CVRD vs. DFND

Last updated Jun 4, 2026

CVRD (Madison Covered Call ETF) and DFND (Siren DIVCON Dividend Defender ETF) are both Large Cap Blend Equities funds. CVRD is actively managed, while DFND is passively managed. Over the past year, CVRD returned 9.30% vs 0.20% for DFND. At a 0.17 correlation, their price movements are largely independent. CVRD charges 0.90%/yr vs 1.50%/yr for DFND.

Performance

CVRD vs. DFND - Performance Comparison

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

Returns By Period

CVRD

• 1D: -0.97%
• 1M: -0.17%
• YTD: 2.84%
• 6M: 3.26%
• 1Y: 9.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DFND

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: -1.09%
• 1Y: 0.20%
• 3Y*: 7.91%
• 5Y*: 4.54%
• 10Y*: 7.16%

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

CVRD vs. DFND - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CVRD Madison Covered Call ETF	2.84%	5.94%	4.90%	5.15%
DFND Siren DIVCON Dividend Defender ETF	0.00%	10.37%	8.48%	0.31%

Correlation

The correlation between CVRD and DFND is 0.10, 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	0.10
Correlation (All Time) Calculated using the full available price history since Aug 23, 2023	0.17

CVRD vs. DFND - Sectors Allocation Comparison

Sectors	CVRD	DFND
Technology	35.5%	24.8%
Financial Services	11.2%	18.2%
Consumer Defensive	9.8%	4.2%
Consumer Cyclical	9.1%	3.5%
Communication Services	7.9%	0.8%
Industrials	7.3%	17.1%
Energy	7.1%	1.7%
Healthcare	6.8%	10.7%
Real Estate	3.0%	2.0%
Basic Materials	2.4%	4.3%
Utilities	2.2%	-

Return for Risk

CVRD vs. DFND — Risk / Return Rank

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

CVRD

CVRD Risk / Return Rank: 30
CVRD Sharpe Ratio Rank: 27
CVRD Sortino Ratio Rank: 26
CVRD Omega Ratio Rank: 26
CVRD Calmar Ratio Rank: 33
CVRD Martin Ratio Rank: 35

DFND

DFND Risk / Return Rank: 9
DFND Sharpe Ratio Rank: 9
DFND Sortino Ratio Rank: 8
DFND Omega Ratio Rank: 8
DFND Calmar Ratio Rank: 9
DFND Martin Ratio Rank: 9

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. DFND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Madison Covered Call ETF (CVRD) and Siren DIVCON Dividend Defender ETF (DFND). 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.

	CVRD	DFND	Difference
Sharpe ratio: Return per unit of total volatility	0.97	0.02	+0.95
Sortino ratio: Return per unit of downside risk	1.39	0.11	+1.28
Omega ratio: Gain probability vs. loss probability	1.18	1.02	+0.16
Calmar ratio: Return relative to maximum drawdown	1.63	0.07	+1.56
Martin ratio: Return relative to average drawdown	5.17	0.13	+5.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CVRD vs. DFND - Sharpe Ratio Comparison

The current CVRD Sharpe Ratio is 0.97, which is higher than the DFND Sharpe Ratio of 0.02. The chart below compares the historical Sharpe Ratios of CVRD and DFND, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CVRD	DFND	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.97	0.02	+0.95
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.21	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.38	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.36	+0.23

Drawdowns

CVRD vs. DFND - Drawdown Comparison

The maximum CVRD drawdown since its inception was -17.95%, smaller than the maximum DFND drawdown of -22.65%. Use the drawdown chart below to compare losses from any high point for CVRD and DFND.

Drawdown Indicators

	CVRD	DFND	Difference
Max Drawdown Largest peak-to-trough decline	-17.95%	-22.65%	+4.70%
Max Drawdown (1Y) Largest decline over 1 year	-5.72%	-3.44%	-2.28%
Max Drawdown (3Y) Largest decline over 3 years	—	-12.56%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-22.65%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-22.65%	—
Current Drawdown Current decline from peak	-1.47%	-3.69%	+2.22%
Average Drawdown Average peak-to-trough decline	-2.00%	-5.70%	+3.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.80%	3.70%	-1.90%

Volatility

CVRD vs. DFND - Volatility Comparison

Madison Covered Call ETF (CVRD) has a higher volatility of 2.61% compared to Siren DIVCON Dividend Defender ETF (DFND) at 0.00%. This indicates that CVRD's price experiences larger fluctuations and is considered to be riskier than DFND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVRD	DFND	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.61%	0.00%	+2.61%
Volatility (6M) Calculated over the trailing 6-month period	6.95%	6.16%	+0.79%
Volatility (1Y) Calculated over the trailing 1-year period	9.71%	10.92%	-1.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.82%	22.46%	-10.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.82%	19.09%	-7.27%

CVRD vs. DFND - Expense Ratio Comparison

CVRD has a 0.90% expense ratio, which is lower than DFND's 1.50% expense ratio.

Dividends

CVRD vs. DFND - Dividend Comparison

CVRD's dividend yield for the trailing twelve months is around 7.54%, more than DFND's 0.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CVRD Madison Covered Call ETF	7.54%	7.63%	15.70%	1.50%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DFND Siren DIVCON Dividend Defender ETF	0.62%	1.10%	1.64%	1.84%	0.29%	0.00%	0.00%	0.77%	0.53%	0.02%

Frequently Asked Questions

Can I hold both CVRD and DFND in my portfolio?

CVRD and DFND have a correlation of 0.10, 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 DFND?

CVRD has higher volatility (2.61%) compared to DFND (0.00%). In terms of maximum drawdown, CVRD dropped -17.95% vs DFND's -22.65%.

Which ETF is better, CVRD or DFND?

On 1-year performance, CVRD leads with 9.30% vs 0.20% for DFND. On fees, CVRD is cheaper at 0.90% per year. On volatility, DFND has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVRD or DFND?

Over the 1-year period, CVRD has performed better with a 9.30% return vs 0.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVRD or DFND?

CVRD is cheaper with a 0.90% expense ratio, compared with 1.50% for DFND.

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

CVRD has the higher dividend yield at 7.54%, compared with 0.62% for DFND.

What is the main difference between CVRD and DFND?

They also come from different issuers: Madison and SRN Advisors. Their fees differ too: 0.90% for CVRD and 1.50% for DFND.

Which has better risk-adjusted returns?

CVRD currently has the higher Sharpe Ratio (0.97 vs 0.02), 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.