CVRTvsPBLETF Comparison
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Calamos Convertible Equity Alternative ETF (CVRT) belongs to the Convertible Bonds segment. PGIM Portfolio Ballast ETF (PBL) is part of the Options Strategies segment. CVRT's top 3 sector exposures are Technology, Utilities and Finance. In contrast, PBL's top sector exposures are Sovereign, Non-Corporate and Technology. CVRT is more expensive with a Total Expense Ratio (TER) of 0.69%, versus 0.45% for PBL. CVRT is up 23.94% year-to-date (YTD) with +$24M in YTD flows. PBL performs worse with 8.54% YTD performance, and -$2M in YTD flows. Run a side-by-side ETF comparison of CVRT and PBL below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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CVRT vs PBL performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 09/18/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | CVRT PBL | -3.25%-0.92% | -10.98%+1.39% | +23.94%+8.54% | +31.27%+10.96% | n/a+49.33% | n/an/a |
| Flows | CVRT PBL | -- | +$17M-$2M | +$24M-$2M | +$27M+$2M | -+$37M | -- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | CVRT PBL | +22.21%+8.36% | +24.01%+8.89% | n/a+9.17% | n/an/a |
| Max drawdown | CVRT PBL | -13.83%-2.95% | -15.65%-5.85% | n/a-11.66% | n/an/a |
| Max drawdown duration | CVRT PBL | 89d36d | 108d75d | n/a200d | n/an/a |
Trading data
CVRT | PBL | |
Last sale 9/18/2026 at 1:30 PM | $46.64 | $33.47 |
| Previous close 09/17/2026 | $46.66 | $33.39 |
| Consolidated volume 09/17/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
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Main metrics
Last update 9/18/2026 at 1:30 PM
Live
Closed
CVRT | PBL | |
|---|---|---|
| Last price | $46.64 | $33.47 |
| 1D performance | -0.05% | +0.23% |
| AuM | $42.08 M | $79.18 M |
| E/R | 0.69% | 0.45% |
Characteristics
CVRT | PBL | |
|---|---|---|
| Management strategy | Active | Active |
| Provider | Calamos Investments | PGIM |
| Benchmark | - | - |
| N° of holdings | 88 | 606 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | October 4, 2023 | December 12, 2022 |
| ESG | No | No |
Exposure
Countries
CVRT
USA
94.28%
Other
5.72%
PBL
USA
73.58%
Other
26.42%
Sectors
CVRT
Technology
45.79%
Utilities
13.33%
Finance
10.95%
Healthcare
8.07%
Industrials
7.38%
Other
14.48%
PBL
Sovereign
56.66%
Non-Corporate
13.75%
Other
29.6%
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Diversification
CVRT
Total weight of top 15 holdings out of 15
44.74%
PBL
Total weight of top 15 holdings out of 15
63.97%
Top 15 holdings
Data as of July 31, 2026
CVRT
Western Digital, 3% 15nov2028, USD (Conv.)
7.03%
The Boeing Co.
5.34%
Alphabet, Inc.
5.03%
Alphabet, Inc.
5.03%
Lumentum Holdings, 0.375% 15mar2032, USD (Conv.)
3.43%
Super Micro Computer, Inc.
2.63%
Hewlett Packard Enterprise Co.
2.60%
Oracle Corp.
2.25%
MKS Inc., 1.25% 1jun2030, USD (Conv.)
2.00%
Akamai Technologies, 0.25% 15may2033, USD (Conv.)
1.72%
Snowflake, 0% 1oct2029, USD (Conv.)
1.59%
KKR & Co., Inc.
1.56%
NextEra Energy, 7.375% 15feb2029, USD (Conv.)
1.53%
Snowflake, 0% 1oct2027, USD (Conv.)
1.52%
Cipher Mining, 0% 1oct2031, USD (Conv.)
1.50%
PBL
USA, Notes 4.125% 31oct2029, USD (AF-2029)
19.84%
USA, Notes 3.625% 30sep2031, USD (Q-2031)
16.25%
PGIM Core Government Money Market Fund
13.74%
USA, Notes 4.125% 31oct2026, USD (BJ-2026)
7.21%
USA, Notes 3.875% 15aug2034, USD (E-2034)
5.14%
NVIDIA Corp.
0.24%
Apple, Inc.
0.24%
Microsoft Corp.
0.17%
USA, Notes 4.625% 15feb2035, USD (B-2035)
0.17%
USA, Notes 4.375% 15may2034, USD (C-2034)
0.16%
USA, Notes 4.25% 15nov2034, USD (F-2034)
0.16%
USA, Notes 4.375% 15may2036, USD (C-2036)
0.16%
USA, Notes 4.125% 15feb2036, USD (B-2036)
0.16%
USA, Notes 4.25% 15may2035, USD (C-2035)
0.16%
USA, Notes 4.25% 15aug2035, USD (E-2035)
0.16%
Frequently asked questions about CVRT and PBL
How have the CVRT and PBL ETFs performed in 2026?
As of September 18, 2026, CVRT is up 23.94% year-to-date (YTD), while PBL has returned 8.54%. That puts CVRT better performer ahead so far this year.
Which ETF is attracting more investor money: CVRT or PBL?
Year-to-date, the CVRT ETF saw +$24M in flows, compared to -$2M for PBL.
Which ETF is more volatile: CVRT or PBL?
Over the past year, CVRT had a volatility of 24.01%, while PBL experienced 8.89%.
Which ETF is bigger: CVRT or PBL?
As of September 18, 2026, CVRT holds $42.08 M in assets under management (AUM), while PBL manages $79.18 M.
What sectors do the CVRT and PBL ETFs invest in?
CVRT leans toward sectors like Technology, Utilities and Finance. Meanwhile, PBL focuses on Sovereign and Non-Corporate.
What are the top holdings of the CVRT ETF and PBL ETF?
CVRT top holdings include Western Digital, 3% 15nov2028, USD (Conv.), The Boeing Co. and Alphabet, Inc.. PBL holds in its top three: USA, Notes 4.125% 31oct2029, USD (AF-2029), USA, Notes 3.625% 30sep2031, USD (Q-2031) and PGIM Core Government Money Market Fund.
Which ETF is more diversified: CVRT or PBL?
CVRT holds 91 securities with 44.74% of its assets in the top 15. PBL has 609 securities and a top 15 weight of 63.97%.
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