CVRD vs. FTQI

Last updated Jul 17, 2026

CVRD (Madison Covered Call ETF) and FTQI (First Trust Nasdaq BuyWrite Income ETF) are both exchange-traded funds - CVRD is a Derivative Income fund actively managed by Madison, while FTQI is a Nasdaq-100 fund tracking the NASDAQ-100 Index. CVRD is actively managed, while FTQI is passively managed. Over the past year, CVRD returned 4.40% vs 26.34% for FTQI. A 0.57 correlation means they provide meaningful diversification when combined. CVRD charges 0.90%/yr vs 0.75%/yr for FTQI.

Performance

CVRD vs. FTQI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Madison Covered Call ETF (CVRD) and First Trust Nasdaq BuyWrite Income ETF (FTQI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CVRD achieves a 1.89% return, which is significantly lower than FTQI's 12.76% return.

CVRD

• 1D: 0.46%
• 1M: 0.08%
• 6M: -0.64%
• YTD: 1.89%
• 1Y: 4.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FTQI

• 1D: -0.72%
• 1M: 1.28%
• 6M: 11.68%
• YTD: 12.76%
• 1Y: 26.34%
• 3Y*: 16.62%
• 5Y*: 12.26%
• 10Y*: 7.85%

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

CVRD vs. FTQI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CVRD Madison Covered Call ETF	1.89%	5.94%	4.90%	4.74%
FTQI First Trust Nasdaq BuyWrite Income ETF	12.76%	12.68%	18.30%	8.11%

Correlation

The correlation between CVRD and FTQI is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (All Time) Calculated using the full available price history since Aug 22, 2023	0.57

The correlation between CVRD and FTQI shifts across timeframes, from 0.39 (1 year) to 0.57 (all time), reflecting how their relationship changes across market environments.

CVRD vs. FTQI - Sectors Allocation Comparison

Sectors	CVRD	FTQI
Technology	26.7%	49.4%
Healthcare	12.4%	6.0%
Financial Services	12.2%	5.5%
Consumer Defensive	10.1%	6.2%
Consumer Cyclical	9.0%	10.5%
Industrials	8.5%	4.1%
Communication Services	7.9%	11.8%
Energy	5.9%	2.3%
Real Estate	3.0%	1.3%
Utilities	2.4%	1.5%
Basic Materials	2.2%	1.4%

Return for Risk

CVRD vs. FTQI — Risk / Return Rank

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

CVRD

CVRD Risk / Return Rank: 19
CVRD Sharpe Ratio Rank: 18
CVRD Sortino Ratio Rank: 16
CVRD Omega Ratio Rank: 16
CVRD Calmar Ratio Rank: 21
CVRD Martin Ratio Rank: 22

FTQI

FTQI Risk / Return Rank: 91
FTQI Sharpe Ratio Rank: 90
FTQI Sortino Ratio Rank: 89
FTQI Omega Ratio Rank: 90
FTQI Calmar Ratio Rank: 89
FTQI Martin Ratio Rank: 94

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. FTQI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Madison Covered Call ETF (CVRD) and First Trust Nasdaq BuyWrite Income ETF (FTQI). 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	FTQI	Difference
Sharpe ratio: Return per unit of total volatility	0.45	2.43	-1.98
Sortino ratio: Return per unit of downside risk	0.69	3.37	-2.68
Omega ratio: Gain probability vs. loss probability	1.09	1.45	-0.37
Calmar ratio: Return relative to maximum drawdown	0.77	4.24	-3.47
Martin ratio: Return relative to average drawdown	2.01	20.07	-18.06

CVRD vs. FTQI - Sharpe Ratio Comparison

The current CVRD Sharpe Ratio is 0.45, which is lower than the FTQI Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of CVRD and FTQI, 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. FTQI - Drawdown Comparison

The maximum CVRD drawdown since its inception was -17.95%, smaller than the maximum FTQI drawdown of -19.42%. Use the drawdown chart below to compare losses from any high point for CVRD and FTQI.

Drawdown Indicators

	CVRD	FTQI	Difference
Max Drawdown Largest peak-to-trough decline	-17.95%	-19.42%	+1.47%
Max Drawdown (1Y) Largest decline over 1 year	-5.72%	-6.24%	+0.52%
Max Drawdown (3Y) Largest decline over 3 years	—	-19.42%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-19.42%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-19.42%	—
Current Drawdown Current decline from peak	-2.38%	-0.85%	-1.53%
Average Drawdown Average peak-to-trough decline	-2.06%	-3.73%	+1.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.19%	1.32%	+0.87%

Volatility

CVRD vs. FTQI - Volatility Comparison

Madison Covered Call ETF (CVRD) and First Trust Nasdaq BuyWrite Income ETF (FTQI) have volatilities of 2.97% and 2.92%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVRD	FTQI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.97%	2.92%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	7.14%	8.83%	-1.69%
Volatility (1Y) Calculated over the trailing 1-year period	9.73%	10.87%	-1.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.72%	14.82%	-3.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.72%	12.98%	-1.26%

CVRD vs. FTQI - Expense Ratio Comparison

CVRD has a 0.90% expense ratio, which is higher than FTQI's 0.75% expense ratio.

Dividends

CVRD vs. FTQI - Dividend Comparison

CVRD's dividend yield for the trailing twelve months is around 7.74%, less than FTQI's 10.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CVRD Madison Covered Call ETF	7.74%	7.63%	15.70%	1.50%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FTQI First Trust Nasdaq BuyWrite Income ETF	10.92%	11.46%	11.66%	11.49%	9.85%	3.05%	3.27%	2.95%	3.27%	2.74%	3.02%	3.54%

Frequently Asked Questions

Can I hold both CVRD and FTQI in my portfolio?

CVRD and FTQI have a correlation of 0.39, 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 FTQI?

CVRD has higher volatility (2.97%) compared to FTQI (2.92%). In terms of maximum drawdown, CVRD dropped -17.95% vs FTQI's -19.42%.

Which ETF is better, CVRD or FTQI?

On 1-year performance, FTQI leads with 26.34% vs 4.40% for CVRD. On fees, FTQI is cheaper at 0.75% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVRD or FTQI?

Over the 1-year period, FTQI has performed better with a 26.34% return vs 4.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVRD or FTQI?

FTQI is cheaper with a 0.75% expense ratio, compared with 0.90% for CVRD.

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

FTQI has the higher dividend yield at 10.92%, compared with 7.74% for CVRD.

What is the main difference between CVRD and FTQI?

CVRD is categorized as Derivative Income, while FTQI is Nasdaq-100. They also come from different issuers: Madison and First Trust. Their fees differ too: 0.90% for CVRD and 0.75% for FTQI.

Which has better risk-adjusted returns?

FTQI currently has the higher Sharpe Ratio (2.43 vs 0.45), 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.