CVRD vs. PUTW

Last updated Jun 4, 2026

CVRD (Madison Covered Call ETF) and PUTW (WisdomTree Equity Premium Income Fund) are both funds - CVRD is a Large Cap Blend Equities fund actively managed by Madison, while PUTW is a Derivative Income fund tracking the Volos U.S. Large Cap Target 2.5% PutWrite Index. CVRD is actively managed, while PUTW is passively managed. Over the past year, CVRD returned 9.30% vs 18.84% for PUTW. A 0.64 correlation means they provide meaningful diversification when combined. CVRD charges 0.90%/yr vs 0.44%/yr for PUTW.

Performance

CVRD vs. PUTW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Madison Covered Call ETF (CVRD) and WisdomTree Equity Premium Income Fund (PUTW). 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 PUTW's 4.26% return.

CVRD

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

PUTW

• 1D: -0.18%
• 1M: 1.94%
• YTD: 4.26%
• 6M: 4.65%
• 1Y: 18.84%
• 3Y*: 13.62%
• 5Y*: 9.92%
• 10Y*: 8.30%

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

CVRD vs. PUTW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CVRD Madison Covered Call ETF	2.84%	5.94%	4.90%	5.15%
PUTW WisdomTree Equity Premium Income Fund	4.26%	14.45%	17.18%	4.10%

Correlation

The correlation between CVRD and PUTW is 0.58, 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	0.58
Correlation (All Time) Calculated using the full available price history since Aug 23, 2023	0.64

The correlation between CVRD and PUTW has been stable across timeframes, ranging from 0.58 to 0.64 - a consistent structural relationship.

CVRD vs. PUTW - Sectors Allocation Comparison

Sectors	CVRD	PUTW
Technology	35.5%	-
Financial Services	11.2%	-0.0%
Consumer Defensive	9.8%	-
Consumer Cyclical	9.1%	-
Communication Services	7.9%	-
Industrials	7.3%	-
Energy	7.1%	-
Healthcare	6.8%	-
Real Estate	3.0%	-
Basic Materials	2.4%	-
Utilities	2.2%	-

Return for Risk

CVRD vs. PUTW — 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

PUTW

PUTW Risk / Return Rank: 55
PUTW Sharpe Ratio Rank: 52
PUTW Sortino Ratio Rank: 50
PUTW Omega Ratio Rank: 60
PUTW Calmar Ratio Rank: 48
PUTW Martin Ratio Rank: 65

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. PUTW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Madison Covered Call ETF (CVRD) and WisdomTree Equity Premium Income Fund (PUTW). 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	PUTW	Difference
Sharpe ratio: Return per unit of total volatility	0.97	2.14	-1.17
Sortino ratio: Return per unit of downside risk	1.39	2.98	-1.59
Omega ratio: Gain probability vs. loss probability	1.18	1.43	-0.25
Calmar ratio: Return relative to maximum drawdown	1.63	2.65	-1.01
Martin ratio: Return relative to average drawdown	5.17	12.69	-7.53
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. PUTW - Sharpe Ratio Comparison

The current CVRD Sharpe Ratio is 0.97, which is lower than the PUTW Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of CVRD and PUTW, 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	PUTW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.97	2.14	-1.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.82	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.63	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.65	-0.07

Drawdowns

CVRD vs. PUTW - Drawdown Comparison

The maximum CVRD drawdown since its inception was -17.95%, smaller than the maximum PUTW drawdown of -28.40%. Use the drawdown chart below to compare losses from any high point for CVRD and PUTW.

Drawdown Indicators

	CVRD	PUTW	Difference
Max Drawdown Largest peak-to-trough decline	-17.95%	-28.40%	+10.45%
Max Drawdown (1Y) Largest decline over 1 year	-5.72%	-7.15%	+1.43%
Max Drawdown (3Y) Largest decline over 3 years	—	-15.26%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-16.56%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-28.40%	—
Current Drawdown Current decline from peak	-1.47%	-0.27%	-1.20%
Average Drawdown Average peak-to-trough decline	-2.00%	-3.44%	+1.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.80%	1.49%	+0.31%

Volatility

CVRD vs. PUTW - Volatility Comparison

Madison Covered Call ETF (CVRD) has a higher volatility of 2.61% compared to WisdomTree Equity Premium Income Fund (PUTW) at 0.90%. This indicates that CVRD's price experiences larger fluctuations and is considered to be riskier than PUTW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVRD	PUTW	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.61%	0.90%	+1.71%
Volatility (6M) Calculated over the trailing 6-month period	6.95%	7.00%	-0.05%
Volatility (1Y) Calculated over the trailing 1-year period	9.71%	8.86%	+0.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.82%	12.13%	-0.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.82%	13.22%	-1.40%

CVRD vs. PUTW - Expense Ratio Comparison

CVRD has a 0.90% expense ratio, which is higher than PUTW's 0.44% expense ratio.

Dividends

CVRD vs. PUTW - Dividend Comparison

CVRD's dividend yield for the trailing twelve months is around 7.54%, less than PUTW's 12.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
PUTW WisdomTree Equity Premium Income Fund	12.06%	13.18%	11.99%	8.94%	3.27%	0.00%	1.43%	1.47%	6.46%	3.52%	2.27%

Frequently Asked Questions

Can I hold both CVRD and PUTW in my portfolio?

CVRD and PUTW have a correlation of 0.58, 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 PUTW?

CVRD has higher volatility (2.61%) compared to PUTW (0.90%). In terms of maximum drawdown, CVRD dropped -17.95% vs PUTW's -28.40%.

Which has better risk-adjusted returns?

PUTW currently has the higher Sharpe Ratio (2.14 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.