CVRD vs. ITOT

Last updated Jun 4, 2026

CVRD (Madison Covered Call ETF) and ITOT (iShares Core S&P Total U.S. Stock Market ETF) are both Large Cap Blend Equities funds. CVRD is actively managed, while ITOT is passively managed. Over the past year, CVRD returned 9.30% vs 28.12% for ITOT. A 0.73 correlation means they provide meaningful diversification when combined. CVRD charges 0.90%/yr vs 0.03%/yr for ITOT.

Performance

CVRD vs. ITOT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Madison Covered Call ETF (CVRD) and iShares Core S&P Total U.S. Stock Market ETF (ITOT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CVRD achieves a 2.84% return, which is significantly lower than ITOT's 11.25% return.

CVRD

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

ITOT

• 1D: -0.73%
• 1M: 5.01%
• YTD: 11.25%
• 6M: 11.12%
• 1Y: 28.12%
• 3Y*: 22.09%
• 5Y*: 12.69%
• 10Y*: 15.01%

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

CVRD vs. ITOT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CVRD Madison Covered Call ETF	2.84%	5.94%	4.90%	5.15%
ITOT iShares Core S&P Total U.S. Stock Market ETF	11.25%	17.00%	23.80%	9.96%

Correlation

The correlation between CVRD and ITOT is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.63
Correlation (All Time) Calculated using the full available price history since Aug 23, 2023	0.73

The correlation between CVRD and ITOT has been stable across timeframes, ranging from 0.63 to 0.73 - a consistent structural relationship.

CVRD vs. ITOT - Sectors Allocation Comparison

Sectors	CVRD	ITOT
Technology	35.5%	33.8%
Financial Services	11.2%	12.1%
Consumer Defensive	9.8%	4.7%
Consumer Cyclical	9.1%	10.1%
Communication Services	7.9%	10.3%
Industrials	7.3%	9.5%
Energy	7.1%	3.7%
Healthcare	6.8%	9.0%
Real Estate	3.0%	2.4%
Basic Materials	2.4%	2.1%
Utilities	2.2%	2.3%

Return for Risk

CVRD vs. ITOT — 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

ITOT

ITOT Risk / Return Rank: 68
ITOT Sharpe Ratio Rank: 69
ITOT Sortino Ratio Rank: 68
ITOT Omega Ratio Rank: 67
ITOT Calmar Ratio Rank: 63
ITOT Martin Ratio Rank: 75

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. ITOT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Madison Covered Call ETF (CVRD) and iShares Core S&P Total U.S. Stock Market ETF (ITOT). 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	ITOT	Difference
Sharpe ratio: Return per unit of total volatility	0.97	2.32	-1.35
Sortino ratio: Return per unit of downside risk	1.39	3.17	-1.78
Omega ratio: Gain probability vs. loss probability	1.18	1.42	-0.24
Calmar ratio: Return relative to maximum drawdown	1.63	3.17	-1.54
Martin ratio: Return relative to average drawdown	5.17	14.57	-9.40
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. ITOT - Sharpe Ratio Comparison

The current CVRD Sharpe Ratio is 0.97, which is lower than the ITOT Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of CVRD and ITOT, 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	ITOT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.97	2.32	-1.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.74	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.82	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.57	+0.01

Drawdowns

CVRD vs. ITOT - Drawdown Comparison

The maximum CVRD drawdown since its inception was -17.95%, smaller than the maximum ITOT drawdown of -55.20%. Use the drawdown chart below to compare losses from any high point for CVRD and ITOT.

Drawdown Indicators

	CVRD	ITOT	Difference
Max Drawdown Largest peak-to-trough decline	-17.95%	-55.20%	+37.25%
Max Drawdown (1Y) Largest decline over 1 year	-5.72%	-8.90%	+3.18%
Max Drawdown (3Y) Largest decline over 3 years	—	-19.44%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-25.36%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.00%	—
Current Drawdown Current decline from peak	-1.47%	-0.73%	-0.74%
Average Drawdown Average peak-to-trough decline	-2.00%	-6.97%	+4.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.80%	1.94%	-0.14%

Volatility

CVRD vs. ITOT - Volatility Comparison

The current volatility for Madison Covered Call ETF (CVRD) is 2.61%, while iShares Core S&P Total U.S. Stock Market ETF (ITOT) has a volatility of 2.99%. This indicates that CVRD experiences smaller price fluctuations and is considered to be less risky than ITOT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVRD	ITOT	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.61%	2.99%	-0.38%
Volatility (6M) Calculated over the trailing 6-month period	6.95%	9.13%	-2.18%
Volatility (1Y) Calculated over the trailing 1-year period	9.71%	12.20%	-2.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.82%	17.36%	-5.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.82%	18.26%	-6.44%

CVRD vs. ITOT - Expense Ratio Comparison

CVRD has a 0.90% expense ratio, which is higher than ITOT's 0.03% expense ratio.

Dividends

CVRD vs. ITOT - Dividend Comparison

CVRD's dividend yield for the trailing twelve months is around 7.54%, more than ITOT's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
ITOT iShares Core S&P Total U.S. Stock Market ETF	0.98%	1.11%	1.23%	1.47%	1.66%	1.18%	1.41%	1.88%	2.14%	1.69%	1.83%	2.01%

Frequently Asked Questions

Can I hold both CVRD and ITOT in my portfolio?

CVRD and ITOT have a correlation of 0.63, 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 ITOT?

ITOT has higher volatility (2.99%) compared to CVRD (2.61%). In terms of maximum drawdown, CVRD dropped -17.95% vs ITOT's -55.20%.

Which ETF is better, CVRD or ITOT?

On 1-year performance, ITOT leads with 28.12% vs 9.30% for CVRD. On fees, ITOT is cheaper at 0.03% per year. On volatility, CVRD has been the lower-risk option at 2.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVRD or ITOT?

Over the 1-year period, ITOT has performed better with a 28.12% return vs 9.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVRD or ITOT?

ITOT is cheaper with a 0.03% expense ratio, compared with 0.90% for CVRD.

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

CVRD has the higher dividend yield at 7.54%, compared with 0.98% for ITOT.

What is the main difference between CVRD and ITOT?

They also come from different issuers: Madison and iShares. Their fees differ too: 0.90% for CVRD and 0.03% for ITOT.

Which has better risk-adjusted returns?

ITOT currently has the higher Sharpe Ratio (2.32 vs 0.97), 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.