yr for CVRT.

Performance

VLUE vs. CVRT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Edge MSCI USA Value Factor ETF (VLUE) 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, VLUE achieves a 43.65% return, which is significantly higher than CVRT's 33.68% return.

VLUE

• 1D: 1.90%
• 1M: 7.11%
• YTD: 43.65%
• 6M: 46.05%
• 1Y: 83.03%
• 3Y*: 31.74%
• 5Y*: 15.73%
• 10Y*: 15.02%

CVRT

• 1D: 0.22%
• 1M: 0.03%
• YTD: 33.68%
• 6M: 32.37%
• 1Y: 65.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

VLUE vs. CVRT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
VLUE iShares Edge MSCI USA Value Factor ETF	43.65%	32.67%	7.25%	14.53%
CVRT Calamos Convertible Equity Alternative ETF	33.68%	29.37%	13.23%	11.02%

Correlation

The correlation between VLUE and CVRT is 0.70, 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	0.70
Correlation (All Time) Calculated using the full available price history since Oct 5, 2023	0.70

The correlation between VLUE and CVRT has been stable across timeframes, ranging from 0.70 to 0.70 - a consistent structural relationship.

VLUE vs. CVRT - Sectors Allocation Comparison

Sectors	VLUE	CVRT
Technology	44.5%	42.3%
Financial Services	10.4%	8.3%
Healthcare	8.5%	7.5%
Communication Services	8.3%	3.4%
Consumer Cyclical	8.3%	1.4%
Industrials	7.4%	9.3%
Consumer Defensive	4.0%	0.8%
Energy	3.2%	2.3%
Utilities	2.0%	13.8%
Real Estate	1.8%	2.6%
Basic Materials	1.6%	2.2%

Return for Risk

VLUE vs. CVRT — Risk / Return Rank

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

VLUE

VLUE Risk / Return Rank: 97
VLUE Sharpe Ratio Rank: 98
VLUE Sortino Ratio Rank: 97
VLUE Omega Ratio Rank: 96
VLUE Calmar Ratio Rank: 97
VLUE Martin Ratio Rank: 97

CVRT

CVRT Risk / Return Rank: 92
CVRT Sharpe Ratio Rank: 93
CVRT Sortino Ratio Rank: 88
CVRT Omega Ratio Rank: 89
CVRT Calmar Ratio Rank: 96
CVRT Martin Ratio Rank: 95

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.

VLUE vs. CVRT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Edge MSCI USA Value Factor ETF (VLUE) 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.

	VLUE	CVRT	Difference
Sharpe ratio: Return per unit of total volatility	4.65	2.99	+1.66
Sortino ratio: Return per unit of downside risk	5.85	3.63	+2.22
Omega ratio: Gain probability vs. loss probability	1.79	1.51	+0.28
Calmar ratio: Return relative to maximum drawdown	9.24	7.71	+1.52
Martin ratio: Return relative to average drawdown	40.39	29.24	+11.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VLUE vs. CVRT - Sharpe Ratio Comparison

The current VLUE Sharpe Ratio is 4.65, which is higher than the CVRT Sharpe Ratio of 2.99. The chart below compares the historical Sharpe Ratios of VLUE 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.

Sharpe Ratios by Period

	VLUE	CVRT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.65	2.99	+1.66
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.88	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.76	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	1.68	-0.94

Drawdowns

VLUE vs. CVRT - Drawdown Comparison

The maximum VLUE drawdown since its inception was -39.47%, which is greater than CVRT's maximum drawdown of -20.71%. Use the drawdown chart below to compare losses from any high point for VLUE and CVRT.

Drawdown Indicators

	VLUE	CVRT	Difference
Max Drawdown Largest peak-to-trough decline	-39.47%	-20.71%	-18.76%
Max Drawdown (1Y) Largest decline over 1 year	-9.04%	-8.60%	-0.44%
Max Drawdown (3Y) Largest decline over 3 years	-17.89%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-27.12%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-39.47%	—	—
Current Drawdown Current decline from peak	-3.99%	-6.26%	+2.27%
Average Drawdown Average peak-to-trough decline	-6.01%	-3.07%	-2.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.06%	2.26%	-0.20%

Volatility

VLUE vs. CVRT - Volatility Comparison

iShares Edge MSCI USA Value Factor ETF (VLUE) and Calamos Convertible Equity Alternative ETF (CVRT) have volatilities of 9.02% and 9.06%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VLUE	CVRT	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.02%	9.06%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	14.83%	18.46%	-3.63%
Volatility (1Y) Calculated over the trailing 1-year period	17.97%	22.22%	-4.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.91%	20.20%	-2.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.88%	20.20%	-0.32%

VLUE vs. CVRT - Expense Ratio Comparison

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

Dividends

VLUE vs. CVRT - Dividend Comparison

VLUE's dividend yield for the trailing twelve months is around 1.45%, less than CVRT's 1.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CVRT Calamos Convertible Equity Alternative ETF	1.50%	1.68%	1.49%	0.32%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VLUE iShares Edge MSCI USA Value Factor ETF	1.45%	2.11%	2.73%	2.66%	3.18%	2.22%	2.42%	2.61%	2.70%	2.14%	2.07%	2.39%

Frequently Asked Questions

Can I hold both VLUE and CVRT in my portfolio?

VLUE and CVRT have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VLUE or CVRT?

CVRT has higher volatility (9.06%) compared to VLUE (9.02%). In terms of maximum drawdown, VLUE dropped -39.47% vs CVRT's -20.71%.

Which ETF is better, VLUE or CVRT?

On 1-year performance, VLUE leads with 83.03% vs 65.98% for CVRT. On fees, VLUE is cheaper at 0.15% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VLUE or CVRT?

Over the 1-year period, VLUE has performed better with a 83.03% return vs 65.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VLUE or CVRT?

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

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

CVRT has the higher dividend yield at 1.50%, compared with 1.45% for VLUE.

What is the main difference between VLUE and CVRT?

VLUE is categorized as Large Cap Value Equities, while CVRT is Convertible Bonds. They also come from different issuers: iShares and Calamos. Their fees differ too: 0.15% for VLUE and 0.69% for CVRT.

Which has better risk-adjusted returns?

VLUE currently has the higher Sharpe Ratio (4.65 vs 2.99), 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.