CVRD vs. MSTI

Last updated Jun 3, 2026

CVRD (Madison Covered Call ETF) and MSTI (Madison Short-Term Strategic Income ETF) are both exchange-traded funds - CVRD is a Large Cap Blend Equities fund actively managed by Madison, while MSTI is a Short-Term Bond fund actively managed by Madison. Both are actively managed. Over the past year, CVRD returned 11.59% vs 4.48% for MSTI. At a 0.26 correlation, their price movements are largely independent. CVRD charges 0.90%/yr vs 0.40%/yr for MSTI.

Performance

CVRD vs. MSTI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Madison Covered Call ETF (CVRD) and Madison Short-Term Strategic Income ETF (MSTI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CVRD achieves a 3.85% return, which is significantly higher than MSTI's 0.75% return.

CVRD

• 1D: -0.50%
• 1M: 0.32%
• YTD: 3.85%
• 6M: 5.29%
• 1Y: 11.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTI

• 1D: 0.05%
• 1M: -0.20%
• YTD: 0.75%
• 6M: 1.14%
• 1Y: 4.48%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CVRD vs. MSTI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CVRD Madison Covered Call ETF	3.85%	5.94%	4.90%	4.07%
MSTI Madison Short-Term Strategic Income ETF	0.75%	6.33%	4.84%	4.14%

Correlation

The correlation between CVRD and MSTI is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (All Time) Calculated using the full available price history since Sep 7, 2023	0.26

Return for Risk

CVRD vs. MSTI — Risk / Return Rank

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

CVRD

CVRD Risk / Return Rank: 36
CVRD Sharpe Ratio Rank: 33
CVRD Sortino Ratio Rank: 32
CVRD Omega Ratio Rank: 33
CVRD Calmar Ratio Rank: 41
CVRD Martin Ratio Rank: 40

MSTI

MSTI Risk / Return Rank: 61
MSTI Sharpe Ratio Rank: 53
MSTI Sortino Ratio Rank: 57
MSTI Omega Ratio Rank: 60
MSTI Calmar Ratio Rank: 65
MSTI Martin Ratio Rank: 71

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. MSTI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Madison Covered Call ETF (CVRD) and Madison Short-Term Strategic Income ETF (MSTI). 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	MSTI	Difference
Sharpe ratio Return per unit of total volatility	1.21	1.84	-0.63
Sortino ratio Return per unit of downside risk	1.72	2.75	-1.04
Omega ratio Gain probability vs. loss probability	1.22	1.37	-0.15
Calmar ratio Return relative to maximum drawdown	2.07	3.26	-1.19
Martin ratio Return relative to average drawdown	6.58	13.51	-6.92
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. MSTI - Sharpe Ratio Comparison

The current CVRD Sharpe Ratio is 1.21, which is lower than the MSTI Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of CVRD and MSTI, 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	MSTI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.21	1.84	-0.63
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	2.19	-1.57

Drawdowns

CVRD vs. MSTI - Drawdown Comparison

The maximum CVRD drawdown since its inception was -17.95%, which is greater than MSTI's maximum drawdown of -1.48%. Use the drawdown chart below to compare losses from any high point for CVRD and MSTI.

Drawdown Indicators

	CVRD	MSTI	Difference
Max Drawdown Largest peak-to-trough decline	-17.95%	-1.48%	-16.47%
Max Drawdown (1Y) Largest decline over 1 year	-5.72%	-1.32%	-4.40%
Current Drawdown Current decline from peak	-0.50%	-0.20%	-0.30%
Average Drawdown Average peak-to-trough decline	-2.00%	-0.29%	-1.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.80%	0.32%	+1.48%

Volatility

CVRD vs. MSTI - Volatility Comparison

Madison Covered Call ETF (CVRD) has a higher volatility of 2.46% compared to Madison Short-Term Strategic Income ETF (MSTI) at 0.74%. This indicates that CVRD's price experiences larger fluctuations and is considered to be riskier than MSTI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVRD	MSTI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.46%	0.74%	+1.72%
Volatility (6M) Calculated over the trailing 6-month period	6.88%	1.61%	+5.27%
Volatility (1Y) Calculated over the trailing 1-year period	9.66%	2.46%	+7.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.81%	2.71%	+9.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.81%	2.71%	+9.10%

CVRD vs. MSTI - Expense Ratio Comparison

CVRD has a 0.90% expense ratio, which is higher than MSTI's 0.40% expense ratio.

Dividends

CVRD vs. MSTI - Dividend Comparison

CVRD's dividend yield for the trailing twelve months is around 7.47%, more than MSTI's 5.33% yield.

Position	TTM	2025	2024	2023
CVRD Madison Covered Call ETF	7.47%	7.63%	15.70%	1.50%
MSTI Madison Short-Term Strategic Income ETF	5.33%	5.40%	5.48%	1.55%

Frequently Asked Questions

Can I hold both CVRD and MSTI in my portfolio?

CVRD and MSTI have a correlation of 0.24, 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 MSTI?

CVRD has higher volatility (2.46%) compared to MSTI (0.74%). In terms of maximum drawdown, CVRD dropped -17.95% vs MSTI's -1.48%.

Which ETF is better, CVRD or MSTI?

On 1-year performance, CVRD leads with 11.59% vs 4.48% for MSTI. On fees, MSTI is cheaper at 0.40% per year. On volatility, MSTI has been the lower-risk option at 0.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVRD or MSTI?

Over the 1-year period, CVRD has performed better with a 11.59% return vs 4.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVRD or MSTI?

MSTI is cheaper with a 0.40% expense ratio, compared with 0.90% for CVRD.

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

CVRD has the higher dividend yield at 7.47%, compared with 5.33% for MSTI.

What is the main difference between CVRD and MSTI?

CVRD is categorized as Large Cap Blend Equities, while MSTI is Short-Term Bond. Their fees differ too: 0.90% for CVRD and 0.40% for MSTI.

Which has better risk-adjusted returns?

MSTI currently has the higher Sharpe Ratio (1.83 vs 1.21), 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.