CVRD vs. HYGW

Last updated Aug 4, 2026

CVRD (Madison Covered Call ETF) and HYGW (iShares High Yield Corporate Bond Buywrite Strategy ETF) are both Derivative Income funds. CVRD is actively managed, while HYGW is passively managed. Over the past year, CVRD returned 7.20% vs 6.23% for HYGW. Their 0.40 correlation means their historical movements had little consistent relationship. CVRD charges 0.90%/yr vs 0.69%/yr for HYGW.

Performance

CVRD vs. HYGW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Madison Covered Call ETF (CVRD) and iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with CVRD having a 2.56% return and HYGW slightly higher at 2.68%.

CVRD

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

HYGW

• 1D: 0.31%
• 1M: 0.35%
• 6M: 2.13%
• YTD: 2.68%
• 1Y: 6.23%
• 3Y*: 5.49%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.75%

*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)
CVRD Madison Covered Call ETF	$200.88K	$121.50K	$51.62K
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF	$507.28K	$613.90K	$793.25K

CVRD vs. HYGW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CVRD Madison Covered Call ETF	2.56%	5.94%	4.90%	4.74%
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF	2.68%	6.19%	6.99%	1.36%

Correlation

The correlation between CVRD and HYGW is 0.34, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.34
Correlation (All Time) Calculated using the full available price history since Aug 22, 2023	0.40

Return for Risk

CVRD vs. HYGW — 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

HYGW

HYGW Risk / Return Rank: 89
HYGW Sharpe Ratio Rank: 87
HYGW Sortino Ratio Rank: 88
HYGW Omega Ratio Rank: 91
HYGW Calmar Ratio Rank: 86
HYGW Martin Ratio Rank: 91

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. HYGW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Madison Covered Call ETF (CVRD) and iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW). 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	HYGW	Difference
Sharpe ratio: Return per unit of total volatility	0.75	2.13	-1.39
Sortino ratio: Return per unit of downside risk	1.10	3.10	-2.01
Omega ratio: Gain probability vs. loss probability	1.14	1.44	-0.30
Calmar ratio: Return relative to maximum drawdown	1.26	3.44	-2.18
Martin ratio: Return relative to average drawdown	3.27	15.37	-12.10

CVRD vs. HYGW - Sharpe Ratio Comparison

The current CVRD Sharpe Ratio is 0.75, which is lower than the HYGW Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of CVRD and HYGW, 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. HYGW - Drawdown Comparison

The maximum CVRD drawdown since its inception was -17.95%, which is greater than HYGW's maximum drawdown of -5.49%. Use the drawdown chart below to compare losses from any high point for CVRD and HYGW.

Drawdown Indicators

	CVRD	HYGW	Difference
Max Drawdown Largest peak-to-trough decline	-17.95%	-5.49%	-12.46%
Max Drawdown (1Y) Largest decline over 1 year	-5.72%	-1.82%	-3.90%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.42%	—
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%	0.41%	+1.80%

Volatility

CVRD vs. HYGW - Volatility Comparison

Madison Covered Call ETF (CVRD) has a higher volatility of 2.26% compared to iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW) at 0.86%. This indicates that CVRD's price experiences larger fluctuations and is considered to be riskier than HYGW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVRD	HYGW	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.26%	0.86%	+1.40%
Volatility (6M) Calculated over the trailing 6-month period	6.97%	2.34%	+4.63%
Volatility (1Y) Calculated over the trailing 1-year period	9.72%	2.94%	+6.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.68%	4.62%	+7.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.68%	4.62%	+7.06%

CVRD vs. HYGW - Expense Ratio Comparison

CVRD has a 0.90% expense ratio, which is higher than HYGW's 0.69% expense ratio.

Dividends

CVRD vs. HYGW - Dividend Comparison

CVRD's dividend yield for the trailing twelve months is around 7.69%, less than HYGW's 10.67% yield.

Position	TTM	2025	2024	2023	2022
CVRD Madison Covered Call ETF	7.69%	7.63%	15.70%	1.50%	0.00%
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF	10.67%	12.53%	12.30%	15.98%	8.71%

Frequently Asked Questions

Can I hold both CVRD and HYGW in my portfolio?

CVRD and HYGW have a correlation of 0.34, 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 HYGW?

CVRD has higher volatility (2.26%) compared to HYGW (0.86%). In terms of maximum drawdown, CVRD dropped -17.95% vs HYGW's -5.49%.

Which ETF is better, CVRD or HYGW?

On 1-year performance, CVRD leads with 7.20% vs 6.23% for HYGW. On fees, HYGW is cheaper at 0.69% per year. On volatility, HYGW has been the lower-risk option at 0.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVRD or HYGW?

Over the 1-year period, CVRD has performed better with a 7.20% return vs 6.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVRD or HYGW?

HYGW is cheaper with a 0.69% expense ratio, compared with 0.90% for CVRD.

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

HYGW has the higher dividend yield at 10.67%, compared with 7.69% for CVRD.

What is the main difference between CVRD and HYGW?

They also come from different issuers: Madison and iShares. Their fees differ too: 0.90% for CVRD and 0.69% for HYGW.

Which has better risk-adjusted returns?

HYGW currently has the higher Sharpe Ratio (2.13 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.