CVRD vs. MTUM

Last updated Jun 4, 2026

CVRD (Madison Covered Call ETF) and MTUM (iShares MSCI USA Momentum Factor ETF) are both exchange-traded funds - CVRD is a Large Cap Blend Equities fund actively managed by Madison, while MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index. CVRD is actively managed, while MTUM is passively managed. Over the past year, CVRD returned 9.30% vs 41.76% for MTUM. A 0.50 correlation means they provide meaningful diversification when combined. CVRD charges 0.90%/yr vs 0.15%/yr for MTUM.

Performance

CVRD vs. MTUM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Madison Covered Call ETF (CVRD) and iShares MSCI USA Momentum Factor ETF (MTUM). 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 MTUM's 31.75% return.

CVRD

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

MTUM

• 1D: 1.06%
• 1M: 15.90%
• YTD: 31.75%
• 6M: 32.38%
• 1Y: 41.76%
• 3Y*: 34.75%
• 5Y*: 15.21%
• 10Y*: 17.31%

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

CVRD vs. MTUM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CVRD Madison Covered Call ETF	2.84%	5.94%	4.90%	5.15%
MTUM iShares MSCI USA Momentum Factor ETF	31.75%	22.15%	32.89%	10.35%

Correlation

The correlation between CVRD and MTUM is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (All Time) Calculated using the full available price history since Aug 23, 2023	0.50

The correlation between CVRD and MTUM shifts across timeframes, from 0.33 (1 year) to 0.50 (all time), reflecting how their relationship changes across market environments.

CVRD vs. MTUM - Sectors Allocation Comparison

Sectors	CVRD	MTUM
Technology	35.5%	44.4%
Financial Services	11.2%	10.4%
Consumer Defensive	9.8%	3.3%
Consumer Cyclical	9.1%	3.6%
Communication Services	7.9%	7.4%
Industrials	7.3%	15.6%
Energy	7.1%	3.5%
Healthcare	6.8%	6.9%
Real Estate	3.0%	1.8%
Basic Materials	2.4%	1.7%
Utilities	2.2%	1.6%

Return for Risk

CVRD vs. MTUM — 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

MTUM

MTUM Risk / Return Rank: 67
MTUM Sharpe Ratio Rank: 64
MTUM Sortino Ratio Rank: 62
MTUM Omega Ratio Rank: 63
MTUM Calmar Ratio Rank: 71
MTUM 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. MTUM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Madison Covered Call ETF (CVRD) and iShares MSCI USA Momentum Factor ETF (MTUM). 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	MTUM	Difference
Sharpe ratio: Return per unit of total volatility	0.97	2.20	-1.24
Sortino ratio: Return per unit of downside risk	1.39	2.98	-1.58
Omega ratio: Gain probability vs. loss probability	1.18	1.39	-0.22
Calmar ratio: Return relative to maximum drawdown	1.63	3.64	-2.00
Martin ratio: Return relative to average drawdown	5.17	14.50	-9.33
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. MTUM - Sharpe Ratio Comparison

The current CVRD Sharpe Ratio is 0.97, which is lower than the MTUM Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of CVRD and MTUM, 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	MTUM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.97	2.20	-1.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.74	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.83	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.85	-0.27

Drawdowns

CVRD vs. MTUM - Drawdown Comparison

The maximum CVRD drawdown since its inception was -17.95%, smaller than the maximum MTUM drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for CVRD and MTUM.

Drawdown Indicators

	CVRD	MTUM	Difference
Max Drawdown Largest peak-to-trough decline	-17.95%	-34.08%	+16.13%
Max Drawdown (1Y) Largest decline over 1 year	-5.72%	-11.54%	+5.82%
Max Drawdown (3Y) Largest decline over 3 years	—	-20.99%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-32.28%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-34.08%	—
Current Drawdown Current decline from peak	-1.47%	0.00%	-1.47%
Average Drawdown Average peak-to-trough decline	-2.00%	-6.21%	+4.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.80%	2.89%	-1.09%

Volatility

CVRD vs. MTUM - Volatility Comparison

The current volatility for Madison Covered Call ETF (CVRD) is 2.61%, while iShares MSCI USA Momentum Factor ETF (MTUM) has a volatility of 7.68%. This indicates that CVRD experiences smaller price fluctuations and is considered to be less risky than MTUM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVRD	MTUM	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.61%	7.68%	-5.07%
Volatility (6M) Calculated over the trailing 6-month period	6.95%	16.46%	-9.51%
Volatility (1Y) Calculated over the trailing 1-year period	9.71%	19.04%	-9.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.82%	20.60%	-8.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.82%	21.03%	-9.21%

CVRD vs. MTUM - Expense Ratio Comparison

CVRD has a 0.90% expense ratio, which is higher than MTUM's 0.15% expense ratio.

Dividends

CVRD vs. MTUM - Dividend Comparison

CVRD's dividend yield for the trailing twelve months is around 7.54%, more than MTUM's 0.60% 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%
MTUM iShares MSCI USA Momentum Factor ETF	0.60%	0.91%	0.75%	1.35%	1.80%	0.55%	0.83%	1.48%	1.27%	1.02%	1.43%	1.12%

Frequently Asked Questions

Can I hold both CVRD and MTUM in my portfolio?

CVRD and MTUM have a correlation of 0.33, 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 MTUM?

MTUM has higher volatility (7.68%) compared to CVRD (2.61%). In terms of maximum drawdown, CVRD dropped -17.95% vs MTUM's -34.08%.

Which ETF is better, CVRD or MTUM?

On 1-year performance, MTUM leads with 41.76% vs 9.30% for CVRD. On fees, MTUM is cheaper at 0.15% 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 MTUM?

Over the 1-year period, MTUM has performed better with a 41.76% 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 MTUM?

MTUM is cheaper with a 0.15% expense ratio, compared with 0.90% for CVRD.

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

CVRD has the higher dividend yield at 7.54%, compared with 0.60% for MTUM.

What is the main difference between CVRD and MTUM?

CVRD is categorized as Large Cap Blend Equities, while MTUM is Momentum. They also come from different issuers: Madison and iShares. Their fees differ too: 0.90% for CVRD and 0.15% for MTUM.

Which has better risk-adjusted returns?

MTUM currently has the higher Sharpe Ratio (2.20 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.