- Issuer
- Madison
- Inception Date
- Aug 21, 2023
- Category
- Large Cap Blend Equities
- Leveraged
- 1x (No leverage)
- Index Tracked
- No Index (Active)
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Large-Cap
- Asset Class Style
- Value
- Assets Under Management
- $48M
Share Price Chart
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Performance
CVRD Performance Chart
Madison Covered Call ETF (CVRD) is down 0.8% since the beginning of the year. CVRD is currently trading at $18 per share.
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Returns By Period
Madison Covered Call ETF (CVRD) has returned -0.75% so far this year and 5.27% over the past 12 months.
Madison Covered Call ETF
- 1D
- -0.36%
- 1M
- -3.96%
- YTD
- -0.75%
- 6M
- -0.53%
- 1Y
- 5.27%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
CVRD Monthly Returns History
Based on dividend-adjusted daily data since Aug 22, 2023, CVRD's average daily return is +0.02%, while the average monthly return is +0.45%. At this rate, an investment would double in approximately 12.9 years.
Historically, 63% of months were positive and 37% were negative. The best month was May 2025 with a return of +5.5%, while the worst month was Jun 2026 at -4.4%. The longest winning streak lasted 5 consecutive months, and the longest losing streak was 3 months.
On a daily basis, CVRD closed higher 54% of trading days. The best single day was Apr 9, 2025 with a return of +8.2%, while the worst single day was Apr 4, 2025 at -5.3%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 2.18% | 0.49% | -3.81% | 4.93% | 0.18% | -4.40% | -0.75% | ||||||
| 2025 | 0.42% | -1.92% | -3.14% | -2.31% | 5.53% | 4.03% | 0.30% | 2.51% | -1.23% | -0.60% | 0.85% | 1.72% | 5.94% |
| 2024 | -0.70% | 1.31% | 2.00% | -3.08% | 1.77% | 0.13% | 2.22% | 1.26% | 1.34% | -0.65% | 2.16% | -2.79% | 4.90% |
| 2023 | 1.97% | -3.75% | -1.16% | 4.96% | 2.86% | 4.74% |
Benchmark Metrics
Madison Covered Call ETF has an annualized alpha of -6.63%, beta of 0.63, and R2 of 0.67 versus S&P 500 Index. Calculated based on daily prices since August 22, 2023.
- This ETF participated in 84.42% of S&P 500 Index downside but only 42.03% of its upside - more exposed to losses than it benefited from rallies.
- This ETF had an annualized alpha of -6.63% versus S&P 500 Index - delivering less than market exposure alone would predict.
- Beta of 0.63 indicates this ETF moves significantly less than S&P 500 Index - a genuinely defensive profile with reduced participation in both market rallies and downturns.
- Alpha
- -6.63%
- Beta
- 0.63
- R²
- 0.67
- Upside Capture
- 42.03%
- Downside Capture
- 84.42%
Expense Ratio
CVRD has an expense ratio of 0.90%, placing it in the medium range.
Return for Risk
Risk / Return Rank
CVRD ranks 18 for risk / return — in the bottom 18% of ETFs on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Madison Covered Call ETF (CVRD) and compare them to S&P 500 Index.
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.
| CVRD | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.48 | ||
| Sortino ratioReturn per unit of downside risk | -1.94 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.37 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | 0.92 | 2.78 | -1.86 |
| Martin ratioReturn relative to average drawdown | 2.77 | 12.44 | -9.67 |
Dividends
Dividend History
Madison Covered Call ETF provided a 7.81% dividend yield over the last twelve months, with an annual payout of $1.41 per share.
| Period | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Dividend | $1.41 | $1.41 | $2.95 | $0.31 |
Dividend yield | 7.81% | 7.63% | 15.70% | 1.50% |
Monthly Dividends
The table displays the monthly dividend distributions for Madison Covered Call ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.30 | $0.00 | $0.00 | $0.00 | $0.30 | ||||||
| 2025 | $0.00 | $0.00 | $0.30 | $0.00 | $0.00 | $0.30 | $0.00 | $0.00 | $0.30 | $0.00 | $0.00 | $0.51 | $1.41 |
| 2024 | $0.00 | $0.00 | $1.35 | $0.00 | $0.00 | $0.82 | $0.00 | $0.00 | $0.30 | $0.00 | $0.00 | $0.47 | $2.95 |
| 2023 | $0.01 | $0.00 | $0.00 | $0.30 | $0.31 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Madison Covered Call ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Madison Covered Call ETF was 17.95%, occurring on Apr 8, 2025. Recovery took 57 trading sessions.
The current Madison Covered Call ETF drawdown is 4.90%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2025 selloff2025 | -17.95%Apr 2025 | 4mo 6d | 2mo 24d | 7moDec 2024 - Jul 2025 |
2023 pullback2023 | -6.47%Oct 2023 | 1mo 22d | 1mo 5d | 2mo 27dSep 2023 - Dec 2023 |
2026 pullback2026 | -5.72%Mar 2026 | 1mo 29d | 21d | 2mo 20dJan 2026 - Apr 2026 |
2025 pullback2025 | -5.29%Nov 2025 | 23d | 20d | 1mo 13dOct 2025 - Dec 2025 |
2026 pullback2026 | -4.90%Jun 2026 | 20d | — | 21d 6hJun 2026 - now |
Drawdown Indicators
| CVRD | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.95% | -56.78% | +38.83% |
Max Drawdown (1Y)Largest decline over 1 year | -5.72% | -9.10% | +3.38% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.90% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -4.90% | -1.80% | -3.10% |
Average DrawdownAverage peak-to-trough decline | -2.01% | -10.71% | +8.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.91% | 2.03% | -0.12% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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