CVRD vs. AFOS

Last updated Jul 15, 2026

CVRD (Madison Covered Call ETF) and AFOS (ARS Focused Opportunities Strategy ETF) are both exchange-traded funds - CVRD is a Derivative Income fund actively managed by Madison, while AFOS is a Large Cap Blend Equities fund managed by ARS Investment Partners. Over the past year, CVRD returned 3.05% vs 71.54% for AFOS. At a 0.28 correlation, their price movements are largely independent. CVRD charges 0.90%/yr vs 0.45%/yr for AFOS.

Performance

CVRD vs. AFOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Madison Covered Call ETF (CVRD) and ARS Focused Opportunities Strategy ETF (AFOS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CVRD achieves a 0.89% return, which is significantly lower than AFOS's 30.98% return.

CVRD

• 1D: -0.61%
• 1M: -1.09%
• 6M: -0.48%
• YTD: 0.89%
• 1Y: 3.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AFOS

• 1D: 1.51%
• 1M: 1.47%
• 6M: 22.53%
• YTD: 30.98%
• 1Y: 71.54%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CVRD vs. AFOS - Yearly Performance Comparison

	2026 (YTD)	2025
CVRD Madison Covered Call ETF	0.89%	4.47%
AFOS ARS Focused Opportunities Strategy ETF	30.98%	37.10%

Correlation

The correlation between CVRD and AFOS is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025	0.28

Return for Risk

CVRD vs. AFOS — Risk / Return Rank

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

CVRD

CVRD Risk / Return Rank: 15
CVRD Sharpe Ratio Rank: 15
CVRD Sortino Ratio Rank: 13
CVRD Omega Ratio Rank: 13
CVRD Calmar Ratio Rank: 17
CVRD Martin Ratio Rank: 18

AFOS

AFOS Risk / Return Rank: 95
AFOS Sharpe Ratio Rank: 96
AFOS Sortino Ratio Rank: 94
AFOS Omega Ratio Rank: 93
AFOS Calmar Ratio Rank: 95
AFOS Martin Ratio Rank: 96

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.

CVRD vs. AFOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Madison Covered Call ETF (CVRD) and ARS Focused Opportunities Strategy ETF (AFOS). 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.

	CVRD	AFOS	Difference
Sharpe ratio: Return per unit of total volatility	0.32	3.25	-2.93
Sortino ratio: Return per unit of downside risk	0.50	3.94	-3.44
Omega ratio: Gain probability vs. loss probability	1.06	1.52	-0.46
Calmar ratio: Return relative to maximum drawdown	0.54	6.24	-5.71
Martin ratio: Return relative to average drawdown	1.41	27.13	-25.72

CVRD vs. AFOS - Sharpe Ratio Comparison

The current CVRD Sharpe Ratio is 0.32, which is lower than the AFOS Sharpe Ratio of 3.25. The chart below compares the historical Sharpe Ratios of CVRD and AFOS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CVRD vs. AFOS - Drawdown Comparison

The maximum CVRD drawdown since its inception was -17.95%, which is greater than AFOS's maximum drawdown of -11.52%. Use the drawdown chart below to compare losses from any high point for CVRD and AFOS.

Drawdown Indicators

	CVRD	AFOS	Difference
Max Drawdown Largest peak-to-trough decline	-17.95%	-11.52%	-6.43%
Max Drawdown (1Y) Largest decline over 1 year	-5.72%	-11.52%	+5.80%
Current Drawdown Current decline from peak	-3.34%	-4.24%	+0.90%
Average Drawdown Average peak-to-trough decline	-2.06%	-1.54%	-0.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.18%	2.65%	-0.47%

Volatility

CVRD vs. AFOS - Volatility Comparison

The current volatility for Madison Covered Call ETF (CVRD) is 2.91%, while ARS Focused Opportunities Strategy ETF (AFOS) has a volatility of 8.31%. This indicates that CVRD experiences smaller price fluctuations and is considered to be less risky than AFOS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVRD	AFOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.91%	8.31%	-5.40%
Volatility (6M) Calculated over the trailing 6-month period	7.13%	18.40%	-11.27%
Volatility (1Y) Calculated over the trailing 1-year period	9.71%	22.12%	-12.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.73%	21.75%	-10.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.73%	21.75%	-10.02%

CVRD vs. AFOS - Expense Ratio Comparison

CVRD has a 0.90% expense ratio, which is higher than AFOS's 0.45% expense ratio.

Dividends

CVRD vs. AFOS - Dividend Comparison

CVRD's dividend yield for the trailing twelve months is around 7.82%, more than AFOS's 0.23% yield.

Position	TTM	2025	2024	2023
AFOS ARS Focused Opportunities Strategy ETF	0.23%	0.30%	0.00%	0.00%
CVRD Madison Covered Call ETF	7.82%	7.63%	15.70%	1.50%

Frequently Asked Questions

Can I hold both CVRD and AFOS in my portfolio?

CVRD and AFOS have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CVRD or AFOS?

AFOS has higher volatility (8.31%) compared to CVRD (2.91%). In terms of maximum drawdown, CVRD dropped -17.95% vs AFOS's -11.52%.

Which ETF is better, CVRD or AFOS?

On 1-year performance, AFOS leads with 71.54% vs 3.05% for CVRD. On fees, AFOS is cheaper at 0.45% per year. On volatility, CVRD has been the lower-risk option at 2.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVRD or AFOS?

Over the 1-year period, AFOS has performed better with a 71.54% return vs 3.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVRD or AFOS?

AFOS is cheaper with a 0.45% expense ratio, compared with 0.90% for CVRD.

Which ETF pays a higher dividend yield, CVRD or AFOS?

CVRD has the higher dividend yield at 7.82%, compared with 0.23% for AFOS.

What is the main difference between CVRD and AFOS?

CVRD is categorized as Derivative Income, while AFOS is Large Cap Blend Equities. They also come from different issuers: Madison and ARS Investment Partners. Their fees differ too: 0.90% for CVRD and 0.45% for AFOS.

Which has better risk-adjusted returns?

AFOS currently has the higher Sharpe Ratio (3.25 vs 0.32), 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.