CVRD vs. BUCK

Last updated Jul 15, 2026

CVRD (Madison Covered Call ETF) and BUCK (Simplify Treasury Option Income ETF) are both exchange-traded funds - CVRD is a Derivative Income fund actively managed by Madison, while BUCK is a Government Bonds fund actively managed by Simplify. Both are actively managed. Over the past year, CVRD returned 3.05% vs 7.20% for BUCK. At a 0.09 correlation, their price movements are largely independent. CVRD charges 0.90%/yr vs 0.35%/yr for BUCK.

Performance

CVRD vs. BUCK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Madison Covered Call ETF (CVRD) and Simplify Treasury Option Income ETF (BUCK). 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 BUCK's 2.42% return.

CVRD

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

BUCK

• 1D: 0.06%
• 1M: 0.34%
• 6M: 2.14%
• YTD: 2.42%
• 1Y: 7.20%
• 3Y*: 5.21%
• 5Y*: —
• 10Y*: —

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

CVRD vs. BUCK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CVRD Madison Covered Call ETF	0.89%	5.94%	4.90%	4.74%
BUCK Simplify Treasury Option Income ETF	2.42%	4.13%	7.25%	1.44%

Correlation

The correlation between CVRD and BUCK is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.05
Correlation (All Time) Calculated using the full available price history since Aug 22, 2023	0.09

Return for Risk

CVRD vs. BUCK — 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

BUCK

BUCK Risk / Return Rank: 95
BUCK Sharpe Ratio Rank: 93
BUCK Sortino Ratio Rank: 94
BUCK Omega Ratio Rank: 95
BUCK Calmar Ratio Rank: 97
BUCK Martin Ratio Rank: 98

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. BUCK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Madison Covered Call ETF (CVRD) and Simplify Treasury Option Income ETF (BUCK). 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	BUCK	Difference
Sharpe ratio: Return per unit of total volatility	0.32	2.59	-2.27
Sortino ratio: Return per unit of downside risk	0.50	3.92	-3.42
Omega ratio: Gain probability vs. loss probability	1.06	1.57	-0.50
Calmar ratio: Return relative to maximum drawdown	0.54	8.64	-8.11
Martin ratio: Return relative to average drawdown	1.41	40.50	-39.09

CVRD vs. BUCK - Sharpe Ratio Comparison

The current CVRD Sharpe Ratio is 0.32, which is lower than the BUCK Sharpe Ratio of 2.59. The chart below compares the historical Sharpe Ratios of CVRD and BUCK, 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. BUCK - Drawdown Comparison

The maximum CVRD drawdown since its inception was -17.95%, which is greater than BUCK's maximum drawdown of -5.43%. Use the drawdown chart below to compare losses from any high point for CVRD and BUCK.

Drawdown Indicators

	CVRD	BUCK	Difference
Max Drawdown Largest peak-to-trough decline	-17.95%	-5.43%	-12.52%
Max Drawdown (1Y) Largest decline over 1 year	-5.72%	-0.84%	-4.88%
Max Drawdown (3Y) Largest decline over 3 years	—	-5.43%	—
Current Drawdown Current decline from peak	-3.34%	-0.02%	-3.32%
Average Drawdown Average peak-to-trough decline	-2.06%	-0.48%	-1.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.18%	0.18%	+2.00%

Volatility

CVRD vs. BUCK - Volatility Comparison

Madison Covered Call ETF (CVRD) has a higher volatility of 2.91% compared to Simplify Treasury Option Income ETF (BUCK) at 0.44%. This indicates that CVRD's price experiences larger fluctuations and is considered to be riskier than BUCK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVRD	BUCK	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.91%	0.44%	+2.47%
Volatility (6M) Calculated over the trailing 6-month period	7.13%	1.34%	+5.79%
Volatility (1Y) Calculated over the trailing 1-year period	9.71%	2.80%	+6.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.73%	3.44%	+8.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.73%	3.44%	+8.29%

CVRD vs. BUCK - Expense Ratio Comparison

CVRD has a 0.90% expense ratio, which is higher than BUCK's 0.35% expense ratio.

Dividends

CVRD vs. BUCK - Dividend Comparison

CVRD's dividend yield for the trailing twelve months is around 7.82%, more than BUCK's 7.29% yield.

Position	TTM	2025	2024	2023	2022
BUCK Simplify Treasury Option Income ETF	7.29%	7.59%	8.84%	4.84%	0.59%
CVRD Madison Covered Call ETF	7.82%	7.63%	15.70%	1.50%	0.00%

Frequently Asked Questions

Can I hold both CVRD and BUCK in my portfolio?

CVRD and BUCK have a correlation of 0.05, 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 BUCK?

CVRD has higher volatility (2.91%) compared to BUCK (0.44%). In terms of maximum drawdown, CVRD dropped -17.95% vs BUCK's -5.43%.

Which ETF is better, CVRD or BUCK?

On 1-year performance, BUCK leads with 7.20% vs 3.05% for CVRD. On fees, BUCK is cheaper at 0.35% per year. On volatility, BUCK has been the lower-risk option at 0.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVRD or BUCK?

Over the 1-year period, BUCK has performed better with a 7.20% 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 BUCK?

BUCK is cheaper with a 0.35% expense ratio, compared with 0.90% for CVRD.

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

CVRD has the higher dividend yield at 7.82%, compared with 7.29% for BUCK.

What is the main difference between CVRD and BUCK?

CVRD is categorized as Derivative Income, while BUCK is Government Bonds. They also come from different issuers: Madison and Simplify. Their fees differ too: 0.90% for CVRD and 0.35% for BUCK.

Which has better risk-adjusted returns?

BUCK currently has the higher Sharpe Ratio (2.59 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.