CVRD vs. MSTI

Last updated Apr 1, 2026

Compare and contrast key facts about Madison Covered Call ETF (CVRD) and Madison Short-Term Strategic Income ETF (MSTI).

CVRD and MSTI are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CVRD is an actively managed fund by Madison. It was launched on Aug 21, 2023. MSTI is an actively managed fund by Madison. It was launched on Sep 5, 2023.

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.

CVRD vs. MSTI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CVRD Madison Covered Call ETF	-1.23%	5.94%	4.90%	4.07%
MSTI Madison Short-Term Strategic Income ETF	0.25%	6.33%	4.84%	4.14%

Returns By Period

In the year-to-date period, CVRD achieves a -1.23% return, which is significantly lower than MSTI's 0.25% return.

CVRD

• 1D: 1.48%
• 1M: -3.81%
• YTD: -1.23%
• 6M: 0.71%
• 1Y: 9.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTI

• 1D: 0.34%
• 1M: -0.68%
• YTD: 0.25%
• 6M: 1.49%
• 1Y: 4.76%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CVRD vs. MSTI - Expense Ratio Comparison

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

CVRD

Madison Covered Call ETF

MSTI

Madison Short-Term Strategic Income ETF

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: 35
CVRD Sharpe Ratio Rank: 32
CVRD Sortino Ratio Rank: 33
CVRD Omega Ratio Rank: 38
CVRD Calmar Ratio Rank: 33
CVRD Martin Ratio Rank: 41

MSTI

MSTI Risk / Return Rank: 90
MSTI Sharpe Ratio Rank: 85
MSTI Sortino Ratio Rank: 90
MSTI Omega Ratio Rank: 86
MSTI Calmar Ratio Rank: 94
MSTI 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. 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	0.60	1.73	-1.13
Sortino ratio Return per unit of downside risk	0.96	2.56	-1.60
Omega ratio Gain probability vs. loss probability	1.15	1.34	-0.19
Calmar ratio Return relative to maximum drawdown	0.83	3.65	-2.82
Martin ratio Return relative to average drawdown	3.92	14.37	-10.45
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 0.60, which is lower than the MSTI Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of CVRD and MSTI, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CVRD	MSTI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.60	1.73	-1.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	2.24	-1.77

Correlation

The correlation between CVRD and MSTI is 0.26, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

CVRD vs. MSTI - Dividend Comparison

CVRD's dividend yield for the trailing twelve months is around 7.85%, more than MSTI's 5.32% yield.

	TTM	2025	2024	2023
CVRD Madison Covered Call ETF	7.85%	7.63%	15.70%	1.50%
MSTI Madison Short-Term Strategic Income ETF	5.32%	5.40%	5.48%	1.55%

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	-12.01%	-1.32%	-10.69%
Current Drawdown Current decline from peak	-3.91%	-0.69%	-3.22%
Average Drawdown Average peak-to-trough decline	-2.06%	-0.29%	-1.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.55%	0.33%	+2.22%

Volatility

CVRD vs. MSTI - Volatility Comparison

Madison Covered Call ETF (CVRD) has a higher volatility of 3.35% compared to Madison Short-Term Strategic Income ETF (MSTI) at 0.92%. 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	3.35%	0.92%	+2.43%
Volatility (6M) Calculated over the trailing 6-month period	7.62%	1.75%	+5.87%
Volatility (1Y) Calculated over the trailing 1-year period	16.08%	2.76%	+13.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.98%	2.73%	+9.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.98%	2.73%	+9.25%