CVRD vs. BUYW

Last updated Aug 4, 2026

CVRD (Madison Covered Call ETF) and BUYW (Main Buywrite ETF) are both Derivative Income funds. Both are actively managed. Over the past year, CVRD returned 7.20% vs 9.35% for BUYW. Their 0.54 correlation means they have sometimes moved together and sometimes differently. CVRD charges 0.90%/yr vs 1.29%/yr for BUYW.

Performance

CVRD vs. BUYW - Performance Comparison

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

Returns By Period

In the year-to-date period, CVRD achieves a 2.56% return, which is significantly lower than BUYW's 5.08% return.

CVRD

• 1D: -0.27%
• 1M: 2.03%
• 6M: 0.20%
• YTD: 2.56%
• 1Y: 7.20%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.19%

BUYW

• 1D: 0.28%
• 1M: 0.64%
• 6M: 4.41%
• YTD: 5.08%
• 1Y: 9.35%
• 3Y*: 8.88%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 9.97%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BUYW Main Buywrite ETF	$5.71M	$4.95M	$4.82M
CVRD Madison Covered Call ETF	$200.88K	$121.50K	$51.62K

CVRD vs. BUYW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CVRD Madison Covered Call ETF	2.56%	5.94%	4.90%	4.74%
BUYW Main Buywrite ETF	5.08%	9.08%	9.82%	2.61%

Correlation

The correlation between CVRD and BUYW is 0.45, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.45
Correlation (All Time) Calculated using the full available price history since Aug 22, 2023	0.54

The correlation between CVRD and BUYW has been stable across timeframes, ranging from 0.45 to 0.54 - a consistent structural relationship.

CVRD vs. BUYW - Sectors Allocation Comparison

Sectors	CVRD	BUYW
Technology	26.6%	25.9%
Healthcare	12.5%	13.8%
Financial Services	11.9%	15.0%
Consumer Defensive	10.2%	3.1%
Consumer Cyclical	9.0%	6.0%
Industrials	8.3%	4.6%
Communication Services	7.9%	6.5%
Energy	5.9%	12.4%
Real Estate	3.0%	1.0%
Utilities	2.5%	10.9%
Basic Materials	2.2%	1.0%

Return for Risk

CVRD vs. BUYW — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CVRD

CVRD Risk / Return Rank: 31
CVRD Sharpe Ratio Rank: 30
CVRD Sortino Ratio Rank: 28
CVRD Omega Ratio Rank: 28
CVRD Calmar Ratio Rank: 35
CVRD Martin Ratio Rank: 33

BUYW

BUYW Risk / Return Rank: 86
BUYW Sharpe Ratio Rank: 81
BUYW Sortino Ratio Rank: 84
BUYW Omega Ratio Rank: 84
BUYW Calmar Ratio Rank: 88
BUYW Martin Ratio Rank: 94

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CVRD vs. BUYW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Madison Covered Call ETF (CVRD) and Main Buywrite ETF (BUYW). 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	BUYW	Difference
Sharpe ratio: Return per unit of total volatility	0.75	1.93	-1.19
Sortino ratio: Return per unit of downside risk	1.10	2.87	-1.78
Omega ratio: Gain probability vs. loss probability	1.14	1.37	-0.24
Calmar ratio: Return relative to maximum drawdown	1.26	3.63	-2.36
Martin ratio: Return relative to average drawdown	3.27	19.32	-16.05

CVRD vs. BUYW - Sharpe Ratio Comparison

The current CVRD Sharpe Ratio is 0.75, which is lower than the BUYW Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of CVRD and BUYW, 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. BUYW - Drawdown Comparison

The maximum CVRD drawdown since its inception was -17.95%, which is greater than BUYW's maximum drawdown of -9.36%. Use the drawdown chart below to compare losses from any high point for CVRD and BUYW.

Drawdown Indicators

	CVRD	BUYW	Difference
Max Drawdown Largest peak-to-trough decline	-17.95%	-9.36%	-8.59%
Max Drawdown (1Y) Largest decline over 1 year	-5.72%	-2.59%	-3.13%
Max Drawdown (3Y) Largest decline over 3 years	—	-9.36%	—
Current Drawdown Current decline from peak	-1.74%	0.00%	-1.74%
Average Drawdown Average peak-to-trough decline	-2.07%	-0.59%	-1.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.21%	0.49%	+1.72%

Volatility

CVRD vs. BUYW - Volatility Comparison

Madison Covered Call ETF (CVRD) has a higher volatility of 2.26% compared to Main Buywrite ETF (BUYW) at 1.11%. This indicates that CVRD's price experiences larger fluctuations and is considered to be riskier than BUYW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVRD	BUYW	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.26%	1.11%	+1.15%
Volatility (6M) Calculated over the trailing 6-month period	6.97%	3.91%	+3.06%
Volatility (1Y) Calculated over the trailing 1-year period	9.72%	4.87%	+4.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.68%	8.33%	+3.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.68%	8.33%	+3.35%

CVRD vs. BUYW - Expense Ratio Comparison

CVRD has a 0.90% expense ratio, which is lower than BUYW's 1.29% expense ratio.

Dividends

CVRD vs. BUYW - Dividend Comparison

CVRD's dividend yield for the trailing twelve months is around 7.69%, more than BUYW's 5.90% yield.

Position	TTM	2025	2024	2023	2022
BUYW Main Buywrite ETF	5.90%	5.89%	5.93%	5.95%	0.50%
CVRD Madison Covered Call ETF	7.69%	7.63%	15.70%	1.50%	0.00%

Frequently Asked Questions

Can I hold both CVRD and BUYW in my portfolio?

CVRD and BUYW have a correlation of 0.45, 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 BUYW?

CVRD has higher volatility (2.26%) compared to BUYW (1.11%). In terms of maximum drawdown, CVRD dropped -17.95% vs BUYW's -9.36%.

Which ETF is better, CVRD or BUYW?

On 1-year performance, BUYW leads with 9.35% vs 7.20% for CVRD. On fees, CVRD is cheaper at 0.90% per year. On volatility, BUYW has been the lower-risk option at 1.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVRD or BUYW?

Over the 1-year period, BUYW has performed better with a 9.35% return vs 7.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVRD or BUYW?

CVRD is cheaper with a 0.90% expense ratio, compared with 1.29% for BUYW.

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

CVRD has the higher dividend yield at 7.69%, compared with 5.90% for BUYW.

What is the main difference between CVRD and BUYW?

They also come from different issuers: Madison and Main. Their fees differ too: 0.90% for CVRD and 1.29% for BUYW.

Which has better risk-adjusted returns?

BUYW currently has the higher Sharpe Ratio (1.93 vs 0.75), 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.