CVRT vs SPY
Calamos Convertible Equity Alternative ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, CVRT or SPY?
Convertibles against Large Cap Blend.
SPY has a lower expense ratio. CVRT led over 1Y, 3Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | CVRT | SPY |
|---|---|---|
| Expense Ratio | 0.69% | 0.09%Best |
| AUM | $43M | $814.4B |
| Dividend Yield | 1.59% | 1.01% |
| Holdings | 105 | 505 |
| YTD Return | +22.00%Best | +13.34% |
| 1Y Return | +40.53%Best | +19.97% |
| 3Y Return (annualized) | +27.46%Best | +21.20% |
| 5Y Return (annualized) | - | +12.81% |
| Volatility (annualized) | 18.8% | 12.3%Best |
| Max Drawdown | -20.9% | -18.8%Best |
| $10,000 over 2.9 years | $20,211Best | $18,687 |
| Fund Family | Calamos Asset Management | State Street Investment Management |
| Category | Convertible | Equity |
| Style | Convertibles | Large Cap Blend |
| Inception | Oct 4, 2023 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 2.9 years row, are measured over the window both funds cover: Oct 4, 2023 to Sep 4, 2026 (2.9 years).
CVRT vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 2.9 years both funds cover.
CVRT vs SPY Performance
Calamos Convertible Equity Alternative ETF (CVRT) is an ETF from Calamos Asset Management and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year CVRT returned +40.53% while SPY returned +19.97%. Year to date, CVRT is up 22.00% versus a gain of 13.34% for SPY.
Over three years, CVRT compounded at +27.46% per year against +21.20% for SPY.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
CVRT has been the more volatile fund, with annualized monthly volatility of 18.8% compared with 12.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -20.9% for CVRT and -18.8% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.80. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
CVRT charges 0.69% per year while SPY charges 0.09%. On a $10,000 position that is $69 vs $9 annually, a gap of $60 per year that compounds over a long holding period. On income, CVRT currently yields 1.59% against 1.01% for SPY.
Holdings Overlap
At least 4.5% of SPY's money is in holdings CVRT also owns.
Stated as a floor: for CVRT, our book for it covers 84.5% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
SPY and CVRT share little of their money.
20 positions in common, counted across the 88 positions we hold weights for in CVRT and 503 in SPY, against full books of 105 and 505.
Top Shared Holdings
| Stock | Weight in CVRT | Weight in SPY | Difference |
|---|---|---|---|
| GOOGAlphabet, Inc., Class C | 5.08% | 2.67% | 2.41% |
| LITELumentum Holdings Inc | 3.31% | 0.10% | 3.21% |
| ORCLOracle Corp. | 2.56% | 0.37% | 2.19% |
| SMCISuper Micro Computer Inc | 2.10% | 0.03% | 2.07% |
| NEENextera Energy Inc | 1.29% | 0.27% | 1.02% |
| WELLWelltower, Inc. | 1.30% | 0.25% | 1.05% |
| AKAMAkamai Technologies Inc. | 1.44% | 0.03% | 1.41% |
| ALBAlbemarle Corp. | 1.44% | 0.02% | 1.42% |
| MCHPMicrochip Technology Inc. | 1.32% | 0.07% | 1.25% |
| KKRKkr & Co., Inc., Series A, Pfd. | 1.17% | 0.11% | 1.06% |
You are not choosing between two funds in isolation.
Whichever of CVRT and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, CVRT or SPY?
CVRT has an expense ratio of 0.69% while SPY charges 0.09%. SPY is the cheaper option, by $60 a year on a $10,000 investment.
Which performed better, CVRT or SPY?
Over the past year CVRT returned +40.53% vs +19.97% for SPY, so CVRT leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, CVRT or SPY?
CVRT has been the more volatile fund at 18.8% annualized versus 12.3% for SPY. Worst drawdown: CVRT -20.9% vs SPY -18.8%.
Should I hold both CVRT and SPY?
CVRT and SPY have a monthly-return correlation of 0.80, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between CVRT and SPY?
At least 4.5% of SPY's money is in holdings CVRT also owns. Our book for CVRT is partial, so the real figure is this or higher. They hold 20 positions in common, counted across the 88 positions we hold weights for in CVRT and 503 in SPY.
Which pays a higher dividend, CVRT or SPY?
CVRT yields 1.59% while SPY yields 1.01%, so CVRT currently pays the higher dividend yield.
Is SPY better than CVRT?
SPY has a lower expense ratio. CVRT led over 1Y, 3Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.