CVRD vs. PEPS

Last updated Jul 15, 2026

CVRD (Madison Covered Call ETF) and PEPS (Parametric Equity Plus ETF) are both Derivative Income funds. Both are actively managed. Over the past year, CVRD returned 3.05% vs 25.23% for PEPS. A 0.64 correlation means they provide meaningful diversification when combined. CVRD charges 0.90%/yr vs 0.10%/yr for PEPS.

Performance

CVRD vs. PEPS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Madison Covered Call ETF (CVRD) and Parametric Equity Plus ETF (PEPS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CVRD achieves a 0.89% return, which is significantly lower than PEPS's 10.92% return.

CVRD

• 1D: -0.61%
• 1M: -1.09%
• 6M: -0.48%
• YTD: 0.89%
• 1Y: 3.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PEPS

• 1D: 0.51%
• 1M: 2.41%
• 6M: 8.68%
• YTD: 10.92%
• 1Y: 25.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CVRD vs. PEPS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CVRD Madison Covered Call ETF	0.89%	5.94%	-2.09%
PEPS Parametric Equity Plus ETF	10.92%	20.32%	-1.42%

Correlation

The correlation between CVRD and PEPS is 0.52, 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	0.52
Correlation (All Time) Calculated using the full available price history since Nov 8, 2024	0.64

The correlation between CVRD and PEPS shifts across timeframes, from 0.52 (1 year) to 0.64 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CVRD vs. PEPS — Risk / Return Rank

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

CVRD

CVRD Risk / Return Rank: 15
CVRD Sharpe Ratio Rank: 15
CVRD Sortino Ratio Rank: 13
CVRD Omega Ratio Rank: 13
CVRD Calmar Ratio Rank: 17
CVRD Martin Ratio Rank: 18

PEPS

PEPS Risk / Return Rank: 70
PEPS Sharpe Ratio Rank: 71
PEPS Sortino Ratio Rank: 67
PEPS Omega Ratio Rank: 71
PEPS Calmar Ratio Rank: 65
PEPS Martin Ratio Rank: 77

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. PEPS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Madison Covered Call ETF (CVRD) and Parametric Equity Plus ETF (PEPS). 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	PEPS	Difference
Sharpe ratio: Return per unit of total volatility	0.32	1.83	-1.52
Sortino ratio: Return per unit of downside risk	0.50	2.44	-1.94
Omega ratio: Gain probability vs. loss probability	1.06	1.33	-0.27
Calmar ratio: Return relative to maximum drawdown	0.54	2.59	-2.05
Martin ratio: Return relative to average drawdown	1.41	11.42	-10.01

CVRD vs. PEPS - Sharpe Ratio Comparison

The current CVRD Sharpe Ratio is 0.32, which is lower than the PEPS Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of CVRD and PEPS, 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. PEPS - Drawdown Comparison

The maximum CVRD drawdown since its inception was -17.95%, smaller than the maximum PEPS drawdown of -21.26%. Use the drawdown chart below to compare losses from any high point for CVRD and PEPS.

Drawdown Indicators

	CVRD	PEPS	Difference
Max Drawdown Largest peak-to-trough decline	-17.95%	-21.26%	+3.31%
Max Drawdown (1Y) Largest decline over 1 year	-5.72%	-9.80%	+4.08%
Current Drawdown Current decline from peak	-3.34%	-0.28%	-3.06%
Average Drawdown Average peak-to-trough decline	-2.06%	-2.71%	+0.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.18%	2.21%	-0.03%

Volatility

CVRD vs. PEPS - Volatility Comparison

The current volatility for Madison Covered Call ETF (CVRD) is 2.91%, while Parametric Equity Plus ETF (PEPS) has a volatility of 3.83%. This indicates that CVRD experiences smaller price fluctuations and is considered to be less risky than PEPS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVRD	PEPS	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.91%	3.83%	-0.92%
Volatility (6M) Calculated over the trailing 6-month period	7.13%	10.88%	-3.75%
Volatility (1Y) Calculated over the trailing 1-year period	9.71%	13.83%	-4.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.73%	18.19%	-6.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.73%	18.19%	-6.46%

CVRD vs. PEPS - Expense Ratio Comparison

CVRD has a 0.90% expense ratio, which is higher than PEPS's 0.10% expense ratio.

Dividends

CVRD vs. PEPS - Dividend Comparison

CVRD's dividend yield for the trailing twelve months is around 7.82%, more than PEPS's 0.92% yield.

Position	TTM	2025	2024	2023
CVRD Madison Covered Call ETF	7.82%	7.63%	15.70%	1.50%
PEPS Parametric Equity Plus ETF	0.92%	1.00%	0.17%	0.00%

Frequently Asked Questions

Can I hold both CVRD and PEPS in my portfolio?

CVRD and PEPS have a correlation of 0.52, 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 PEPS?

PEPS has higher volatility (3.83%) compared to CVRD (2.91%). In terms of maximum drawdown, CVRD dropped -17.95% vs PEPS's -21.26%.

Which ETF is better, CVRD or PEPS?

On 1-year performance, PEPS leads with 25.23% vs 3.05% for CVRD. On fees, PEPS is cheaper at 0.10% per year. On volatility, CVRD has been the lower-risk option at 2.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVRD or PEPS?

Over the 1-year period, PEPS has performed better with a 25.23% return vs 3.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVRD or PEPS?

PEPS is cheaper with a 0.10% expense ratio, compared with 0.90% for CVRD.

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

CVRD has the higher dividend yield at 7.82%, compared with 0.92% for PEPS.

What is the main difference between CVRD and PEPS?

They also come from different issuers: Madison and Parametric. Their fees differ too: 0.90% for CVRD and 0.10% for PEPS.

Which has better risk-adjusted returns?

PEPS currently has the higher Sharpe Ratio (1.83 vs 0.32), 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.